EATON VANCE MUTUAL FUNDS TRUST (Form: N-CSR, Received: 12/23/2020 15:05:17)

Name and Year of Birth

Trust/Portfolio
Position(s)

Officer
Since⁽²⁾

Principal Occupation(s)

During Past Five Years

Principal Officers who are not Trustees (continued)

Richard F. Froio

1968

Chief Compliance Officer

Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

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Eaton Vance

Emerging and Frontier Countries Equity Fund

Annual Report

October 31, 2020

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

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

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

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Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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 is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Annual Report October 31, 2020

Eaton Vance

Emerging and Frontier Countries Equity Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			4
Fund Profile			5
Endnotes and Additional Disclosures			6
Fund Expenses			7
Financial Statements			8
Report of Independent Registered Public Accounting Firm			16 and 36
Federal Tax Information			17
Liquidity Risk Management Program			37
Management and Organization			38
Important Notices			41

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period ended October 31, 2020 began with global equities rallying in the closing months of 2019, supported by interest rate reductions by dozens of central banks worldwide. In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Equity markets, along with credit markets, plunged in value amid unprecedented volatility.

Emerging and frontier market economies proved particularly vulnerable to the economic and health effects of the virus, as many of those nations have weak health care systems. Countries with less diversified economies that depend on oil exports or tourism for income faced additional threats as those industries were especially hard hit by the pandemic.

In response, central banks and governments across the globe launched aggressive monetary and fiscal responses to help mitigate the economic effects of the virus. In the United States, the U.S. Federal Reserve announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up the markets.

These moves, taken largely by developed market nations, helped calm the markets and proved supportive of emerging and frontier economies as well, initiating a global equity rally that began in late March and lasted through August 2020. Global stock indexes reflected investor optimism as economies started to emerge from coronavirus lockdowns and factories resumed production. Ongoing weakness in the U.S. dollar, relative to many overseas currencies, was another tailwind for emerging and frontier markets.

In the final two months of the period, however, the equity rally stalled as the pandemic appeared to increase its drag on the global economy. Nations that seemed to have beaten back the coronavirus during the summer initiated new lockdowns to combat a second wave of infections. In the U.S., coronavirus cases were on the rise in virtually every state. Reflecting the increasingly grim economic outlook for fall and winter, most major global stock indexes reported negative returns in September and October. The one bright spot seemed to be several East Asian nations, which were among the first countries impacted by the pandemic and took strong measures to combat the coronavirus early on, and where economic activity had started to rebound by period-end.

For the period as a whole, the MSCI World Index, a broad measure of global equities, returned 4.36%; the MSCI EAFE Index of developed-market international equities returned -6.86%; the MSCI Emerging Markets Index returned 8.25% in U.S. dollars; and the MSCI Frontier Markets Index returned -2.51%.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Emerging and Frontier Countries Equity Fund (the Fund) returned -3.20% for Class A shares at net asset value (NAV), underperforming the 8.25% return of the MSCI Emerging Markets Index (the Primary Index), and the -2.51% return of the MSCI Frontier Markets Index (the Secondary Index). The Fund also underperformed the 3.09% return of its blended benchmark consisting of 50% Primary Index and 50% Secondary Index (the Blended Index). The Blended Index is more representative of the Fund’s investment strategy and holdings than the Primary Index.

The Fund seeks to invest in emerging and frontier equity markets where management believes macroeconomic fundamentals and economic policy are likely to improve. Investment decisions are focused on broad country-level and sector-equity exposures, rather than on individual stocks.

The Fund’s relative positioning in Brazil, Egypt, Greece, and China detracted from Fund performance versus the Blended Index during the period. The Fund’s overweight position in Brazil, relative to the Blended Index, hurt Fund performance versus the Blended Index. The Fund’s Brazilian equities declined in value as Brazil’s commodity exports fell significantly amid the pandemic-induced global economic slowdown. Investors also grew concerned that despite an expectation of positive economic reforms, Brazil’s fragile government finances would be stressed due to the pandemic. The result was a sharp decline in the Brazilian currency, the real.

An overweight allocation to Egypt and stock selection within that allocation that diversified the Fund’s holdings also detracted from relative performance during the period. Despite ongoing government reform policies and progress in stabilizing the Egyptian economy under an International Monetary Fund program, Egyptian stocks lagged the emerging markets asset class, as represented by the Primary Index, during the period. A key factor was a precipitous decline in tourism, a mainstay of the Egyptian economy. The Fund’s overweight position in Greece detracted from relative performance as well. Here again, a major negative factor was the virtual absence of income from tourism during the pandemic, which normally accounts for about 20% of Greece’s gross domestic product.

An underweight position in China, one of the best-performing countries in the Blended Index during the period, also detracted from relative performance. China was the first country to be impacted by COVID-19 and one of the first to return to economic growth, with a heightened focus on domestic consumption in response to contentious trade relations with the U.S.

In contrast, Fund positioning in Taiwan, South Korea, and Russia contributed to Fund performance versus the Blended Index. Stock selection and an overweight position in Taiwan helped relative performance. The island nation benefited from the U.S.-China trade war, which led companies to reshore to Taiwan to manage tariff risk, and

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 and Frontier Countries Equity Fund

October 31, 2020

Management’s Discussion of Fund Performance¹ — continued

from some Chinese companies’ ongoing reliance on Taiwanese technology. The Fund’s overweight exposure to South Korea also contributed to performance versus the Blended Index, as the South Korean won increased in value against the U.S. dollar late in the period. Taiwan, South Korea and other Asian economies were among the earliest to rebound from the pandemic, due in part to strict COVID-19 management policies.

Underweighting Russia relative to the Blended Index helped relative performance as well. Russia’s economy was hurt during the period by falling oil prices, weak COVID management, and poor relations with its neighbors and the West.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Performance^2,3

Portfolio Managers Marshall L. Stocker, Ph.D., CFA, John R. Baur, Michael A. Cirami, CFA and Eric Stein, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception

Class A at NAV		11/03/2014		11/01/2013		–3.20	%		3.73	%		0.59	%
Class A with 5.75% Maximum Sales Charge		—		—		–8.79			2.52			–0.25

Class I at NAV		11/03/2014		11/01/2013		–2.93			3.98			0.80



MSCI Emerging Markets Index		—		—		8.25	%		7.91	%		3.43	%
MSCI Frontier Markets Index		—		—		–2.51			3.23			2.26
Blended Index		—		—		3.09			5.77			3.07

% Total Annual Operating Expense Ratios⁴								Class A			Class I

Gross									1.73	%		1.48	%
Net									1.66			1.41

Growth of $10,000³

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

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Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class I

$250,000

11/01/2013

$264,356

N.A.

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Fund Profile⁵

Common Stock Sector Allocation (% of net assets)⁶

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Country Allocation (% of net assets)⁶

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See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Endnotes and Additional Disclosures

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

MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI 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. The Blended Index consists of 50% MSCI Emerging Markets Index and 50% MSCI Frontier Markets 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.

Performance prior to the inception date of Class A and Class I is linked to the performance of Global Macro Capital Opportunities Portfolio (the Portfolio) into which the Fund invests. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance since inception for an index, if presented, is the performance since the Portfolio’s inception. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶	Depiction does not reflect the Fund’s derivatives positions.

Fund profile subject to change due to active management.

Additional Information

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada.

Important Notice to Shareholders

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


		6

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

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 (May 1, 2020 – October 31, 2020).

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 (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,173.40	$	9.01	**		1.65	%
Class I	$	1,000.00	$	1,173.80	$	7.65	**		1.40	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,016.80	$	8.36	**		1.65	%
Class I	$	1,000.00	$	1,018.10	$	7.10	**		1.40	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2020. The Example reflects the expenses of both the Fund and the Portfolio.

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


		7

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Global Macro Capital Opportunities Portfolio, at value (identified cost, $127,399,041)	$	145,693,016

Receivable for Fund shares sold		41,377

Total assets	$	145,734,393

Liabilities

Payable for Fund shares redeemed	$	175,542

Payable to affiliates:

Distribution and service fees		339

Trustees’ fees		43

Other		22,938

Accrued expenses		55,220

Total liabilities	$	254,082

Net Assets	$	145,480,311

Sources of Net Assets

Paid-in capital	$	149,138,304

Accumulated loss		(3,657,993	)

Total	$	145,480,311

Class A Shares

Net Assets	$	1,572,010

Shares Outstanding		163,645

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.61

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	10.20

Class I Shares

Net Assets	$	143,908,301

Shares Outstanding		14,901,900

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.66

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


		8		See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends allocated from Portfolio (net of foreign taxes, $403,239)	$	3,281,901

Interest allocated from Portfolio (net of foreign taxes, $18)		37,082

Expenses allocated from Portfolio		(2,008,085	)

Total investment income from Portfolio	$	1,310,898

Expenses

Distribution and service fees

Class A	$	4,379

Trustees’ fees and expenses		500

Custodian fee		19,805

Transfer and dividend disbursing agent fees		162,124

Legal and accounting services		46,748

Printing and postage		29,943

Registration fees		43,491

Miscellaneous		9,221

Total expenses	$	316,211

Deduct —

Allocation of expenses to affiliate	$	118,688

Total expense reductions	$	118,688

Net expenses	$	197,523

Net investment income	$	1,113,375

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $110,219)	$	(11,871,479	)

Financial futures contracts		1,745,821

Swap contracts		1,313,967

Foreign currency transactions		(996,433	)

Forward foreign currency exchange contracts		(1,229,331	)

Net realized loss	$	(11,037,455	)

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $154,692)	$	(518,955	)

Financial futures contracts		(306,708	)

Swap contracts		301,403

Foreign currency		495,998

Forward foreign currency exchange contracts		571,395

Net change in unrealized appreciation (depreciation)	$	543,133

Net realized and unrealized loss	$	(10,494,322	)

Net decrease in net assets from operations	$	(9,380,947	)


		9		See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	1,113,375		$	1,997,733

Net realized gain (loss)		(11,037,455	)		1,060,710

Net change in unrealized appreciation (depreciation)		543,133			9,020,909

Net increase (decrease) in net assets from operations	$	(9,380,947	)	$	12,079,352

Distributions to shareholders —

Class A	$	(41,078	)	$	(70,354	)

Class I		(3,606,777	)		(4,496,906	)

Total distributions to shareholders	$	(3,647,855	)	$	(4,567,260	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	519,324		$	239,976

Class I		45,521,487			43,697,479

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		41,078			70,344

Class I		3,599,833			4,494,384

Cost of shares redeemed

Class A		(1,225,201	)		(745,871	)

Class I		(68,744,133	)		(38,556,372	)

Net increase (decrease) in net assets from Fund share transactions	$	(20,287,612	)	$	9,199,940

Net increase (decrease) in net assets	$	(33,316,414	)	$	16,712,032

Net Assets

At beginning of year	$	178,796,725		$	162,084,693

At end of year	$	145,480,311		$	178,796,725


		10		See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.100		$	9.700		$	10.950		$	8.850		$	8.570

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.040		$	0.091		$	0.068		$	0.057		$	0.045

Net realized and unrealized gain (loss)		(0.349	)		0.571			(1.318	)		2.072			0.403

Total income (loss) from operations	$	(0.309	)	$	0.662		$	(1.250	)	$	2.129		$	0.448

Less Distributions

From net investment income	$	(0.181	)	$	(0.262	)	$	—		$	(0.029	)	$	(0.168	)

Total distributions	$	(0.181	)	$	(0.262	)	$	—		$	(0.029	)	$	(0.168	)

Net asset value — End of year	$	9.610		$	10.100		$	9.700		$	10.950		$	8.850

Total Return⁽²⁾⁽³⁾		(3.20	)%		7.05	%		(11.42	)%		24.15	%		5.42	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,572		$	2,328		$	2,657		$	1,453		$	19,599

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.65	%		1.66	%⁽⁵⁾		1.65	%		1.65	%		1.65	%

Net investment income		0.43	%		0.91	%		0.62	%		0.62	%		0.55	%

Portfolio Turnover of the Portfolio		44	%		43	%		39	%		32	%		40	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	The investment adviser reimbursed certain operating expenses (equal to 0.08%, 0.07%, 0.02%, 0.07% and 0.09% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019.


		11		See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.150		$	9.740		$	10.980		$	8.870		$	8.590

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.067		$	0.117		$	0.092		$	0.098		$	0.068

Net realized and unrealized gain (loss)		(0.348	)		0.572			(1.332	)		2.063			0.400

Total income (loss) from operations	$	(0.281	)	$	0.689		$	(1.240	)	$	2.161		$	0.468

Less Distributions

From net investment income	$	(0.209	)	$	(0.279	)	$	—		$	(0.051	)	$	(0.188	)

Total distributions	$	(0.209	)	$	(0.279	)	$	—		$	(0.051	)	$	(0.188	)

Net asset value — End of year	$	9.660		$	10.150		$	9.740		$	10.980		$	8.870

Total Return⁽²⁾⁽³⁾		(2.93	)%		7.31	%		(11.29	)%		24.52	%		5.67	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	143,908		$	176,468		$	159,428		$	163,116		$	104,170

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.40	%		1.41	%⁽⁵⁾		1.40	%		1.40	%		1.40	%

Net investment income		0.71	%		1.17	%		0.82	%		1.00	%		0.82	%

Portfolio Turnover of the Portfolio		44	%		43	%		39	%		32	%		40	%

⁽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 reimbursed certain operating expenses (equal to 0.08%, 0.07%, 0.02%, 0.07% and 0.09% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019.


		12		See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Emerging and Frontier Countries Equity 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 offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests substantially all of its investable assets in interests in Global Macro Capital Opportunities Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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 — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C 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 required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of October 31, 2020, 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.

D 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.

E 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.

F 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.

G Other — Investment transactions are accounted for on a trade date basis.

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


		13

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Notes to Financial Statements — continued

excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	3,647,855	$	4,567,260

During the year ended October 31, 2020, accumulated loss was decreased by $60,806 and paid-in capital was decreased by $60,806 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(21,111,170	)

Late year ordinary losses	$	(652,869	)

Net unrealized appreciation	$	18,106,046

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $21,111,170 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 October 31, 2020, $18,369,156 are short-term and $2,742,014 are long-term.

Additionally, at October 31, 2020, the Fund had a late year ordinary loss of $652,869 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. 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 1.65% and 1.40% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $118,688 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $2,182 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 $396 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.


		14

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Notes to Financial Statements — continued

4 Distribution Plan

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

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $20,177,377 and $44,633,383, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		60,368			24,449

Issued to shareholders electing to receive payments of distributions in Fund shares		3,945			7,540

Redemptions		(131,186	)		(75,408	)

Net decrease		(66,873	)		(43,419	)

	Year Ended October 31,
Class I	2020			2019

Sales		4,920,798			4,409,846

Issued to shareholders electing to receive payments of distributions in Fund shares		344,812			480,169

Redemptions		(7,741,995	)		(3,875,730	)

Net increase (decrease)		(2,476,385	)		1,014,285

8 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		15

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Emerging and Frontier Countries Equity Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging and Frontier Countries Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		16

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $1,235,158, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $512,677 and recognized foreign source income of $3,609,129.


		17

Global Macro Capital Opportunities Portfolio

October 31, 2020

Portfolio of Investments


Common Stocks — 87.0%
Security	Shares		Value

China — 11.8%

AAC Technologies Holdings, Inc.		12,500	$	65,705

Alibaba Group Holding, Ltd. ADR⁽¹⁾		12,254		3,733,671

Anhui Conch Cement Co., Ltd., Class H		16,500		103,216

ANTA Sports Products, Ltd.		14,000		155,416

Autohome, Inc. ADR		1,000		95,550

Baidu, Inc. ADR⁽¹⁾		2,480		329,964

BYD Co., Ltd., Class H		12,500		252,685

China Conch Venture Holdings, Ltd.		25,500		113,546

China Construction Bank Corp., Class H		803,000		553,358

China Gas Holdings, Ltd.		23,600		72,524

China Life Insurance Co., Ltd., Class H		83,000		181,100

China Mengniu Dairy Co., Ltd.⁽¹⁾		36,000		169,715

China Mobile, Ltd.		54,500		333,351

China National Building Material Co., Ltd., Class H		72,000		82,876

China Overseas Land & Investment, Ltd.		44,500		111,775

China Pacific Insurance (Group) Co., Ltd., Class H		36,400		113,912

China Petroleum & Chemical Corp., Class H		302,000		117,922

China Resources Beer Holdings Co., Ltd.		22,000		136,501

China Resources Gas Group, Ltd.		16,000		69,523

China Resources Land, Ltd.		37,777		154,495

China Shenhua Energy Co., Ltd., Class H		49,500		85,766

China Telecom Corp., Ltd., Class H		234,000		73,455

China Tower Corp., Ltd., Class H⁽²⁾		596,000		93,271

China Unicom (Hong Kong), Ltd.		98,000		60,406

China Vanke Co., Ltd., Class H		26,700		82,876

CITIC Securities Co., Ltd., Class H		39,500		85,644

CITIC, Ltd.		75,000		53,620

CNOOC, Ltd.		183,000		167,437

CSPC Pharmaceutical Group, Ltd.		119,040		126,412

ENN Energy Holdings, Ltd.		11,500		145,545

Geely Automobile Holdings, Ltd.		68,000		139,730

Guangdong Investment, Ltd.		42,000		62,291

Haier Electronics Group Co., Ltd.		26,000		99,118

Hengan International Group Co., Ltd.		11,000		76,731

Huazhu Group, Ltd. ADR		2,300		91,149

Industrial & Commercial Bank of China, Ltd., Class H		577,000		327,658

JD.com, Inc. ADR⁽¹⁾		6,424		523,684

Lenovo Group, Ltd.		136,000		85,391

Li Ning Co., Ltd.		31,000		161,570

Longfor Group Holdings, Ltd.⁽²⁾		25,000		136,978

Meituan Dianping, Class B⁽¹⁾		11,600		432,438

Momo, Inc. ADR		2,500		37,500

NetEase, Inc. ADR		3,405		295,520

New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		1,474		236,400


Security	Shares		Value

China (continued)

PetroChina Co., Ltd., Class H		282,000	$	79,196

PICC Property & Casualty Co., Ltd., Class H		100,000		67,871

Pinduoduo, Inc. ADR⁽¹⁾		2,600		233,948

Ping An Insurance (Group) Co. of China, Ltd., Class H		48,000		496,304

Semiconductor Manufacturing International Corp.⁽¹⁾		53,000		156,357

Shenzhou International Group Holdings, Ltd.		10,100		175,734

Shimao Group Holdings, Ltd.		22,000		77,931

Shimao Services Holdings, Ltd.⁽¹⁾⁽²⁾		947		2,028

Sino Biopharmaceutical, Ltd.		133,500		135,235

Sinopharm Group Co., Ltd., Class H		22,400		51,463

Sunny Optical Technology Group Co., Ltd.		9,200		152,749

TAL Education Group ADR⁽¹⁾		3,648		242,446

Tencent Holdings, Ltd.		44,600		3,407,690

Trip.com Group, Ltd. ADR⁽¹⁾		5,600		161,056

Vipshop Holdings, Ltd. ADR⁽¹⁾		7,998		171,157

Want Want China Holdings, Ltd.		103,000		68,210

Wuxi Biologics Cayman, Inc.⁽¹⁾⁽²⁾		9,000		252,753

Xiaomi Corp., Class B⁽¹⁾⁽²⁾		115,200		327,633

Yum China Holdings, Inc.		3,700		196,951

ZTO Express Cayman, Inc. ADR		4,100		118,818

			$	17,202,925

Colombia — 2.7%

Bancolombia S.A.		79,900	$	505,781

Bancolombia S.A., PFC Shares		149,500		946,361

Ecopetrol S.A.		1,629,300		753,957

Grupo Argos S.A.		95,900		263,144

Grupo Aval Acciones y Valores S.A., PFC Shares		1,315,700		302,549

Grupo de Inversiones Suramericana S.A.		76,200		395,732

Interconexion Electrica S.A.		149,300		804,681

			$	3,972,205

Cyprus — 0.6%

Bank of Cyprus Holdings PLC⁽¹⁾⁽³⁾		1,716,590	$	908,337

Bank of Cyprus Holdings PLC⁽¹⁾⁽³⁾		45,800		23,673

			$	932,010

Egypt — 4.0%

Cairo Investment & Real Estate Development Co. SAE		352,100	$	336,339

Cleopatra Hospital⁽¹⁾		1,140,800		342,714

Commercial International Bank Egypt SAE		480,130		1,876,746

Credit Agricole Egypt SAE		337,930		555,400

Eastern Co. SAE		687,580		520,843

Egypt Kuwait Holding Co. SAE		334,620		347,573

Egyptian Financial Group-Hermes Holding Co.⁽¹⁾		410,720		327,222


		18		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Egypt (continued)

ElSewedy Electric Co.		818,720	$	383,638

Juhayna Food Industries		721,090		301,797

Talaat Moustafa Group		1,058,890		416,334

Telecom Egypt Co.		451,140		340,342

			$	5,748,948

Georgia — 4.8%

Bank of Georgia Group PLC⁽¹⁾		259,390	$	3,016,461

Georgia Capital PLC⁽¹⁾		183,510		874,908

TBC Bank Group PLC⁽¹⁾		253,486		3,019,959

			$	6,911,328

Greece — 4.5%

Aegean Airlines S.A.⁽¹⁾		15,000	$	46,453

Alpha Bank AE⁽¹⁾		649,300		330,413

Athens Water Supply & Sewage Co. S.A.		20,000		155,051

Eurobank Ergasias Services and Holdings S.A.⁽¹⁾		1,215,600		406,508

GEK Terna Holding Real Estate Construction S.A.⁽¹⁾		33,800		228,656

Hellenic Exchanges - Athens Stock Exchange S.A.		26,900		80,115

Hellenic Telecommunications Organization S.A.		112,200		1,487,963

Holding Co. ADMIE IPTO S.A.		54,300		134,279

JUMBO S.A.		51,100		716,235

LAMDA Development S.A.⁽¹⁾		29,024		171,571

Motor Oil (Hellas) Corinth Refineries S.A.		28,500		266,469

Mytilineos S.A.		46,900		514,575

National Bank of Greece S.A.⁽¹⁾		257,100		270,762

OPAP S.A.		90,307		730,590

Piraeus Port Authority S.A.		3,500		69,195

Public Power Corp. S.A.⁽¹⁾		48,900		274,619

Sarantis S.A.		14,700		145,025

Terna Energy S.A.		21,300		283,543

Titan Cement International S.A.⁽¹⁾		19,300		241,106

			$	6,553,128

India — 3.7%

Asian Paints, Ltd.		3,490	$	104,025

Avenue Supermarts, Ltd.⁽¹⁾⁽²⁾		1,995		60,048

Axis Bank, Ltd.⁽¹⁾		25,514		168,608

Bajaj Auto, Ltd.		1,008		39,205

Bajaj Finance, Ltd.		2,142		95,291

Bajaj Finserv, Ltd.		652		48,791

Bandhan Bank, Ltd.⁽¹⁾⁽²⁾		7,986		31,091

Bharat Petroleum Corp., Ltd.		9,239		44,086

Bharti Airtel, Ltd.		14,997		87,486

Britannia Industries, Ltd.		842		39,491


Security	Shares		Value

India (continued)

Dabur India, Ltd.		7,212	$	49,794

Dr. Reddy’s Laboratories, Ltd.		1,387		91,315

Eicher Motors, Ltd.		1,800		50,643

Godrej Consumer Products, Ltd.		5,486		49,294

Grasim Industries, Ltd.		4,295		45,164

Havells India, Ltd.		3,816		37,523

HCL Technologies, Ltd.		13,120		149,771

HDFC Life Insurance Co., Ltd.⁽¹⁾⁽²⁾		9,208		73,373

Hero MotoCorp, Ltd.		1,283		48,493

Hindalco Industries, Ltd.		22,328		51,655

Hindustan Unilever, Ltd.		9,125		255,594

Housing Development Finance Corp., Ltd.		17,778		460,607

ICICI Bank, Ltd.⁽¹⁾		55,552		292,875

ICICI Lombard General Insurance Co., Ltd.⁽²⁾		2,766		46,251

Infosys, Ltd.		38,605		552,995

ITC, Ltd.		36,798		82,308

JSW Steel, Ltd.		11,825		49,257

Larsen & Toubro, Ltd.		5,935		74,465

Lupin, Ltd.		3,240		39,677

Mahindra & Mahindra, Ltd.		9,197		73,720

Maruti Suzuki India, Ltd.		1,401		131,074

Nestle India, Ltd.		297		68,693

Power Grid Corporation of India, Ltd.		25,079		58,194

Reliance Industries, Ltd.		31,306		872,113

SBI Life Insurance Co., Ltd.⁽¹⁾⁽²⁾		5,188		53,948

Shree Cement, Ltd.		163		47,509

State Bank of India⁽¹⁾		22,996		58,791

Sun Pharmaceutical Industries, Ltd.		10,399		65,357

Tata Consultancy Services, Ltd.		9,904		356,770

Tata Motors, Ltd.⁽¹⁾		23,589		42,123

Tech Mahindra, Ltd.		6,000		65,896

Titan Co., Ltd.		3,902		61,509

UltraTech Cement, Ltd.		1,443		88,547

UPL, Ltd.		7,077		43,214

Wipro, Ltd.		17,119		78,577

			$	5,385,211

Indonesia — 0.6%

Astra International Tbk PT		234,600	$	85,669

Bank Central Asia Tbk PT		110,100		216,639

Bank Mandiri Persero Tbk PT		220,400		85,853

Bank Negara Indonesia Persero Tbk PT		100,600		32,006

Bank Rakyat Indonesia Persero Tbk PT		649,500		147,028

Barito Pacific Tbk PT⁽¹⁾		392,400		23,775

Charoen Pokphand Indonesia Tbk PT		93,400		36,795

Indah Kiat Pulp & Paper Corp. Tbk PT		40,200		24,618


		19		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Indonesia (continued)

Indofood Sukses Makmur Tbk PT		61,600	$	29,180

Kalbe Farma Tbk PT		283,300		29,393

Semen Indonesia Persero Tbk PT		42,700		27,662

Telekomunikasi Indonesia Persero Tbk PT		562,000		99,508

Unilever Indonesia Tbk PT		91,200		48,399

United Tractors Tbk PT		21,800		31,145

			$	917,670

Kuwait — 1.8%

Agility Public Warehousing Co. KSC		93,210	$	202,036

Boubyan Bank KSCP		94,639		183,833

Kuwait Finance House KSCP		306,905		660,692

Mobile Telecommunications Co.		168,793		321,981

National Bank of Kuwait SAK		455,803		1,259,417

			$	2,627,959

Romania — 3.8%

Banca Transilvania S.A.		4,656,670	$	2,110,659

BRD-Groupe Societe Generale S.A.⁽¹⁾		219,440		598,526

Digi Communications N.V.⁽²⁾		38,660		311,427

OMV Petrom S.A.		11,916,660		895,044

Societatea Energetica Electrica S.A.		143,830		382,478

Societatea Nationala de Gaze Naturale ROMGAZ S.A.		121,890		752,803

Transelectrica S.A.		30,910		177,676

Transgaz S.A. Medias		5,030		343,552

			$	5,572,165

Serbia — 4.6%

Komercijalna Banka AD Beograd⁽¹⁾		131,568	$	3,774,948

Metalac AD⁽¹⁾		67,357		1,244,440

NIS AD Novi Sad⁽¹⁾		309,854		1,718,535

			$	6,737,923

Singapore — 1.1%

Yoma Strategic Holdings, Ltd.⁽¹⁾		8,240,033	$	1,540,007

			$	1,540,007

South Korea — 15.3%

AMOREPACIFIC Corp.		1,035	$	145,403

Celltrion Healthcare Co., Ltd.⁽¹⁾		1,864		139,833

Celltrion, Inc.⁽¹⁾		2,629		561,354

Coway Co., Ltd.		2,500		153,081

E-MART, Inc.		830		104,495

Hana Financial Group, Inc.		11,229		303,323


Security	Shares		Value

South Korea (continued)

HLB, Inc.⁽¹⁾		1,593	$	130,603

Hotel Shilla Co., Ltd.		1,568		103,362

Hyundai Engineering & Construction Co., Ltd.		4,244		115,696

Hyundai Heavy Industries Holdings Co., Ltd.		540		102,763

Hyundai Mobis Co., Ltd.		2,240		448,814

Hyundai Motor Co.		4,968		727,196

Hyundai Motor Co., Second PFC Shares		1,868		132,359

Kakao Corp.		1,631		475,585

Kangwon Land, Inc.		5,568		103,896

KB Financial Group, Inc.		12,727		455,242

Kia Motors Corp.		9,714		435,664

Korea Electric Power Corp.⁽¹⁾		8,936		157,626

Korea Investment Holdings Co., Ltd.		2,414		147,452

Korea Shipbuilding & Offshore Engineering Co., Ltd.⁽¹⁾		1,652		115,194

Korea Zinc Co., Ltd.		357		120,740

KT&G Corp.		4,303		307,252

LG Chem, Ltd.		1,528		833,189

LG Corp.		3,522		210,894

LG Display Co., Ltd.⁽¹⁾		10,343		129,148

LG Electronics, Inc.		4,150		308,509

LG Household & Health Care, Ltd.		284		376,550

LG Uplus Corp.		10,402		101,831

Lotte Chemical Corp.		660		136,497

Mirae Asset Daewoo Co., Ltd.		22,054		164,311

Naver Corp.		4,057		1,038,068

NCsoft Corp.		457		313,997

Netmarble Corp.⁽¹⁾⁽²⁾		1,056		109,708

Orion Corp. of Republic of Korea		978		93,711

POSCO		2,637		486,801

S-Oil Corp.		2,125		102,622

Samsung Biologics Co., Ltd.⁽¹⁾⁽²⁾		522		315,443

Samsung C&T Corp.		2,968		290,733

Samsung Electro-Mechanics Co., Ltd.		2,007		238,548

Samsung Electronics Co., Ltd.		136,770		6,874,827

Samsung Electronics Co., Ltd., PFC Shares		24,522		1,090,858

Samsung Fire & Marine Insurance Co., Ltd.		1,143		180,727

Samsung Life Insurance Co., Ltd.		2,939		164,502

Samsung SDI Co., Ltd.		1,673		659,055

Samsung SDS Co., Ltd.		1,208		180,262

Shinhan Financial Group Co., Ltd.		15,151		411,081

SK Holdings Co., Ltd.		1,290		210,074

SK Hynix, Inc.		16,246		1,152,538

SK Innovation Co., Ltd.		2,192		245,007

SK Telecom Co., Ltd.		834		158,150

Woori Financial Group, Inc.		21,225		167,584

Yuhan Corp.		1,935		101,830

			$	22,333,988


		20		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Sri Lanka — 0.2%

Softlogic Life Insurance PLC⁽¹⁾		2,000,000	$	326,754

			$	326,754

Taiwan — 12.7%

Accton Technology Corp.		12,000	$	87,183

Advantech Co., Ltd.		10,667		107,991

ASE Technology Holding Co., Ltd.		95,358		214,037

Asia Cement Corp.		72,000		103,639

Asustek Computer, Inc.		20,000		169,922

Catcher Technology Co., Ltd.		18,000		113,787

Cathay Financial Holding Co., Ltd.		194,087		260,801

Chailease Holding Co., Ltd.		31,200		151,566

Chang Hwa Commercial Bank, Ltd.		197,600		117,821

China Development Financial Holding Corp.		363,000		106,526

China Steel Corp.		338,000		240,102

Chunghwa Telecom Co., Ltd.		101,000		378,921

Compal Electronics, Inc.		136,000		88,604

CTBC Financial Holding Co., Ltd.		476,000		300,599

Delta Electronics, Inc.		47,680		317,235

E.Sun Financial Holding Co., Ltd.		288,278		245,099

Far Eastern New Century Corp.		99,700		90,010

Far EasTone Telecommunications Co., Ltd.		53,000		111,231

First Financial Holding Co., Ltd.		260,590		182,848

Formosa Chemicals & Fibre Corp.		94,000		226,399

Formosa Petrochemical Corp.		35,000		96,353

Formosa Plastics Corp.		112,000		310,035

Fubon Financial Holding Co., Ltd.		169,000		240,750

Globalwafers Co., Ltd.		7,000		101,936

Hon Hai Precision Industry Co., Ltd.		307,508		834,002

Hotai Motor Co., Ltd.		7,000		147,535

Hua Nan Financial Holdings Co., Ltd.		240,774		144,871

Largan Precision Co., Ltd.		3,000		318,597

Lite-On Technology Corp.		62,000		100,993

MediaTek, Inc.		28,000		665,567

Mega Financial Holding Co., Ltd.		280,000		269,808

Nan Ya Plastics Corp.		130,000		267,038

Novatek Microelectronics Corp., Ltd.		16,000		149,522

Pegatron Corp.		52,000		112,061

President Chain Store Corp.		17,000		153,439

Quanta Computer, Inc.		67,000		169,058

Realtek Semiconductor Corp.		12,000		149,489

Shanghai Commercial & Savings Bank, Ltd. (The)		94,606		122,641

Shin Kong Financial Holding Co., Ltd.		362,352		100,931

SinoPac Financial Holdings Co., Ltd.		309,000		115,677

Taishin Financial Holding Co., Ltd.		295,685		130,393

Taiwan Cement Corp.		137,412		195,012


Security	Shares		Value

Taiwan (continued)

Taiwan Cooperative Financial Holding Co., Ltd.		244,110	$	163,977

Taiwan Mobile Co., Ltd.		48,000		163,968

Taiwan Semiconductor Manufacturing Co., Ltd.		576,000		8,714,692

Uni-President Enterprises Corp.		120,960		259,285

United Microelectronics Corp.		307,000		329,948

Win Semiconductors Corp.		11,000		120,002

Yageo Corp.		7,000		87,205

Yuanta Financial Holding Co., Ltd.		305,422		189,889

			$	18,538,995

United Arab Emirates — 2.1%

Abu Dhabi Commercial Bank PJSC		259,100	$	410,167

Aldar Properties PJSC		359,800		265,684

Dubai Islamic Bank PJSC		169,500		191,802

Emaar Malls PJSC⁽¹⁾		253,900		101,250

Emaar Properties PJSC⁽¹⁾		334,300		239,562

Emirates NBD Bank PJSC		116,800		299,372

Emirates Telecommunications Group Co. PJSC		160,200		733,970

First Abu Dhabi Bank PJSC		253,600		781,442

			$	3,023,249

Vietnam — 12.7%

FPT Corp.		701,925	$	1,668,482

Ho Chi Minh City Development Joint Stock Commercial Bank⁽¹⁾		312,910		327,566

Hoa Phat Group JSC		1,461,938		1,931,711

Imexpharm Pharmaceutical JSC		48,678		103,024

Masan Group Corp.⁽¹⁾		197,050		713,876

Military Commercial Joint Stock Bank⁽¹⁾		2,274,056		1,750,923

Mobile World Investment Corp.		53,333		257,731

No Va Land Investment Group Corp.⁽¹⁾		201,690		539,584

PetroVietnam Gas JSC		84,800		258,719

PetroVietnam Power Corp.⁽¹⁾		704,100		285,805

Phat Dat Real Estate Development Corp.		50,522		89,386

Phu Nhuan Jewelry JSC		565,090		1,707,718

Refrigeration Electrical Engineering Corp.		143,700		277,904

Saigon Beer Alcohol Beverage Corp.		60,300		479,482

SSI Securities Corp.		72,996		54,054

Viet Capital Securities JSC		282,825		451,423

Vietnam Dairy Products JSC		444,489		2,076,788

Vietnam National Petroleum Group		125,200		265,238

Vietnam Prosperity JSC Bank⁽¹⁾		1,755,487		1,791,847

Vietnam Technological & Commercial Joint Stock Bank⁽¹⁾		1,608,600		1,585,147

Vingroup JSC⁽¹⁾		399,041		1,835,598

			$	18,452,006

Total Common Stocks (identified cost $110,501,372)			$	126,776,471


		21		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Short-Term Investments — 11.8%

U.S. Treasury Obligations — 1.0%
Security	Principal Amount (000’s omitted)		Value

U.S. Treasury Bill, 0.00%, 11/5/20	$	1,500	$	1,499,992

Total U.S. Treasury Obligations (identified cost $1,499,985)			$	1,499,992

Other — 10.8%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁴⁾		15,684,838	$	15,684,838

Total Other (identified cost $15,684,838)			$	15,684,838

Total Short-Term Investments (identified cost $17,184,823)			$	17,184,830

Total Investments — 98.8% (identified cost $127,686,195)			$	143,961,301

Other Assets, Less Liabilities — 1.2%			$	1,732,780

Net Assets — 100.0%			$	145,694,081

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

⁽¹⁾

Non-income producing security.

⁽²⁾

Security exempt from registration 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 October 31, 2020, the aggregate value of these securities is $1,813,952 or 1.2% of the Portfolio’s net assets.

⁽³⁾

Securities are traded on separate exchanges for the same entity.

⁽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 October 31, 2020.


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		26.7	%	$	38,874,917

Information Technology		18.5			26,937,393

Consumer Discretionary		10.4			15,223,661

Communication Services		7.5			10,960,843

Consumer Staples		4.7			6,848,699

Energy		4.7			6,837,245

Materials		4.4			6,394,504

Real Estate		4.0			5,765,059

Utilities		2.3			3,322,554

Industrials		2.2			3,255,793

Health Care		1.6			2,355,803

Short-Term Investments		11.8			17,184,830

Total Investments		98.8	%	$	143,961,301


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	99,714	USD	116,543	BNP Paribas		11/2/20	$	—	$	(411	)

RON	485,829	EUR	99,714	Bank of America, N.A.		11/2/20		253		—

USD	137,618	EUR	117,768	Standard Chartered Bank		11/2/20		459		—

EUR	117,768	USD	137,700	Standard Chartered Bank		11/30/20		—		(460	)

USD	6,400,428	EUR	5,456,510	BNP Paribas		11/30/20		41,722		—

USD	5,698,161	EUR	4,857,811	BNP Paribas		11/30/20		37,144		—

USD	5,183,593	EUR	4,419,131	BNP Paribas		11/30/20		33,790		—

USD	2,454,901	EUR	2,092,858	BNP Paribas		11/30/20		16,004		—

USD	1,480,885	EUR	1,262,488	BNP Paribas		11/30/20		9,653		—

USD	116,613	EUR	99,714	BNP Paribas		11/30/20		412		—

USD	2,855,790	AED	10,547,575	Standard Chartered Bank		7/7/22		—		(9,626	)

							$	139,437	$	(10,497	)


		22		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Futures Contracts

Description	Number of Contracts		Position	Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)

Equity Futures

MSCI Emerging Markets Index		142	Long		12/18/20	$	7,823,490	$	(116,815	)

								$	(116,815	)

Total Return Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio Receives

Portfolio Pays

Termination
Date

Value/
Unrealized
Appreciation
(Depreciation)

JPMorgan Chase Bank, N.A.

CNY

13,425

Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)

3-month USD-LIBOR minus 14.00% on $2,000,113 (pays quarterly)

4/16/21

(52,579

)

UBS AG

CNY

65,063

Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)

3-month USD-LIBOR minus 13.75% on $9,514,271 (pays quarterly)

3/24/21

353,984

301,405

Abbreviations:



ADR	–	American Depositary Receipt

PFC Shares	–	Preference Shares

Currency Abbreviations:



AED	–	United Arab Emirates Dirham

CNY	–	Yuan Renminbi

EUR	–	Euro

RON	–	Romanian Leu

USD	–	United States Dollar


		23		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $112,001,357)	$	128,276,463

Affiliated investment, at value (identified cost, $15,684,838)		15,684,838

Cash		1,160,053

Deposits for derivatives collateral —

Financial futures contracts		677,340

OTC derivatives		710,000

Foreign currency, at value (identified cost, $315,002)		316,105

Dividends receivable		65,391

Dividends receivable from affiliated investment		1,229

Receivable for investments sold		198,262

Receivable for open forward foreign currency exchange contracts		139,437

Receivable for open swap contracts		353,984

Tax reclaims receivable		13,324

Total assets	$	147,596,426

Liabilities

Cash collateral due to broker	$	710,000

Payable for investments purchased		631,419

Payable for variation margin on open financial futures contracts		97,992

Payable for open forward foreign currency exchange contracts		10,497

Payable for open swap contracts		52,579

Payable to affiliates:

Investment adviser fee		126,449

Trustees’ fees		687

Accrued foreign capital gains taxes		96,231

Accrued expenses		176,491

Total liabilities	$	1,902,345

Net Assets applicable to investors’ interest in Portfolio	$	145,694,081


		24		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $403,241)	$	3,206,985

Dividends from affiliated investment		74,938

Interest (net of foreign taxes, $18)		37,082

Total investment income	$	3,319,005

Expenses

Investment adviser fee	$	1,569,545

Trustees’ fees and expenses		8,719

Custodian fee		327,368

Legal and accounting services		73,001

Miscellaneous		29,466

Total expenses	$	2,008,099

Net investment income	$	1,310,906

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $110,220)	$	(11,865,445	)

Investment transactions — affiliated investment		(6,107	)

Financial futures contracts		1,745,833

Swap contracts		1,313,977

Foreign currency transactions		(996,440	)

Forward foreign currency exchange contracts		(1,229,339	)

Net realized loss	$	(11,037,521	)

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $154,693)	$	(518,417	)

Investments — affiliated investment		(518	)

Financial futures contracts		(306,710	)

Swap contracts		301,405

Foreign currency		496,001

Forward foreign currency exchange contracts		571,398

Net change in unrealized appreciation (depreciation)	$	543,159

Net realized and unrealized loss	$	(10,494,362	)

Net decrease in net assets from operations	$	(9,183,456	)


		25		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	1,310,906		$	2,211,320

Net realized gain (loss)		(11,037,521	)		1,060,712

Net change in unrealized appreciation (depreciation)		543,159			9,020,967

Net increase (decrease) in net assets from operations	$	(9,183,456	)	$	12,292,999

Capital transactions —

Contributions	$	20,177,377		$	23,681,199

Withdrawals		(44,633,383	)		(18,809,164	)

Net increase (decrease) in net assets from capital transactions	$	(24,456,006	)	$	4,872,035

Net increase (decrease) in net assets	$	(33,639,462	)	$	17,165,034

Net Assets

At beginning of year	$	179,333,543		$	162,168,509

At end of year	$	145,694,081		$	179,333,543


		26		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		1.28	%		1.29	%⁽¹⁾		1.25	%		1.29	%		1.30	%

Net investment income		0.84	%		1.29	%		0.97	%		1.10	%		0.92	%

Portfolio Turnover		44	%		43	%		39	%		32	%		40	%

Total Return		(2.84	)%		7.44	%		(11.06	)%		24.59	%		5.75	%

Net assets, end of year (000’s omitted)	$	145,694		$	179,334		$	162,169		$	164,303		$	124,168

⁽¹⁾	Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019.


		27		See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Global Macro Capital Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Emerging and Frontier Countries Equity Fund held a 99.9% interest in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio 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.

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 Portfolio’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 Portfolio 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 Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio 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.


		28

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. If one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio 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 October 31, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio 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 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 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 Portfolio’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 Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio 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.

I Forward Foreign Currency Exchange Contracts — The Portfolio 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 Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio 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 Portfolio 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 forward foreign currency exchange 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.

J Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a


		29

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 1.00% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $1,569,545 or 1.00% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $62,786,028 and $94,246,659, respectively, for the year ended October 31, 2020.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	128,054,608

Gross unrealized appreciation	$	30,753,895

Gross unrealized depreciation		(14,555,423	)

Net unrealized appreciation	$	16,198,472

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, financial futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Equity Price Risk: The Portfolio enters into equity futures contracts and total return swaps to enhance total return, to manage certain investment risks and/or as a substitute for the purchase of securities.


		30

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts and currency options to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

The Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $63,076. At October 31, 2020, there were no assets pledged by the Portfolio for such liability.

The OTC derivatives in which the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio 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 Portfolio and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to broker at October 31, 2020 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 8) at October 31, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


	Fair Value
Statement of Assets and Liabilities Caption	Equity Price			Foreign Exchange			Total

Receivable for open forward foreign currency exchange contracts	$	—		$	139,437		$	139,437

Receivable for open swap contracts		353,984			—			353,984

Total Asset Derivatives subject to master netting or similar agreements	$	353,984		$	139,437		$	493,421

Not applicable	$	(116,815	)*	$	—		$	(116,815	)

Payable for open forward foreign currency exchange contracts		—			(10,497	)		(10,497	)

Payable for open swap contracts		(52,579	)		—			(52,579	)

Total Liability Derivatives	$	(169,394	)	$	(10,497	)	$	(179,891	)

Derivatives not subject to master netting or similar agreements	$	(116,815	)	$	—		$	(116,815	)

Total Liability Derivatives subject to master netting or similar agreements	$	(52,579	)	$	(10,497	)	$	(63,076	)

*	Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable for variation margin on open financial futures contracts.


		31

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

The Portfolio’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 Portfolio’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 Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2020.


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)			Total Cash Collateral Received

Bank of America, N.A.	$	253		$	—		$	—	$	—		$	253		$	—

BNP Paribas		138,725			(411	)		—		—			138,314			—

Standard Chartered Bank		459			(459	)		—		—			—			—

UBS AG		353,984			—			—		(353,984	)		—			710,000

	$	493,421		$	(870	)	$	—	$	(353,984	)	$	138,567		$	710,000

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)			Total Cash Collateral Pledged

BNP Paribas	$	(411	)	$	411		$	—	$	—		$	—		$	—

JPMorgan Chase Bank, N.A.		(52,579	)		—			—		—			(52,579	)		—

Standard Chartered Bank		(10,086	)		459			—		—			(9,627	)		—

	$	(63,076	)	$	870		$	—	$	—		$	(62,206	)	$	—

Total — Deposits for derivatives collateral — OTC derivatives															$	710,000

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2020 was as follows:


Statement of Operations Caption	Equity Price			Foreign Exchange			Total

Net realized gain (loss) —

Investment transactions	$	—		$	(40,663	)	$	(40,663	)

Financial futures contracts		1,745,833			—			1,745,833

Swap contracts		1,313,977			—			1,313,977

Forward foreign currency exchange contracts		—			(1,229,339	)		(1,229,339	)

Total	$	3,059,810		$	(1,270,002	)	$	1,789,808

Change in unrealized appreciation (depreciation) —

Financial futures contracts	$	(306,710	)	$	—		$	(306,710	)

Swap contracts		301,405			—			301,405

Forward foreign currency exchange contracts		—			571,398			571,398

Total	$	(5,305	)	$	571,398		$	566,093


		32

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately as follows:


Futures Contracts — Long		Forward Foreign Currency Exchange Contracts*		Swap Contracts

	$6,769,000	$	40,159,000	$	3,556,000

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

The average principal amount of purchased currency options contracts outstanding during the year ended October 31, 2020, which is indicative of the volume of this derivative type, was approximately $1,655,000.

6 Line of Credit

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $15,684,838, which represents 10.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	5,701,355	$	89,630,440	$	(79,640,332	)	$	(6,107	)	$	(518	)	$	15,684,838	$	74,938		15,684,838

8 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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


		33

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’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

Asia/Pacific	$	6,520,485		$	78,177,071		$	—	$	84,697,556

Emerging Europe		—			26,706,554			—		26,706,554

Latin America		3,972,205			—			—		3,972,205

Middle East/Africa		—			11,400,156			—		11,400,156

Total Common Stocks	$	10,492,690		$	116,283,781	*	$	—	$	126,776,471

Short-Term Investments —

U.S. Treasury Obligations	$	—		$	1,499,992		$	—	$	1,499,992

Other		—			15,684,838			—		15,684,838

Total Investments	$	10,492,690		$	133,468,611		$	—	$	143,961,301

Forward Foreign Currency Exchange Contracts	$	—		$	139,437		$	—	$	139,437

Swap Contracts		—			353,984			—		353,984

Total	$	10,492,690		$	133,962,032		$	—	$	144,454,722

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(10,497	)	$	—	$	(10,497	)

Futures Contracts		(116,815	)		—			—		(116,815	)

Swap Contracts		—			(52,579	)		—		(52,579	)

Total	$	(116,815	)	$	(63,076	)	$	—	$	(179,891	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2020 is not presented.

9 Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in


		34

Global Macro Capital Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		35

Global Macro Capital Opportunities Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Macro Capital Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Global Macro Capital Opportunities Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		36

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

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, 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 December 1, 2018 through December 31, 2019 (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.


		37

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Macro Capital Opportunities Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		38

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		39

Eaton Vance

Emerging and Frontier Countries Equity Fund

October 31, 2020

Management and Organization — continued

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

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

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


		40

Eaton Vance Funds

IMPORTANT NOTICES

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

•

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

•

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

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•

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

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

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

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

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


		41

This Page Intentionally Left Blank

Investment Adviser of Global Macro Capital Opportunities Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Emerging and Frontier Countries Equity Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

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20357 10.31.20

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Eaton Vance

Emerging Markets Local Income Fund

Annual Report

October 31, 2020

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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.

Annual Report October 31, 2020

Eaton Vance

Emerging Markets Local Income Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			17 and 55
Federal Tax Information			18
Liquidity Risk Management Program			56
Management and Organization			57
Important Notices			60

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period ended October 31, 2020, was a volatile time for the world’s financial markets. Nonetheless, major equity and fixed-income indexes posted solid gains for the period. In the volatile environment, longer duration bonds generally performed especially well, driven by a global trend of declining interest rates.

The period began on a positive note, with financial markets registering broad gains from November through early 2020 amid accommodative central bank policies. In late January, however, news of the outbreak of the novel coronavirus in China started to raise investor concerns. As the virus turned into a global pandemic in February and March, it brought most of the world’s economies to a near standstill. The abrupt decline in economic output triggered a global sell-off in equities and higher yielding sectors of the fixed-income market. Emerging market countries proved particularly vulnerable to the economic and health effects of COVID-19. Plummeting oil prices were an additional headwind for emerging market nations that depend on oil exports.

Global markets subsequently regained their footing, and most major asset classes delivered strong returns from April through August 2020. Several factors contributed to the rally, including aggressive monetary and fiscal responses by central banks and governments to help mitigate the economic impact of the virus. In addition, economies started to recover as policymakers learned more about how to slow the spread of COVID-19 and began easing social-distancing restrictions. Lastly, the U.S. Federal Reserve (the Fed) announced a shift in its inflation-targeting policy from seeking a rate of 2% “over the longer run” to “inflation moderately above 2% for some time.”

Markets generally weakened from September through October as a lack of additional fiscal stimulus in the U.S. created worries about the sustainability of the domestic economic recovery. Rising cases of COVID-19, especially in Europe, and uncertainties surrounding the November 2020 U.S. elections further dampened investor sentiment. While central banks in developed economies held their respective policy rates steady in the last two months of the period, a number of emerging market central banks reduced rates to levels likely approaching their lower bounds.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Emerging Markets Local Income Fund (the Fund) returned –0.31% for Class A shares at net asset value (NAV), outperforming its benchmark, the J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged) (the Index), which returned –3.81%.

Positioning in all major regions of investment positively impacted relative returns, led by the Middle East & Africa (MEA). Within MEA, an out-of-Index allocation to the Egyptian pound and an overweight position in South African interest rates were particularly helpful. The Egyptian pound benefited from attractive yields on short-term instruments

denominated in the pound, coupled with the central bank’s ability to maintain currency stability versus the U.S. dollar. Interest rate cuts by the South African Reserve Bank aided the overweight position in South African rates. An underweight position in the South African rand further boosted relative results during the period.

Investments in Eastern Europe made the second-largest contribution to Fund performance versus the Index. An out-of-Index holding in Ukrainian local bonds was favorable due to a decrease in local interest rates and news that the Ukrainian government had secured a loan package from the International Monetary Fund. Out-of-Index local bond exposure in Uzbekistan was advantageous as well, while an underweight position in the Polish zloty detracted from performance relative to the Index during the period.

Holdings in Latin America also made a significant contribution to returns versus the Index. Overweight interest rate positions in the Dominican Republic and Uruguay were notable contributors given the global trend of declining rates during the period. Select currency exposures dampened the positive impact of these and other Latin American investments. Chief among them was an overweight position in the Brazilian real early in the period, which weakened as the central bank reduced interest rates in an effort to support the economy.

Investments in Asia made a relatively modest contribution to performance versus the Index during the period. Overweight positions in Chinese and Malaysian interest rates were helpful; however, other holdings muted the value that they added. These included an out-of-Index allocation to the Pakistani rupee. Pakistan’s heavy reliance on textile exports, which were hurt by the pandemic-driven global economic slowdown, pressured the currency. By period-end, the position in the Pakistani rupee was sold from the Fund.

The Fund uses derivatives extensively to both hedge select undesired risk exposures as well as gain select desired risk exposures. Some of the above commentary about notable drivers of performance at the country level involved the use of derivatives. The Fund’s use of derivatives broadly detracted from returns versus the Index during the period. In particular, currency forwards, which are used both to gain and hedge desired exposures, detracted from Fund performance with exposure management of the Polish zloty, Brazilian real, and Czech koruna being the most notable. Interest rate swaps, which are also used both to gain and hedge desired exposures and are the other major derivative type used by the Fund, contributed to relative performance with those in Malaysia, China, and Brazil being the largest contributors at the country level during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Performance^2,3

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		06/27/2007		06/27/2007		–0.31	%		6.64	%		1.60	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.09			5.60			1.11
Class C at NAV		08/03/2010		06/27/2007		–0.90			5.91			0.90
Class C with 1% Maximum Sales Charge		—		—		–1.77			5.91			0.90
Class I at NAV		11/30/2009		06/27/2007		–0.01			6.97			1.90



J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged)		—		—		–3.81	%		3.94	%		0.44	%

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

Gross						1.22	%		1.92	%		0.92	%
Net						1.20			1.90			0.90

Growth of $10,000

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

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Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$10,935

N.A.

Class I

$250,000

10/31/2010

$301,880

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Fund Profile⁵

Asset Allocation (% of net assets)⁶

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Foreign Currency Exposures by Country (% of net assets)⁷



Mexico	11.9	%

Thailand	11.1

Egypt	10.6

Indonesia	9.5

Serbia	9.4

Brazil	8.8

Russia	8.1

Poland	8.1

China	8.0

Colombia	7.0

Ukraine	5.4

Malaysia	4.4

Peru	4.0

Uzbekistan	4.0

Czech Republic	3.9

Uruguay	3.6

Hungary	3.3

South Africa	2.8

Dominican Republic	2.4

South Korea	2.1

Turkey	1.9

Georgia	1.9

Chile	1.7

Other	1.4	*

Euro	–6.2

Total Long	135.3

Total Short	–6.2

Total Net	129.1

*	Includes amounts each less than 1.0% or –1.0%, as applicable.

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Endnotes and Additional Disclosures

J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged) is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. 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 2020, 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.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶	Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁷	Currency exposures include all foreign exchange denominated assets and currency derivatives. Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Additional Information

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


		5

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,082.00	$	6.28	**		1.20	%
Class C	$	1,000.00	$	1,077.90	$	9.92	**		1.90	%
Class I	$	1,000.00	$	1,083.70	$	4.71	**		0.90	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.10	$	6.09	**		1.20	%
Class C	$	1,000.00	$	1,015.60	$	9.63	**		1.90	%
Class I	$	1,000.00	$	1,020.60	$	4.57	**		0.90	%

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


		6

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Emerging Markets Local Income Portfolio, at value (identified cost, $1,167,573,865)	$	1,177,335,599

Receivable for Fund shares sold		2,711,342

Total assets	$	1,180,046,941

Liabilities

Payable for Fund shares redeemed	$	7,218,480

Payable to affiliates:

Distribution and service fees		84,330

Trustees’ fees		43

Other		42,090

Accrued expenses		305,591

Total liabilities	$	7,650,534

Net Assets	$	1,172,396,407

Sources of Net Assets

Paid-in capital	$	1,171,442,281

Distributable earnings		954,126

Total	$	1,172,396,407

Class A Shares

Net Assets	$	129,953,980

Shares Outstanding		25,858,865

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	5.03

Maximum Offering Price Per Share

(100 ÷ 95.25 of net asset value per share)	$	5.28

Class C Shares

Net Assets	$	59,169,214

Shares Outstanding		11,643,725

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	5.08

Class I Shares

Net Assets	$	983,273,213

Shares Outstanding		195,738,940

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	5.02

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest allocated from Portfolio (net of foreign taxes, $3,129,414)	$	76,541,683

Dividends allocated from Portfolio		1,681,149

Expenses allocated from Portfolio		(9,428,144	)

Total investment income from Portfolio	$	68,794,688

Expenses

Distribution and service fees

Class A	$	428,507

Class C		627,947

Trustees’ fees and expenses		500

Custodian fee		65,669

Transfer and dividend disbursing agent fees		956,233

Legal and accounting services		50,527

Printing and postage		316,484

Registration fees		102,923

Miscellaneous		17,484

Total expenses	$	2,566,274

Deduct —

Allocation of expenses to affiliate	$	186,450

Total expense reductions	$	186,450

Net expenses	$	2,379,824

Net investment income	$	66,414,864

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $1,259,327)	$	(9,660,258	)

Financial futures contracts		(1,013,707	)

Swap contracts		18,626,205

Foreign currency transactions		(5,519,907	)

Forward foreign currency exchange contracts		(47,034,815	)

Non-deliverable bond forward contracts		2,965,581

Net realized loss	$	(41,636,901	)

Change in unrealized appreciation (depreciation) —

Investments (including net increase in accrued foreign capital gains taxes of $329,371)	$	(50,873,244	)

Financial futures contracts		103,044

Swap contracts		15,172,115

Foreign currency		(510,673	)

Forward foreign currency exchange contracts		(9,744,652	)

Non-deliverable bond forward contracts		(554,476	)

Net change in unrealized appreciation (depreciation)	$	(46,407,886	)

Net realized and unrealized loss	$	(88,044,787	)

Net decrease in net assets from operations	$	(21,629,923	)


		8		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	66,414,864		$	61,860,848

Net realized loss		(41,636,901	)		(14,006,360	)

Net change in unrealized appreciation (depreciation)		(46,407,886	)		139,154,069

Net increase (decrease) in net assets from operations	$	(21,629,923	)	$	187,008,557

Distributions to shareholders —

Class A	$	(5,302,962	)	$	(13,551,046	)

Class C		(2,204,003	)		(4,848,104	)

Class I		(37,213,761	)		(75,781,104	)

Total distributions to shareholders	$	(44,720,726	)	$	(94,180,254	)

Tax return of capital to shareholders —

Class A	$	(14,029,463	)	$	—

Class C		(5,830,888	)		—

Class I		(98,452,351	)		—

Total tax return of capital to shareholders	$	(118,312,702	)	$	—

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	60,982,647		$	85,066,938

Class C		18,540,195			24,388,178

Class I		698,914,541			588,059,210

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		17,771,603			12,545,769

Class C		7,791,365			4,662,466

Class I		121,886,362			65,869,958

Cost of shares redeemed

Class A		(81,245,981	)		(66,890,933	)

Class C		(19,502,304	)		(14,552,761	)

Class I		(621,864,337	)		(345,787,716	)

Net asset value of shares converted

Class A		1,179,537			1,377,959

Class C		(1,179,537	)		(1,377,959	)

Net increase in net assets from Fund share transactions	$	203,274,091		$	353,361,109

Net increase in net assets	$	18,610,740		$	446,189,412

Net Assets

At beginning of year	$	1,153,785,667		$	707,596,255

At end of year	$	1,172,396,407		$	1,153,785,667


		9		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Financial Highlights


	Class A
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	5.760		$	5.190		$	6.310		$	6.400		$	6.150

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.286		$	0.363		$	0.408		$	0.343		$	0.346

Net realized and unrealized gain (loss)		(0.293	)		0.759			(0.970	)		0.124			0.573

Total income (loss) from operations	$	(0.007	)	$	1.122		$	(0.562	)	$	0.467		$	0.919

Less Distributions

From net investment income	$	(0.198	)	$	(0.552	)	$	—		$	(0.502	)	$	(0.078	)

Tax return of capital		(0.525	)		—			(0.558	)		(0.055	)		(0.591	)

Total distributions	$	(0.723	)	$	(0.552	)	$	(0.558	)	$	(0.557	)	$	(0.669	)

Net asset value — End of year	$	5.030		$	5.760		$	5.190		$	6.310		$	6.400

Total Return⁽²⁾		(0.31	)%⁽³⁾		22.64	%(3)		(9.65	)%⁽³⁾		7.75	%		15.94	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	129,954		$	152,308		$	107,550		$	87,390		$	86,313

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses		1.20	%⁽³⁾		1.20	%⁽³⁾		1.23	%⁽³⁾⁽⁵⁾		1.26	%⁽⁶⁾		1.30	%⁽³⁾⁽⁶⁾

Net investment income		5.40	%		6.57	%		6.84	%		5.45	%		5.56	%

Portfolio Turnover of the Portfolio		56	%		46	%		52	%		40	%		73	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁶⁾	Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.


		10		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Financial Highlights — continued


	Class C
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	5.820		$	5.240		$	6.380		$	6.470		$	6.190

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.250		$	0.328		$	0.373		$	0.302		$	0.305

Net realized and unrealized gain (loss)		(0.298	)		0.770			(0.992	)		0.126			0.579

Total income (loss) from operations	$	(0.048	)	$	1.098		$	(0.619	)	$	0.428		$	0.884

Less Distributions

From net investment income	$	(0.190	)	$	(0.518	)	$	—		$	(0.467	)	$	(0.070	)

Tax return of capital		(0.502	)		—			(0.521	)		(0.051	)		(0.534	)

Total distributions	$	(0.692	)	$	(0.518	)	$	(0.521	)	$	(0.518	)	$	(0.604	)

Net asset value — End of year	$	5.080		$	5.820		$	5.240		$	6.380		$	6.470

Total Return⁽²⁾		(0.90	)%⁽³⁾		21.87	%⁽³⁾		(10.42	)%⁽³⁾		7.01	%		15.13	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	59,169		$	62,869		$	44,416		$	41,754		$	34,379

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses		1.90	%⁽³⁾		1.90	%⁽³⁾		1.93	%⁽³⁾⁽⁵⁾		1.96	%⁽⁶⁾		2.00	%⁽³⁾⁽⁶⁾

Net investment income		4.68	%		5.88	%		6.17	%		4.74	%		4.87	%

Portfolio Turnover of the Portfolio		56	%		46	%		52	%		40	%		73	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁶⁾	Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.


		11		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Financial Highlights — continued


	Class I
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	5.760		$	5.190		$	6.310		$	6.400		$	6.160

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.301		$	0.381		$	0.427		$	0.363		$	0.364

Net realized and unrealized gain (loss)		(0.302	)		0.757			(0.971	)		0.123			0.576

Total income (loss) from operations	$	(0.001	)	$	1.138		$	(0.544	)	$	0.486		$	0.940

Less Distributions

From net investment income	$	(0.202	)	$	(0.568	)	$	—		$	(0.519	)	$	(0.082	)

Tax return of capital		(0.537	)		—			(0.576	)		(0.057	)		(0.618	)

Total distributions	$	(0.739	)	$	(0.568	)	$	(0.576	)	$	(0.576	)	$	(0.700	)

Net asset value — End of year	$	5.020		$	5.760		$	5.190		$	6.310		$	6.400

Total Return⁽²⁾		(0.01	)%⁽³⁾		23.00	%⁽³⁾		(9.38	)%⁽³⁾		8.07	%		16.32	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	983,273		$	938,608		$	555,630		$	414,676		$	164,460

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses		0.90	%⁽³⁾		0.90	%⁽³⁾		0.93	%⁽³⁾⁽⁵⁾		0.96	%⁽⁶⁾		1.00	%⁽³⁾⁽⁶⁾

Net investment income		5.68	%		6.90	%		7.15	%		5.72	%		5.84	%

Portfolio Turnover of the Portfolio		56	%		46	%		52	%		40	%		73	%

⁽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 reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁶⁾	Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.


		12		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Emerging Markets Local Income 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 offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Emerging Markets Local Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (93.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		13

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Notes to Financial Statements — continued

which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	44,720,726	$	94,180,254

Tax return of capital	$	118,312,702	$	—

During the year ended October 31, 2020, accumulated loss was decreased by $10,303,081 and paid-in capital was decreased by $10,303,081 due to differences between book and tax accounting, primarily for net operating losses. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(28,978,357	)

Net unrealized appreciation	$	29,932,483

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $28,978,357 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 October 31, 2020, $9,843,600 are short-term and $19,134,757 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. 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 1.20%, 1.90% and 0.90% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $186,450 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $15,659 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 $124,038 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).


		14

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Notes to Financial Statements — continued

4 Distribution Plans

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $470,960 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $156,987 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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $9,000 and $32,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $376,528,299 and $328,956,092, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		11,269,552			15,355,679

Issued to shareholders electing to receive payments of distributions in Fund shares		3,326,503			2,276,793

Redemptions		(15,400,058	)		(12,171,088	)

Converted from Class C shares		226,188			249,574

Net increase (decrease)		(577,815	)		5,710,958

	Year Ended October 31,
Class C	2020			2019

Sales		3,337,465			4,363,337

Issued to shareholders electing to receive payments of distributions in Fund shares		1,444,632			836,847

Redemptions		(3,711,667	)		(2,625,000	)

Converted to Class A shares		(223,953	)		(247,221	)

Net increase		846,477			2,327,963


		15

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class I	2020			2019

Sales		130,966,684			106,975,051

Issued to shareholders electing to receive payments of distributions in Fund shares		22,887,277			11,932,823

Redemptions		(121,066,673	)		(63,054,227	)

Net increase		32,787,288			55,853,647

8 Additional Information


		16

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Local Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		17

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Federal Tax Information (Unaudited)

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $4,388,741 and recognized foreign source income of $92,865,186.


		18

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments


Foreign Government Bonds — 58.9%
Security	Principal Amount (000’s omitted)		Value

Albania — 0.1%

Republic of Albania, 5.75%, 11/12/20⁽¹⁾	EUR	646	$	754,014

Total Albania			$	754,014

Belarus — 0.0%⁽²⁾

Republic of Belarus, 6.875%, 2/28/23⁽¹⁾	USD	564	$	559,220

Total Belarus			$	559,220

Bosnia and Herzegovina — 0.2%

Republic of Srpska, 1.50%, 6/30/23	BAM	97	$	58,043

Republic of Srpska, 1.50%, 10/30/23	BAM	265		158,069

Republic of Srpska, 1.50%, 12/15/23	BAM	19		11,435

Republic of Srpska, 1.50%, 5/31/25	BAM	2,781		1,641,803

Republic of Srpska, 1.50%, 6/9/25	BAM	267		156,184

Republic of Srpska, 1.50%, 12/24/25	BAM	349		205,385

Republic of Srpska, 1.50%, 9/25/26	BAM	217		128,151

Republic of Srpska, 1.50%, 9/26/27	BAM	77		44,919

Total Bosnia and Herzegovina			$	2,403,989

Brazil — 0.4%

Nota do Tesouro Nacional, 10.00%, 1/1/21	BRL	5,127	$	905,543

Nota do Tesouro Nacional, 10.00%, 1/1/27	BRL	22,375		4,407,110

Total Brazil			$	5,312,653

Colombia — 0.2%

Republic of Colombia, 7.75%, 4/14/21	COP	6,301,000	$	1,662,413

Titulos De Tesoreria B, 10.00%, 7/24/24	COP	3,528,300		1,110,666

Total Colombia			$	2,773,079

Costa Rica — 0.0%⁽²⁾

Titulo Propiedad UD, 1.00%, 1/12/22⁽³⁾	CRC	66,285	$	103,576

Total Costa Rica			$	103,576

Dominican Republic — 2.3%

Dominican Republic, 7.50%, 5/6/21⁽¹⁾	USD	283	$	290,771

Dominican Republic, 9.75%, 6/5/26⁽¹⁾	DOP	1,433,750		25,360,742

Dominican Republic, 9.75%, 6/5/26⁽⁴⁾	DOP	203,450		3,598,705

Total Dominican Republic			$	29,250,218

Georgia — 1.4%

Georgia Treasury Bond, 7.00%, 5/30/24	GEL	30,533	$	9,098,456


Security	Principal Amount (000’s omitted)		Value

Georgia (continued)

Georgia Treasury Bond, 7.25%, 1/17/21	GEL	4,662	$	1,445,250

Georgia Treasury Bond, 7.375%, 9/27/23	GEL	6,187		1,875,255

Georgia Treasury Bond, 8.125%, 1/25/23	GEL	3,108		971,615

Georgia Treasury Bond, 9.375%, 4/9/22	GEL	13,205		4,188,977

Republic of Georgia, 6.875%, 4/12/21⁽¹⁾	USD	570		580,826

Total Georgia			$	18,160,379

Indonesia — 9.2%

Indonesia Government Bond, 6.50%, 2/15/31	IDR	244,529,000	$	16,632,095

Indonesia Government Bond, 7.00%, 9/15/30	IDR	118,500,000		8,349,692

Indonesia Government Bond, 7.375%, 5/15/48	IDR	72,833,000		4,981,030

Indonesia Government Bond, 7.50%, 8/15/32	IDR	70,753,000		4,958,757

Indonesia Government Bond, 7.50%, 5/15/38	IDR	667,200,000		46,195,331

Indonesia Government Bond, 7.50%, 4/15/40	IDR	170,184,000		11,951,863

Indonesia Government Bond, 8.25%, 6/15/32	IDR	11,609,000		854,065

Indonesia Government Bond, 8.25%, 5/15/36	IDR	242,576,000		17,833,690

Indonesia Government Bond, 8.375%, 4/15/39	IDR	43,001,000		3,191,042

Indonesia Government Bond, 9.50%, 5/15/41	IDR	5,702,000		459,357

Total Indonesia			$	115,406,922

Macedonia — 0.5%

Republic of Macedonia, 3.975%, 7/24/21⁽¹⁾	EUR	1,470	$	1,750,556

Republic of Macedonia, 4.875%, 12/1/20⁽¹⁾	EUR	3,491		4,088,245

Total Macedonia			$	5,838,801

Malaysia — 2.7%

Malaysia Government Bond, 3.733%, 6/15/28	MYR	81,500	$	21,267,870

Malaysia Government Bond, 3.828%, 7/5/34	MYR	28,100		7,300,237

Malaysia Government Bond, 4.254%, 5/31/35	MYR	17,800		4,787,181

Total Malaysia			$	33,355,288

Mexico — 2.2%

Mexican Bonos, 7.75%, 11/13/42	MXN	230,000	$	11,627,678

Mexican Bonos, 8.50%, 5/31/29	MXN	224,000		12,330,217

Mexican Bonos, 8.50%, 11/18/38	MXN	36,100		1,977,395

Mexican Bonos, 10.00%, 11/20/36	MXN	22,074		1,362,293

Total Mexico			$	27,297,583

Oman — 0.0%⁽²⁾

Oman Government International Bond, 3.625%, 6/15/21⁽¹⁾	USD	600	$	596,407

Total Oman			$	596,407


		19		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Paraguay — 0.1%

Republic of Paraguay, 4.625%, 1/25/23⁽¹⁾	USD	580	$	614,510

Total Paraguay			$	614,510

Peru — 4.5%

Peru Government Bond, 5.94%, 2/12/29	PEN	75,758	$	25,021,822

Peru Government Bond, 6.15%, 8/12/32	PEN	30,084		9,597,470

Peru Government Bond, 6.714%, 2/12/55	PEN	4,100		1,323,573

Peru Government Bond, 6.85%, 2/12/42	PEN	19,284		6,170,589

Peru Government Bond, 6.90%, 8/12/37	PEN	41,002		13,430,421

Peru Government Bond, 6.95%, 8/12/31	PEN	3,915		1,337,104

Total Peru			$	56,880,979

Romania — 0.6%

Romanian Government International Bond, 2.75%, 2/26/26⁽¹⁾	EUR	2,755	$	3,476,697

Romanian Government International Bond, 3.624%, 5/26/30⁽¹⁾	EUR	2,755		3,687,737

Total Romania			$	7,164,434

Russia — 3.0%

Russia Government Bond, 2.50%, 2/2/28⁽³⁾	RUB	2,050,498	$	25,694,547

Russia Government Bond, 7.70%, 3/23/33	RUB	778,365		10,929,418

Russia Government Bond, 7.75%, 9/16/26	RUB	31,480		441,036

Russia Government Bond, 8.50%, 9/17/31	RUB	8,092		119,693

Total Russia			$	37,184,694

Serbia — 9.9%

Republic of Serbia, 7.25%, 9/28/21⁽¹⁾	USD	5,240	$	5,541,939

Serbia Treasury Bond, 4.50%, 1/11/26	RSD	7,094,340		76,098,073

Serbia Treasury Bond, 4.50%, 8/20/32	RSD	385,930		3,945,385

Serbia Treasury Bond, 5.75%, 7/21/23	RSD	1,865,250		20,261,129

Serbia Treasury Bond, 5.875%, 2/8/28	RSD	1,526,670		17,653,634

Total Serbia			$	123,500,160

Seychelles — 0.1%

Republic of Seychelles, 8.00%, 1/1/26⁽¹⁾	USD	1,081	$	1,013,376

Total Seychelles			$	1,013,376

South Africa — 4.4%

Republic of South Africa, 8.25%, 3/31/32	ZAR	95,739	$	5,059,169

Republic of South Africa, 8.50%, 1/31/37	ZAR	417,200		20,141,220

Republic of South Africa, 8.75%, 1/31/44	ZAR	408,487		19,156,712


Security	Principal Amount (000’s omitted)		Value

South Africa (continued)

Republic of South Africa, 8.75%, 2/28/48	ZAR	231,000	$	10,793,603

Total South Africa			$	55,150,704

Thailand — 4.6%

Thailand Government Bond, 1.25%, 3/12/28⁽¹⁾⁽³⁾	THB	933,573	$	29,149,818

Thailand Government Bond, 3.30%, 6/17/38	THB	536,751		20,900,994

Thailand Government Bond, 3.40%, 6/17/36	THB	205,000		8,149,699

Total Thailand			$	58,200,511

Turkey — 1.3%

Republic of Turkey, 5.125%, 3/25/22	USD	540	$	537,712

Turkey Government Bond, 7.10%, 3/8/23	TRY	70,204		7,180,002

Turkey Government Bond, 10.70%, 8/17/22	TRY	9,380		1,055,593

Turkey Government Bond, 12.40%, 3/8/28	TRY	23,227		2,559,835

Turkey Government Bond, 16.20%, 6/14/23	TRY	36,761		4,549,335

Total Turkey			$	15,882,477

Ukraine — 9.2%

Ukraine Government International Bond, 9.79%, 5/26/27	UAH	45,679	$	1,407,586

Ukraine Government International Bond, 9.84%, 2/15/23	UAH	57,091		1,960,728

Ukraine Government International Bond, 10.00%, 8/23/23	UAH	672,489		22,923,329

Ukraine Government International Bond, 11.67%, 11/22/23	UAH	57,092		2,025,990

Ukraine Government International Bond, 15.84%, 2/26/25	UAH	2,008,519		79,459,195

Ukraine Government International Bond, 17.00%, 5/11/22	UAH	213,246		8,150,988

Total Ukraine			$	115,927,816

Uruguay — 2.0%

Republic of Uruguay, 3.875%, 7/2/40⁽³⁾	UYU	549,954	$	14,729,775

Republic of Uruguay, 4.375%, 12/15/28⁽³⁾	UYU	395,363		10,383,103

Total Uruguay			$	25,112,878

Total Foreign Government Bonds (identified cost $764,159,962)			$	738,444,668


		20		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Foreign Corporate Bonds — 1.8%
Security		Principal Amount (000’s omitted)		Value

Colombia — 0.0%⁽²⁾

Emgesa S.A. ESP, 8.75%, 1/25/21⁽¹⁾	COP		697,000	$	181,994

Total Colombia				$	181,994

Indonesia — 0.1%

Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20⁽¹⁾	IDR		21,720,000	$	1,465,439

Total Indonesia				$	1,465,439

Mexico — 0.1%

Petroleos Mexicanos, 7.19%, 9/12/24⁽⁴⁾	MXN		10,630	$	437,111

Petroleos Mexicanos, 7.65%, 11/24/21	MXN		5,900		276,736

Total Mexico				$	713,847

Peru — 1.2%

Alicorp SAA, 6.875%, 4/17/27⁽¹⁾	PEN		25,530	$	8,173,413

Telefonica del Peru SAA, 7.375%, 4/10/27⁽⁴⁾	PEN		24,500		6,864,472

Total Peru				$	15,037,885

Uzbekistan — 0.4%

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22⁽¹⁾	UZS		48,000,000	$	4,609,499

Total Uzbekistan				$	4,609,499

Total Foreign Corporate Bonds (identified cost $23,316,932)				$	22,008,664

Sovereign Loans — 0.0%⁽²⁾
Borrower	Principal Amount (000’s omitted)			Value

Ethiopia — 0.0%⁽²⁾

Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 4.06%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021⁽⁵⁾⁽⁶⁾		$	533	$	530,599

Total Ethiopia				$	530,599

Total Sovereign Loans (identified cost $527,323)				$	530,599


Loan Participation Notes — 2.7%
Security		Principal Amount (000’s omitted)		Value

Uzbekistan — 2.7%

Daryo Finance BV (borrower—Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23^(1)(7)(8)	UZS		84,634,000	$	8,603,857

Europe Asia Investment Finance BV (borrower—Joint Stock Commercial Bank “Asaka”), 18.70%, 7/26/23^(1)(7)(8)	UZS		253,458,000		25,551,896

Total Uzbekistan				$	34,155,753

Total Loan Participation Notes (identified cost $33,883,927)				$	34,155,753

Short-Term Investments — 27.2%
Foreign Government Securities — 12.6%
Security	Principal Amount (000’s omitted)			Value

Egypt — 10.6%

Egypt Treasury Bill, 0.00%, 12/8/20	EGP		500,775	$	31,520,552

Egypt Treasury Bill, 0.00%, 12/22/20	EGP		422,300		26,597,159

Egypt Treasury Bill, 0.00%, 12/29/20	EGP		76,925		4,830,173

Egypt Treasury Bill, 0.00%, 1/12/21	EGP		50,575		3,147,629

Egypt Treasury Bill, 0.00%, 2/2/21	EGP		66,200		4,102,760

Egypt Treasury Bill, 0.00%, 2/9/21	EGP		326,025		20,155,327

Egypt Treasury Bill, 0.00%, 3/2/21	EGP		44,850		2,752,178

Egypt Treasury Bill, 0.00%, 3/30/21	EGP		149,550		9,087,141

Egypt Treasury Bill, 0.00%, 4/6/21	EGP		59,725		3,620,204

Egypt Treasury Bill, 0.00%, 7/6/21	EGP		50,575		2,969,019

Egypt Treasury Bill, 0.00%, 7/13/21	EGP		29,950		1,753,921

Egypt Treasury Bill, 0.00%, 8/3/21	EGP		345,975		20,118,147

Egypt Treasury Bill, 0.00%, 10/12/21	EGP		31,500		1,789,716

Total Egypt				$	132,443,926

Georgia — 0.4%

Georgia Treasury Bill, 0.00%, 12/3/20	GEL		1,755	$	540,482

Georgia Treasury Bill, 0.00%, 1/14/21	GEL		5,888		1,794,708

Georgia Treasury Bill, 0.00%, 2/11/21	GEL		9,360		2,838,583

Georgia Treasury Bill, 0.00%, 4/8/21	GEL		912		273,207

Total Georgia				$	5,446,980

Uruguay — 1.6%

Uruguay Monetary Regulation Bill, 0.00%, 12/18/20	UYU		337,685	$	7,789,199

Uruguay Monetary Regulation Bill, 0.00%, 2/5/21	UYU		102,951		2,354,140


		21		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)			Value

Uruguay (continued)

Uruguay Monetary Regulation Bill, 0.00%, 2/19/21	UYU		86,552	$	1,974,221

Uruguay Monetary Regulation Bill, 0.00%, 7/21/21	UYU		355,650		7,843,932

Total Uruguay				$	19,961,492

Total Foreign Government Securities (identified cost $155,683,046)				$	157,852,398

U.S. Treasury Obligations — 1.8%
Security	Principal Amount (000’s omitted)			Value

U.S. Treasury Bill, 0.00%, 11/19/20⁽⁹⁾		$	22,550	$	22,549,228

Total U.S. Treasury Obligations (identified cost $22,549,127)				$	22,549,228

Other — 12.8%
Description		Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹⁰⁾			160,245,815	$	160,245,815

Total Other (identified cost $160,245,815)				$	160,245,815

Total Short-Term Investments (identified cost $338,477,988)				$	340,647,441

Total Investments — 90.6% (identified cost $1,160,366,132)				$	1,135,787,125

Other Assets, Less Liabilities — 9.4%				$	118,147,965

Net Assets — 100.0%				$	1,253,935,090

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

⁽¹⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, 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 October 31, 2020, the aggregate value of these securities is $126,050,956 or 10.1% of the Portfolio’s net assets.

⁽²⁾

Amount is less than 0.05%.

⁽³⁾

Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁴⁾

⁽⁵⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽⁶⁾

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

⁽⁷⁾

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

⁽⁸⁾

Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

⁽⁹⁾

Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽¹⁰⁾


		22		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

EUR	51,308,905	USD	59,767,178		11/3/20	$	(10,258	)

EUR	1,336,525	USD	1,581,867		11/3/20		(25,283	)

USD	60,205,485	EUR	51,308,905		11/3/20		448,565

USD	1,556,851	EUR	1,336,525		11/3/20		267

BRL	545,432,081	USD	94,499,477		11/4/20		557,483

BRL	545,432,081	USD	96,786,206		11/4/20		(1,729,246	)

USD	95,000,667	BRL	545,432,081		11/4/20		(56,292	)

USD	94,499,477	BRL	545,432,081		11/4/20		(557,483	)

COP	34,750,000,000	USD	9,072,160		11/5/20		(93,996	)

PEN	576,000	USD	160,093		11/5/20		(781	)

PEN	5,322,544	USD	1,480,211		11/5/20		(8,077	)

PEN	7,308,000	USD	2,033,276		11/5/20		(11,995	)

PEN	13,257,000	USD	3,686,699		11/5/20		(20,015	)

PEN	12,650,000	USD	3,567,500		11/5/20		(68,704	)

PEN	26,650,000	USD	7,518,691		11/5/20		(147,708	)

PEN	45,934,050	USD	12,954,130		11/5/20		(249,473	)

USD	189,960	COP	725,000,000		11/5/20		2,646

USD	20,987,384	PEN	74,442,250		11/5/20		397,794

USD	17,272,141	PEN	61,245,286		11/5/20		332,630

USD	8,725,358	PEN	31,289,133		11/5/20		71,261

RUB	7,351,974,159	USD	94,515,512		11/9/20		(2,034,476	)

USD	19,232,835	RUB	1,524,248,600		11/9/20		59,197

IDR	102,181,098,249	USD	6,818,892		11/18/20		87,424

USD	5,351,171	IDR	80,000,000,000		11/18/20		(55,948	)

USD	1,166,293	IDR	17,102,166,779		11/23/20		11,071

KRW	4,027,843,130	USD	3,397,823		12/1/20		144,050

KRW	3,832,637,070	USD	3,231,542		12/1/20		138,677

BRL	545,432,081	USD	94,915,941		12/2/20		9,198

USD	58,245,957	EUR	49,972,380		12/2/20		8,425

USD	7,604,231	PEN	26,822,405		12/3/20		184,992

KRW	10,707,000,000	USD	9,014,380		12/10/20		401,747

KRW	5,683,540,000	USD	4,789,244		12/10/20		209,068

KRW	5,353,500,000	USD	4,509,236		12/10/20		198,828

USD	1,179,937	EUR	1,000,000		12/11/20		14,252

CLP	22,611,908,480	USD	28,531,297		12/16/20		706,246

COP	725,000,000	USD	189,636		12/16/20		(2,679	)

COP	66,494,809,538	USD	17,251,573		12/16/20		(104,430	)

COP	70,340,900,000	USD	18,245,247		12/16/20		(106,305	)

CZK	1,258,637,322	USD	56,145,303		12/16/20		(2,313,004	)

PLN	15,000,000	USD	3,988,566		12/16/20		(198,930	)

PLN	369,499,304	USD	98,251,493		12/16/20		(4,900,302	)

USD	12,015,997	CLP	9,449,500,000		12/16/20		(202,351	)

USD	8,250,251	CZK	184,950,000		12/16/20		339,884

USD	7,136,874	PLN	26,840,000		12/16/20		355,952


		23		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

USD	189,511	ZAR	3,201,421		12/17/20	$	(6,200	)

USD	3,195,772	ZAR	55,090,000		12/17/20		(172,016	)

USD	13,897,568	ZAR	234,773,000		12/17/20		(454,689	)

USD	13,049,330	ZAR	223,000,000		12/17/20		(583,214	)

USD	11,542,730	ZAR	204,026,994		12/17/20		(929,946	)

USD	38,342,383	ZAR	647,721,712		12/17/20		(1,254,453	)

USD	26,226,289	ZAR	463,570,635		12/17/20		(2,112,935	)

ZAR	936,070,000	USD	52,957,716		12/17/20		4,266,567

ZAR	633,305,000	USD	37,488,975		12/17/20		1,226,532

ZAR	70,000,000	USD	3,960,217		12/17/20		319,057

MXN	2,490,645,688	USD	116,857,658		12/18/20		(16,269	)

USD	10,212,503	MXN	217,664,175		12/18/20		1,422

USD	5,391,779	MXN	114,917,676		12/18/20		751

COP	78,942,400,000	USD	21,094,933		12/21/20		(741,884	)

IDR	647,441,164,894	USD	42,851,358		1/4/21		671,158

USD	6,597,190	IDR	99,676,943,832		1/4/21		(103,328	)

USD	19,670,737	IDR	297,205,161,408		1/4/21		(308,092	)

INR	216,200,000	USD	2,902,197		1/5/21		(19,385	)

INR	318,400,000	USD	4,273,424		1/5/21		(27,877	)

PHP	111,362,000	USD	2,288,574		1/11/21		1,822

COP	82,004,908,653	USD	21,151,640		1/15/21		(32,403	)

KRW	113,276,800	USD	99,107		1/19/21		544

USD	4,121,899	IDR	61,387,437,500		1/19/21		2,491

USD	3,964,885	IDR	59,053,000,000		1/19/21		2,130

IDR	69,472,322,258	USD	4,683,948		1/26/21		(25,796	)

USD	7,990	PHP	388,000		1/27/21		14

						$	(8,514,078	)


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	49,972,380	USD	58,210,327	BNP Paribas		11/3/20	$	—	$	(9,991	)

USD	58,210,327	EUR	49,972,380	BNP Paribas		11/3/20		9,991		—

EUR	2,247,790	CZK	60,500,000	Deutsche Bank AG		11/5/20		32,110		—

EUR	1,095,634	RSD	129,000,000	JPMorgan Chase Bank, N.A.		11/6/20		—		(1,595	)

CNH	129,163,640	USD	18,874,467	Citibank, N.A.		11/9/20		406,134		—

CNH	74,900,000	USD	10,873,084	Standard Chartered Bank		11/9/20		307,439		—

USD	7,954,002	RUB	618,821,320	Standard Chartered Bank		11/9/20		169,802		—

USD	6,793,098	RUB	528,503,000	Standard Chartered Bank		11/9/20		145,019		—

USD	8,316,584	UAH	235,692,000	Bank of America, N.A.		11/12/20		77,202		—

MXN	111,000,000	USD	5,280,913	JPMorgan Chase Bank, N.A.		11/18/20		—		(56,054	)

MYR	13,000,000	USD	3,087,079	BNP Paribas		11/20/20		31,272		—


		24		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	15,057,111	MYR	63,407,000	BNP Paribas		11/20/20	$	—	$	(152,528	)

USD	15,639,530	IDR	229,329,564,095	Standard Chartered Bank		11/23/20		148,710		—

EUR	668,698	USD	780,474	BNP Paribas		11/30/20		—		(1,212	)

EUR	169,252,818	USD	198,531,761	BNP Paribas		11/30/20		—		(1,294,160	)

USD	74,414,809	EUR	63,440,308	BNP Paribas		11/30/20		485,085		—

USD	56,399,892	EUR	48,082,184	BNP Paribas		11/30/20		367,652		—

USD	49,545,814	EUR	42,238,927	BNP Paribas		11/30/20		322,972		—

USD	8,111,186	EUR	6,914,969	BNP Paribas		11/30/20		52,874		—

USD	6,456,094	EUR	5,503,967	BNP Paribas		11/30/20		42,085		—

USD	1,007,384	EUR	858,817	BNP Paribas		11/30/20		6,567		—

USD	825,053	EUR	703,376	BNP Paribas		11/30/20		5,378		—

USD	1,413,869	UAH	40,718,000	Goldman Sachs International		11/30/20		—		(1,084	)

USD	1,413,889	UAH	40,720,000	Goldman Sachs International		11/30/20		—		(1,133	)

KRW	267,900,000	USD	225,750	Australia and New Zealand Banking Group Limited		12/1/20		9,827		—

KRW	295,267,000	USD	254,088	Australia and New Zealand Banking Group Limited		12/1/20		5,554		—

MYR	30,980,392	USD	7,434,699	Goldman Sachs International		12/2/20		—		(5,194	)

MYR	16,419,608	USD	3,945,314	Goldman Sachs International		12/2/20		—		(7,676	)

CNH	96,872,730	USD	14,133,339	Citibank, N.A.		12/9/20		295,706		—

KRW	42,636,000	USD	36,120	Australia and New Zealand Banking Group Limited		12/10/20		1,375		—

MYR	119,741,230	USD	28,718,367	Morgan Stanley & Co. International PLC		12/14/20		—		(9,360	)

PLN	100,000	EUR	21,798	Goldman Sachs International		12/14/20		—		(148	)

USD	8,592,114	MYR	35,824,820	Morgan Stanley & Co. International PLC		12/14/20		2,800		—

USD	3,282,102	ZAR	54,180,000	Citibank, N.A.		12/14/20		—		(31,229	)

USD	7,409,117	ZAR	120,000,000	Standard Chartered Bank		12/14/20		70,622		—

USD	6,195,874	ZAR	100,350,000	Standard Chartered Bank		12/14/20		59,058		—

USD	19,871,626	UAH	574,290,000	Bank of America, N.A.		12/15/20		8,763		—

USD	2,403,673	MYR	10,000,000	Standard Chartered Bank		12/17/20		6,220		—

TRY	13,070,000	USD	1,666,963	Standard Chartered Bank		12/22/20		—		(145,717	)

TRY	19,480,000	USD	2,439,143	Standard Chartered Bank		12/22/20		—		(171,823	)

TRY	42,000,000	USD	5,220,572	Standard Chartered Bank		12/22/20		—		(332,100	)

TRY	54,355,672	USD	6,877,192	Standard Chartered Bank		12/22/20		—		(550,616	)

USD	13,017,143	TRY	102,884,375	Standard Chartered Bank		12/22/20		1,042,205		—

USD	14,579,308	TRY	124,500,000	Standard Chartered Bank		12/22/20		88,480		—

CNH	129,163,639	USD	18,798,102	Bank of America, N.A.		1/11/21		393,757		—

CNH	129,163,639	USD	18,797,281	UBS AG		1/11/21		394,577		—

USD	14,799,350	UAH	432,585,000	Goldman Sachs International		1/19/21		—		(1,772	)

CNH	112,071,352	USD	16,627,790	Goldman Sachs International		1/21/21		12,121		—

EUR	1,661,853	RSD	195,882,558	HSBC Bank USA, N.A.		1/26/21		14		—

THB	2,821,001,348	USD	90,030,042	Standard Chartered Bank		1/26/21		451,725		—

THB	285,321,129	USD	9,097,380	Standard Chartered Bank		1/26/21		54,108		—

USD	3,106,265	THB	97,331,696	Standard Chartered Bank		1/26/21		—		(15,586	)

USD	9,105,800	THB	285,321,129	Standard Chartered Bank		1/26/21		—		(45,688	)

USD	12,434,171	THB	389,612,312	Standard Chartered Bank		1/26/21		—		(62,388	)


		25		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

HUF	6,776,984,000	EUR	18,518,252	Citibank, N.A.		1/27/21	$	—	$	(117,569	)

HUF	6,125,529,000	EUR	16,732,665	Bank of America, N.A.		1/28/21		—		(100,595	)

USD	2,120,832	UAH	62,204,000	Bank of America, N.A.		1/29/21		—		(977	)

USD	2,120,816	UAH	62,352,000	Bank of America, N.A.		1/29/21		—		(6,040	)

USD	1,903,729	UAH	56,160,000	Citibank, N.A.		2/16/21		—		(1,222	)

TRY	135,800,000	USD	18,406,571	Standard Chartered Bank		2/26/21		—		(3,105,645	)

USD	6,757,954	TRY	47,154,000	Standard Chartered Bank		2/26/21		1,444,995		—

USD	5,406,411	TRY	37,632,000	Standard Chartered Bank		2/26/21		1,166,319		—

USD	5,406,380	TRY	37,641,000	Standard Chartered Bank		2/26/21		1,165,274		—

USD	3,378,968	TRY	23,631,000	Standard Chartered Bank		2/26/21		716,404		—

USD	12,908	TRY	90,000	Standard Chartered Bank		2/26/21		2,767		—

USD	281,153	TRY	2,254,000	Standard Chartered Bank		5/17/21		37,055		—

USD	151,333	TRY	1,162,290	Standard Chartered Bank		5/17/21		25,462		—

USD	140,611	TRY	1,136,000	Standard Chartered Bank		5/17/21		17,588		—

USD	84,343	TRY	666,000	Standard Chartered Bank		5/17/21		12,219		—

USD	56,210	TRY	439,000	Standard Chartered Bank		5/17/21		8,668		—

USD	56,266	TRY	440,000	Standard Chartered Bank		5/17/21		8,616		—

USD	56,214	TRY	441,000	Standard Chartered Bank		5/17/21		8,456		—

USD	56,267	TRY	446,000	Standard Chartered Bank		5/17/21		7,967		—

USD	4,644	TRY	35,919	Standard Chartered Bank		5/17/21		754		—

KES	317,940,000	USD	2,685,985	Standard Chartered Bank		10/12/21		18,073		—

KES	211,960,000	USD	1,790,656	Standard Chartered Bank		10/12/21		12,049		—

UZS	133,770,000,000	USD	9,994,023	JPMorgan Chase Bank, N.A.		6/20/22		410,263		—

							$	10,570,133	$	(6,229,102	)


Non-deliverable Bond Forward Contracts*

Settlement Date	Notional Amount (000’s omitted)		Reference Entity	Counterparty	Aggregate Cost		Unrealized Appreciation (Depreciation)

11/24/20	COP	54,000,000	Republic of Colombia, 6.00%, 4/28/28	Bank of America, N.A.	$	13,952,227	$	(289,899	)

11/24/20	COP	18,500,000	Republic of Colombia, 7.00%, 6/30/32	Bank of America, N.A.		4,779,929		(106,784	)

11/24/20	COP	24,000,000	Republic of Colombia, 7.50%, 8/26/26	Bank of America, N.A.		6,200,990		(65,228	)

11/24/20	COP	43,000,000	Republic of Colombia, 7.75%, 9/18/30	Bank of America, N.A.		11,110,106		(243,634	)

11/24/20	COP	73,500,000	Republic of Colombia, 10.00%, 7/24/24	Bank of America, N.A.		18,990,531		(149,076	)

							$	(854,621	)

*	Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.


		26		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Futures Contracts

Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)

Interest Rate Futures

5-Year USD Deliverable Interest Rate Swap		(14	)	Short	12/14/20	$	(1,436,969	)	$	7,656

10-Year USD Deliverable Interest Rate Swap		(71	)	Short	12/14/20		(7,168,781	)		126,469

Euro-Bobl		(23	)	Short	12/8/20		(3,639,543	)		(17,679	)

Euro-Bund		(15	)	Short	12/8/20		(3,077,297	)		(34,241	)

U.S. 10-Year Treasury Note		(32	)	Short	12/21/20		(4,423,000	)		31,500

									$	113,705


Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

BRL	548,199		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.06% (pays upon termination)		1/3/22	$	(304,038	)	$	—	$	(304,038	)

BRL	360,049		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.08% (pays upon termination)		1/3/22		(183,264	)		—		(183,264	)

BRL	64,031		Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.42% (pays upon termination)		1/3/22		(9,298	)		—		(9,298	)

BRL	507,598		Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.44% (pays upon termination)		1/3/22		(98,754	)		—		(98,754	)

BRL	63,539		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.12% (pays upon termination)		1/2/23		(111,482	)		—		(111,482	)

BRL	109,032		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.70% (pays upon termination)		1/2/23		149,468			—		149,468

BRL	175,133		Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.71% (pays upon termination)		1/2/23		116,150			—		116,150

BRL	62,400		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.84% (pays upon termination)		1/2/23		130,998			—		130,998

BRL	40,336		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.84% (pays upon termination)		1/2/23		311,663			—		311,663

BRL	30,974		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.96% (pays upon termination)		1/2/23		271,599			—		271,599


		27		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

BRL	76,081		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	6.55% (pays upon termination)		1/2/23	$	963,065		$	—	$	963,065

BRL	35,200		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.13% (pays upon termination)		1/2/23		856,459			—		856,459

BRL	31,500		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.41% (pays upon termination)		1/2/25		(211,122	)		—		(211,122	)

BRL	70,160		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	6.27% (pays upon termination)		1/2/25		169,193			—		169,193

BRL	11,269		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.57% (pays upon termination)		1/2/25		330,109			—		330,109

BRL	47,000		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	9.58% (pays upon termination)		1/2/25		2,462,028			—		2,462,028

BRL	5,239		Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	9.90% (pays upon termination)		1/2/25		305,264			—		305,264

CLP	9,792,953		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.09% (pays semi-annually)		12/6/21		306,485			—		306,485

CLP	4,865,090		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.98% (pays semi-annually)		12/11/21		141,576			—		141,576

CLP	8,101,730		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.81% (pays semi-annually)		5/29/23		988,644			—		988,644

CLP	5,000,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.68% (pays semi-annually)		2/11/24		694,075			—		694,075

CLP	1,140,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.49% (pays semi-annually)		4/26/24		134,479			—		134,479

CLP	4,609,640		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.71% (pays semi-annually)		6/13/24		483,372			—		483,372

CLP	4,400,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.29% (pays semi-annually)		2/11/25		311,436			—		311,436

CLP	12,261,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.91% (pays semi-annually)		3/6/25		571,628			—		571,628

CLP	2,650,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.38% (pays semi-annually)		6/17/25		37,424			—		37,424


		28		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

CLP	3,700,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.33% (pays semi-annually)		9/11/25	$	23,428		$	—	$	23,428

CLP	794,000		Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	4.02% (pays semi-annually)		3/18/29		166,580			—		166,580

CNY	464,140		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.31% (pays quarterly)		7/28/22		(130,526	)		—		(130,526	)

CNY	15,590		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)		8/12/24		11,924			—		11,924

CNY	90,000		Pays	7-day China Fixing Repo Rates (pays quarterly)	3.00% (pays quarterly)		1/6/25		232,379			—		232,379

CNY	105,000		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.59% (pays quarterly)		2/10/25		22,071			—		22,071

CNY	75,100		Pays	7-day China Fixing Repo Rates (pays quarterly)	1.96% (pays quarterly)		6/1/25		(309,257	)		—		(309,257	)

CNY	32,150		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.22% (pays quarterly)		6/17/25		(77,713	)		—		(77,713	)

CNY	126,500		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.35% (pays quarterly)		7/2/25		(201,715	)		—		(201,715	)

CNY	116,500		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.62% (pays quarterly)		8/4/25		35,037			—		35,037

CNY	90,500		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.79% (pays quarterly)		9/3/25		126,594			—		126,594

CNY	50,000		Pays	7-day China Fixing Repo Rates (pays quarterly)	2.70% (pays quarterly)		10/13/25		35,284			—		35,284

CZK	232,350		Pays	6-month CZK PRIBOR (pays semi-annually)	1.84% (pays annually)		12/5/24		705,851			—		705,851

CZK	491,000		Pays	6-month CZK PRIBOR (pays semi-annually)	1.80% (pays annually)		2/26/25		1,419,310			—		1,419,310

CZK	200,800		Pays	6-month CZK PRIBOR (pays semi-annually)	1.40% (pays annually)		3/6/25		410,769			—		410,769

CZK	258,400		Receives	6-month CZK PRIBOR (pays semi-annually)	1.37% (pays annually)		3/17/25		(505,655	)		—		(505,655	)

CZK	107,690		Pays	6-month CZK PRIBOR (pays semi-annually)	0.60% (pays annually)		6/15/25		18,242			—		18,242

CZK	184,250		Pays	6-month CZK PRIBOR (pays semi-annually)	0.64% (pays annually)		7/27/25		44,365			—		44,365


		29		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

CZK	497,198		Pays	6-month CZK PRIBOR (pays semi-annually)	1.74% (pays annually)		5/31/29	$	1,858,322		$	—		$	1,858,322

EUR	16,300		Receives	6-month EURIBOR (pays semi-annually)	0.25% (pays annually)		9/20/22		(298,562	)		(24,303	)		(322,865	)

HUF	5,700,000		Pays	6-month HUF BUBOR (pays semi-annually)	2.30% (pays annually)		11/19/23		971,188			—			971,188

HUF	7,255,400		Pays	6-month HUF BUBOR (pays semi-annually)	1.39% (pays annually)		5/31/24		254,520			—			254,520

HUF	1,680,000		Pays	6-month HUF BUBOR (pays semi-annually)	0.79% (pays annually)		8/6/24		(64,383	)		—			(64,383	)

HUF	3,500,000		Pays	6-month HUF BUBOR (pays semi-annually)	0.71% (pays annually)		11/22/24		(180,684	)		—			(180,684	)

HUF	6,619,000		Receives	6-month HUF BUBOR (pays semi-annually)	1.30% (pays annually)		3/16/25		(268,040	)		—			(268,040	)

MXN	154,220		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.35% (pays monthly)		4/13/22		88,428			—			88,428

MXN	74,620		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.38% (pays monthly)		4/13/22		44,299			—			44,299

MXN	74,622		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.25% (pays monthly)		4/14/22		37,993			—			37,993

MXN	233,195		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)		4/14/22		125,551			—			125,551

MXN	48,628		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.16% (pays monthly)		4/15/22		21,789			—			21,789

MXN	74,623		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.20% (pays monthly)		4/15/22		35,453			—			35,453

MXN	74,622		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.14% (pays monthly)		4/18/22		34,019			—			34,019

MXN	154,600		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.29% (pays monthly)		11/22/22		396,850			(10,771	)		386,079

MXN	267,700		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.58% (pays monthly)		3/21/23		852,357			(2,898	)		849,459

MXN	350,500		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.98% (pays monthly)		11/29/23		2,060,944			(8,687	)		2,052,257

MXN	516,400		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.54% (pays monthly)		12/15/23		2,707,176			—			2,707,176


		30		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

MXN	185,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.13% (pays monthly)		2/2/24	$	896,812		$	—		$	896,812

MXN	600,760		Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.76% (pays monthly)		3/7/24		(1,724,255	)		—			(1,724,255	)

MXN	166,961		Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.79% (pays monthly)		3/7/24		(486,678	)		—			(486,678	)

MXN	408,300		Receives	Mexico Interbank TIIE 28 Day (pays monthly)	7.35% (pays monthly)		3/14/24		(1,526,518	)		—			(1,526,518	)

MXN	180,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.69% (pays monthly)		5/22/24		802,019			(4,337	)		797,682

MXN	329,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.49% (pays monthly)		6/5/24		1,355,324			—			1,355,324

MXN	67,771		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.08% (pays monthly)		6/27/24		129,236			—			129,236

MXN	224,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.19% (pays monthly)		6/27/24		827,229			—			827,229

MXN	130,204		Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.66% (pays monthly)		11/7/24		(383,548	)		—			(383,548	)

MXN	144,000		Receives	Mexico Interbank TIIE 28 Day (pays monthly)	7.40% (pays monthly)		3/11/25		(640,753	)		—			(640,753	)

MXN	332,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.13% (pays monthly)		6/6/25		30,867			—			30,867

MXN	130,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.21% (pays monthly)		6/29/26		289,192			—			289,192

MXN	176,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.86% (pays monthly)		1/5/28		1,190,095			(4,896	)		1,185,199

MXN	168,218		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.58% (pays monthly)		10/13/28		1,547,941			(12,096	)		1,535,845

MXN	232,520		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.06% (pays monthly)		7/30/29		1,044,127			—			1,044,127

MXN	83,120		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.77% (pays monthly)		9/18/29		285,729			—			285,729


		31		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

MXN	206,360		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.94% (pays monthly)		11/21/29	$	833,107		$	—	$	833,107

MXN	80,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.91% (pays monthly)		5/1/30		20,952			—		20,952

MXN	70,000		Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.43% (pays monthly)		6/22/37		350,978			—		350,978

PLN	4,400		Pays	6-month PLN WIBOR (pays semi-annually)	2.19% (pays annually)		10/28/21		22,069			—		22,069

PLN	35,000		Pays	6-month PLN WIBOR (pays semi-annually)	2.35% (pays annually)		11/19/22		560,719			—		560,719

PLN	25,000		Pays	6-month PLN WIBOR (pays semi-annually)	2.43% (pays annually)		6/8/23		417,665			—		417,665

PLN	20,000		Pays	6-month PLN WIBOR (pays semi-annually)	2.04% (pays annually)		1/31/24		360,177			—		360,177

PLN	16,000		Pays	6-month PLN WIBOR (pays semi-annually)	2.01% (pays annually)		2/11/24		282,054			—		282,054

PLN	13,000		Pays	6-month PLN WIBOR (pays semi-annually)	2.05% (pays annually)		2/28/24		234,214			—		234,214

PLN	15,522		Pays	6-month PLN WIBOR (pays semi-annually)	2.01% (pays annually)		3/13/24		273,441			—		273,441

PLN	18,000		Pays	6-month PLN WIBOR (pays semi-annually)	1.99% (pays annually)		5/30/24		303,013			—		303,013

PLN	37,000		Pays	6-month PLN WIBOR (pays semi-annually)	1.79% (pays annually)		7/5/24		543,117			—		543,117

PLN	27,850		Pays	6-month PLN WIBOR (pays semi-annually)	1.76% (pays annually)		8/6/24		399,268			—		399,268

PLN	12,200		Pays	6-month PLN WIBOR (pays semi-annually)	1.66% (pays annually)		10/2/24		158,543			—		158,543

PLN	11,400		Pays	6-month PLN WIBOR (pays semi-annually)	2.44% (pays annually)		10/28/24		235,883			—		235,883

PLN	50,000		Pays	6-month PLN WIBOR (pays semi-annually)	1.97% (pays annually)		1/20/25		1,012,349			—		1,012,349

PLN	37,000		Receives	6-month PLN WIBOR (pays semi-annually)	1.44% (pays annually)		3/17/25		(494,320	)		—		(494,320	)

PLN	10,800		Pays	6-month PLN WIBOR (pays semi-annually)	0.48% (pays annually)		8/7/25		3,185			—		3,185

PLN	11,000		Pays	6-month PLN WIBOR (pays semi-annually)	0.69% (pays annually)		8/26/25		30,247			—		30,247

PLN	48,600		Pays	6-month PLN WIBOR (pays semi-annually)	0.64% (pays annually)		9/8/25		98,987			—		98,987

PLN	75,000		Pays	6-month PLN WIBOR (pays semi-annually)	2.84% (pays annually)		1/10/28		3,255,068			—		3,255,068

PLN	78,000		Receives	6-month PLN WIBOR (pays semi-annually)	0.93% (pays annually)		5/8/30		(58,883	)		—		(58,883	)


		32		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

THB	175,000		Pays	6-month THB Fixing Rate (pays semi-annually)	1.29% (pays semi-annually)		11/25/24	$	163,545		$	—		$	163,545

THB	456,500		Pays	6-month THB Fixing Rate (pays semi-annually)	1.26% (pays semi-annually)		12/16/24		405,967			—			405,967

THB	675,000		Pays	6-month THB Fixing Rate (pays semi-annually)	0.94% (pays semi-annually)		2/12/25		232,772			—			232,772

THB	442,000		Pays	6-month THB Fixing Rate (pays semi-annually)	0.70% (pays semi-annually)		3/6/25		(2,803	)		—			(2,803	)

THB	483,000		Receives	6-month THB Fixing Rate (pays semi-annually)	1.02% (pays semi-annually)		3/17/25		(221,526	)		—			(221,526	)

THB	290,000		Pays	6-month THB Fixing Rate (pays semi-annually)	0.80% (pays semi-annually)		6/16/25		34,205			—			34,205

THB	180,000		Pays	6-month THB Fixing Rate (pays semi-annually)	0.82% (pays semi-annually)		9/11/25		19,943			—			19,943

ZAR	221,000		Pays	3-month ZAR JIBAR (pays quarterly)	6.99% (pays quarterly)		7/3/24		1,348,441			—			1,348,441

ZAR	559,737		Pays	3-month ZAR JIBAR (pays quarterly)	6.88% (pays quarterly)		1/10/25		3,283,619			—			3,283,619

ZAR	55,027		Pays	3-month ZAR JIBAR (pays quarterly)	6.64% (pays quarterly)		2/14/25		306,466			—			306,466

ZAR	256,793		Pays	3-month ZAR JIBAR (pays quarterly)	6.65% (pays quarterly)		2/14/25		1,433,450			—			1,433,450

ZAR	244,000		Receives	3-month ZAR JIBAR (pays quarterly)	7.04% (pays quarterly)		3/12/25		(1,569,656	)		—			(1,569,656	)

ZAR	65,700		Receives	3-month ZAR JIBAR (pays quarterly)	6.91% (pays quarterly)		3/13/25		(400,128	)		—			(400,128	)

ZAR	148,340		Pays	3-month ZAR JIBAR (pays quarterly)	5.40% (pays quarterly)		6/11/25		303,948			—			303,948

ZAR	50,000		Pays	3-month ZAR JIBAR (pays quarterly)	4.97% (pays quarterly)		8/24/25		34,125			119			34,244

ZAR	130,000		Pays	3-month ZAR JIBAR (pays quarterly)	4.94% (pays quarterly)		10/1/25		48,389			335			48,724

ZAR	68,770		Pays	3-month ZAR JIBAR (pays quarterly)	8.79% (pays quarterly)		3/18/26		778,366			—			778,366

Total								$	38,199,120		$	(67,534	)	$	38,131,586


		33		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Bank of America, N.A.

BRL

12,953

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

13.10%
(pays upon termination)

1/2/23

2,037,101

Bank of America, N.A.

PLN

8,765

Pays

6-month PLN WIBOR
(pays semi-annually)

5.45%
(pays annually)

6/7/21

117,407

Bank of America, N.A.

RUB

1,085,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

6.20%
(pays annually)

3/4/25

862,245

Bank of America, N.A.

RUB

606,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.20%
(pays annually)

8/6/25

(107,378

)

Bank of America, N.A.

THB

400,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

1.91%
(pays semi-annually)

11/2/22

502,345

Bank of America, N.A.

THB

230,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

1.90%
(pays semi-annually)

12/8/22

290,432

Barclays Bank PLC

BRL

22,098

Pays

Brazil CETIP Interbank Deposit Rate
(pays upon termination)

11.72%
(pays upon termination)

1/4/21

1,152,521

BNP Paribas

MYR

26,626

Pays

3-month MYR KLIBOR
(pays quarterly)

2.00%
(pays quarterly)

10/14/25

4,432

Citibank, N.A.

MYR

44,600

Pays

3-month MYR KLIBOR
(pays quarterly)

3.95%
(pays quarterly)

3/20/23

586,868

Citibank, N.A.

MYR

5,500

Pays

3-month MYR KLIBOR
(pays quarterly)

3.88%
(pays quarterly)

8/1/23

85,479

Citibank, N.A.

MYR

40,530

Pays

3-month MYR KLIBOR
(pays quarterly)

3.73%
(pays quarterly)

1/29/24

580,200

Citibank, N.A.

MYR

40,000

Pays

3-month MYR KLIBOR
(pays quarterly)

3.37%
(pays quarterly)

5/29/24

544,280

Citibank, N.A.

MYR

42,400

Pays

3-month MYR KLIBOR
(pays quarterly)

3.13%
(pays quarterly)

10/4/24

491,088

Citibank, N.A.

MYR

53,296

Pays

3-month MYR KLIBOR
(pays quarterly)

3.29%
(pays quarterly)

11/7/24

764,369

Citibank, N.A.

MYR

47,134

Pays

3-month MYR KLIBOR
(pays quarterly)

2.19%
(pays quarterly)

6/4/25

120,194

Citibank, N.A.

MYR

23,844

Pays

3-month MYR KLIBOR
(pays quarterly)

2.00%
(pays quarterly)

10/14/25

3,261

Citibank, N.A.

RUB

768,000

Receives

3-month Moscow Prime Offered Rate
(pays quarterly)

8.65%
(pays annually)

3/13/25

(1,666,472

)

Citibank, N.A.

THB

490,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.03%
(pays semi-annually)

4/24/22

379,453

Citibank, N.A.

THB

260,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

1.79%
(pays semi-annually)

8/10/22

240,928


		34		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps (continued)

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Citibank, N.A.

THB

330,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

1.87%
(pays semi-annually)

3/27/23

376,557

Citibank, N.A.

THB

250,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.22%
(pays semi-annually)

10/25/23

396,773

Citibank, N.A.

THB

87,340

Pays

6-month THB Fixing Rate
(pays semi-annually)

1.96%
(pays semi-annually)

3/18/24

136,896

Credit Suisse International

RUB

51,950

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

7.85%
(pays annually)

5/23/22

46,039

Credit Suisse International

RUB

275,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

7.85%
(pays annually)

11/1/22

449,758

Credit Suisse International

RUB

230,200

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

7.66%
(pays annually)

8/1/24

241,186

Deutsche Bank AG

BRL

1,970

Pays

Brazil CETIP Interbank Deposit Rate
(pays upon termination)

12.98%
(pays upon termination)

1/2/23

302,012

Deutsche Bank AG

THB

324,320

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.13%
(pays semi-annually)

11/19/23

614,689

Goldman Sachs International

CLP

8,866,700

Pays

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

3.83%
(pays semi-annually)

5/29/23

1,087,219

Goldman Sachs International

MYR

31,400

Pays

3-month MYR KLIBOR
(pays quarterly)

2.18%
(pays quarterly)

5/13/25

80,276

Goldman Sachs International

PLN

11,000

Pays

6-month PLN WIBOR
(pays semi-annually)

5.54%
(pays annually)

5/10/21

143,926

Goldman Sachs International

RUB

1,487,640

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

6.67%
(pays annually)

11/20/24

1,974,640

Goldman Sachs International

RUB

1,543,910

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

6.67%
(pays annually)

11/20/24

2,049,331

Goldman Sachs International

RUB

879,100

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

6.51%
(pays annually)

4/16/25

823,377

Goldman Sachs International

RUB

671,200

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.51%
(pays annually)

5/15/25

138,644

Goldman Sachs International

RUB

603,873

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.34%
(pays annually)

5/18/25

66,869


		35		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps (continued)

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Goldman Sachs International

RUB

252,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.27%
(pays annually)

6/17/25

11,966

Goldman Sachs International

RUB

430,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.14%
(pays annually)

7/24/25

(18,908

)

Goldman Sachs International

RUB

320,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.50%
(pays annually)

8/25/25

(6,710

)

HSBC Bank USA, N.A.

MXN

44,030

Pays

Mexico Interbank TIIE 28 Day
(pays monthly)

7.28%
(pays monthly)

12/23/20

12,864

JPMorgan Chase Bank, N.A.

MYR

11,300

Pays

3-month MYR KLIBOR
(pays quarterly)

3.88%
(pays quarterly)

8/1/23

175,621

JPMorgan Chase Bank, N.A.

MYR

5,810

Pays

3-month MYR KLIBOR
(pays quarterly)

3.89%
(pays quarterly)

8/14/23

89,846

JPMorgan Chase Bank, N.A.

MYR

5,815

Pays

3-month MYR KLIBOR
(pays quarterly)

3.89%
(pays quarterly)

8/14/23

89,923

JPMorgan Chase Bank, N.A.

MYR

14,500

Pays

3-month MYR KLIBOR
(pays quarterly)

3.86%
(pays quarterly)

9/4/23

217,407

JPMorgan Chase Bank, N.A.

MYR

11,600

Pays

3-month MYR KLIBOR
(pays quarterly)

3.89%
(pays quarterly)

9/5/23

175,873

JPMorgan Chase Bank, N.A.

MYR

12,167

Pays

3-month MYR KLIBOR
(pays quarterly)

3.66%
(pays quarterly)

2/20/24

188,407

JPMorgan Chase Bank, N.A.

RUB

565,000

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

7.78%
(pays annually)

8/6/24

623,287

JPMorgan Chase Bank, N.A.

RUB

401,200

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

7.20%
(pays annually)

10/1/24

321,707

Morgan Stanley & Co. International PLC

MXN

29,200

Pays

Mexico Interbank TIIE 28 Day
(pays monthly)

7.95%
(pays monthly)

12/3/31

223,468

Nomura International PLC

BRL

2,006

Pays

Brazil CETIP Interbank Deposit Rate
(pays upon termination)

12.90%
(pays upon termination)

1/2/23

301,670

Nomura International PLC

BRL

4,440

Pays

Brazil CETIP Interbank Deposit Rate
(pays upon termination)

12.83%
(pays upon termination)

1/2/23

656,935

Nomura International PLC

MYR

4,070

Pays

3-month MYR KLIBOR
(pays quarterly)

4.19%
(pays quarterly)

10/24/24

87,445

Standard Chartered Bank

MYR

5,800

Pays

3-month MYR KLIBOR
(pays quarterly)

3.88%
(pays quarterly)

7/23/23

77,950

Standard Chartered Bank

MYR

5,900

Pays

3-month MYR KLIBOR
(pays quarterly)

3.88%
(pays quarterly)

9/4/23

89,238


		36		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps (continued)

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Standard Chartered Bank

MYR

30,000

Pays

3-month MYR KLIBOR
(pays quarterly)

1.92%
(pays quarterly)

8/25/25

(20,976

)

Standard Chartered Bank

THB

650,000

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.15%
(pays semi-annually)

8/20/23

1,042,898

20,256,856

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)

South Africa	$2,240	1.00% (pays quarterly)⁽¹⁾	6/20/21	0.90%	$	4,049		$	42,580	$	46,629

Turkey	4,570	1.00% (pays quarterly)⁽¹⁾	6/20/21	3.90		(78,919	)		149,023		70,104

Total	$6,810				$	(74,870	)	$	191,603	$	116,733

Centrally Cleared Credit Default Swaps — Buy Protection



Reference Entity	Notional Amount (000’s omitted)	Contract Annual Fixed Rate**	Termination Date		Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Markit CDX Emerging Markets Index (CDX.EM.31.V1)	$94	1.00% (pays quarterly)⁽¹⁾		6/20/24		$1,546	$	(2,001	)	$	(455	)

Total					$	1,546	$	(2,001	)	$	(455	)


		37		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

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)

Bahamas	Deutsche Bank AG	$	1,600	1.00% (pays quarterly)⁽¹⁾		6/20/22		7.27	%	$	(151,473	)	$	46,961	$	(104,512	)

Total		$	1,600							$	(151,473	)	$	46,961	$	(104,512	)

If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At October 31, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $8,410,000.

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

***

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

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

Cross-Currency Swaps


Counterparty	Portfolio Receives^*	Portfolio Pays^*	Effective Date/ Termination Date⁽¹⁾	Value/Unrealized Appreciation (Depreciation)

Bank of America, N.A.	3-month COP Interbank Nominal Rate on COP 34,605,000,000 (Notional Amount) (pays quarterly) plus USD equivalent of Notional Amount at effective date	3-month USD-LIBOR minus 0.70% on USD equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount	11/3/21/ 11/3/26	$	101,687

Goldman Sachs International	9.56% on TRY 16,903,000 (pays annually) plus USD 5,549,245	3-month USD-LIBOR on USD 5,549,245 (pays quarterly) plus TRY 16,903,000	Not applicable/ 7/28/23		(3,815,417	)

Goldman Sachs International	9.51% on TRY 43,482,000 (pays annually) plus USD 14,326,853	3-month USD-LIBOR on USD 14,326,853 (pays quarterly) plus TRY 43,482,000	Not applicable/ 7/29/23		(9,875,658	)

Goldman Sachs International	3-month COP Interbank Nominal Rate on COP 30,920,000,000 (Notional Amount) (pays quarterly) plus USD equivalent of Notional Amount at effective date	3-month USD-LIBOR minus 0.67% on USD equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount	9/27/21/ 9/27/26		35,766

Goldman Sachs International	3-month COP Interbank Nominal Rate on COP 15,560,000,000 (Notional Amount) (pays quarterly) plus USD equivalent of Notional Amount at effective date	3-month USD-LIBOR minus 0.54% on USD equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount	10/6/21/ 10/6/26		(33,787	)

JPMorgan Chase Bank, N.A.	18.56% on TRY 125,287,000 (pays annually) plus USD 17,791,394	3-month USD-LIBOR on USD 17,791,394 (pays quarterly) plus TRY 125,287,000	Not applicable/ 8/7/22		(2,101,008	)


		38		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Cross-Currency Swaps (continued)


Counterparty	Portfolio Receives^*	Portfolio Pays^*	Effective Date/ Termination Date⁽¹⁾	Value/Unrealized Appreciation (Depreciation)

JPMorgan Chase Bank, N.A.	3-month USD LIBOR on USD 1,018,776 (pays quarterly) plus TRY 8,112,000	13.77% on TRY 8,112,000 (pays annually) plus USD 1,018,776	Not applicable/ 12/16/25	$	49,727

				$	(15,638,690	)

*	The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

⁽¹⁾	Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual.

Abbreviations:



EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate


		39		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Currency Abbreviations:



BAM	–	Bosnia-Herzegovina Convertible Mark

BRL	–	Brazilian Real

CLP	–	Chilean Peso

CNH	–	Yuan Renminbi Offshore

CNY	–	Yuan Renminbi

COP	–	Colombian Peso

CRC	–	Costa Rican Colon

CZK	–	Czech Koruna

DOP	–	Dominican Peso

EGP	–	Egyptian Pound

EUR	–	Euro

GEL	–	Georgian Lari

HUF	–	Hungarian Forint

IDR	–	Indonesian Rupiah

INR	–	Indian Rupee

KES	–	Kenyan Shilling



KRW	–	South Korean Won

MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit

PEN	–	Peruvian Sol

PHP	–	Philippine Peso

PLN	–	Polish Zloty

RSD	–	Serbian Dinar

RUB	–	Russian Ruble

THB	–	Thai Baht

TRY	–	New Turkish Lira

UAH	–	Ukrainian Hryvnia

USD	–	United States Dollar

UYU	–	Uruguayan Peso

UZS	–	Uzbekistani Som

ZAR	–	South African Rand


		40		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $1,000,120,317)	$	975,541,310

Affiliated investment, at value (identified cost, $160,245,815)		160,245,815

Cash		98,743

Deposits for derivatives collateral —

Centrally cleared derivatives		68,680,190

OTC derivatives		5,026,000

Foreign currency, at value (identified cost, $7,365,909)		7,290,564

Interest receivable		17,770,163

Dividends receivable from affiliated investment		19,929

Receivable for investments sold		8,742,757

Receivable for variation margin on open financial futures contracts		26,078

Receivable for variation margin on open centrally cleared derivatives		12,364,171

Receivable for open forward foreign currency exchange contracts		10,570,133

Receivable for open swap contracts		22,264,480

Total assets	$	1,288,640,333

Liabilities

Cash collateral due to brokers	$	5,026,000

Payable for investments purchased		1,763,048

Payable for open forward foreign currency exchange contracts		6,229,102

Payable for open swap contracts		17,750,826

Upfront receipts on open non-centrally cleared swap contracts		46,961

Payable for open non-deliverable bond forward contracts		854,621

Payable to affiliates:

Investment adviser fee		691,379

Trustees’ fees		5,764

Accrued foreign capital gains taxes		1,616,936

Accrued expenses		720,606

Total liabilities	$	34,705,243

Net Assets applicable to investors’ interest in Portfolio	$	1,253,935,090


		41		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest (net of foreign taxes, $3,337,151)	$	81,692,759

Dividends from affiliated investment		1,796,648

Total investment income	$	83,489,407

Expenses

Investment adviser fee	$	8,169,352

Trustees’ fees and expenses		68,101

Custodian fee		1,587,343

Legal and accounting services		119,324

Miscellaneous		113,420

Total expenses	$	10,057,540

Net investment income	$	73,431,867

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $1,342,907)	$	(10,295,088	)

Investment transactions — affiliated investment		39,684

Financial futures contracts		(1,075,440	)

Swap contracts		19,843,892

Foreign currency transactions		(5,871,677	)

Forward foreign currency exchange contracts		(49,791,178	)

Non-deliverable bond forward contracts		3,141,914

Net realized loss	$	(44,007,893	)

Change in unrealized appreciation (depreciation) —

Investments (including net increase in accrued foreign capital gains taxes of $348,621)	$	(54,314,078	)

Investments — affiliated investment		(14,771	)

Financial futures contracts		103,713

Swap contracts		16,190,461

Foreign currency		(547,430	)

Forward foreign currency exchange contracts		(11,018,911	)

Non-deliverable bond forward contracts		(602,375	)

Net change in unrealized appreciation (depreciation)	$	(50,203,391	)

Net realized and unrealized loss	$	(94,211,284	)

Net decrease in net assets from operations	$	(20,779,417	)


		42		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	73,431,867		$	70,481,340

Net realized loss		(44,007,893	)		(15,066,272	)

Net change in unrealized appreciation (depreciation)		(50,203,391	)		152,740,534

Net increase (decrease) in net assets from operations	$	(20,779,417	)	$	208,155,602

Capital transactions —

Contributions	$	394,900,465		$	428,013,477

Withdrawals		(358,676,352	)		(180,948,792	)

Net increase in net assets from capital transactions	$	36,224,113		$	247,064,685

Net increase in net assets	$	15,444,696		$	455,220,287

Net Assets

At beginning of year	$	1,238,490,394		$	783,270,107

At end of year	$	1,253,935,090		$	1,238,490,394


		43		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.79	%		0.78	%		0.87	%⁽¹⁾		0.81	%⁽²⁾		0.91	%⁽²⁾

Net investment income		5.79	%		7.01	%		7.22	%		5.90	%		5.94	%

Portfolio Turnover		56	%		46	%		52	%		40	%		73	%

Total Return		0.08	%		23.15	%		(9.33	)%		8.23	%		16.39	%

Net assets, end of year (000’s omitted)	$	1,253,935		$	1,238,490		$	783,270		$	617,181		$	348,304

⁽¹⁾	Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽²⁾	Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.


		44		See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Emerging Markets Local Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Emerging Markets Local Income Fund, Eaton Vance Short Duration Strategic Income Fund, Eaton Vance International (Cayman Islands) Emerging Markets Local Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 93.9%, 4.8%, 0.8% and 0.5%, respectively, in the Portfolio.

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

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 Portfolio’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. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. 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.


		45

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

H Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio 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 Portfolio 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 Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio 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.

I Forward Foreign Currency Exchange and Non-Deliverable Bond Forward Contracts — The Portfolio 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 Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio 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 Portfolio 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. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. 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.

J Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio 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 Portfolio 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 Portfolio 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.


		46

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

K Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

L Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio 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 Portfolio 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 Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio 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 of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio 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 Portfolio 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. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. 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 5 and 8. The Portfolio 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 Portfolio 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 Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.650% of the Portfolio’s average daily net assets up to $1 billion, 0.625% from $1 billion but less than $2 billion, 0.600% from $2 billion but less than $5 billion, and 0.575% of average daily net assets of $5 billion or more, and is payable monthly. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $8,169,352 or 0.64% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

During the year ended October 31, 2020, EVM reimbursed the Portfolio $1,235 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of less than 0.01%.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and paydowns, aggregated $452,230,460 and $450,414,522, respectively, for the year ended October 31, 2020.


		47

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

4 Federal Income Tax Basis of Investments



Aggregate cost	$	1,107,779,626

Gross unrealized appreciation	$	40,684,132

Gross unrealized depreciation		(12,636,928	)

Net unrealized appreciation	$	28,047,204

5 Financial Instruments

The Portfolio 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, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Credit Risk: The Portfolio 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 Portfolio engages in forward foreign currency exchange contracts, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and cross-currency 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 Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $24,881,510. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $8,475,710 at October 31, 2020.

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 Portfolio and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 8) at October 31, 2020.


		48

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total

Not applicable	$	5,595	*	$	11,172,145	*	$	48,828,306	*	$	60,006,046

Receivable for open forward foreign currency exchange contracts		—			10,570,133			—			10,570,133

Receivable/payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		—			—			22,264,480			22,264,480

Total Asset Derivatives	$	5,595		$	21,742,278		$	71,092,786		$	92,840,659

Derivatives not subject to master netting or similar agreements	$	5,595		$	11,172,145		$	48,828,306		$	60,006,046

Total Asset Derivatives subject to master netting or similar agreements	$	—		$	10,570,133		$	22,264,480		$	32,834,613

Not applicable	$	(78,919	)*	$	(19,686,223	)*	$	(10,515,481	)*	$	(30,280,623	)

Payable for open forward foreign currency exchange contracts		—			(6,229,102	)		—			(6,229,102	)

Payable/receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		(151,473	)		—			(17,646,314	)		(17,797,787	)

Payable for open non-deliverable bond forward contracts		—			—			(854,621	)		(854,621	)

Total Liability Derivatives	$	(230,392	)	$	(25,915,325	)	$	(29,016,416	)	$	(55,162,133	)

Derivatives not subject to master netting or similar agreements	$	(78,919	)	$	(19,686,223	)	$	(10,515,481	)	$	(30,280,623	)

Total Liability Derivatives subject to master netting or similar agreements	$	(151,473	)	$	(6,229,102	)	$	(18,500,935	)	$	(24,881,510	)

*	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.


		49

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued


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)			Total Cash Collateral Received

Australia and New Zealand Banking Group Limited	$	16,756		$	—		$	—		$	—		$	16,756		$	—

Bank of America, N.A.		4,390,939			(1,069,611	)		(3,321,328	)		—			—			—

Barclays Bank PLC		1,152,521			—			—			(1,152,521	)		—			1,320,000

BNP Paribas		1,328,308			(1,328,308	)		—			—			—			—

Citibank, N.A.		5,408,186			(1,816,492	)		—			(2,346,000	)		1,245,694			2,346,000

Credit Suisse International		736,983			—			—			(736,983	)		—			750,000

Deutsche Bank AG		948,811			(151,473	)		(693,002	)		—			104,336			—

Goldman Sachs International		6,424,135			(6,424,135	)		—			—			—			—

HSBC Bank USA, N.A.		12,878			—			—			—			12,878			—

JPMorgan Chase Bank, N.A.		2,342,061			(2,158,657	)		—			(183,404	)		—			260,000

Morgan Stanley & Co. International PLC		226,268			(9,360	)		—			(216,908	)		—			240,000

Nomura International PLC		1,046,050			—			(990,713	)		(55,337	)		—			110,000

Standard Chartered Bank		8,406,140			(4,450,539	)		—			—			3,955,601			—

UBS AG		394,577			—			(394,577	)		—			—			—

	$	32,834,613		$	(17,408,575	)	$	(5,399,620	)	$	(4,691,153	)	$	5,335,265		$	5,026,000

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)			Total Cash Collateral Pledged

Bank of America, N.A.	$	(1,069,611	)	$	1,069,611		$	—		$	—		$	—		$	—

BNP Paribas		(1,457,891	)		1,328,308			100,997			—			(28,586	)		—

Citibank, N.A.		(1,816,492	)		1,816,492			—			—			—			—

Deutsche Bank AG		(151,473	)		151,473			—			—			—			—

Goldman Sachs International		(13,767,487	)		6,424,135			7,343,352			—			—			—

JPMorgan Chase Bank, N.A.		(2,158,657	)		2,158,657			—			—			—			—

Morgan Stanley & Co. International PLC		(9,360	)		9,360			—			—			—			—

Standard Chartered Bank		(4,450,539	)		4,450,539			—			—			—			—

	$	(24,881,510	)	$	17,408,575		$	7,444,349		$	—		$	(28,586	)	$	—

Total — Deposits for derivatives collateral — OTC derivatives																$	5,026,000

^(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.


		50

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued


Statement of Operations Caption	Credit			Foreign Exchange			Interest Rate			Total

Net realized gain (loss) —

Financial futures contracts	$	—		$	—		$	(1,075,440	)	$	(1,075,440	)

Swap contracts		231,725			(1,788,791	)		21,400,958			19,843,892

Forward foreign currency exchange contracts		—			(49,791,178	)		—			(49,791,178	)

Non-deliverable bond forward contracts		—			—			3,141,914			3,141,914

Total	$	231,725		$	(51,579,969	)	$	23,467,432		$	(27,880,812	)

Change in unrealized appreciation (depreciation) —

Financial futures contracts	$	—		$	—		$	103,713		$	103,713

Swap contracts		(17,642	)		1,992,223			14,215,880			16,190,461

Forward foreign currency exchange contracts		—			(11,018,911	)		—			(11,018,911	)

Non-deliverable bond forward contracts		—			—			(602,375	)		(602,375	)

Total	$	(17,642	)	$	(9,026,688	)	$	13,717,218		$	4,672,888


Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Non-deliverable Bond Forward Contracts		Swap Contracts

	$16,024,000	$	2,603,155,000	$	61,808,000	$	1,488,397,000

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

6 Line of Credit


		51

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $160,245,815, which represents 12.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	141,707,135	$	1,061,384,405	$	(1,042,870,638	)	$	39,684	$	(14,771	)	$	160,245,815	$	1,796,648		160,245,815

8 Fair Value Measurements

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Foreign Government Bonds	$	—		$	738,444,668		$	—	$	738,444,668

Foreign Corporate Bonds		—			22,008,664			—		22,008,664

Sovereign Loans		—			530,599			—		530,599

Loan Participation Notes		—			—			34,155,753		34,155,753

Short-Term Investments —

Foreign Government Securities		—			157,852,398			—		157,852,398

U.S. Treasury Obligations		—			22,549,228			—		22,549,228

Other		—			160,245,815			—		160,245,815

Total Investments	$	—		$	1,101,631,372		$	34,155,753	$	1,135,787,125

Forward Foreign Currency Exchange Contracts	$	—		$	21,742,278		$	—	$	21,742,278

Futures Contracts		165,625			—			—		165,625

Swap Contracts		—			70,932,756			—		70,932,756

Total	$	165,625		$	1,194,306,406		$	34,155,753	$	1,228,627,784

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(25,915,325	)	$	—	$	(25,915,325	)

Non-deliverable Bond Forward Contracts		—			(854,621	)		—		(854,621	)

Futures Contracts		(51,920	)		—			—		(51,920	)

Swap Contracts		—			(28,340,267	)		—		(28,340,267	)

Total	$	(51,920	)	$	(55,110,213	)	$	—	$	(55,162,133	)


		52

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Loan Participation Notes			Total

Balance as of October 31, 2019	$	—		$	—

Realized gains (losses)		—			—

Change in net unrealized appreciation (depreciation)		271,826			271,826

Cost of purchases		33,943,900			33,943,900

Proceeds from sales, including return of capital		—			—

Accrued discount (premium)		(59,973	)		(59,973	)

Transfers to Level 3		—			—

Transfers from Level 3		—			—

Balance as of October 31, 2020	$	34,155,753		$	34,155,753

Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2020	$	271,826		$	271,826

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2020:

Type of Investment

Fair Value as of

October 31, 2020

Valuation

Technique

Unobservable

Inputs

Input

Loan Participation Notes

34,155,753

Matrix Pricing

Adjusted Credit Spread to the Central Bank of
Uzbekistan Quoted Policy Rate

2.15

An increase (decrease) in the unobservable input would result in a corresponding (decrease) increase in the fair value of the Level 3 investments.

9 Risks and Uncertainties

Risks Associated with Foreign Investments

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

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

Pandemic Risk

10 Additional Information


		53

Emerging Markets Local Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		54

Emerging Markets Local Income Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Emerging Markets Local Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Emerging Markets Local Income Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		55

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Liquidity Risk Management Program


		56

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Emerging Markets Local Income Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		57

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		58

Eaton Vance

Emerging Markets Local Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		59

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		60

Investment Adviser of Emerging Markets Local Income Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Emerging Markets Local Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

3040 10.31.20

LOGO

Eaton Vance

Floating-Rate Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Floating-Rate Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			19 and 58
Federal Tax Information			20
Liquidity Risk Management Program			59
Management and Organization			60
Important Notices			63

Eaton Vance

Floating-Rate Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period ended October 31, 2020, was dominated by the outbreak of the novel coronavirus in China, which turned into a global pandemic that ended the longest-ever U.S. economic expansion and led to a dramatic decline in economic activity across the globe.

The first two months of the period, however, were relatively benign, with senior loan prices staying above $95 and appreciating in November and December.

The first signs of trouble appeared in late January 2020, as coronavirus headlines rattled investor nerves across capital markets. Loan prices, however, continued to remain firm through January, and retail fund flows turned positive for the first time in 16 months. But in the last week of February, as investors digested the potential economic effects of the spreading pandemic in the U.S., a global sell-off unfolded across both equity and credit markets at large, including the market for senior loans.

March proved to be the worst month of the period for the loan asset class, and was the second-worst month in the loan market’s history. The S&P/LSTA Leveraged Loan Index (the Index), a broad measure of the asset class, returned –12.37% against the backdrop of a global slide in capital markets amid investors’ flight to safety. As investors withdrew $14.7 billion from retail loan funds during the month, the average price of loans in the Index bottomed at $76.23 on March 23.

Beginning in the last week of March, however, credit markets, including senior loans, turned a corner as central banks around the world stepped in to shore up capital markets. The U.S. Federal Reserve cut its benchmark federal funds rate to 0.00%-0.25% and announced a spectrum of support measures to help credit markets worldwide. In response, the loan market began a rally that continued through the end of the period, with the Index returning 9.70% for the quarter ended June 30, 2020, and 4.14% for the quarter ended September 30, 2020.

Technical factors were also a tailwind for loans as demand outpaced supply for most of the period. Contributing factors included seven months of easing retail fund redemptions from April through October 2020, and an increase in institutional demand for structured loan products. By period-end, the average price of loans had risen to $93.17 — a dramatic increase from its March low, but still shy of its $96.72 level at the start of 2020.

For the period as a whole, BBB rated loans in the Index returned 0.28%; BB rated loans in the Index returned –0.60%; B rated loans in the Index returned 3.13%; CCC rated loans in the Index returned –1.41%; D rated (defaulted) loans in the Index returned –47.77%; and the Index overall returned 1.72%. Issuer fundamentals deteriorated in response to the global economic slowdown, with the trailing 12-month default rate rising from 1.43% at the beginning of the period to 4.11% at period-end — approximately one percentage point above the long-term average.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Floating-Rate Fund (the Fund) returned 0.79% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned 1.72%.

The Index is unmanaged and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund has historically tended to maintain underweight exposures, relative to the Index, to lower credit segments of the market, namely the CCC and D (defaulted) rating tiers within the Index. This strategy may help the Fund experience limited credit losses over the long run, but it may detract from relative performance versus the Index in times when lower quality loans perform well. This underweight to lower quality loans, which tend to have higher coupon yields, may also result in a lower average coupon yield for the Fund relative to the Index.

During the period, the Fund’s overweight position in higher quality BB rated loans, which generally underperformed the Index, detracted from Fund performance versus the Index.

On an industry basis, the Fund’s overweight exposure to the leisure goods/activities/movies industry, which experienced a drastic decline in business as a result of the global pandemic, also detracted from Fund performance relative to the Index during the period. An underweight position in the health care industry, which experienced increased demand during the pandemic, detracted from relative results as well. Security selections in the oil & gas and the financial intermediaries industries also hurt relative performance.

In contrast, an overweight position in the drugs industry — which benefited from the search for COVID-19 vaccines and treatments — and an underweight position in the air transport industry — where demand nearly disappeared in the initial surge of the pandemic — contributed to Fund performance versus the Index during the period. Security selections across the business equipment & services, food/drug retailers, and leisure goods/activities/movies industries helped relative performance as well.

In addition, the Fund’s cash position benefited relative performance when loan prices declined in the first quarter of 2020 and was

an overall contributor to Fund performance versus the Index during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Floating-Rate Fund

October 31, 2020

Performance^2,3

Portfolio Managers Craig P. Russ and Andrew N. Sveen, CFA


% Average Annual Total Returns	Class Inception Date			Performance Inception Date			One Year			Five Years			Ten Years

Advisers Class at NAV		02/07/2001			02/07/2001			0.70	%		3.60	%		3.51	%
Class A at NAV		05/05/2003			02/07/2001			0.79			3.62			3.52
Class A with 2.25% Maximum Sales Charge		—			—			–1.50			3.14			3.29
Class C at NAV		02/01/2001			02/01/2001			0.06			2.85			2.75
Class C with 1% Maximum Sales Charge		—			—			–0.91			2.85			2.75
Class I at NAV		01/30/2001			01/30/2001			0.95			3.86			3.78
Class R6 at NAV		12/01/2016			01/30/2001			1.01			3.93			3.81



S&P/LSTA Leveraged Loan Index		—			—			1.72	%		4.09	%		4.11	%

% Total Annual Operating Expense Ratios⁴	Advisers Class			Class A			Class C			Class I			Class R6

		1.03	%		1.02	%		1.78	%		0.77	%		0.72	%

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Advisers Class

$10,000

10/31/2010

$14,125

N.A.

Class C

$10,000

10/31/2010

$13,123

N.A.

Class I

$250,000

10/31/2010

$362,397

N.A.

Class R6

$1,000,000

10/31/2010

$1,454,142

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Floating-Rate Fund

October 31, 2020

Fund Profile⁵

Top 10 Issuers (% of total investments)⁶


Virgin Media SFA Finance Limited	1.4	%

TransDigm, Inc.	1.2

Ziggo B.V.	1.2

Hyland Software, Inc.	1.1

Informatica, LLC	1.0

Asurion, LLC	1.0

CenturyLink, Inc.	1.0

Ultimate Software Group, Inc. (The)	0.9

Serta Simmons Bedding, LLC	0.9

JBS USA Lux S.A.	0.9

Total	10.6	%

Credit Quality (% of bonds, loans and asset-backed securities)⁷

LOGO

Top 10 Sectors (% of total investments)⁶


Electronics/Electrical	16.0	%

Business Equipment and Services	7.0

Health Care	6.8

Telecommunications	4.9

Drugs	4.5

Cable and Satellite Television	4.5

Asset-Backed Securities	4.3

Leisure Goods/Activities/Movies	4.3

Industrial Equipment	3.7

Food Products	3.4

Total	59.4	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Floating-Rate Fund

October 31, 2020

Endnotes and Additional Disclosures

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 Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

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

⁵	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶	Excludes cash and cash equivalents.

⁷

Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment- grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.

Fund profile subject to change due to active management.


		5

Eaton Vance

Floating-Rate Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Advisers Class	$	1,000.00	$	1,083.60	$	5.55		1.06	%
Class A	$	1,000.00	$	1,085.00	$	5.50		1.05	%
Class C	$	1,000.00	$	1,080.90	$	9.42		1.80	%
Class I	$	1,000.00	$	1,086.10	$	4.25		0.81	%
Class R6	$	1,000.00	$	1,086.40	$	3.93		0.75	%

Hypothetical
(5% return per year before expenses)
Advisers Class	$	1,000.00	$	1,019.80	$	5.38		1.06	%
Class A	$	1,000.00	$	1,019.90	$	5.33		1.05	%
Class C	$	1,000.00	$	1,016.10	$	9.12		1.80	%
Class I	$	1,000.00	$	1,021.10	$	4.12		0.81	%
Class R6	$	1,000.00	$	1,021.40	$	3.81		0.75	%


		6

Eaton Vance

Floating-Rate Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Eaton Vance Floating Rate Portfolio, at value (identified cost, $5,146,026,811)	$	4,909,311,198

Receivable for Fund shares sold		6,829,223

Total assets	$	4,916,140,421

Liabilities

Payable for Fund shares redeemed	$	16,546,356

Distributions payable		3,182,274

Payable to affiliates:

Administration fee		629,722

Distribution and service fees		324,673

Trustees’ fees		42

Accrued expenses		864,442

Total liabilities	$	21,547,509

Net Assets	$	4,894,592,912

Sources of Net Assets

Paid-in capital	$	5,712,104,063

Accumulated loss		(817,511,151	)

Total	$	4,894,592,912

Advisers Class Shares

Net Assets	$	94,411,145

Shares Outstanding		11,141,271

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.47

Class A Shares

Net Assets	$	658,206,148

Shares Outstanding		75,065,335

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.77

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	8.97

Class C Shares

Net Assets	$	189,137,668

Shares Outstanding		22,342,144

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	8.47

Class I Shares

Net Assets	$	3,565,897,601

Shares Outstanding		420,497,982

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.48

Class R6 Shares

Net Assets	$	386,940,350

Shares Outstanding		45,588,460

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.49

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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


		7		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income allocated from Portfolio	$	264,264,124

Dividends allocated from Portfolio		4,482,750

Expenses allocated from Portfolio		(33,491,114	)

Total investment income from Portfolio	$	235,255,760

Expenses

Administration fee	$	8,456,211

Distribution and service fees

Advisers Class		599,286

Class A		1,728,313

Class C		2,566,263

Trustees’ fees and expenses		500

Custodian fee		64,503

Transfer and dividend disbursing agent fees		3,249,562

Legal and accounting services		127,652

Printing and postage		318,783

Registration fees		248,223

Miscellaneous		55,644

Total expenses	$	17,414,940

Net investment income	$	217,840,820

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	(267,132,584	)

Foreign currency transactions		(2,497,929	)

Forward foreign currency exchange contracts		(14,613,850	)

Net realized loss	$	(284,244,363	)

Change in unrealized appreciation (depreciation) —

Investments	$	26,031,354

Foreign currency		472,521

Forward foreign currency exchange contracts		8,258,141

Net change in unrealized appreciation (depreciation)	$	34,762,016

Net realized and unrealized loss	$	(249,482,347	)

Net decrease in net assets from operations	$	(31,641,527	)


		8		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	217,840,820		$	391,105,152

Net realized loss		(284,244,363	)		(83,595,808	)

Net change in unrealized appreciation (depreciation)		34,762,016			(216,312,616	)

Net increase (decrease) in net assets from operations	$	(31,641,527	)	$	91,196,728

Distributions to shareholders —

Advisers Class	$	(9,640,250	)	$	(21,480,589	)

Class A		(26,688,903	)		(40,797,654	)

Class B		—			(40,822	)

Class C		(8,126,218	)		(16,656,167	)

Class I		(168,494,523	)		(296,157,293	)

Class R6		(16,155,737	)		(17,209,834	)

Total distributions to shareholders	$	(229,105,631	)	$	(392,342,359	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Advisers Class	$	71,619,058		$	55,841,920

Class A		153,050,587			168,643,321

Class C		23,464,055			42,526,455

Class I		1,445,830,170			1,898,867,963

Class R6		233,864,790			260,986,296

Net asset value of shares issued to shareholders in payment of distributions declared

Advisers Class		9,531,611			21,031,664

Class A		22,750,821			35,786,939

Class B		—			39,557

Class C		6,600,031			13,784,539

Class I		128,680,351			213,266,427

Class R6		12,483,647			16,974,140

Cost of shares redeemed

Advisers Class		(334,055,318	)		(251,348,187	)

Class A		(300,856,089	)		(495,835,764	)

Class B		—			(422,197	)

Class C		(135,626,037	)		(173,445,065	)

Class I		(2,799,840,562	)		(4,350,126,232	)

Class R6		(248,703,122	)		(120,521,093	)

Net asset value of shares converted⁽¹⁾

Class A		20,886,699			125,221,579

Class B		—			(1,803,002	)

Class C		(20,886,699	)		(123,418,577	)

Net decrease in net assets from Fund share transactions	$	(1,711,206,007	)	$	(2,663,949,317	)

Other capital —

Portfolio transaction fee contributed to Portfolio	$	—		$	(5,980,480	)

Portfolio transaction fee allocated from Portfolio		—			6,310,445

Net increase in net assets from other capital	$	—		$	329,965

Net decrease in net assets	$	(1,971,953,165	)	$	(2,964,764,983	)

Net Assets

At beginning of year	$	6,866,546,077		$	9,831,311,060

At end of year	$	4,894,592,912		$	6,866,546,077

⁽¹⁾	Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.


		9		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Financial Highlights


	Advisers Class

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.740		$	9.050		$	9.010		$	8.870		$	8.670

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.321		$	0.411		$	0.357		$	0.323		$	0.352

Net realized and unrealized gain (loss)		(0.267	)		(0.310	)		0.036			0.140			0.200

Total income from operations	$	0.054		$	0.101		$	0.393		$	0.463		$	0.552

Less Distributions

From net investment income	$	(0.324	)	$	(0.411	)	$	(0.353	)	$	(0.323	)	$	(0.345	)

Tax return of capital		—			—			—			—			(0.007	)

Total distributions	$	(0.324	)	$	(0.411	)	$	(0.353	)	$	(0.323	)	$	(0.352	)

Net asset value — End of year	$	8.470		$	8.740		$	9.050		$	9.010		$	8.870

Total Return⁽²⁾		0.70	%		1.16	%		4.44	%		5.30	%		6.57	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	94,411		$	364,983		$	556,125		$	314,611		$	338,079

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.08	%		1.03	%		1.02	%		1.04	%		1.07	%

Net investment income		3.78	%		4.63	%		3.95	%		3.60	%		4.10	%

Portfolio Turnover of the Portfolio		28	%		16	%		30	%		42	%		27	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Financial Highlights — continued


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.050		$	9.360		$	9.310		$	9.170		$	8.970

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.322		$	0.425		$	0.365		$	0.334		$	0.364

Net realized and unrealized gain (loss)		(0.268	)		(0.310	)		0.050			0.141			0.200

Total income from operations	$	0.054		$	0.115		$	0.415		$	0.475		$	0.564

Less Distributions

From net investment income	$	(0.334	)	$	(0.425	)	$	(0.365	)	$	(0.335	)	$	(0.357	)

Tax return of capital		—			—			—			—			(0.007	)

Total distributions	$	(0.334	)	$	(0.425	)	$	(0.365	)	$	(0.335	)	$	(0.364	)

Net asset value — End of year	$	8.770		$	9.050		$	9.360		$	9.310		$	9.170

Total Return⁽²⁾		0.79	%		1.17	%		4.42	%		5.36	%		6.50	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	658,206		$	788,125		$	984,812		$	1,023,559		$	1,067,045

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.07	%		1.02	%		1.02	%		1.04	%		1.07	%

Net investment income		3.68	%		4.63	%		3.90	%		3.60	%		4.11	%

Portfolio Turnover of the Portfolio		28	%		16	%		30	%		42	%		27	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.730		$	9.040		$	8.990		$	8.860		$	8.660

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.251		$	0.343		$	0.285		$	0.256		$	0.287

Net realized and unrealized gain (loss)		(0.251	)		(0.308	)		0.050			0.130			0.200

Total income from operations	$	—		$	0.035		$	0.335		$	0.386		$	0.487

Less Distributions

From net investment income	$	(0.260	)	$	(0.345	)	$	(0.285	)	$	(0.256	)	$	(0.281	)

Tax return of capital		—			—			—			—			(0.006	)

Total distributions	$	(0.260	)	$	(0.345	)	$	(0.285	)	$	(0.256	)	$	(0.287	)

Net asset value — End of year	$	8.470		$	8.730		$	9.040		$	8.990		$	8.860

Total Return⁽²⁾		0.06	%		0.40	%		3.66	%		4.51	%		5.78	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	189,138		$	328,577		$	585,693		$	624,015		$	691,050

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.82	%		1.78	%		1.77	%		1.79	%		1.82	%

Net investment income		2.97	%		3.86	%		3.15	%		2.85	%		3.36	%

Portfolio Turnover of the Portfolio		28	%		16	%		30	%		42	%		27	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		12		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.750		$	9.060		$	9.010		$	8.880		$	8.680

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.335		$	0.433		$	0.377		$	0.346		$	0.374

Net realized and unrealized gain (loss)		(0.260	)		(0.309	)		0.049			0.130			0.199

Total income from operations	$	0.075		$	0.124		$	0.426		$	0.476		$	0.573

Less Distributions

From net investment income	$	(0.345	)	$	(0.434	)	$	(0.376	)	$	(0.346	)	$	(0.365	)

Tax return of capital		—			—			—			—			(0.008	)

Total distributions	$	(0.345	)	$	(0.434	)	$	(0.376	)	$	(0.346	)	$	(0.373	)

Net asset value — End of year	$	8.480		$	8.750		$	9.060		$	9.010		$	8.880

Total Return⁽²⁾		0.95	%		1.41	%		4.81	%		5.56	%		6.72	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	3,565,898		$	4,985,629		$	7,450,507		$	6,123,148		$	4,961,131

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		0.82	%		0.77	%		0.77	%		0.79	%		0.82	%

Net investment income		3.95	%		4.88	%		4.17	%		3.85	%		4.36	%

Portfolio Turnover of the Portfolio		28	%		16	%		30	%		42	%		27	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		13		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Financial Highlights — continued


	Class R6

	Year Ended October 31,									Period Ended October 31, 2017⁽¹⁾
	2020			2019			2018			Period Ended October 31, 2017⁽¹⁾

Net asset value — Beginning of period	$	8.760		$	9.060		$	9.020		$	8.870

Income (Loss) From Operations

Net investment income	$	0.335	⁽²⁾	$	0.437	⁽²⁾	$	0.382	⁽²⁾	$	0.323

Net realized and unrealized gain (loss)		(0.254	)		(0.299	)		0.039			0.150

Total income from operations	$	0.081		$	0.138		$	0.421		$	0.473

Less Distributions

From net investment income	$	(0.351	)	$	(0.438	)	$	(0.381	)	$	(0.323	)

Total distributions	$	(0.351	)	$	(0.438	)	$	(0.381	)	$	(0.323	)

Net asset value — End of period	$	8.490		$	8.760		$	9.060		$	9.020

Total Return⁽³⁾		1.01	%		1.57	%		4.75	%		5.39	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	386,940		$	399,233		$	251,945		$	162,093

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses		0.76	%		0.72	%		0.72	%		0.73	% ⁽⁶⁾

Net investment income		3.97	%		4.92	%		4.22	%		3.87	%⁽⁶⁾

Portfolio Turnover of the Portfolio		28	%		16	%		30	%		42	%⁽⁷⁾

⁽¹⁾	For the period from the commencement of operations, December 1, 2016, to October 31, 2017.

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Annualized.

⁽⁷⁾	For the Portfolio’s year ended October 31, 2017.


		14		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Floating-Rate 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 offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Advisers Class, Class I 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. 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 Fund invests all of its investable assets in interests in Eaton Vance Floating Rate Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (86.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

C 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.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		15

Eaton Vance

Floating-Rate Fund

October 31, 2020

Notes to Financial Statements — continued

required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary Income	$	229,105,631	$	392,342,359

During the year ended October 31, 2020, accumulated loss was increased by $820,008 and paid-in capital was increased by $820,008 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	5,869,713

Deferred capital losses	$	(440,627,128	)

Net unrealized depreciation	$	(379,571,462	)

Distributions payable	$	(3,182,274	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $440,627,128 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 October 31, 2020, $63,127,085 are short-term and $377,500,043 are long-term.

3 Transactions with Affiliates

The administration fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $8,456,211. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $22,947 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 $10,843 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Advisers Class, Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

4 Distribution Plans

The Fund has in effect distribution plans for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/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 Advisers Class and 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 year ended October 31, 2020 amounted to $599,286 for Advisers Class shares and $1,728,313 for Class A shares.


		16

Eaton Vance

Floating-Rate Fund

October 31, 2020

Notes to Financial Statements — 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 Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $641,566 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) generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% 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. Class C shares are subject to a 1% CDSC if redeemed within 12 months of purchase. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $44,000 and $36,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $198,712,424 and $2,171,753,204, respectively. During the year ended October 31, 2019, a Portfolio transaction fee was imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1K of the Portfolio’s Notes to Financial Statements included herein. Such fee was allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

7 Shares of Beneficial Interest


	Year Ended October 31,
Advisers Class	2020			2019

Sales		8,301,582			6,301,771

Issued to shareholders electing to receive payments of distributions in Fund shares		1,123,121			2,374,726

Redemptions		(40,023,937	)		(28,386,938	)

Net decrease		(30,599,234	)		(19,710,441	)

	Year Ended October 31,
Class A	2020			2019

Sales		17,547,572			18,370,998

Issued to shareholders electing to receive payments of distributions in Fund shares		2,599,762			3,906,958

Redemptions		(34,638,201	)		(54,035,711	)

Converted from Class B shares		—			196,619

Converted from Class C shares		2,431,504			13,478,873

Net decrease		(12,059,363	)		(18,082,263	)


		17

Eaton Vance

Floating-Rate Fund

October 31, 2020

Notes to Financial Statements — continued



	Year Ended October 31,
Class B	2020			2019⁽¹⁾

Issued to shareholders electing to receive payments of distributions in Fund shares		—			4,471

Redemptions		—			(47,444	)

Converted to Class A shares		—			(203,657	)

Net decrease		—			(246,630	)

	Year Ended October 31,
Class C	2020			2019

Sales		2,741,836			4,796,081

Issued to shareholders electing to receive payments of distributions in Fund shares		779,855			1,559,115

Redemptions		(16,280,075	)		(19,597,226	)

Converted to Class A shares		(2,518,649	)		(13,933,895	)

Net decrease		(15,277,033	)		(27,175,925	)

	Year Ended October 31,
Class I	2020			2019

Sales		173,468,948			214,012,976

Issued to shareholders electing to receive payments of distributions in Fund shares		15,193,108			24,066,495

Redemptions		(337,897,632	)		(491,143,724	)

Net decrease		(149,235,576	)		(253,064,253	)

	Year Ended October 31,
Class R6	2020			2019

Sales		28,752,771			29,431,881

Issued to shareholders electing to receive payments of distributions in Fund shares		1,473,347			1,913,389

Redemptions		(30,221,951	)		(13,562,318	)

Net increase		4,167			17,782,952

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8 Risks and Uncertainties

Pandemic Risk


		18

Eaton Vance

Floating-Rate Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		19

Eaton Vance

Floating-Rate Fund

October 31, 2020

Federal Tax Information (Unaudited)


		20

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments


Senior Floating-Rate Loans — 86.9%⁽¹⁾
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 2.2%

Aernnova Aerospace S.A.U.

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		1,194	$	1,114,678

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		4,656		4,347,243

AI Convoy (Luxembourg) S.a.r.l.

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		2,850		3,263,655

Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing January 17, 2027⁽²⁾			4,204		4,139,505

Dynasty Acquisition Co., Inc.

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			6,830		6,136,846

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			12,698		11,409,867

IAP Worldwide Services, Inc.

Revolving Loan, 1.37%, Maturing July 19, 2021⁽³⁾			5,526		5,396,495

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), Maturing July 18, 2021⁽⁴⁾			6,930		5,454,526

Spirit Aerosystems, Inc.

Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), Maturing January 30, 2025			3,025		3,028,781

TransDigm, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			28,603		27,005,868

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 30, 2025			6,400		6,036,757

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			34,208		32,254,968

WP CPP Holdings, LLC

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025			14,847		13,181,726

				$	122,770,915

Air Transport — 0.4%

JetBlue Airways Corporation

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 17, 2024			3,111	$	3,103,125

Mileage Plus Holdings, LLC

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 25, 2027			5,850		5,962,888

SkyMiles IP, Ltd.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 20, 2027			14,625		14,602,156

				$	23,668,169


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive — 3.2%

Adient US, LLC

Term Loan, 4.42%, (USD LIBOR + 4.25%), Maturing May 6, 2024⁽²⁾			2,740	$	2,707,771

American Axle and Manufacturing, Inc.

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,165		18,545,663

Autokiniton US Holdings, Inc.

Term Loan, 6.52%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,262		8,983,958

Bright Bidco B.V.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024			18,014		8,549,005

Chassix, Inc.

Term Loan, 6.50%, (USD LIBOR + 5.50%, Floor 1.00%), Maturing November 15, 2023⁽²⁾			8,879		7,946,638

Clarios Global, L.P.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			22,298		21,656,712

Cooper Standard Automotive, Inc.

Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			5,070		4,394,601

Dayco Products, LLC

Term Loan, 4.51%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			10,974		6,986,479

Garrett LX III S.a.r.l.

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing September 27, 2025	EUR		4,625		5,245,640

Garrett Motion, Inc.

DIP Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 15, 2021			1,157		1,162,340

Goodyear Tire & Rubber Company (The)

Term Loan - Second Lien, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			8,017		7,771,479

IAA, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			6,071		5,919,286

Les Schwab Tire Centers

Term Loan, Maturing October 28, 2027⁽⁵⁾			18,475		18,336,437

Tenneco, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			34,580		32,040,772

Thor Industries, Inc.

Term Loan, 3.94%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			9,518		9,467,571


		21		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive (continued)

TI Group Automotive Systems, LLC

Term Loan, 4.50%, (3 mo. EURIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024	EUR		7,644	$	8,857,855

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024			10,682		10,654,870

Visteon Corporation

Term Loan, 1.91%, (USD LIBOR + 1.75%), Maturing March 25, 2024⁽²⁾			2,217		2,175,076

				$	181,402,153

Brokerage / Securities Dealers / Investment Houses — 0.5%

Advisor Group, Inc.

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			11,119	$	10,744,200

Clipper Acquisitions Corp.

Term Loan, 1.89%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			12,934		12,675,565

OZ Management L.P.

Term Loan, 4.94%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			257		256,700

Resolute Investment Managers, Inc.

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023			3,800		3,676,500

				$	27,352,965

Building and Development — 2.7%

ACProducts, Inc.

Term Loan, 7.50%, (6 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing August 18, 2025			3,678	$	3,718,095

Advanced Drainage Systems, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026			2,347		2,332,358

American Builders & Contractors Supply Co., Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027			21,904		21,297,980

American Residential Services, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 15, 2027			4,150		4,108,500

APi Group DE, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026			13,697		13,435,417

Term Loan, Maturing October 1, 2026⁽⁵⁾			2,150		2,105,656


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Building and Development (continued)

Core & Main L.P.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing August 1, 2024			1,326	$	1,292,625

CPG International, Inc.

Term Loan, 4.75%, (12 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 5, 2024			6,764		6,766,395

Cushman & Wakefield U.S. Borrower, LLC

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025			28,775		27,612,458

LSF11 Skyscraper Holdco S.a.r.l.

Term Loan, Maturing August 7, 2027⁽⁵⁾			5,400		5,379,750

Term Loan, Maturing September 29, 2027⁽⁵⁾	EUR		11,350		13,130,649

Quikrete Holdings, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			3,606		3,541,766

RE/MAX International, Inc.

Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			17,532		17,443,917

Realogy Group, LLC

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing February 8, 2025			5,421		5,214,595

Werner FinCo L.P.

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024			4,716		4,562,869

White Cap Buyer, LLC

Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), Maturing October 19, 2027			15,450		15,244,005

WireCo WorldGroup, Inc.

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 30, 2023			6,773		5,951,432

				$	153,138,467

Business Equipment and Services — 6.4%

Adevinta ASA

Term Loan, Maturing October 23, 2027⁽⁵⁾			2,175	$	2,166,844

Term Loan, Maturing October 23, 2027⁽⁵⁾	EUR		8,075		9,398,672

Adtalem Global Education, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			4,448		4,408,708


		22		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Airbnb, Inc.

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			6,434	$	6,857,436

AlixPartners, LLP

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 4, 2024			1,330		1,290,630

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		8,796		10,136,784

Allied Universal Holdco, LLC

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			6,131		6,013,310

Amentum Government Services Holdings, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 1, 2027			9,551		9,192,898

AppLovin Corporation

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			26,826		26,340,038

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing August 15, 2025			5,348		5,297,986

ASGN Incorporated

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025			575		569,178

Asplundh Tree Expert, LLC

Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing September 7, 2027			8,450		8,442,961

Belfor Holdings, Inc.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			2,165		2,159,969

BidFair MergeRight, Inc.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027			5,862		5,832,226

Bracket Intermediate Holding Corp.

Term Loan, 4.48%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025			9,002		8,788,260

Brand Energy & Infrastructure Services, Inc.

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 21, 2024			8,068		7,534,398

Camelot U.S. Acquisition 1 Co.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 30, 2026			8,175		8,067,703

Ceridian HCM Holding, Inc.

Term Loan, 2.60%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025			10,216		9,901,444

CM Acquisition Co.

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing July 26, 2023			4,717		4,657,895


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Deerfield Dakota Holding, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027			2,319	$	2,289,328

EAB Global, Inc.

Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024⁽²⁾			3,750		3,660,570

EIG Investors Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 9, 2023			17,845		17,732,988

Garda World Security Corporation

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 30, 2026			7,695		7,686,475

Greeneden U.S. Holdings II, LLC

Term Loan, Maturing October 8, 2027⁽⁵⁾	EUR		1,250		1,451,627

Term Loan, Maturing October 8, 2027⁽⁵⁾			6,000		5,940,000

IG Investment Holdings, LLC

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 23, 2025			23,534		23,162,434

Illuminate Buyer, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing June 16, 2027			6,175		6,084,691

Intrado Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing October 10, 2024			3,861		3,579,583

Term Loan, 5.00%, (USD LIBOR + 4.00%, Floor 1.00%), Maturing October 10, 2024⁽²⁾			4,947		4,614,364

IRI Holdings, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 1, 2025			20,946		20,622,982

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing December 1, 2025			6,300		6,341,580

Iron Mountain, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			8,881		8,570,402

KAR Auction Services, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026			3,335		3,222,489

KUEHG Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 21, 2025			20,110		18,466,293

Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), Maturing August 22, 2025			4,425		3,974,203


		23		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

LGC Group Holdings, Ltd.

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 21, 2027	EUR		2,275	$	2,588,072

Loire Finco Luxembourg S.a.r.l.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 21, 2027			3,067		2,963,791

Monitronics International, Inc.

Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			17,189		13,665,632

PGX Holdings, Inc.

Term Loan, 10.50%, (12 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, Maturing September 29, 2023			8,666		7,387,984

Prime Security Services Borrower, LLC

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing September 23, 2026⁽²⁾			995		983,091

Rockwood Service Corporation

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			4,279		4,249,085

Speedster Bidco GmbH

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,975		3,316,712

Spin Holdco, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			31,108		30,369,083

TruGreen Limited Partnership

Term Loan, Maturing October 29, 2027⁽⁵⁾			4,100		4,059,000

Vestcom Parent Holdings, Inc.

Term Loan, 4.14%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,881		1,836,574

WASH Multifamily Laundry Systems, LLC

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			1,508		1,483,256

Zephyr Bidco Limited

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		4,975		5,575,046

Term Loan, 4.30%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,675		10,813,510

				$	363,748,185

Cable and Satellite Television — 4.4%

Altice France S.A.

Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			4,496	$	4,359,444

Term Loan, 4.24%, (3 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			6,438		6,266,005


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Cable and Satellite Television (continued)

Charter Communications Operating, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			6,756	$	6,593,500

CSC Holdings, LLC

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			25,799		24,967,260

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			4		4,078

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2027			8,366		8,116,347

Numericable Group S.A.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			21,077		20,180,929

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		7,172		7,966,530

Telenet Financing USD, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			32,325		31,269,395

Telenet International Finance S.a.r.l.

Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		5,000		5,725,891

UPC Broadband Holding B.V.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			7,475		7,197,805

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		2,350		2,673,978

Term Loan, Maturing January 31, 2029⁽⁵⁾	EUR		6,000		6,912,200

Term Loan, Maturing January 31, 2029⁽⁵⁾	EUR		6,000		6,912,201

Term Loan, Maturing January 31, 2029⁽⁵⁾			13,775		13,447,844

Term Loan, Maturing January 31, 2029⁽⁵⁾			13,775		13,447,844

Virgin Media Bristol, LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			39,275		38,001,272

Virgin Media SFA Finance Limited

Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		8,175		10,206,796

Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing November 15, 2027	GBP		600		749,123

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		11,625		13,180,841

Ziggo B.V.

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		17,350		19,756,231

				$	247,935,514


		24		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics — 3.2%

Alpha 3 B.V.

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing January 31, 2024			3	$	2,817

Aruba Investments, Inc.

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 7, 2025			8,275		8,264,656

Axalta Coating Systems US Holdings, Inc.

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			30,101		29,279,526

Caldic B.V.

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		500		558,668

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		2,166		2,420,584

Chemours Company (The)

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		2,848		3,199,733

Colouroz Investment 1 GmbH

Term Loan, 5.75%, (3 mo. EURIBOR + 5.00%, Floor 0.75%), 5.00% cash, 0.75% PIK, Maturing September 21, 2023	EUR		1,971		2,057,163

Element Solutions, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			4,429		4,340,043

Emerald Performance Materials, LLC

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing August 12, 2025			3,784		3,764,906

Ferro Corporation

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,738		3,687,668

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,819		3,767,835

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			5,287		5,216,810

Flint Group GmbH

Term Loan, 6.00%, (USD LIBOR + 4.25%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			2,687		2,418,005

Flint Group US, LLC

Term Loan, 6.00%, (USD LIBOR + 4.25%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			16,252		14,626,950

Gemini HDPE, LLC

Term Loan, 2.72%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			9,132		8,955,188


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

Hexion, Inc.

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		10,064	$	11,501,269

INEOS Enterprises Holdings II Limited

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		1,975		2,267,597

INEOS Enterprises Holdings US Finco, LLC

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 28, 2026			2,136		2,104,933

INEOS Finance PLC

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		6,356		7,197,515

Inovyn Finance PLC

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		3,204		3,653,683

Kraton Polymers, LLC

Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		618		706,758

Messer Industries GmbH

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,275		4,916,643

PMHC II, Inc.

Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			4,095		3,746,925

PQ Corporation

Term Loan, 2.46%, (3 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			17,475		17,016,340

Rohm Holding GmbH

Term Loan, 5.32%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			5,175		4,677,076

Starfruit Finco B.V.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			9,908		9,629,048

Tronox Finance, LLC

Term Loan, 3.18%, (USD LIBOR + 3.00%), Maturing September 23, 2024⁽²⁾			7,048		6,916,247

Univar, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			12,865		12,617,297

				$	179,511,883

Clothing / Textiles — 0.1%

Samsonite International S.A.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			2,776	$	2,597,612

				$	2,597,612


		25		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Conglomerates — 0.0%⁽⁶⁾

Penn Engineering & Manufacturing Corp.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 27, 2024			2,092	$	2,055,121

				$	2,055,121

Containers and Glass Products — 1.6%

Berry Global, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			5,860	$	5,809,241

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			7,230		7,147,580

BWAY Holding Company

Term Loan, 3.48%, (USD LIBOR + 3.25%), Maturing April 3, 2024⁽²⁾			5,714		5,360,422

Flex Acquisition Company, Inc.

Term Loan, 4.00%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing December 29, 2023⁽²⁾			24,014		23,473,593

Term Loan, 3.48%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			10,436		10,058,965

Libbey Glass, Inc.

DIP Loan, 12.00%, (USD LIBOR + 11.00%, Floor 1.00%), Maturing November 27, 2020⁽²⁾			2,295		2,298,982

DIP Loan, 4.00%, (USD LIBOR + 3.00%, Floor 1.00%), 2.00% cash, 2.00% PIK, Maturing November 30, 2020⁽²⁾			2,310		2,367,295

Term Loan, 0.00%, Maturing April 9, 2021⁽⁷⁾			8,099		1,338,804

Proampac PG Borrower, LLC

Term Loan, 5.44%, (USD LIBOR + 3.50%), Maturing November 20, 2023⁽²⁾			5,830		5,783,072

Reynolds Group Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			16,141		15,869,652

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2026			10,325		10,092,688

				$	89,600,294

Cosmetics / Toiletries — 0.4%

Kronos Acquisition Holdings, Inc.

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			25,137	$	24,958,618

				$	24,958,618

Drugs — 4.5%

Aenova Holding GmbH

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		1,825	$	2,130,469


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Drugs (continued)

Akorn, Inc.

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing October 1, 2025			8,288	$	8,353,981

Albany Molecular Research, Inc.

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024⁽²⁾			3,700		3,655,723

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 30, 2024			1,775		1,752,813

Alkermes, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			18,692		18,598,059

Amneal Pharmaceuticals, LLC

Term Loan, 3.69%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			22,934		21,921,269

Arbor Pharmaceuticals, Inc.

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			9,674		8,464,831

Bausch Health Companies, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			37,415		36,602,837

Elanco Animal Health Incorporated

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing August 1, 2027			1,468		1,438,360

Endo Luxembourg Finance Company I S.a.r.l.

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			21,184		20,273,245

Grifols Worldwide Operations USA, Inc.

Term Loan, 2.09%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,106		35,288,457

Horizon Therapeutics USA, Inc.

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing May 22, 2026			7,802		7,655,783

Jaguar Holding Company II

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing August 18, 2022			38,145		37,930,786

Mallinckrodt International Finance S.A.

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), Maturing September 24, 2024			33,442		30,919,938

Term Loan, 5.75%, (6 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing February 24, 2025			10,970		10,133,307

Nidda Healthcare Holding AG

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		5,475		6,243,618

				$	251,363,476


		26		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Ecological Services and Equipment — 0.3%

Applied Systems, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			2,581	$	2,548,244

EnergySolutions, LLC

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 9, 2025			17,404		16,664,724

				$	19,212,968

Electronics / Electrical — 15.6%

Applied Systems, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 19, 2024			26,666	$	26,573,350

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing September 19, 2025			3,279		3,305,259

Aptean, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			7,525		7,270,627

Astra Acquisition Corp.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			5,846		5,874,853

Avast Software B.V.

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing September 29, 2023			2,017		2,013,119

Banff Merger Sub, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			36,518		35,505,905

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,390		3,891,472

Barracuda Networks, Inc.

Term Loan - Second Lien, Maturing October 30, 2028⁽⁵⁾			2,925		2,917,688

Buzz Merger Sub, Ltd.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			4,102		4,014,472

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), Maturing January 29, 2027			1,625		1,606,719

Cambium Learning Group, Inc.

Term Loan, 4.72%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2025			6,325		6,114,169

Castle US Holding Corporation

Term Loan, 3.97%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			7,985		7,532,900


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Celestica, Inc.

Term Loan, 2.28%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025		3,988	$	3,907,811

Term Loan, 2.66%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025		3,098		3,070,397

Cohu, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025		10,313		9,971,559

CommScope, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026		19,908		19,245,793

Cornerstone OnDemand, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 22, 2027		13,310		13,207,191

CPI International, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024		9,548		9,142,561

E2open, LLC

Term Loan, Maturing October 29, 2027⁽⁵⁾		6,225		6,186,094

ECI Macola/Max Holdings, LLC

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing September 27, 2024		8,368		8,323,017

Electro Rent Corporation

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024		17,111		16,875,728

Epicor Software Corporation

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 30, 2027		20,961		20,921,804

Finastra USA, Inc.

Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024⁽²⁾		24,535		23,223,047

Fiserv Investment Solutions, Inc.

Term Loan, 5.02%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027		5,988		5,968,789

GlobalLogic Holdings, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing September 14, 2027		5,550		5,452,875

Go Daddy Operating Company, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024		46,342		45,331,260

Hyland Software, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing July 1, 2024		61,085		60,340,987


		27		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Infoblox, Inc.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			13,626	$	13,620,416

Informatica, LLC

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 25, 2027	EUR		2,413		2,742,242

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			52,006		50,367,932

Term Loan - Second Lien, 7.13%, Maturing February 25, 2025⁽⁸⁾			4,675		4,750,969

LogMeIn, Inc.

Term Loan, 4.89%, (1 mo. USD LIBOR + 4.75%), Maturing August 31, 2027			10,225		9,931,031

MA FinanceCo., LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			2,777		2,632,850

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing June 21, 2024	EUR		2,500		2,826,702

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing June 5, 2025	EUR		5,650		6,565,875

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 5, 2025			14,150		14,017,344

MACOM Technology Solutions Holdings, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			10,044		9,725,499

Marcel LUX IV S.a.r.l.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			2,209		2,137,020

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		2,650		3,039,065

Term Loan, Maturing September 22, 2027⁽⁵⁾			3,275		3,242,250

Milano Acquisition Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 1, 2027			20,925		20,598,047

Mirion Technologies, Inc.

Term Loan, 4.27%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			5,274		5,244,718

NCR Corporation

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026			9,182		8,918,260

Recorded Books, Inc.

Term Loan, 4.39%, (1 mo. USD LIBOR + 4.25%), Maturing August 29, 2025			2,264		2,216,183

Redstone Buyer, LLC

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 1, 2027			11,850		11,761,125


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Renaissance Holding Corp.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		2,751	$	2,660,263

Term Loan - Second Lien, 7.15%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		2,109,750

Seattle Spinco, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		18,753		17,780,289

SkillSoft Corporation

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing December 27, 2024		4,620		4,637,320

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 27, 2025		15,264		15,073,588

SolarWinds Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		26,740		26,303,766

Solera, LLC

Term Loan, 2.92%, (2 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		27,727		27,058,715

Sparta Systems, Inc.

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 21, 2024		3,395		3,233,738

SS&C Technologies Holdings Europe S.a.r.l.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		6,506		6,334,514

SS&C Technologies, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		9,261		9,016,208

STG-Fairway Holdings, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2027		4,788		4,661,118

SurveyMonkey, Inc.

Term Loan, 3.86%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		13,250		13,017,921

Tibco Software, Inc.

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		30,583		29,754,834

Term Loan - Second Lien, 7.40%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		4,900		4,802,000

TTM Technologies, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		1,605		1,581,036

Uber Technologies, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		17,977		17,700,229


		28		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Uber Technologies, Inc. (continued)

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025			29,923	$	29,593,982

Ultimate Software Group, Inc. (The)

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026			20,925		20,585,396

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 4, 2026			30,600		30,461,872

Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), Maturing May 3, 2027			2,000		2,040,834

Ultra Clean Holdings, Inc.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			9,140		9,094,300

Valkyr Purchaser, LLC

Term Loan, Maturing October 29, 2027⁽⁵⁾			5,200		5,148,000

Verifone Systems, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025			14,052		12,893,959

Veritas US, Inc.

Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing September 1, 2025			18,625		18,240,859

Vero Parent, Inc.

Term Loan, 6.51%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024			15,972		15,652,776

VS Buyer, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2027			10,373		10,197,833

Vungle, Inc.

Term Loan, 5.64%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026			6,435		6,410,869

				$	878,172,943

Equipment Leasing — 0.6%

Avolon TLB Borrower 1 (US), LLC

Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025			21,582	$	20,874,346

Boels Topholding B.V.

Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing January 14, 2027	EUR		4,550		5,148,460

Fly Funding II S.a.r.l.

Term Loan, 6.24%, (3 mo. USD LIBOR + 6.00%), Maturing October 8, 2025			8,700		8,395,500

				$	34,418,306


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Financial Intermediaries — 2.5%

Aretec Group, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			18,851	$	17,751,097

Citco Funding, LLC

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			14,970		14,577,353

Ditech Holding Corporation

Term Loan, 0.00%, Maturing June 30, 2022⁽⁷⁾			27,404		8,255,369

EIG Management Company, LLC

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,949		2,942,002

Evergood 4 ApS

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		7,450		8,550,832

FB Income Advison, LLC

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,394		6,330,546

FinCo I, LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			6,276		6,174,861

Focus Financial Partners, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			6,229		6,072,274

GreenSky Holdings, LLC

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			13,046		12,426,276

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing March 29, 2025			3,741		3,647,109

Guggenheim Partners, LLC

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			24,752		24,603,374

LPL Holdings, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			16,277		15,958,247

Nets Holding A/S

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000		1,140,994

Victory Capital Holdings, Inc.

Term Loan, 2.73%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			9,298		9,111,556

Virtus Investment Partners, Inc.

Term Loan, 3.00%, (3 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing June 1, 2024			4,778		4,741,951

				$	142,283,841


		29		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Products — 3.3%

Alphabet Holding Company, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			22,142	$	21,491,626

Atkins Nutritionals Holdings II, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024			3,261		3,262,516

B&G Foods, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026			2,106		2,097,321

Badger Buyer Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024			4,928		4,644,286

Froneri International, Ltd.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 31, 2027			18,379		17,765,210

Term Loan - Second Lien, 5.90%, (1 mo. USD LIBOR + 5.75%), Maturing January 31, 2028			1,000		995,000

H Food Holdings, LLC

Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			8,626		8,318,319

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			5,649		5,474,951

HLF Financing S.a.r.l.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025			10,783		10,625,546

Jacobs Douwe Egberts International B.V.

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			26,074		26,041,621

JBS USA Lux S.A.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 1, 2026			52,895		51,798,050

Nomad Foods Europe Midco Limited

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			10,627		10,405,762

Shearer’s Foods, Inc.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing September 23, 2027			2,925		2,898,187

Sunshine Investments B.V.

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618		12,130,089

Term Loan, 4.07%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		2,000		2,545,657

Valeo F1 Company Limited (Ireland)

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 27, 2027	EUR		6,000		6,848,142

				$	187,342,283


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Service — 0.6%

1011778 B.C. Unlimited Liability Company

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			35,301	$	33,984,272

IRB Holding Corp.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025			3		2,440

KFC Holding Co.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			779		765,424

				$	34,752,136

Food / Drug Retailers — 0.4%

BW Gas & Convenience Holdings, LLC

Term Loan, 6.41%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			4,837	$	4,836,563

CNT Holdings I Corp.

Term Loan, Maturing October 16, 2027⁽⁵⁾			5,050		4,999,500

L1R HB Finance Limited

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		4,674		4,377,087

Term Loan, 5.55%, (6 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		9,172		9,486,119

				$	23,699,269

Forest Products — 0.0%⁽⁶⁾

Clearwater Paper Corporation

Term Loan, 3.24%, (USD LIBOR + 3.00%), Maturing July 26, 2026⁽²⁾			2,076	$	2,071,122

				$	2,071,122

Health Care — 6.8%

Alliance Healthcare Services, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			8,395	$	7,681,425

Term Loan - Second Lien, 12.00%, (1 mo. USD LIBOR + 11.00%, Floor 1.00%), Maturing April 24, 2024			5,575		2,550,563

athenahealth, Inc.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			16,476		16,167,128

Avantor Funding, Inc.

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			5,744		5,707,891

Term Loan, Maturing October 29, 2027⁽⁵⁾			2,825		2,796,750


		30		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

BioClinica Holding I L.P.

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			10,496	$	10,128,887

BW NHHC Holdco, Inc.

Term Loan, 5.27%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			14,005		11,974,112

CeramTec AcquiCo GmbH

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025	EUR		9,170		10,233,505

CryoLife, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 1, 2024			5,422		5,394,579

Dedalus Finance GmbH

Term Loan, 4.50%, (1 mo. EURIBOR + 4.50%), Maturing May 4, 2027	EUR		5,700		6,585,948

Term Loan, Maturing August 16, 2027⁽⁵⁾	EUR		8,175		9,445,637

Elsan SAS

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2024	EUR		2,500		2,874,502

Ensemble RCM, LLC

Term Loan, 3.96%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			5,074		4,978,617

Envision Healthcare Corporation

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			51,490		37,059,752

Gentiva Health Services, Inc.

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			24,073		23,622,007

Greatbatch, Ltd.

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			4,881		4,841,623

Hanger, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			11,846		11,767,271

Inovalon Holdings, Inc.

Term Loan, 3.19%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,014		11,729,083

IQVIA, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024			9,993		9,849,730

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			13,537		13,342,646

Medical Solutions, LLC

Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing June 14, 2024			10,662		10,262,654


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

Mehilainen Yhtiot Oy

Term Loan, Maturing August 9, 2025⁽⁵⁾	EUR		1,750	$	2,004,168

MPH Acquisition Holdings, LLC

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 7, 2023			16,109		15,927,438

National Mentor Holdings, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			302		297,250

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			6,609		6,511,979

Navicure, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 22, 2026			3,700		3,649,125

One Call Corporation

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing November 25, 2022			17,012		15,779,001

Ortho-Clinical Diagnostics S.A.

Term Loan, 3.39%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			22,064		21,379,568

Phoenix Guarantor, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			19,348		18,743,657

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), Maturing March 5, 2026			4,150		4,084,293

Radiology Partners, Inc

Term Loan, 4.81%, (USD LIBOR + 4.25%), Maturing July 9, 2025⁽²⁾			3,076		2,912,159

RadNet, Inc.

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 30, 2023			6,488		6,399,064

Select Medical Corporation

Term Loan, 2.78%, (6 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			27,023		26,431,469

Surgery Center Holdings, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			10,093		9,590,605

Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			1,791		1,826,820

Synlab Bondco PLC

Term Loan, Maturing July 31, 2024⁽⁵⁾	EUR		1,000		1,158,827

Team Health Holdings, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			7,218		5,901,003


		31		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

U.S. Anesthesia Partners, Inc.

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024			2,238	$	2,100,629

Verscend Holding Corp.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			19,022		18,705,111

				$	382,396,476

Home Furnishings — 0.9%

Serta Simmons Bedding, LLC

Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			13,637	$	13,682,925

Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			45,042		38,623,396

				$	52,306,321

Industrial Equipment — 3.7%

AI Alpine AT Bidco GmbH

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2025	EUR		6,125	$	6,675,748

Alliance Laundry Systems, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 8, 2027			8,175		8,117,775

Altra Industrial Motion Corp.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			7,596		7,450,276

Carlisle Food Service Products, Inc.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			13,689		13,014,163

CFS Brands, LLC

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			3,716		3,298,176

Clark Equipment Company

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			10,143		9,872,360

CPM Holdings, Inc.

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025			2,239		2,081,905

Delachaux Group S.A.

Term Loan, 4.74%, (6 mo. USD LIBOR + 4.50%), Maturing April 16, 2026			5,049		4,853,351


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

DexKo Global, Inc.

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,927	$	3,259,881

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		7,318		8,149,745

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			8,379		8,196,972

DXP Enterprises, Inc.

Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			5,046		4,957,695

Dynacast International, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing January 28, 2022			10,789		10,096,510

Engineered Machinery Holdings, Inc.

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 19, 2024			9,320		9,098,762

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 19, 2024			2,550		2,527,254

EWT Holdings III Corp.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			20,140		19,779,009

Filtration Group Corporation

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			6,434		6,271,168

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		2,000		2,284,020

Term Loan, Maturing March 29, 2025⁽⁵⁾			2,525		2,491,859

Gates Global, LLC

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		9,338		10,583,027

LTI Holdings, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			5,782		5,395,329

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,079		1,956,859

Minimax Viking GmbH

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,895		2,186,107

Quimper AB

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		17,725		20,338,065

Robertshaw US Holding Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 28, 2025			19,145		17,661,407


		32		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

Titan Acquisition Limited

Term Loan, 3.36%, (6 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			20,864	$	19,835,392

Welbilt, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			1,000		920,000

				$	211,352,815

Insurance — 2.5%

Alliant Holdings Intermediate, LLC

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			941	$	907,145

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			4,863		4,703,348

AmWINS Group, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			25,608		25,321,708

AssuredPartners, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			1,712		1,655,136

Asurion, LLC

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			25,815		25,367,940

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,199		2,160,886

Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			27,783		27,857,811

Financiere CEP S.A.S.

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing June 3, 2027	EUR		3,725		4,345,371

Hub International Limited

Term Loan, 3.21%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			15,491		14,927,437

NFP Corp.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			25,987		24,931,221

Ryan Specialty Group, LLC

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing September 1, 2027			6,425		6,382,165

USI, Inc.

Term Loan, 4.22%, (3 mo. USD LIBOR + 4.00%), Maturing December 2, 2026			1,990		1,970,386

				$	140,530,554


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies — 4.3%

AMC Entertainment Holdings, Inc.

Term Loan, 3.23%, (3 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			7,783	$	4,447,073

Amer Sports Oyj

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		11,925		12,256,559

Ancestry.com Operations, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			31,127		31,111,189

Bombardier Recreational Products, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			43,116		41,643,132

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 24, 2027			5,362		5,408,476

ClubCorp Holdings, Inc.

Term Loan, 2.97%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			17,977		15,201,529

Crown Finance US, Inc.

Term Loan, 2.63%, (6 mo. EURIBOR + 2.63%), Maturing February 28, 2025	EUR		4,038		2,696,059

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing February 28, 2025			10,323		5,894,332

Delta 2 (LUX) S.a.r.l.

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			5,531		5,335,981

Etraveli Holding AB

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing August 2, 2024	EUR		7,950		7,684,944

Lindblad Expeditions, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			478		444,470

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			1,912		1,777,880

Live Nation Entertainment, Inc.

Term Loan, 1.94%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2026			17,337		16,179,133

Match Group, Inc.

Term Loan, 2.00%, (3 mo. USD LIBOR + 1.75%), Maturing February 13, 2027			6,450		6,304,875

Motion Finco S.a.r.l.

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			338		292,255

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			2,676		2,311,816


		33		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies (continued)

Playtika Holding Corp.

Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing December 10, 2024			29,068	$	29,146,767

SeaWorld Parks & Entertainment, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			5,013		4,699,960

SRAM, LLC

Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024⁽²⁾			14,882		14,863,843

Steinway Musical Instruments, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 14, 2025			3,513		3,375,751

Travel Leaders Group, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			15,309		11,979,465

UFC Holdings, LLC

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			1,646		1,608,843

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			14,778		14,509,781

Vue International Bidco PLC

Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), Maturing July 3, 2026	EUR		3,878		3,308,125

				$	242,482,238

Lodging and Casinos — 2.2%

Aristocrat Technologies, Inc.

Term Loan, 1.96%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			7,466	$	7,286,644

Azelis Finance S.A.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		2,600		2,967,528

Boyd Gaming Corporation

Term Loan, 2.34%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			2,063		2,010,753

Churchill Downs Incorporated

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,404		3,293,128

CityCenter Holdings, LLC

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			2,989		2,817,777

ESH Hospitality, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			7,522		7,297,946


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)

Four Seasons Hotels Limited

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			4,642	$	4,481,868

Golden Nugget, Inc.

Term Loan, 3.25%, (USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023⁽²⁾			23,262		20,609,734

Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 4, 2023			1,875		2,128,125

GVC Holdings (Gibraltar) Limited

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing March 29, 2024			10,077		9,984,256

GVC Holdings PLC

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		21,225		24,361,262

Playa Resorts Holding B.V.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			12,694		10,885,467

Sportradar Capital S.a.r.l.

Term Loan, Maturing October 27, 2027⁽⁵⁾	EUR		3,550		4,099,191

Stars Group Holdings B.V. (The)

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			17,916		17,935,025

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		5,206		6,078,407

				$	126,237,111

Nonferrous Metals / Minerals — 0.5%

American Consolidated Natural Resources, Inc.

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), Maturing September 16, 2025			7,120	$	5,517,947

CD&R Hydra Buyer, Inc.

Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021⁽⁴⁾⁽⁸⁾			651		515,347

Noranda Aluminum Acquisition Corporation

Term Loan, 0.00%, Maturing February 28, 2021⁽⁷⁾			2,878		258,988

Oxbow Carbon, LLC

Term Loan, Maturing October 13, 2025⁽⁵⁾			3,725		3,669,125

Rain Carbon GmbH

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		15,625		17,037,557

				$	26,998,964


		34		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Oil and Gas — 2.6%

Ameriforge Group, Inc.

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, Maturing June 8, 2022		21,644	$	18,938,160

Apergy Corporation

Term Loan, 2.69%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025		446		431,037

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 28, 2027		1,679		1,675,602

Blackstone CQP Holdco L.P.

Term Loan, 3.73%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024		11,314		11,088,050

Buckeye Partners L.P.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026		13,531		13,272,830

Centurion Pipeline Company, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing September 28, 2025		1,650		1,625,250

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025		3,169		3,117,073

CITGO Holding, Inc.

Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023		2,549		2,345,310

CITGO Petroleum Corporation

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024		21,813		20,504,443

Delek US Holdings, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025		3,416		3,225,531

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 31, 2025		4,552		4,457,291

Fieldwood Energy, LLC

DIP Loan, 3.68%, Maturing August 4, 2021⁽³⁾		3,000		3,014,805

Term Loan, 0.00%, Maturing April 11, 2022⁽⁷⁾		20,306		5,012,946

Lealand Finance Company B.V.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), 1.15% cash, 3.00 PIK, Maturing June 30, 2025		2,299		1,508,456

Matador Bidco S.a.r.l.

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026		9,875		9,628,491

McDermott Technology Americas, Inc.

DIP Letter of Credit, 2.71%, Maturing June 28, 2024⁽³⁾		9,039		8,271,023

Term Loan, 3.14%, (1 mo. USD LIBOR + 3.00%), Maturing June 30, 2024		227		186,905


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

Prairie ECI Acquiror L.P.

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			14,632	$	13,169,169

PSC Industrial Holdings Corp.

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 11, 2024			7,892		7,468,161

RDV Resources Properties, LLC

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing March 29, 2024⁽⁴⁾			5,860		3,700,480

Sunrise Oil & Gas Properties, LLC

Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,139		1,935,534

Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,196		1,724,148

Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,537		1,281,397

UGI Energy Services, LLC

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			10,147		10,076,805

				$	147,658,897

Publishing — 0.8%

Alchemy Copyrights, LLC

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing August 16, 2027			3,625	$	3,615,937

Ascend Learning, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 12, 2024			2,750		2,729,375

Axel Springer S.E.

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000		2,236,128

Getty Images, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			11,639		10,896,807

Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		4,351,911

LSC Communications, Inc.

Term Loan, 0.00%, Maturing September 30, 2022⁽⁷⁾			7,775		1,263,356

Nielsen Finance, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 4, 2025			6,468		6,467,500


		35		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Publishing (continued)

ProQuest, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026		12,552	$	12,275,179

Tweddle Group, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing September 17, 2023		2,068		1,817,484

			$	45,653,677

Radio and Television — 2.1%

Diamond Sports Group, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026		30,368	$	19,008,642

Entercom Media Corp.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024		1,684		1,625,785

Entravision Communications Corporation

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		7,343		7,036,976

Hubbard Radio, LLC

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing March 28, 2025		7,787		7,504,584

iHeartCommunications, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026		2,646		2,490,194

Nexstar Broadcasting, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		16,620		16,204,063

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,019		4,901,102

Sinclair Television Group, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		13,932		13,572,277

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		6,361		6,180,531

Terrier Media Buyer, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		19,198		18,763,388

Univision Communications, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		19,952		19,364,230

			$	116,651,772


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) — 1.6%

Apro, LLC

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		4,378	$	4,345,311

Ascena Retail Group, Inc.

DIP Loan, 12.75%, (1 mo. USD LIBOR + 11.75%, Floor 1.00%), Maturing March 16, 2021		4,587		5,499,069

Term Loan, 0.00%, Maturing August 21, 2022⁽⁷⁾		13,233		4,102,102

Bass Pro Group, LLC

Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing September 25, 2024		13,811		13,780,619

BJ’s Wholesale Club, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 3, 2024		1,506		1,485,501

David’s Bridal, Inc.

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, Maturing June 23, 2023		3,564		3,209,349

Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing June 30, 2023		4,124		3,270,729

Go Wireless, Inc.

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,413		2,343,329

Harbor Freight Tools USA, Inc.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing October 19, 2027		10,375		10,241,256

Hoya Midco, LLC

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024		7,032		6,006,488

LSF9 Atlantis Holdings, LLC

Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		11,566		11,387,625

PetSmart, Inc.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 11, 2022		13,495		13,402,099

PFS Holding Corporation

Term Loan, 0.00%, Maturing January 31, 2021⁽⁷⁾		9,849		3,841,159

Pier 1 Imports (U.S.), Inc.

Term Loan, 0.00%, Maturing April 30, 2021⁽⁴⁾⁽⁷⁾		7,809		4,448,591

Wash MultiFamily Laundry Systems, LLC

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		264		259,762

			$	87,622,989


		36		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Steel — 0.8%

Atkore International, Inc.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 22, 2023		10,383	$	10,348,137

GrafTech Finance, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		7,006		6,926,955

Neenah Foundry Company

Term Loan, 10.00%, (2 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing December 13, 2022		7,493		6,556,258

Phoenix Services International, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		2,661		2,554,574

Zekelman Industries, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 24, 2027		20,348		19,804,078

			$	46,190,002

Surface Transport — 0.3%

Avis Budget Car Rental, LLC

Term Loan, Maturing August 6, 2027⁽⁵⁾		2,500	$	2,251,875

Kenan Advantage Group, Inc.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		1,959		1,895,959

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		7,252		7,019,407

XPO Logistics, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		4,275		4,201,970

			$	15,369,211

Telecommunications — 4.5%

Cablevision Lightpath, LLC

Term Loan, Maturing September 15, 2027⁽⁵⁾		600	$	592,125

CenturyLink, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027		48,545		46,823,480

Ciena Corporation

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025		1,913		1,912,655

Colorado Buyer, Inc.

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024		16,236		14,242,898


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Telecommunications (continued)

Digicel International Finance Limited

Term Loan, 3.80%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			14,353	$	12,603,655

Gamma Infrastructure III B.V.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		16,287		18,454,567

Global Eagle Entertainment, Inc.

DIP Loan, 11.25%, (1 mo. USD LIBOR + 10.00%, Floor 1.25%), Maturing January 22, 2021			3,424		3,398,560

Term Loan, 0.00%, Maturing January 6, 2023⁽⁷⁾			21,633		15,142,844

Intelsat Jackson Holdings S.A.

DIP Loan, 5.05%, (6 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing July 13, 2022⁽³⁾			9,286		9,464,806

Term Loan, 8.00%, (USD Prime + 4.75%), Maturing November 27, 2023			15,550		15,682,828

Term Loan, 8.75%, (USD Prime + 5.50%), Maturing January 2, 2024			15,794		15,956,924

IPC Corp.

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021⁽⁴⁾			11,591		8,275,716

Level 3 Financing, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			1,098		1,059,595

Onvoy, LLC

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			12,569		11,956,380

SBA Senior Finance II, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 11, 2025			15,536		15,095,474

Syniverse Holdings, Inc.

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 9, 2023			11,115		8,716,016

Telesat Canada

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			7,284		7,051,459

Zayo Group Holdings, Inc.

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		3,831		4,361,100

Ziggo Financing Partnership

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028			47,575		45,744,695

				$	256,535,777


		37		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Utilities — 0.4%

Brookfield WEC Holdings, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing August 1, 2025			5,250	$	5,139,538

Calpine Corporation

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024			16,480		16,108,902

Longview Power, LLC

Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), Maturing July 30, 2025⁽⁴⁾			596		477,071

				$	21,725,511

Total Senior Floating-Rate Loans (identified cost $5,177,773,571)				$	4,911,768,555

Corporate Bonds & Notes — 3.9%
Security		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.2%

Spirit AeroSystems, Inc.

5.50%, 1/15/25⁽⁹⁾			3,000	$	3,056,250

Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/25⁽⁹⁾			2,550		2,706,187

TransDigm, Inc.

8.00%, 12/15/25⁽⁹⁾			1,500		1,623,375

6.25%, 3/15/26⁽⁹⁾			1,500		1,565,633

				$	8,951,445

Air Transport — 0.3%

Delta Air Lines, Inc.

7.00%, 5/1/25⁽⁹⁾			4,650	$	5,079,225

Delta Air Lines, Inc./SkyMiles IP, Ltd.

4.50%, 10/20/25⁽⁹⁾			6,425		6,526,052

4.75%, 10/20/28⁽⁹⁾			6,425		6,571,339

				$	18,176,616

Automotive — 0.2%

Clarios Global, L.P.

6.75%, 5/15/25⁽⁹⁾			2,100	$	2,224,257

Clarios Global, L.P./Clarios US Finance Co.

6.25%, 5/15/26⁽⁹⁾			4,325		4,525,031

Tenneco, Inc.

4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24^(9)(10)	EUR		6,000		6,498,748

				$	13,248,036


Security		Principal Amount* (000’s omitted)		Value

Building and Development — 0.1%

American Builders & Contractors Supply Co., Inc.

4.00%, 1/15/28⁽⁹⁾			2,975	$	3,030,781

Cushman & Wakefield U.S. Borrower, LLC

6.75%, 5/15/28⁽⁹⁾			3,150		3,360,656

Forterra Finance, LLC/FRTA Finance Corp.

6.50%, 7/15/25⁽⁹⁾			900		952,313

Winnebago Industries, Inc.

6.25%, 7/15/28⁽⁹⁾			900		953,437

				$	8,297,187

Business Equipment and Services — 0.5%

Allied Universal Holdco, LLC/Allied Universal Finance Corp.

6.625%, 7/15/26⁽⁹⁾			2,075	$	2,173,562

Prime Security Services Borrower, LLC/Prime Finance, Inc.

5.25%, 4/15/24⁽⁹⁾			7,900		8,273,828

5.75%, 4/15/26⁽⁹⁾			15,225		16,233,656

Sabre GLBL, Inc.

7.375%, 9/1/25⁽⁹⁾			2,125		2,170,688

9.25%, 4/15/25⁽⁹⁾			2,525		2,786,969

				$	31,638,703

Cable and Satellite Television — 0.1%

Altice France S.A.

5.125%, 1/15/29⁽⁹⁾			1,300	$	1,300,390

Virgin Media Secured Finance PLC

4.50%, 8/15/30⁽⁹⁾			6,500		6,612,125

				$	7,912,515

Chemicals and Plastics — 0.2%

INEOS Finance PLC

3.375%, 3/31/26⁽⁹⁾	EUR		1,250	$	1,425,750

Tronox, Inc.

6.50%, 5/1/25⁽⁹⁾			7,000		7,393,750

				$	8,819,500

Containers and Glass Products — 0.1%

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC

4.00%, 10/15/27⁽⁹⁾			5,150	$	5,233,688

				$	5,233,688


		38		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Diversified Financial Services — 0.1%

AG Issuer, LLC

6.25%, 3/1/28⁽⁹⁾		4,225	$	4,129,938

			$	4,129,938

Drugs — 0.2%

Bausch Health Companies, Inc.

5.50%, 11/1/25⁽⁹⁾		8,975	$	9,228,992

			$	9,228,992

Ecological Services and Equipment — 0.1%

GFL Environmental, Inc.

4.25%, 6/1/25⁽⁹⁾		5,300	$	5,415,938

			$	5,415,938

Electronics / Electrical — 0.2%

LogMeIn, Inc.

5.50%, 9/1/27⁽⁹⁾		4,300	$	4,364,500

Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/25⁽⁹⁾		6,450		6,549,008

			$	10,913,508

Entertainment — 0.0%⁽⁶⁾

Six Flags Theme Parks, Inc.

7.00%, 7/1/25⁽⁹⁾		2,125	$	2,253,828

			$	2,253,828

Food Products — 0.2%

Del Monte Foods, Inc.

11.875%, 5/15/25⁽⁹⁾		8,200	$	8,758,625

			$	8,758,625

Food / Drug Retailers — 0.2%

Fresh Market, Inc. (The)

9.75%, 5/1/23⁽⁹⁾		12,550	$	12,032,375

			$	12,032,375

Industrial Equipment — 0.0%⁽⁶⁾

Clark Equipment Company

5.875%, 6/1/25⁽⁹⁾		1,050	$	1,095,281

			$	1,095,281


Security	Principal Amount* (000’s omitted)		Value

Insurance — 0.0%⁽⁶⁾

NFP Corp.

7.00%, 5/15/25⁽⁹⁾		500	$	530,938

			$	530,938

Leisure Goods / Activities / Movies — 0.1%

SeaWorld Parks & Entertainment, Inc.

8.75%, 5/1/25⁽⁹⁾		2,125	$	2,236,562

			$	2,236,562

Machinery — 0.1%

Vertical U.S. Newco, Inc.

5.25%, 7/15/27⁽⁹⁾		4,150	$	4,278,961

			$	4,278,961

Oil and Gas — 0.2%

CITGO Petroleum Corporation

7.00%, 6/15/25⁽⁹⁾		10,525	$	9,781,672

			$	9,781,672

Packaging & Containers — 0.0%⁽⁶⁾

Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC

6.00%, 9/15/28⁽⁹⁾		425	$	433,234

			$	433,234

Radio and Television — 0.2%

iHeartCommunications, Inc.

6.375%, 5/1/26		2,896	$	3,020,569

8.375%, 5/1/27		5,248		5,128,069

5.25%, 8/15/27⁽⁹⁾		2,125		2,101,094

4.75%, 1/15/28⁽⁹⁾		2,550		2,439,559

			$	12,689,291

Real Estate Investment Trusts (REITs) — 0.1%

Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer

5.875%, 10/1/28⁽⁹⁾		6,425	$	6,308,547

			$	6,308,547

Software and Services — 0.1%

Boxer Parent Co., Inc.

7.125%, 10/2/25⁽⁹⁾		4,225	$	4,535,791

			$	4,535,791


		39		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Telecommunications — 0.4%

CenturyLink, Inc.

4.00%, 2/15/27⁽⁹⁾		6,750	$	6,910,312

Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.

8.75%, 5/25/24⁽⁹⁾		6,325		6,340,813

VMED O2 UK Financing I PLC

4.25%, 1/31/31⁽⁹⁾		8,550		8,571,375

			$	21,822,500

Utilities — 0.0%⁽⁶⁾

Calpine Corp.

5.25%, 6/1/26⁽⁹⁾		2,245	$	2,309,252

			$	2,309,252

Total Corporate Bonds & Notes (identified cost $217,049,232)			$	221,032,923

Asset-Backed Securities — 4.4%
Security	Principal Amount (000’s omitted)		Value

Alinea CLO, Ltd.

Series 2018-1A, Class D, 3.318%, (3 mo. USD LIBOR + 3.10%), 7/20/31^(9)(10)	$	2,500	$	2,303,896

Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 7/20/31^(9)(10)		3,000		2,608,184

AMMC CLO 15, Ltd.

Series 2014-15A, Class ERR, 7.147%, (3 mo. USD LIBOR + 6.91%), 1/15/32^(9)(10)		5,000		4,361,086

AMMC CLO XII, Ltd.

Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%), 11/10/30^(9)(10)		3,525		2,737,617

Apidos CLO XX

Series 2015-20A, Class DR, 5.93%, (3 mo. USD LIBOR + 5.70%), 7/16/31^(9)(10)		2,375		2,071,533

Ares XL CLO, Ltd.

Series 2016-40A, Class CR, 3.637%, (3 mo. USD LIBOR + 3.40%), 1/15/29^(9)(10)		2,500		2,423,833

Series 2016-40A, Class DR, 6.587%, (3 mo. USD LIBOR + 6.35%), 1/15/29^(9)(10)		3,500		3,143,796

Ares XLIX CLO, Ltd.

Series 2018-49A, Class D, 3.216%, (3 mo. USD LIBOR + 3.00%), 7/22/30^(9)(10)		2,500		2,329,630

Series 2018-49A, Class E, 5.916%, (3 mo. USD LIBOR + 5.70%), 7/22/30^(9)(10)		3,500		3,055,928


Security	Principal Amount (000’s omitted)		Value

Ares XXXIIR CLO, Ltd.

Series 2014-32RA, Class C, 3.18%, (3 mo. USD LIBOR + 2.90%), 5/15/30^(9)(10)	$	5,000	$	4,627,860

Ares XXXVR CLO, Ltd.

Series 2015-35RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30^(9)(10)		4,000		3,505,283

Babson CLO, Ltd.

Series 2015-1A, Class DR, 2.818%, (3 mo. USD LIBOR + 2.60%), 1/20/31^(9)(10)		2,500		2,247,753

Series 2016-1A, Class DR, 3.259%, (3 mo. USD LIBOR + 3.05%), 7/23/30^(9)(10)		1,250		1,124,249

Series 2016-1A, Class ER, 6.209%, (3 mo. USD LIBOR + 6.00%), 7/23/30^(9)(10)		3,500		2,965,612

Series 2018-1A, Class C, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31^(9)(10)		3,500		3,131,137

Bain Capital Credit CLO

Series 2018-1A, Class D, 2.909%, (3 mo. USD LIBOR + 2.70%), 4/23/31^(9)(10)		5,000		4,400,671

Series 2018-1A, Class E, 5.559%, (3 mo. USD LIBOR + 5.35%), 4/23/31^(9)(10)		3,000		2,432,904

Benefit Street Partners CLO V-B, Ltd.

Series 2018-5BA, Class C, 3.148%, (3 mo. USD LIBOR + 2.93%), 4/20/31^(9)(10)		5,000		4,414,827

Series 2018-5BA, Class D, 6.168%, (3 mo. USD LIBOR + 5.95%), 4/20/31^(9)(10)		3,500		2,892,037

Benefit Street Partners CLO VIII, Ltd.

Series 2015-8A, Class DR, 5.818%, (3 mo. USD LIBOR + 5.60%), 1/20/31^(9)(10)		5,401		4,246,162

Benefit Street Partners CLO XIV, Ltd.

Series 2018-14A, Class D, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/20/31^(9)(10)		1,500		1,315,895

Benefit Street Partners CLO XVI, Ltd.

Series 2018-16A, Class D, 3.918%, (3 mo. USD LIBOR + 3.70%), 1/17/32^(9)(10)		2,000		1,934,469

Series 2018-16A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/17/32^(9)(10)		2,250		2,036,353

Benefit Street Partners CLO XVII, Ltd.

Series 2019-17A, Class E, 6.837%, (3 mo. USD LIBOR + 6.60%), 7/15/32^(9)(10)		1,750		1,622,770

Betony CLO 2, Ltd.

Series 2018-1A, Class C, 3.114%, (3 mo. USD LIBOR + 2.90%), 4/30/31^(9)(10)		2,500		2,282,250

Series 2018-1A, Class D, 5.864%, (3 mo. USD LIBOR + 5.65%), 4/30/31^(9)(10)		4,450		3,809,078

BlueMountain CLO, Ltd.

Series 2016-3A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 11/15/30^(9)(10)		1,500		1,315,508

Series 2016-3A, Class ER, 6.23%, (3 mo. USD LIBOR + 5.95%), 11/15/30^(9)(10)		1,500		1,182,994


		40		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

BlueMountain CLO, Ltd. (continued)

Series 2018-1A, Class D, 3.264%, (3 mo. USD LIBOR + 3.05%), 7/30/30^(9)(10)	$	2,500	$	2,191,732

Series 2018-1A, Class E, 6.164%, (3 mo. USD LIBOR + 5.95%), 7/30/30^(9)(10)		2,000		1,595,933

Canyon Capital CLO, Ltd.

Series 2012-1RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30^(9)(10)		4,875		4,121,493

Series 2016-1A, Class ER, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31^(9)(10)		4,000		3,418,125

Series 2016-2A, Class ER, 6.237%, (3 mo. USD LIBOR + 6.00%), 10/15/31^(9)(10)		4,500		3,805,183

Series 2017-1A, Class E, 6.487%, (3 mo. USD LIBOR + 6.25%), 7/15/30^(9)(10)		3,250		2,807,025

Series 2018-1A, Class D, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/31^(9)(10)		3,000		2,733,151

Series 2018-1A, Class E, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31^(9)(10)		2,750		2,352,233

Carlyle C17 CLO, Ltd.

Series C17A, Class CR, 3.014%, (3 mo. USD LIBOR + 2.80%), 4/30/31^(9)(10)		5,000		4,507,052

Series C17A, Class DR, 6.214%, (3 mo. USD LIBOR + 6.00%), 4/30/31^(9)(10)		3,500		2,900,355

Carlyle Global Market Strategies CLO, Ltd.

Series 2012-3A, Class CR2, 3.724%, (3 mo. USD LIBOR + 3.50%), 1/14/32^(9)(10)		2,500		2,247,334

Series 2012-3A, Class DR2, 6.724%, (3 mo. USD LIBOR + 6.50%), 1/14/32^(9)(10)		1,500		1,146,904

Series 2014-3RA, Class C, 3.167%, (3 mo. USD LIBOR + 2.95%), 7/27/31^(9)(10)		1,000		855,027

Series 2014-3RA, Class D, 5.617%, (3 mo. USD LIBOR + 5.40%), 7/27/31^(9)(10)		2,150		1,658,194

Series 2014-4RA, Class C, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/30^(9)(10)		2,000		1,736,581

Series 2014-4RA, Class D, 5.887%, (3 mo. USD LIBOR + 5.65%), 7/15/30^(9)(10)		3,500		2,643,759

Dryden CLO, Ltd.

Series 2018-55A, Class D, 3.087%, (3 mo. USD LIBOR + 2.85%), 4/15/31^(9)(10)		1,500		1,337,390

Series 2018-55A, Class E, 5.637%, (3 mo. USD LIBOR + 5.40%), 4/15/31^(9)(10)		2,000		1,709,969

Dryden Senior Loan Fund

Series 2015-40A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 8/15/31^(9)(10)		3,000		2,860,872

Series 2015-41A, Class DR, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31^(9)(10)		5,000		4,571,860

Series 2015-41A, Class ER, 5.537%, (3 mo. USD LIBOR + 5.30%), 4/15/31^(9)(10)		1,268		1,072,805

Series 2016-42A, Class DR, 3.167%, (3 mo. USD LIBOR + 2.93%), 7/15/30^(9)(10)		2,500		2,322,640

Series 2016-42A, Class ER, 5.787%, (3 mo. USD LIBOR + 5.55%), 7/15/30^(9)(10)		3,500		3,074,431


Security	Principal Amount (000’s omitted)		Value

Galaxy XV CLO, Ltd.

Series 2013-15A, Class ER, 6.882%, (3 mo. USD LIBOR + 6.65%), 10/15/30^(9)(10)	$	2,500	$	2,177,795

Galaxy XXV CLO, Ltd.

Series 2018-25A, Class D, 3.315%, (3 mo. USD LIBOR + 3.10%), 10/25/31^(9)(10)		2,500		2,306,738

Series 2018-25A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31^(9)(10)		3,500		3,032,547

Goldentree Loan Management US CLO 5, Ltd.

Series 2019-5A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 10/20/32^(9)(10)		1,500		1,482,662

Golub Capital Partners CLO 22B, Ltd.

Series 2015-22A, Class ER, 6.218%, (3 mo. USD LIBOR + 6.00%), 1/20/31^(9)(10)		2,500		2,060,701

Golub Capital Partners CLO 37B, Ltd.

Series 2018-37A, Class D, 3.518%, (3 mo. USD LIBOR + 3.30%), 7/20/30^(9)(10)		4,000		3,533,797

Series 2018-37A, Class E, 5.968%, (3 mo. USD LIBOR + 5.75%), 7/20/30^(9)(10)		4,750		4,067,792

ICG US CLO, Ltd.

Series 2018-2A, Class D, 3.316%, (3 mo. USD LIBOR + 3.10%), 7/22/31^(9)(10)		2,000		1,791,335

Series 2018-2A, Class E, 5.966%, (3 mo. USD LIBOR + 5.75%), 7/22/31^(9)(10)		3,000		2,341,945

Kayne CLO 5, Ltd.

Series 2019-5A, Class E, 6.915%, (3 mo. USD LIBOR + 6.70%), 7/24/32^(9)(10)		500		476,502

Madison Park Funding XXV, Ltd.

Series 2017-25A, Class D, 6.315%, (3 mo. USD LIBOR + 6.10%), 4/25/29^(9)(10)		1,500		1,335,589

Neuberger Berman CLO XXII, Ltd.

Series 2016-22A, Class DR, 3.318%, (3 mo. USD LIBOR + 3.10%), 10/17/30^(9)(10)		2,500		2,365,642

Series 2016-22A, Class ER, 6.278%, (3 mo. USD LIBOR + 6.06%), 10/17/30^(9)(10)		3,000		2,698,184

Neuberger Berman Loan Advisers CLO 28, Ltd.

Series 2018-28A, Class E, 5.818%, (3 mo. USD LIBOR + 5.60%), 4/20/30^(9)(10)		1,950		1,742,218

Neuberger Berman Loan Advisers CLO 30, Ltd.

Series 2018-30A, Class D, 3.868%, (3 mo. USD LIBOR + 3.65%), 1/20/31^(9)(10)		2,500		2,455,613

Series 2018-30A, Class E, 6.968%, (3 mo. USD LIBOR + 6.75%), 1/20/31^(9)(10)		1,000		958,436

Oaktree CLO, Ltd.

Series 2019-3A, Class D, 4.178%, (3 mo. USD LIBOR + 3.96%), 7/20/31^(9)(10)		2,625		2,468,598

OHA Credit Partners VII, Ltd.

Series 2012-7A, Class ER, 7.753%, (3 mo. USD LIBOR + 7.50%), 11/20/27^(9)(10)		900		863,849


		41		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Palmer Square CLO, Ltd.

Series 2013-2A, Class CRR, 3.418%, (3 mo. USD LIBOR + 3.20%), 10/17/31^(9)(10)	$	2,500	$	2,394,664

Series 2013-2A, Class DRR, 6.068%, (3 mo. USD LIBOR + 5.85%), 10/17/31^(9)(10)		3,000		2,668,421

Series 2018-1A, Class C, 2.718%, (3 mo. USD LIBOR + 2.50%), 4/18/31^(9)(10)		3,000		2,775,618

Series 2018-1A, Class D, 5.368%, (3 mo. USD LIBOR + 5.15%), 4/18/31^(9)(10)		2,000		1,803,734

Series 2018-2A, Class D, 5.83%, (3 mo. USD LIBOR + 5.60%), 7/16/31^(9)(10)		2,000		1,760,195

Regatta XIII Funding, Ltd.

Series 2018-2A, Class C, 3.337%, (3 mo. USD LIBOR + 3.10%), 7/15/31^(9)(10)		2,500		2,308,727

Series 2018-2A, Class D, 6.187%, (3 mo. USD LIBOR + 5.95%), 7/15/31^(9)(10)		5,000		4,257,507

Regatta XIV Funding, Ltd.

Series 2018-3A, Class D, 3.415%, (3 mo. USD LIBOR + 3.20%), 10/25/31^(9)(10)		2,500		2,311,237

Series 2018-3A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31^(9)(10)		4,500		3,909,726

Regatta XV Funding, Ltd.

Series 2018-4A, Class D, 6.715%, (3 mo. USD LIBOR + 6.50%), 10/25/31^(9)(10)		3,875		3,469,500

Southwick Park CLO, LLC

Series 2019-4A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 7/20/32^(9)(10)		1,750		1,666,096

THL Credit Wind River CLO, Ltd.

Series 2013-1A, Class DR, 6.518%, (3 mo. USD LIBOR + 6.30%), 7/20/30^(9)(10)		3,056		2,207,372

Upland CLO, Ltd.

Series 2016-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 4/20/31^(9)(10)		4,500		4,066,236

Series 2016-1A, Class DR, 6.118%, (3 mo. USD LIBOR + 5.90%), 4/20/31^(9)(10)		4,625		4,005,348

Vibrant CLO IX, Ltd.

Series 2018-9A, Class C, 3.418%, (3 mo. USD LIBOR + 3.20%), 7/20/31^(9)(10)		2,500		2,154,295

Series 2018-9A, Class D, 6.468%, (3 mo. USD LIBOR + 6.25%), 7/20/31^(9)(10)		3,500		2,689,321

Vibrant CLO X, Ltd.

Series 2018-10A, Class C, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/20/31^(9)(10)		5,000		4,358,253

Series 2018-10A, Class D, 6.408%, (3 mo. USD LIBOR + 6.19%), 10/20/31^(9)(10)		5,000		3,973,883

Voya CLO, Ltd.

Series 2015-3A, Class CR, 3.368%, (3 mo. USD LIBOR + 3.15%), 10/20/31^(9)(10)		2,500		2,212,318

Series 2015-3A, Class DR, 6.418%, (3 mo. USD LIBOR + 6.20%), 10/20/31^(9)(10)		5,500		4,520,161


Security	Principal Amount (000’s omitted)		Value

Voya CLO, Ltd. (continued)

Series 2016-3A, Class CR, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/18/31^(9)(10)	$	2,000	$	1,750,408

Series 2016-3A, Class DR, 6.298%, (3 mo. USD LIBOR + 6.08%), 10/18/31^(9)(10)		3,375		2,777,897

Series 2018-1A, Class C, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/19/31^(9)(10)		5,000		4,406,553

Series 2018-2A, Class E, 5.487%, (3 mo. USD LIBOR + 5.25%), 7/15/31^(9)(10)		2,500		2,095,934

Webster Park CLO, Ltd.

Series 2015-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 7/20/30^(9)(10)		2,000		1,874,432

Series 2015-1A, Class DR, 5.718%, (3 mo. USD LIBOR + 5.50%), 7/20/30^(9)(10)		2,500		2,190,337

Total Asset-Backed Securities (identified cost $282,288,995)			$	246,961,479

Common Stocks — 2.3%
Security	Shares		Value

Aerospace and Defense — 0.6%

IAP Global Services, LLC^{(4)(11)(12)(13)}		950	$	14,167,701

IAP Global Services, LLC^{(4)(11)(12)(13)}		1,627		18,198,044

			$	32,365,745

Automotive — 0.0%⁽⁶⁾

Dayco Products, LLC^(12)(13)		88,506	$	663,795

			$	663,795

Business Equipment and Services — 0.1%

Crossmark Holdings, Inc.^(12)(13)		88,008	$	5,060,460

			$	5,060,460

Chemicals and Plastics — 0.1%

Hexion Holdings Corp., Class B^(12)(13)		338,679	$	3,479,927

			$	3,479,927

Electronics / Electrical — 0.5%

Answers Corp.^(4)(13)		906,100	$	670,514

Software Luxembourg Holding S.A., Class A^(12)(13)		142,964		28,592,800

			$	29,263,314

Health Care — 0.1%

Akorn Holding Company, LLC, Class A^(12)(13)		705,631	$	7,850,145

			$	7,850,145


		42		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Nonferrous Metals / Minerals — 0.0%⁽⁶⁾

ACNR Holdings, Inc., Class A^(12)(13)		36,829	$	423,533

			$	423,533

Oil and Gas — 0.3%

AFG Holdings, Inc.^(4)(12)(13)		498,342	$	10,973,491

Fieldwood Energy, Inc.^(12)(13)		51,241		5,124

Fieldwood Energy, Inc.^(12)(13)		221,919		22,192

McDermott International, Ltd.^(12)(13)		1,013,850		1,723,545

RDV Resources, Inc., Class A^(4)(12)(13)		359,500		0

Samson Resources II, LLC, Class A^(4)(13)		435,055		2,827,857

Sunrise Oil & Gas, Inc., Class A^(12)(13)		321,407		2,249,849

			$	17,802,058

Publishing — 0.3%

ION Media Networks, Inc.^(4)(13)		28,605	$	18,724,261

Tweddle Group, Inc.^(4)(12)(13)		19,500		41,925

			$	18,766,186

Radio and Television — 0.2%

Clear Channel Outdoor Holdings, Inc.^(12)(13)		1,204,044	$	1,076,415

Cumulus Media, Inc., Class A^(12)(13)		551,505		2,790,615

Cumulus Media, Inc., Class B^(12)(13)		93,069		511,880

iHeartMedia, Inc., Class A^(12)(13)		512,034		4,208,920

			$	8,587,830

Retailers (Except Food and Drug) — 0.1%

David’s Bridal, LLC^(4)(12)(13)		272,023	$	2,377,481

			$	2,377,481

Utilities — 0.0%⁽⁶⁾

Longview Intermediate Holdings, LLC, Class A^(4)(12)(13)		149,459	$	1,209,123

			$	1,209,123

Total Common Stocks (identified cost $123,865,842)			$	127,849,597

Preferred Stocks — 0.1%
Security	Shares		Value

Financial Services — 0.0%⁽⁶⁾

DBI Investors, Inc., Series A-1^(4)(12)(13)		13,348	$	1,072,245

			$	1,072,245


Security	Shares		Value

Nonferrous Metals / Minerals — 0.0%⁽⁶⁾

ACNR Holdings, Inc., 15.00% (PIK)^(12)(13)		17,394	$	260,910

			$	260,910

Retailers (Except Food and Drug) — 0.1%

David’s Bridal, LLC, Series A, 8.00% (PIK) ^(4)(12)(13)		7,852	$	628,160

David’s Bridal, LLC, Series B, 10.00% (PIK) ^(4)(12)(13)		31,998		2,590,558

			$	3,218,718

Total Preferred Stocks (identified cost $2,590,558)			$	4,551,873

Miscellaneous — 0.0%⁽⁶⁾
Security	Shares		Value

Oil and Gas — 0.0%⁽⁶⁾

Paragon Offshore Finance Company, Class A^(12)(13)		42,177	$	12,653

Paragon Offshore Finance Company, Class B^(12)(13)		21,089		258,340

Total Miscellaneous (identified cost $458,685)			$	270,993

Warrants — 0.0%
Security	Shares		Value

Health Care — 0.0%

THAIHOT Investment Company US Limited, Exp. 10/13/27^(4)(12)(13)		246	$	0

THAIHOT Investment Company US Limited, Exp. 10/13/27^(4)(12)(13)		1,858		0

THAIHOT Investment Company US Limited, Exp. 10/13/27 (Contingent Warrants)^(4)(12)(13)		117,852		0

			$	0

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC, Exp. 11/26/22 ^(4)(12)(13)		51,888	$	0

			$	0

Total Warrants (identified cost $0)			$	0

Exchange-Traded Funds — 0.6%
Security	Shares		Value

SPDR Blackstone/GSO Senior Loan ETF		725,000	$	32,088,500

Total Exchange-Traded Funds (identified cost $33,233,902)			$	32,088,500


		43		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Portfolio of Investments — continued


Short-Term Investments — 3.2%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹⁴⁾		183,387,147	$	183,387,147

Total Short-Term Investments (identified cost $183,387,147)			$	183,387,147

Total Investments — 101.4% (identified cost $6,020,647,932)			$	5,727,911,067

Less Unfunded Loan Commitments — (0.4)%			$	(21,355,442	)

Net Investments — 101.0% (identified cost $5,999,292,490)			$	5,706,555,625

Other Assets, Less Liabilities — (1.0)%			$	(57,054,176	)

Net Assets — 100.0%			$	5,649,501,449

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⁾

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽²⁾

The stated interest rate represents the weighted average interest rate at October 31, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽³⁾

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At October 31, 2020, the total value of unfunded loan commitments is $20,573,596. See Note 1F for description.

⁽⁴⁾

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

⁽⁵⁾

This Senior Loan will settle after October 31, 2020, at which time the interest rate will be determined.

⁽⁶⁾

Amount is less than 0.05%.

⁽⁷⁾

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁸⁾

Fixed-rate loan.

⁽⁹⁾

⁽¹⁰⁾	Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹¹⁾	Affiliated company (see Note 7).

⁽¹²⁾	Non-income producing security.

⁽¹³⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁴⁾	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 October 31, 2020.


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	120,762,020	USD	140,669,639	Standard Chartered Bank		11/3/20	$	—	$	(24,143	)

USD	141,702,241	EUR	120,762,020	Standard Chartered Bank		11/3/20		1,056,745		—

USD	120,341,875	EUR	101,717,330	HSBC Bank USA, N.A.		11/30/20		1,806,288		—

USD	9,470,182	EUR	8,000,000	State Street Bank and Trust Company		11/30/20		147,437		—

USD	34,037,524	GBP	25,772,453	State Street Bank and Trust Company		11/30/20		643,742		—

USD	140,756,711	EUR	120,762,020	Standard Chartered Bank		12/2/20		21,328		—

USD	127,909,574	EUR	108,623,476	Goldman Sachs International		1/29/21		1,133,666		—

USD	1,472,331	EUR	1,250,000	HSBC Bank USA, N.A.		1/29/21		13,440		—

							$	4,822,646	$	(24,143	)


		44		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Portfolio of Investments — continued

Abbreviations:



DIP	–	Debtor In Possession

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PIK	–	Payment In Kind

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		45		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $5,813,559,935)	$	5,490,802,733

Affiliated investments, at value (identified cost, $185,732,555)		215,752,892

Cash		33,690,647

Deposits for derivatives collateral — forward foreign currency exchange contracts		1,560,000

Foreign currency, at value (identified cost, $343,864)		344,372

Interest receivable		17,380,718

Dividends receivable from affiliated investments		21,467

Receivable for investments sold		44,453,483

Receivable for open forward foreign currency exchange contracts		4,822,646

Other receivables		2,064,998

Prepaid expenses		765,336

Total assets	$	5,811,659,292

Liabilities

Cash collateral due to brokers	$	1,400,000

Payable for investments purchased		157,242,114

Payable for open forward foreign currency exchange contracts		24,143

Payable to affiliates:

Investment adviser fee		2,454,888

Trustees’ fees		9,087

Accrued expenses		1,027,611

Total liabilities	$	162,157,843

Net Assets applicable to investors’ interest in Portfolio	$	5,649,501,449


		46		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income	$	304,513,034

Dividends		2,495,199

Dividends from affiliated investments		2,670,323

Total investment income	$	309,678,556

Expenses

Investment adviser fee	$	32,655,074

Trustees’ fees and expenses		108,500

Custodian fee		1,233,553

Legal and accounting services		1,028,440

Interest expense and fees		3,107,996

Miscellaneous		455,201

Total expenses	$	38,588,764

Net investment income	$	271,089,792

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(307,885,910	)

Investment transactions — affiliated investments		90,902

Foreign currency transactions		(2,873,246	)

Forward foreign currency exchange contracts		(16,777,822	)

Net realized loss	$	(327,446,076	)

Change in unrealized appreciation (depreciation) —

Investments	$	20,016,354

Investments — affiliated investments		3,744,566

Foreign currency		531,474

Forward foreign currency exchange contracts		9,579,698

Net change in unrealized appreciation (depreciation)	$	33,872,092

Net realized and unrealized loss	$	(293,573,984	)

Net decrease in net assets from operations	$	(22,484,192	)


		47		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	271,089,792		$	481,946,428

Net realized loss		(327,446,076	)		(96,572,643	)

Net change in unrealized appreciation (depreciation)		33,872,092			(251,472,705	)

Net increase (decrease) in net assets from operations	$	(22,484,192	)	$	133,901,080

Capital transactions —

Contributions	$	266,696,978		$	194,015,335

Withdrawals		(2,561,352,547	)		(3,870,956,892	)

Portfolio transaction fee		—			7,292,672

Net decrease in net assets from capital transactions	$	(2,294,655,569	)	$	(3,669,648,885	)

Net decrease in net assets	$	(2,317,139,761	)	$	(3,535,747,805	)

Net Assets

At beginning of year	$	7,966,641,210		$	11,502,389,015

At end of year	$	5,649,501,449		$	7,966,641,210


		48		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.59	%		0.55	%		0.54	%		0.56	%		0.58	%

Net investment income		4.17	%		5.09	%		4.38	%		4.07	%		4.58	%

Portfolio Turnover		28	%		16	%		30	%		42	%		27	%

Total Return		1.18	%		1.64	%		5.05	%		5.69	%		7.10	%

Net assets, end of year (000’s omitted)	$	5,649,501		$	7,966,641		$	11,502,389		$	9,795,966		$	8,205,738


		49		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 86.9% and 13.1%, respectively, in the Portfolio.

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. 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 Portfolio’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.


		50

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

is the amount that the Portfolio 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.

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

F Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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 Portfolio’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 Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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


		51

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

K Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposed a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors during the year ended October 31, 2019. The Portfolio transaction fee was sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee was limited to amounts that had been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee was 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.575% of the Portfolio’s average daily net assets up to $1 billion, 0.525% from $1 billion but less than $2 billion, 0.490% from $2 billion but less than $5 billion, 0.460% from $5 billion but less than $10 billion, 0.435% from $10 billion but less than $15 billion, 0.415% from $15 billion but less than $20 billion, 0.400% from $20 billion but less than $25 billion and 0.390% of average daily net assets of $25 billion and over and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interests in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $32,655,074 or 0.50% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and principal repayments on Senior Loans, aggregated $1,773,350,710 and $3,483,496,833, respectively, for the year ended October 31, 2020.

4 Federal Income Tax Basis of Investments



Aggregate cost	$	6,009,110,414

Gross unrealized appreciation	$	83,966,707

Gross unrealized depreciation		(386,521,496	)

Net unrealized depreciation	$	(302,554,789	)

5 Financial Instruments

The Portfolio 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 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 Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.


		52

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $24,143. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $160,000 at October 31, 2020.

The over-the-counter (OTC) derivatives in which the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio 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 Portfolio and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 8) at October 31, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at October 31, 2020 was as follows:


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Forward foreign currency exchange contracts	$	4,822,646	⁽¹⁾	$	(24,143	)⁽²⁾

Total Derivatives subject to master netting or similar agreements	$	4,822,646		$	(24,143	)

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’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 Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2020.


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)

Goldman Sachs International	$	1,133,666	$	—		$	(822,757	)	$	—		$	310,909

HSBC Bank USA, N.A.		1,819,728		—			(1,567,582	)		—			252,146

Standard Chartered Bank		1,078,073		(24,143	)		—			(710,000	)		343,930

State Street Bank and Trust Company		791,179		—			(101,179	)		(690,000	)		—

	$	4,822,646	$	(24,143	)	$	(2,491,518	)	$	(1,400,000	)	$	906,985


		53

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — 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)

Standard Chartered Bank	$	(24,143	)	$	24,143	$	—	$	—	$	—

^(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 and whose primary underlying risk exposure is foreign exchange risk for the year ended October 31, 2020 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Forward foreign currency exchange contracts	$	(16,777,822	)	$	9,579,698

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

6 Credit Facility

The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $750 million ($875 million prior to March 9, 2020) unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 8, 2021. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is payable on amounts borrowed overnight at the Federal Funds rate plus a margin and for all other amounts borrowed for longer periods at a base rate or LIBOR, plus a margin. Base rate is the highest of (a) the administrative agent’s prime rate, (b) the Federal Funds Rate plus a margin and (c) the one month LIBOR rate plus a margin. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $1,215,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at October 31, 2020 is $415,320 and is included in prepaid expenses in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. Average borrowings and the average interest rate (excluding fees) for the year ended October 31, 2020 were $17,076,503 and 4.54%, respectively.


		54

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

7 Investments in Affiliated Companies/Funds

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At October 31, 2020, the value of the Portfolio’s investment in affiliated companies and funds was $215,752,892, which represents 3.8% of the Portfolio’s net assets. Transactions in affiliated companies and funds by the Portfolio for the year ended October 31, 2020 were as follows:


Name of affiliated company/fund	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*

IAP Global Services, LLC^(1)(2)(3)	$	28,587,401	$	—	$	—		$	—	$	3,778,344		$	32,365,745	$	—		2,577

Short Term Investments

Eaton Vance Cash Reserves Fund, LLC		373,400,052		2,214,909,576		(2,404,979,605	)		90,902		(33,778	)		183,387,147		2,670,323		183,387,147

Totals								$	90,902	$	3,744,566		$	215,752,892	$	2,670,323

*	The related industry is the same as the presentation in the Portfolio of Investments.

⁽¹⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽²⁾	Non-income producing security.

⁽³⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

8 Fair Value Measurements

•

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)


		55

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	4,867,541,382		$	22,871,731	$	4,890,413,113

Corporate Bonds & Notes		—		221,032,923			—		221,032,923

Asset-Backed Securities		—		246,961,479			—		246,961,479

Common Stocks		13,279,422		45,379,778			69,190,397		127,849,597

Preferred Stocks		—		260,910			4,290,963		4,551,873

Miscellaneous		—		270,993			—		270,993

Warrants		—		—			0		0

Exchange-Traded Funds		32,088,500		—			—		32,088,500

Short-Term Investments		—		183,387,147			—		183,387,147

Total Investments	$	45,367,922	$	5,564,834,612		$	96,353,091	$	5,706,555,625

Forward Foreign Currency Exchange Contracts	$	—	$	4,822,646		$	—	$	4,822,646

Total	$	45,367,922	$	5,569,657,258		$	96,353,091	$	5,711,378,271

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(24,143	)	$	—	$	(24,143	)

Total	$	—	$	(24,143	)	$	—	$	(24,143	)

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

9 Risks and Uncertainties

Risks Associated with Foreign Investments

Credit Risk

The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

Pandemic Risk


		56

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		57

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Eaton Vance Floating Rate Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating Rate Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		58

Eaton Vance

Floating-Rate Fund

October 31, 2020

Liquidity Risk Management Program


		59

Eaton Vance

Floating-Rate Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Eaton Vance Floating Rate Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		60

Eaton Vance

Floating-Rate Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		61

Eaton Vance

Floating-Rate Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		62

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		63

This Page Intentionally Left Blank

Investment Adviser of Eaton Vance Floating Rate Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

1044 10.31.20

LOGO

Eaton Vance

Floating-Rate Advantage Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Floating-Rate Advantage Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			19 and 61
Federal Tax Information			20
Liquidity Risk Management Program			62
Management and Organization			63
Important Notices			66

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The first two months of the period, however, were relatively benign, with senior loan prices staying above $95 and appreciating in November and December.

March proved to be the worst month of the period for the loan asset class, and was the second-worst month in the loan market’s history. The S&P/LSTA Leveraged Loan Index (the Index), a broad measure of the asset class, returned -12.37% against the backdrop of a global slide in capital markets amid investors’ flight to safety. As investors withdrew $14.7 billion from retail loan funds during the month, the average price of loans in the Index bottomed at $76.23 on March 23.

For the period as a whole, BBB rated loans in the Index returned 0.28%; BB rated loans in the Index returned -0.60%; B rated loans in the Index returned 3.13%; CCC rated loans in the Index returned -1.41%; D rated (defaulted) loans in the Index returned -47.77%; and the Index overall returned 1.72%. Issuer fundamentals deteriorated in response to the global economic slowdown, with the trailing 12-month default rate rising from 1.43% at the beginning of the period to 4.11% at period-end — approximately one percentage point above the long-term average.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Floating-Rate Advantage Fund (the Fund) returned -0.05% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned 1.72%.

The Index is unmanaged, and returns do not reflect any applicable sales charges, commissions, expenses, or leverage.

The Fund has historically tended to maintain underweight exposures, relative to the Index, to lower credit segments of the market, namely the CCC and D (defaulted) rating tiers within the Index. This positioning may help the Fund experience limited credit losses over the long run, but may detract from relative performance versus the Index in times when lower quality loans perform well. This underweight to lower quality loans, which tend to have higher coupon yields, may also result in a lower average coupon yield for the Fund relative to the Index.

During the period, the Fund’s overweight position in higher quality BB rated loans, which generally underperformed the Index, detracted from Fund performance versus the Index.

The Fund’s use of investment leverage, which is not employed by the Index, detracted from performance versus the Index as well. The Fund uses leverage to achieve additional exposure to the loan market, thus, magnifying exposure to the Fund’s underlying investments in both up and down markets. During a period when loan prices fell for the period as a whole, leverage magnified the decline in value of the Fund’s underlying holdings.

On an industry basis, the Fund’s underweight exposure to the health care industry, which experienced increased demand during the pandemic, detracted from Fund performance versus the Index. Security selections in the oil & gas and the electronics/electrical industries also hurt relative performance during the period.

In contrast, an overweight position in the drugs industry — which benefited from the search for COVID-19 vaccines and treatments — and an underweight position in the air transport industry — where demand nearly disappeared in the initial surge of the pandemic — contributed to Fund performance versus the Index during the period. Security selections in the business equipment and services and the leisure goods/activities/ movies industries helped relative performance as well.

In addition, the Fund’s cash position benefited relative performance when loan prices declined in the first quarter of 2020 and was an overall contributor to Fund performance versus the Index during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Performance^2,3

Portfolio Managers Craig P. Russ and Andrew N. Sveen, CFA


% Average Annual Total Returns	Class Inception Date			Performance Inception Date			One Year			Five Years			Ten Years

Advisers Class at NAV		03/15/2008			08/04/1989			–0.05	%		4.02	%		4.27	%
Class A at NAV		03/17/2008			08/04/1989			–0.05			4.00			4.27
Class A with 2.25% Maximum Sales Charge		—			—			–2.28			3.53			4.03
Class C at NAV		03/15/2008			08/04/1989			–0.56			3.48			3.74
Class C with 1% Maximum Sales Charge		—			—			–1.52			3.48			3.74
Class I at NAV		03/15/2008			08/04/1989			0.20			4.28			4.53
Class R6 at NAV		05/31/2019			08/04/1989			0.16			4.28			4.52



S&P/LSTA Leveraged Loan Index		—			—			1.72	%		4.09	%		4.11	%

% Total Annual Operating Expense Ratios⁴	Advisers Class			Class A			Class C			Class I			Class R6

		1.87	%		1.87	%		2.37	%		1.62	%		1.56	%

% Total Leverage⁵

Borrowings														21.36	%

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Advisers Class

$10,000

10/31/2010

$15,192

N.A.

Class C

$10,000

10/31/2010

$14,447

N.A.

Class I

$250,000

10/31/2010

$389,336

N.A.

Class R6

$1,000,000

10/31/2010

$1,557,006

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Fund Profile⁶

Top 10 Issuers (% of total investments)⁷



Virgin Media SFA Finance Limited	1.3	%

TransDigm, Inc.	1.2

Ziggo B.V.	1.1

SolarWinds Holdings, Inc.	1.0

Asurion, LLC	1.0

Informatica, LLC	1.0

CenturyLink, Inc.	1.0

Go Daddy Operating Company, LLC	0.9

Hyland Software, Inc.	0.9

UPC Broadband Holding B.V.	0.9

Total	10.3	%

Credit Quality (% of bonds, loans and asset-backed securities)⁸

LOGO

Top 10 Sectors (% of total investments)⁷



Electronics/Electrical	16.0	%

Business Equipment and Services	7.0

Health Care	6.8

Telecommunications	4.9

Drugs	4.5

Cable and Satellite Television	4.5

Asset-Backed Securities	4.3

Leisure Goods/Activities/Movies	4.3

Industrial Equipment	3.7

Food Products	3.4

Total	59.4	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Endnotes and Additional Disclosures

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

⁵

Total leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater volatility of NAV. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its borrowings and may be required to reduce its borrowings at an inopportune time.

⁶	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁷	Excludes cash and cash equivalents.

⁸

Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.

Fund profile subject to change due to active management.


		5

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Advisers Class	$	1,000.00	$	1,105.60	$	7.57		1.43	%
Class A	$	1,000.00	$	1,105.60	$	7.52		1.42	%
Class C	$	1,000.00	$	1,103.00	$	10.20		1.93	%
Class I	$	1,000.00	$	1,107.00	$	6.20		1.17	%
Class R6	$	1,000.00	$	1,107.30	$	5.93		1.12	%

Hypothetical
(5% return per year before expenses)
Advisers Class	$	1,000.00	$	1,017.90	$	7.25		1.43	%
Class A	$	1,000.00	$	1,018.00	$	7.20		1.42	%
Class C	$	1,000.00	$	1,015.40	$	9.78		1.93	%
Class I	$	1,000.00	$	1,019.30	$	5.94		1.17	%
Class R6	$	1,000.00	$	1,019.50	$	5.69		1.12	%


		6

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Senior Debt Portfolio, at value (identified cost, $5,706,687,690)	$	5,347,730,551

Receivable for Fund shares sold		6,406,106

Total assets	$	5,354,136,657

Liabilities

Payable for Fund shares redeemed	$	19,723,896

Distributions payable		3,864,145

Payable to affiliates:

Administration fee		456,671

Distribution and service fees		594,373

Trustees’ fees		42

Accrued expenses		978,824

Total liabilities	$	25,617,951

Net Assets	$	5,328,518,706

Sources of Net Assets

Paid-in capital	$	6,221,737,776

Accumulated loss		(893,219,070	)

Total	$	5,328,518,706

Advisers Class Shares

Net Assets	$	64,551,140

Shares Outstanding		6,411,199

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.07

Class A Shares

Net Assets	$	1,175,942,021

Shares Outstanding		116,766,860

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.07

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	10.30

Class C Shares

Net Assets	$	508,535,287

Shares Outstanding		50,585,203

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	10.05

Class I Shares

Net Assets	$	3,545,675,956

Shares Outstanding		352,122,922

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.07

Class R6 Shares

Net Assets	$	33,814,302

Shares Outstanding		3,359,676

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.06

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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


		7		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income allocated from Portfolio	$	362,486,051

Dividends allocated from Portfolio		3,408,078

Expenses, excluding interest expense, allocated from Portfolio		(34,132,661	)

Interest expense allocated from Portfolio		(36,532,121	)

Total investment income from Portfolio	$	295,229,347

Expenses

Administration fee	$	6,061,913

Distribution and service fees

Advisers Class		240,544

Class A		3,133,973

Class C		4,684,195

Trustees’ fees and expenses		500

Custodian fee		60,926

Transfer and dividend disbursing agent fees		3,747,507

Legal and accounting services		130,455

Printing and postage		434,139

Registration fees		265,729

Miscellaneous		62,950

Total expenses	$	18,822,831

Net investment income	$	276,406,516

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	(387,909,488	)

Foreign currency transactions		(3,094,563	)

Forward foreign currency exchange contracts		(15,492,443	)

Net realized loss	$	(406,496,494	)

Change in unrealized appreciation (depreciation) —

Investments	$	(1,694,233	)

Foreign currency		646,685

Forward foreign currency exchange contracts		10,539,514

Net change in unrealized appreciation (depreciation)	$	9,491,966

Net realized and unrealized loss	$	(397,004,528	)

Net decrease in net assets from operations	$	(120,598,012	)


		8		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	276,406,516		$	457,570,456

Net realized loss		(406,496,494	)		(65,684,094	)

Net change in unrealized appreciation (depreciation)		9,491,966			(282,243,557	)

Net increase (decrease) in net assets from operations	$	(120,598,012	)	$	109,642,805

Distributions to shareholders —

Advisers Class	$	(4,578,589	)	$	(8,505,750	)

Class A		(58,199,875	)		(81,817,211	)

Class B		—			(67,772	)

Class C		(26,006,092	)		(43,286,960	)

Class I		(199,604,518	)		(323,568,039	)

Class R6		(1,212,525	)		(232	)⁽¹⁾

Total distributions to shareholders	$	(289,601,599	)	$	(457,245,964	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Advisers Class	$	15,531,267		$	52,985,257

Class A		268,866,314			368,743,874

Class B		—			11,194

Class C		71,436,515			128,232,965

Class I		2,204,635,029			2,452,493,994

Class R6		42,086,130			10,000	⁽¹⁾

Net asset value of shares issued to shareholders in payment of distributions declared

Advisers Class		4,524,211			8,441,832

Class A		49,780,266			72,477,500

Class B		—			50,528

Class C		22,160,327			36,564,941

Class I		158,270,743			265,788,131

Class R6		1,211,516			232	⁽¹⁾

Cost of shares redeemed

Advisers Class		(83,569,621	)		(136,222,046	)

Class A		(511,916,325	)		(1,048,133,962	)

Class B		—			(351,463	)

Class C		(280,925,656	)		(327,137,740	)

Class I		(3,435,101,102	)		(4,967,318,826	)

Class R6		(7,775,878	)		—

Net asset value of shares converted⁽²⁾

Class A		18,549,370			239,244,578

Class B		—			(2,227,309	)

Class C		(18,549,370	)		(237,017,269	)

Net decrease in net assets from Fund share transactions	$	(1,480,786,264	)	$	(3,093,363,589	)

Net decrease in net assets	$	(1,890,985,875	)	$	(3,440,966,748	)

Net Assets

At beginning of year	$	7,219,504,581		$	10,660,471,329

At end of year	$	5,328,518,706		$	7,219,504,581

⁽¹⁾	For the period from the commencement of operations, May 31, 2019, to October 31, 2019.

⁽²⁾	Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.


		9		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Financial Highlights


	Advisers Class

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.550		$	10.940		$	10.910		$	10.740		$	10.470

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.457		$	0.558		$	0.493		$	0.463		$	0.527

Net realized and unrealized gain (loss)		(0.473	)		(0.390	)		0.029			0.170			0.270

Total income (loss) from operations	$	(0.016	)	$	0.168		$	0.522		$	0.633		$	0.797

Less Distributions

From net investment income	$	(0.464	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.527	)

Total distributions	$	(0.464	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.527	)

Net asset value — End of year	$	10.070		$	10.550		$	10.940		$	10.910		$	10.740

Total Return⁽²⁾		(0.05	)%		1.59	%		4.88	%		5.99	%		7.93	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	64,551		$	139,516		$	221,484		$	148,322		$	127,613

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses excluding interest and fees		1.00	%		0.99	%		0.96	%		0.95	%		1.03	%

Interest and fee expense		0.63	%		0.87	%		0.44	%		0.34	%		0.44	%

Total expenses		1.63	%		1.86	%		1.40	%		1.29	%		1.47	%

Net investment income		4.50	%		5.21	%		4.51	%		4.26	%		5.10	%

Portfolio Turnover of the Portfolio		30	%		17	%		29	%		39	%		38	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.550		$	10.950		$	10.910		$	10.740		$	10.480

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.447		$	0.559		$	0.493		$	0.462		$	0.527

Net realized and unrealized gain (loss)		(0.463	)		(0.401	)		0.039			0.171			0.261

Total income (loss) from operations	$	(0.016	)	$	0.158		$	0.532		$	0.633		$	0.788

Less Distributions

From net investment income	$	(0.464	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.528	)

Total distributions	$	(0.464	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.528	)

Net asset value — End of year	$	10.070		$	10.550		$	10.950		$	10.910		$	10.740

Total Return⁽²⁾		(0.05	)%		1.50	%		4.97	%		5.99	%		7.83	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,175,942		$	1,426,205		$	1,856,836		$	1,553,486		$	1,524,471

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses excluding interest and fees		0.99	%		0.99	%		0.96	%		0.94	%		1.03	%

Interest and fee expense		0.60	%		0.88	%		0.44	%		0.34	%		0.44	%

Total expenses		1.59	%		1.87	%		1.40	%		1.28	%		1.47	%

Net investment income		4.44	%		5.21	%		4.50	%		4.26	%		5.10	%

Portfolio Turnover of the Portfolio		30	%		17	%		29	%		39	%		38	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.530		$	10.920		$	10.890		$	10.720		$	10.460

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.397		$	0.503		$	0.436		$	0.408		$	0.474

Net realized and unrealized gain (loss)		(0.464	)		(0.390	)		0.030			0.170			0.261

Total income (loss) from operations	$	(0.067	)	$	0.113		$	0.466		$	0.578		$	0.735

Less Distributions

From net investment income	$	(0.413	)	$	(0.503	)	$	(0.436	)	$	(0.408	)	$	(0.475	)

Total distributions	$	(0.413	)	$	(0.503	)	$	(0.436	)	$	(0.408	)	$	(0.475	)

Net asset value — End of year	$	10.050		$	10.530		$	10.920		$	10.890		$	10.720

Total Return⁽²⁾		(0.56	)%		1.08	%		4.36	%		5.47	%		7.30	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	508,535		$	754,873		$	1,192,124		$	1,153,754		$	1,101,121

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses excluding interest and fees		1.50	%		1.49	%		1.46	%		1.45	%		1.53	%

Interest and fee expense		0.60	%		0.87	%		0.44	%		0.34	%		0.44	%

Total expenses		2.10	%		2.36	%		1.90	%		1.79	%		1.97	%

Net investment income		3.95	%		4.71	%		4.00	%		3.76	%		4.60	%

Portfolio Turnover of the Portfolio		30	%		17	%		29	%		39	%		38	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		12		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.550		$	10.940		$	10.910		$	10.740		$	10.470

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.474		$	0.586		$	0.521		$	0.489		$	0.551

Net realized and unrealized gain (loss)		(0.465	)		(0.392	)		0.028			0.171			0.271

Total income from operations	$	0.009		$	0.194		$	0.549		$	0.660		$	0.822

Less Distributions

From net investment income	$	(0.489	)	$	(0.584	)	$	(0.519	)	$	(0.490	)	$	(0.552	)

Total distributions	$	(0.489	)	$	(0.584	)	$	(0.519	)	$	(0.490	)	$	(0.552	)

Net asset value — End of year	$	10.070		$	10.550		$	10.940		$	10.910		$	10.740

Total Return⁽²⁾		0.20	%		1.84	%		5.14	%		6.26	%		8.19	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	3,545,676		$	4,898,901		$	7,387,447		$	4,773,140		$	2,409,972

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses excluding interest and fees		0.75	%		0.74	%		0.71	%		0.70	%		0.78	%

Interest and fee expense		0.60	%		0.88	%		0.44	%		0.34	%		0.44	%

Total expenses		1.35	%		1.62	%		1.15	%		1.04	%		1.22	%

Net investment income		4.70	%		5.47	%		4.76	%		4.50	%		5.33	%

Portfolio Turnover of the Portfolio		30	%		17	%		29	%		39	%		38	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		13		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class R6
	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾

Net asset value — Beginning of period	$	10.550		$	10.740

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.460		$	0.247

Net realized and unrealized loss		(0.455	)		(0.190	)

Total income from operations	$	0.005		$	0.057

Less Distributions

From net investment income	$	(0.495	)	$	(0.247	)

Total distributions	$	(0.495	)	$	(0.247	)

Net asset value — End of period	$	10.060		$	10.550

Total Return⁽³⁾		0.16	%		0.53	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	33,814		$	10

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses excluding interest and fees		0.68	%		0.62	%⁽⁶⁾

Interest and fee expense		0.55	%		0.94	%⁽⁶⁾

Total expenses		1.23	%		1.56	%⁽⁶⁾

Net investment income		4.63	%		5.48	%⁽⁶⁾

Portfolio Turnover of the Portfolio		30	%		17	%⁽⁴⁾⁽⁷⁾

⁽¹⁾	For the period from the commencement of operations, May 31, 2019, to October 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⁾	Not annualized.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Annualized.

⁽⁷⁾	For the year ended October 31, 2019.


		14		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Floating-Rate Advantage 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 offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. The Advisers Class, Class I and Class R6 shares are generally 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. 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 Fund invests all of its investable assets in interests in Senior Debt Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (98.1% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		15

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	289,601,599	$	457,245,964

During the year ended October 31, 2020, accumulated loss was increased by $1,168,117 and paid-in capital was increased by $1,168,117 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassification had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	12,484,233

Deferred capital losses	$	(514,595,811	)

Net unrealized depreciation	$	(387,243,347	)

Distributions payable	$	(3,864,145	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $514,595,811 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 October 31, 2020, $426,611,970 are long-term and $87,983,841 are short-term.

3 Transactions with Affiliates

The administration fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.10% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $6,061,913. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $88,420 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 $43,539 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Advisers Class, Class A, and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

4 Distribution Plans

The Fund has in effect a distribution plan for the Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/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 Advisers Class and 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 year ended October 31, 2020 amounted to $240,544 for Advisers Class shares and $3,133,973 for Class A 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 0.60% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $3,747,356 for Class C shares.


		16

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Notes to Financial Statements — 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 0.15% per annum of its average daily net assets attributable to Class C shares. Although there is no present intention to do so, Class C shares could pay service fees of up to 0.25% annually upon Trustee approval. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $936,839 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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $124,000 and $87,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $559,119,591 and $2,360,441,187, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Advisers Class	2020			2019

Sales		1,506,095			4,932,149

Issued to shareholders electing to receive payments of distributions in Fund shares		446,474			790,265

Redemptions		(8,764,547	)		(12,739,183	)

Net decrease		(6,811,978	)		(7,016,769	)

	Year Ended October 31,
Class A	2020			2019

Sales		26,562,612			34,376,772

Issued to shareholders electing to receive payments of distributions in Fund shares		4,940,616			6,781,012

Redemptions		(51,751,260	)		(98,071,392	)

Converted from Class B shares		—			208,865

Converted from Class C shares		1,873,008			22,203,520

Net decrease		(18,375,024	)		(34,501,223	)


		17

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Notes to Financial Statements — continued


Class B				Year Ended October 31, 2019⁽¹⁾

Sales					1,046

Issued to shareholders electing to receive payments of distributions in Fund shares					4,718

Redemptions					(32,715	)

Converted to Class A shares					(208,281	)

Net decrease					(235,232	)

	Year Ended October 31,
Class C	2020			2019

Sales		6,985,491			11,974,968

Issued to shareholders electing to receive payments of distributions in Fund shares		2,202,240			3,428,531

Redemptions		(28,390,581	)		(30,640,144	)

Converted to Class A shares		(1,876,097	)		(22,222,654	)

Net decrease		(21,078,947	)		(37,459,299	)

	Year Ended October 31,
Class I	2020			2019

Sales		221,694,022			228,820,280

Issued to shareholders electing to receive payments of distributions in Fund shares		15,682,962			24,872,407

Redemptions		(349,518,761	)		(464,448,589	)

Net decrease		(112,141,777	)		(210,755,902	)

	Year Ended October 31,
Class R6	2020			2019⁽²⁾

Sales		4,023,230			931

Issued to shareholders electing to receive payments of distributions in Fund shares		122,429			22

Redemptions		(786,936	)		—

Net increase		3,358,723			953

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

⁽²⁾	For the period from the commencement of operations, May 31, 2019, to October 31, 2019.


		18

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate Advantage Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Advantage Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		19

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Federal Tax Information (Unaudited)


		20

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments


Senior Floating-Rate Loans — 114.2%⁽¹⁾
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 2.8%

Aernnova Aerospace S.A.U.

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		1,071	$	1,000,352

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		4,179		3,901,371

AI Convoy (Luxembourg) S.a.r.l.

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		3,300		3,778,969

Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing January 17, 2027⁽²⁾			5,274		5,192,752

Dynasty Acquisition Co., Inc.

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			11,348		10,196,622

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			21,101		18,959,978

IAP Worldwide Services, Inc.

Revolving Loan, 1.37%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021⁽³⁾			944		921,674

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), Maturing July 18, 2021⁽⁴⁾			1,223		962,817

Spirit Aerosystems, Inc.

Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), Maturing January 30, 2025			3,775		3,779,719

TransDigm, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			30,559		28,852,431

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			51,964		48,997,578

WP CPP Holdings, LLC

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025			29,766		26,426,858

				$	152,971,121

Air Transport — 0.5%

JetBlue Airways Corporation

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 17, 2024			3,580	$	3,571,057

Mileage Plus Holdings, LLC

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 25, 2027			6,925		7,058,632


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Air Transport (continued)

SkyMiles IP, Ltd.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 20, 2027			17,950	$	17,921,962

				$	28,551,651

Automotive — 3.6%

Adient US, LLC

Term Loan, 4.42%, (USD LIBOR + 4.25%), Maturing May 6, 2024⁽²⁾			2,987	$	2,951,715

American Axle and Manufacturing, Inc.

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,982		19,336,927

Autokiniton US Holdings, Inc.

Term Loan, 6.52%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,702		9,410,637

Bright Bidco B.V.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024			20,177		9,575,787

Chassix, Inc.

Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing November 15, 2023			7,099		6,353,829

Clarios Global, L.P.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			27,372		26,584,911

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing April 30, 2026	EUR		483		551,403

CS Intermediate Holdco 2, LLC

Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			3,959		3,431,713

Dayco Products, LLC

Term Loan, 4.51%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,701		7,449,911

Garrett LX III S.a.r.l.

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing September 27, 2025	EUR		4,953		5,617,013

Garrett Motion, Inc.

DIP Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 15, 2021			1,238		1,244,630

Goodyear Tire & Rubber Company (The)

Term Loan - Second Lien, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			6,883		6,672,531

IAA, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			7,208		7,027,678


		21		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive (continued)

Les Schwab Tire Centers

Term Loan, Maturing October 28, 2027⁽⁵⁾			22,800	$	22,629,000

Tenneco, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			36,684		33,989,742

Thor Industries, Inc.

Term Loan, 3.94%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			9,047		8,998,644

TI Group Automotive Systems, LLC

Term Loan, 4.50%, (3 mo. EURIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024	EUR		6,620		7,671,289

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024			12,299		12,268,047

Visteon Corporation

Term Loan, 1.91%, (USD LIBOR + 1.75%), Maturing March 25, 2024⁽²⁾			2,500		2,452,605

				$	194,218,012

Beverage and Tobacco — 0.1%

Arterra Wines Canada, Inc.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 15, 2023			4,729	$	4,670,336

				$	4,670,336

Brokerage/Securities Dealers/Investment Houses — 0.5%

Advisor Group, Inc.

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			12,856	$	12,422,456

Clipper Acquisitions Corp.

Term Loan, 1.89%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			12,083		11,841,646

OZ Management L.P.

Term Loan, 4.94%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			249		249,050

Resolute Investment Managers, Inc.

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023			3,800		3,676,500

				$	28,189,652

Building and Development — 3.6%

ACProducts, Inc.

Term Loan, 7.50%, (6 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing August 18, 2025			4,320	$	4,366,890


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Building and Development (continued)

Advanced Drainage Systems, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026			2,812	$	2,794,974

American Builders & Contractors Supply Co., Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027			23,532		22,881,479

American Residential Services, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 15, 2027			5,175		5,123,250

APi Group DE, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026			16,178		15,869,370

Term Loan, Maturing October 1, 2026⁽⁵⁾			2,650		2,595,344

Applecaramel Buyer, LLC

Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), Maturing October 19, 2027			19,250		18,993,340

Brookfield Property REIT, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025			4,223		3,545,110

Core & Main L.P.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing August 1, 2024			2,480		2,417,540

CPG International, Inc.

Term Loan, 4.75%, (12 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 5, 2024			8,656		8,658,833

Cushman & Wakefield U.S. Borrower, LLC

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025			36,383		34,912,984

LSF11 Skyscraper Holdco S.a.r.l.

Term Loan, Maturing August 7, 2027⁽⁵⁾			6,900		6,874,125

Term Loan, Maturing September 29, 2027⁽⁵⁾	EUR		13,775		15,936,096

Quikrete Holdings, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			3,887		3,818,538

RE/MAX International, Inc.

Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			16,119		16,038,500

Realogy Group, LLC

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing February 8, 2025			8,024		7,718,823


		22		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Building and Development (continued)

Werner FinCo L.P.

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024			11,771	$	11,388,118

WireCo WorldGroup, Inc.

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 30, 2023			8,292		7,286,891

Term Loan - Second Lien, 10.00%, (6 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing September 30, 2024			8,525		6,606,875

				$	197,827,080

Business Equipment and Services — 9.0%

Adevinta ASA

Term Loan, Maturing October 23, 2027⁽⁵⁾			2,725	$	2,714,781

Term Loan, Maturing October 23, 2027⁽⁵⁾	EUR		9,950		11,581,026

Adtalem Global Education, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			6,183		6,128,589

Airbnb, Inc.

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			7,481		7,973,763

AlixPartners, LLP

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 4, 2024			9,508		9,228,833

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		9,284		10,698,647

Allied Universal Holdco, LLC

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			5,910		5,796,761

Amentum Government Services Holdings, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 1, 2027			11,047		10,633,038

AppLovin Corporation

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			34,164		33,544,632

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing August 15, 2025			6,094		6,037,240

ASGN Incorporated

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025			3,433		3,397,821

Asplundh Tree Expert, LLC

Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing September 7, 2027			10,450		10,441,295


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Belfor Holdings, Inc.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		5,718	$	5,703,231

BidFair MergeRight, Inc.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027		7,671		7,632,805

Bracket Intermediate Holding Corp.

Term Loan, 4.48%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025		9,517		9,290,541

Brand Energy & Infrastructure Services, Inc.

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 21, 2024		10,566		9,867,261

Camelot U.S. Acquisition 1 Co.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 30, 2026		9,274		9,074,951

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 30, 2026		10,100		9,967,438

Cardtronics USA, Inc.

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing June 29, 2027		5,187		5,193,484

Ceridian HCM Holding, Inc.

Term Loan, 2.60%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025		23,273		22,555,802

CM Acquisition Co.

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing July 26, 2023		2,014		1,989,016

Deerfield Dakota Holding, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027		4,015		3,963,245

EAB Global, Inc.

Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024⁽²⁾		12,439		12,143,372

EIG Investors Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 9, 2023		22,848		22,704,815

Garda World Security Corporation

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 30, 2026		8,983		8,973,273

Greeneden U.S. Holdings II, LLC

Term Loan, Maturing October 8, 2027⁽⁵⁾		7,450		7,375,500


		23		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

IG Investment Holdings, LLC

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 23, 2025			27,671	$	27,234,338

Illuminate Buyer, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing June 16, 2027			7,250		7,143,969

Intrado Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing October 10, 2024			4,961		4,599,085

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 10, 2024			4,990		4,654,498

IRI Holdings, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 1, 2025			25,046		24,659,970

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing December 1, 2025			7,700		7,750,820

Iron Mountain, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			9,238		8,914,791

KAR Auction Services, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026			5,315		5,135,664

KUEHG Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 21, 2025			27,423		25,180,886

Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), Maturing August 22, 2025			4,075		3,659,859

LGC Group Holdings, Ltd.

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 21, 2027	EUR		3,025		3,441,282

Loire Finco Luxembourg S.a.r.l.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 21, 2027			3,591		3,469,804

Monitronics International, Inc.

Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			15,321		12,179,952

PGX Holdings, Inc.

Term Loan, 10.50%, (12 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, Maturing September 29, 2023			11,131		9,489,324

Pre-Paid Legal Services, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025			3		2,533


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Prime Security Services Borrower, LLC

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing September 23, 2026⁽²⁾			1,492	$	1,474,636

Rockwood Service Corporation

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			5,050		5,014,909

Sabre GLBL, Inc.

Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing February 22, 2024			6,571		6,220,678

Speedster Bidco GmbH

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,550		2,842,896

Spin Holdco, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			34,342		33,526,764

TruGreen Limited Partnership

Term Loan, Maturing November 2, 2027⁽⁵⁾			5,075		5,024,250

Vestcom Parent Holdings, Inc.

Term Loan, 4.14%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			4,405		4,300,462

WASH Multifamily Laundry Systems, LLC

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			11,218		11,035,673

Zephyr Bidco Limited

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		5,025		5,631,077

Term Loan, 4.30%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,725		10,875,836

				$	488,075,116

Cable and Satellite Television — 5.5%

Altice France S.A.

Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			10,807	$	10,479,084

Term Loan, 4.24%, (3 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			8,719		8,485,970

Charter Communications Operating, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			12,180		11,887,421

CSC Holdings, LLC

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			44,552		43,115,581

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			5,765		5,573,994


		24		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Cable and Satellite Television (continued)

Mediacom Illinois, LLC

Term Loan, 1.86%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024			2,060	$	2,057,723

Numericable Group S.A.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			17,476		16,733,019

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		6,373		7,079,205

Telenet Financing USD, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			38,225		36,976,724

Telenet International Finance S.a.r.l.

Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		6,565		7,518,095

UPC Broadband Holding B.V.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			8,800		8,473,670

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		3,150		3,584,269

Term Loan, Maturing January 31, 2029⁽⁵⁾	EUR		7,388		8,510,647

Term Loan, Maturing January 31, 2029⁽⁵⁾			17,000		16,596,250

Term Loan, Maturing January 31, 2029⁽⁵⁾	EUR		7,388		8,510,647

Term Loan, Maturing January 31, 2029⁽⁵⁾			17,000		16,596,250

Virgin Media Bristol, LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			41,755		40,401,238

Virgin Media SFA Finance Limited

Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		9,825		12,266,883

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		13,800		15,646,933

Ziggo B.V.

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		15,300		17,421,922

				$	297,915,525

Chemicals and Plastics — 4.7%

Aruba Investments, Inc.

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 7, 2025			9,833	$	9,820,246

Axalta Coating Systems US Holdings, Inc.

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			22,863		22,238,595

Caldic B.V.

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		500		558,668


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

Caldic B.V. (continued)

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		2,266	$	2,532,407

Chemours Company (The)

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		5,712		6,417,353

Element Solutions, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			8,047		7,886,265

Emerald Performance Materials, LLC

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing August 12, 2025			2,617		2,604,016

Ferro Corporation

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,403		3,357,141

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,629		3,580,607

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,708		3,658,446

Flint Group GmbH

Term Loan, 5.00%, (EURIBOR + 4.25%, Floor 0.75%), Maturing September 21, 2023⁽²⁾	EUR		1,208		1,260,525

Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			1,936		1,741,996

Flint Group US, LLC

Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			2,898		2,608,439

Term Loan, 6.00%, (USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			11,708		10,537,646

Gemini HDPE, LLC

Term Loan, 2.72%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			12,425		12,184,048

Hexion, Inc.

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		10,300		11,770,973

INEOS Enterprises Holdings II Limited

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		2,325		2,669,450

INEOS Enterprises Holdings US Finco, LLC

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 28, 2026			2,522		2,485,825


		25		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

INEOS Finance PLC

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		8,044	$	9,108,384

Inovyn Finance PLC

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		7,163		8,168,590

Kraton Polymers, LLC

Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		618		706,758

Messer Industries GmbH

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,575		5,261,671

Minerals Technologies, Inc.

Term Loan, 3.00%, (USD LIBOR + 2.25%, Floor 0.75%), Maturing February 14, 2024⁽²⁾			13,234		13,217,626

Momentive Performance Materials, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024			1,137		1,078,539

PMHC II, Inc.

Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			14,221		13,012,259

PQ Corporation

Term Loan, 2.46%, (3 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			22,369		21,781,377

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing February 7, 2027			17,307		17,198,459

Pregis TopCo Corporation

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing July 31, 2026			2,407		2,351,665

Rohm Holding GmbH

Term Loan, 5.32%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			6,071		5,486,374

Starfruit Finco B.V.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,643		10,343,839

Tronox Finance, LLC

Term Loan, 3.18%, (USD LIBOR + 3.00%), Maturing September 23, 2024⁽²⁾			19,824		19,452,419

Univar, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			23,481		23,029,312

				$	258,109,918


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Clothing/Textiles — 0.1%

Samsonite International S.A.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025		4,580	$	4,285,827

			$	4,285,827

Conglomerates — 0.0%⁽⁶⁾

Penn Engineering & Manufacturing Corp.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 27, 2024		1,853	$	1,820,765

			$	1,820,765

Containers and Glass Products — 2.3%

Berry Global, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022		7,749	$	7,681,597

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024		9,975		9,861,470

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 1, 2026		2,543		2,461,294

BWAY Holding Company

Term Loan, 3.48%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024		11,159		10,468,512

Flex Acquisition Company, Inc.

Term Loan, 4.00%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing December 29, 2023⁽²⁾		34,250		33,479,206

Term Loan, 3.48%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025		3,887		3,746,093

Libbey Glass, Inc.

DIP Loan, 12.00%, (USD LIBOR + 11.00%, Floor 1.00%), Maturing November 27, 2020⁽²⁾		3,133		3,139,000

DIP Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), 2.00% cash, 2.00% PIK, Maturing November 30, 2020		3,153		3,232,273

Term Loan, 0.00%, Maturing April 9, 2021⁽⁷⁾		11,038		1,824,743

Proampac PG Borrower, LLC

Term Loan, 5.44%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing November 20, 2023		8,340		8,272,455

Reynolds Group Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023		19,497		19,169,793

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2026		12,700		12,414,250


		26		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Containers and Glass Products (continued)

Trident TPI Holdings, Inc.

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 17, 2024			12,648	$	12,284,722

				$	128,035,408

Cosmetics/Toiletries — 0.5%

Kronos Acquisition Holdings, Inc.

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			24,681	$	24,505,718

				$	24,505,718

Drugs — 5.7%

Aenova Holding GmbH

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		2,875	$	3,356,218

Akorn, Inc.

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing October 1, 2025			9,304		9,377,559

Albany Molecular Research, Inc.

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024⁽²⁾			6,890		6,807,534

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 30, 2024			2,175		2,147,813

Alkermes, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			13,061		12,996,078

Amneal Pharmaceuticals, LLC

Term Loan, 3.69%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			28,095		26,854,403

Arbor Pharmaceuticals, Inc.

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			13,814		12,087,422

Bausch Health Companies, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			34,047		33,307,673

Catalent Pharma Solutions, Inc.

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026			8,938		8,915,535

Elanco Animal Health Incorporated

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing August 1, 2027			6,430		6,300,324


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Drugs (continued)

Endo Luxembourg Finance Company I S.a.r.l.

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			25,899	$	24,785,626

Grifols Worldwide Operations USA, Inc.

Term Loan, 2.09%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,457		35,631,809

Horizon Therapeutics USA, Inc.

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing May 22, 2026			13,469		13,216,011

Jaguar Holding Company II

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing August 18, 2022			60,299		59,959,567

Mallinckrodt International Finance S.A.

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), Maturing September 24, 2024			37,796		34,945,388

Term Loan, 3.75%, (6 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing February 24, 2025			15,111		13,958,385

Nidda Healthcare Holding AG

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		1,000		1,141,066

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		6,425		7,326,986

				$	313,115,397

Ecological Services and Equipment — 0.4%

EnergySolutions, LLC

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 9, 2025			20,076	$	19,222,838

US Ecology Holdings, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			3,077		3,038,291

				$	22,261,129

Electronics/Electrical — 21.4%

Applied Systems, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 19, 2024			26,251	$	26,159,648

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing September 19, 2025			4,000		4,032,500


		27		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics/Electrical (continued)

Aptean, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			8,833	$	8,534,580

Astra Acquisition Corp.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			7,786		7,824,804

Avast Software B.V.

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing September 29, 2023			2,258		2,254,499

Banff Merger Sub, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			47,773		46,449,032

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,488		4,004,268

Barracuda Networks, Inc.

Term Loan - Second Lien, Maturing October 30, 2028⁽⁵⁾			3,600		3,591,000

Buzz Merger Sub, Ltd.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			4,898		4,794,045

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), Maturing January 29, 2027			2,050		2,026,938

Cambium Learning Group, Inc.

Term Loan, 4.72%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2025			7,825		7,564,169

Castle US Holding Corporation

Term Loan, 3.97%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			9,640		9,093,590

Celestica, Inc.

Term Loan, 2.28%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,072		3,990,516

Term Loan, 2.66%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			3,378		3,347,947

CentralSquare Technologies, LLC

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025			4,031		3,622,481

Cohu, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			9,980		9,649,330

CommScope, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			19,703		19,047,783

Cornerstone OnDemand, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 22, 2027			15,334		15,214,878


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics/Electrical (continued)

CPI International, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024			14,142	$	13,541,014

E2open, LLC

Term Loan, Maturing October 29, 2027⁽⁵⁾			7,750		7,701,562

ECI Macola/Max Holdings, LLC

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing September 27, 2024			10,037		9,982,677

Electro Rent Corporation

Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024			23,638		23,313,391

Epicor Software Corporation

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 30, 2027			51,184		51,088,413

Term Loan - Second Lien, 8.75%, (1 mo. USD LIBOR + 7.75%, Floor 1.00%), Maturing July 31, 2028			7,650		7,822,125

EXC Holdings III Corp.

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing December 2, 2024	EUR		1,702		1,962,268

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing December 2, 2024			3,533		3,493,279

Finastra USA, Inc.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024			36,721		34,757,179

Fiserv Investment Solutions, Inc.

Term Loan, 5.02%, (6 mo. USD LIBOR + 4.75%), Maturing February 18, 2027			5,810		5,792,280

GlobalLogic Holdings, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing September 14, 2027			6,800		6,681,000

Go Daddy Operating Company, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			54,363		53,177,450

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 10, 2027			10,100		9,951,343

Hyland Software, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing July 1, 2024			57,423		56,722,795

Term Loan - Second Lien, 7.75%, (1 mo. USD LIBOR + 7.00%, Floor 0.75%), Maturing July 7, 2025			6,190		6,193,997


		28		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics/Electrical (continued)

Infoblox, Inc.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			13,094	$	13,088,400

Informatica, LLC

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 25, 2027	EUR		2,861		3,251,112

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			62,280		60,317,696

Term Loan - Second Lien, 7.13%, Maturing February 25, 2025⁽⁸⁾			6,275		6,376,969

LogMeIn, Inc.

Term Loan, 4.89%, (1 mo. USD LIBOR + 4.75%), Maturing August 31, 2027			12,475		12,116,344

MA FinanceCo., LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			3,936		3,731,810

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing June 5, 2025	EUR		6,550		7,611,767

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 5, 2025			16,375		16,221,484

MACOM Technology Solutions Holdings, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			12,033		11,651,840

Marcel LUX IV S.a.r.l.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			1,758		1,700,975

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		3,350		3,841,837

Term Loan, Maturing September 22, 2027⁽⁵⁾			4,075		4,034,250

MaxLinear, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 31, 2023			11,475		11,460,656

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing May 12, 2024			6,947		6,912,631

Milano Acquisition Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 1, 2027			25,625		25,224,609

MTS Systems Corporation

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 5, 2023			3,474		3,456,425

NCR Corporation

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026			10,840		10,528,836

Recorded Books, Inc.

Term Loan, 4.39%, (1 mo. USD LIBOR + 4.25%), Maturing August 29, 2025			2,665		2,608,632


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics/Electrical (continued)

Redstone Buyer, LLC

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 1, 2027		14,225	$	14,118,312

Renaissance Holding Corp.

Term Loan - Second Lien, 7.15%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		2,109,750

Seattle Spinco, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		26,581		25,201,834

SkillSoft Corporation

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing December 27, 2024		5,224		5,243,870

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 27, 2025		17,261		17,045,177

SolarWinds Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		72,881		71,690,744

Solera, LLC

Term Loan, 2.90%, (2 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		53,908		52,608,051

Sparta Systems, Inc.

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 21, 2024		7,007		6,674,212

SS&C Technologies Holdings Europe S.a.r.l.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		6,614		6,439,318

SS&C Technologies, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		5,263		5,123,731

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		9,414		9,165,380

STG-Fairway Holdings, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2027		5,448		5,303,264

SurveyMonkey, Inc.

Term Loan, 3.86%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		9,271		9,108,561

Tech Data Corporation

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2025		10,350		10,356,469

Tibco Software, Inc.

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		31,716		30,857,405


		29		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics/Electrical (continued)

Tibco Software, Inc. (continued)

Term Loan - Second Lien, 7.40%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		9,275	$	9,089,500

TTM Technologies, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		6,035		5,944,694

Uber Technologies, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		7,568		7,451,668

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025		41,217		40,763,628

Ultimate Software Group, Inc. (The)

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		22,829		22,457,737

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 4, 2026		36,550		36,385,013

Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), Maturing May 3, 2027		2,350		2,397,980

Ultra Clean Holdings, Inc.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		9,834		9,784,492

Valkyr Purchaser, LLC

Term Loan, Maturing October 29, 2027⁽⁵⁾		6,375		6,311,250

Verifone Systems, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		19,004		17,437,007

Veritas US, Inc.

Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing September 1, 2025		22,875		22,403,203

Vero Parent, Inc.

Term Loan, 6.51%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024		19,950		19,550,754

VS Buyer, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2027		12,313		12,105,341

Vungle, Inc.

Term Loan, 5.64%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		7,648		7,619,071

			$	1,168,266,470

Equipment Leasing — 1.0%

Avolon TLB Borrower 1 (US), LLC

Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025		21,425	$	20,722,463


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Equipment Leasing (continued)

Boels Topholding B.V.

Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing January 14, 2027	EUR		5,250	$	5,940,531

Delos Finance S.a.r.l.

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023			15,593		15,116,929

Fly Funding II S.a.r.l.

Term Loan, 6.24%, (3 mo. USD LIBOR + 6.00%), Maturing October 8, 2025			10,825		10,446,125

				$	52,226,048

Financial Intermediaries — 3.4%

Aretec Group, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			26,319	$	24,783,656

Citco Funding, LLC

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			17,505		17,045,734

Claros Mortgage Trust, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026			533		513,797

Ditech Holding Corporation

Term Loan, 0.00%, Maturing June 30, 2022⁽⁷⁾			22,626		6,816,161

EIG Management Company, LLC

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,754		2,747,489

Evergood 4 ApS

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		7,550		8,665,608

FB Income Advisor, LLC

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,688		6,621,605

FinCo I, LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			9,010		8,864,830

Focus Financial Partners, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			14,503		14,138,244

Greenhill & Co., Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			7,049		6,978,149

GreenSky Holdings, LLC

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing March 29, 2025			4,364		4,254,961


		30		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Financial Intermediaries (continued)

GreenSky Holdings, LLC (continued)

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			11,583	$	11,033,245

Guggenheim Partners, LLC

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			33,367		33,166,792

LPL Holdings, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			19,751		19,363,971

Nets Holding A/S

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000		1,140,994

Victory Capital Holdings, Inc.

Term Loan, 2.73%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			13,673		13,399,582

Virtus Investment Partners, Inc.

Term Loan, 3.00%, (3 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing June 1, 2024			7,195		7,141,225

				$	186,676,043

Food Products — 4.2%

Alphabet Holding Company, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			28,282	$	27,450,752

Atkins Nutritionals Holdings II, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024			3,794		3,794,700

B&G Foods, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026			2,539		2,529,122

Badger Buyer Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024			9,796		9,232,368

Froneri International, Ltd.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 31, 2027			21,596		20,874,724

Term Loan - Second Lien, 5.75%, (1 mo. USD LIBOR + 5.75%), Maturing January 31, 2028			1,125		1,119,375

H Food Holdings, LLC

Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			11,627		11,212,561

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			6,263		6,070,054

HLF Financing S.a.r.l.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025			26,118		25,735,752


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Products (continued)

Jacobs Douwe Egberts International B.V.

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			22,212	$	22,183,993

JBS USA Lux S.A.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 1, 2026			55,301		54,154,715

Nomad Foods Europe Midco Limited

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			18,939		18,545,356

Shearer’s Foods, Inc.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing September 23, 2027			3,575		3,542,228

Sunshine Investments B.V.

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618		12,130,089

Term Loan, 4.07%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		750		954,621

Valeo F1 Company Limited (Ireland)

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 27, 2027	EUR		9,500		10,842,892

				$	230,373,302

Food Service — 1.5%

1011778 B.C. Unlimited Liability Company

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			49,264	$	47,427,240

IRB Holding Corp.

Term Loan, 3.75%, (6 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025			4,848		4,625,765

Restaurant Technologies, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			6,113		5,883,654

US Foods, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023			22,484		21,612,864

				$	79,549,523

Food/Drug Retailers — 0.5%

BW Gas & Convenience Holdings, LLC

Term Loan, 6.41%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			5,851	$	5,851,269

CNT Holdings I Corp.

Term Loan, Maturing October 16, 2027⁽⁵⁾			6,275		6,212,250


		31		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food/Drug Retailers (continued)

L1R HB Finance Limited

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		8,523	$	7,982,120

Term Loan, 5.55%, (6 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		6,773		7,004,736

				$	27,050,375

Forest Products — 0.0%⁽⁶⁾

Clearwater Paper Corporation

Term Loan, 3.24%, (USD LIBOR + 3.00%), Maturing July 26, 2026⁽²⁾			2,435	$	2,428,725

				$	2,428,725

Health Care — 9.0%

Accelerated Health Systems, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025			5,292	$	5,120,203

ADMI Corp.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			5,422		5,237,119

Alliance Healthcare Services, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			9,092		8,319,317

Term Loan - Second Lien, 12.00%, (1 mo. USD LIBOR + 11.00%, Floor 1.00%), Maturing April 24, 2024			5,175		2,367,563

athenahealth, Inc.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			15,824		15,527,352

Avantor Funding, Inc.

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			7,082		7,037,710

Term Loan, Maturing October 29, 2027⁽⁵⁾			3,450		3,415,500

BioClinica Holding I L.P.

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			16,024		15,462,746

BW NHHC Holdco, Inc.

Term Loan, 5.27%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			15,000		12,824,761

CeramTec AcquiCo GmbH

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025	EUR		15,327		17,104,782


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

Certara L.P.

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024			7,498	$	7,329,276

Change Healthcare Holdings, LLC

Term Loan, 3.50%, (USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024⁽²⁾			13		12,588

CryoLife, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 1, 2024			5,130		5,104,288

Dedalus Finance GmbH

Term Loan, 4.50%, (1 mo. EURIBOR + 4.50%), Maturing May 4, 2027	EUR		6,875		7,943,578

Term Loan, Maturing August 16, 2027⁽⁵⁾	EUR		10,000		11,554,295

Elsan SAS

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2024	EUR		2,250		2,587,052

Ensemble RCM, LLC

Term Loan, 3.96%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			5,990		5,877,197

Envision Healthcare Corporation

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			61,621		44,351,686

Gentiva Health Services, Inc.

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			32,880		32,263,034

Greatbatch, Ltd.

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			10,341		10,257,054

Hanger, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			23,276		23,120,526

Inovalon Holdings, Inc.

Term Loan, 3.19%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,141		11,852,324

IQVIA, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024			2,660		2,621,308

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			14,783		14,570,963

MPH Acquisition Holdings, LLC

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 7, 2023			25,262		24,977,837

National Mentor Holdings, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			347		341,862


		32		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

National Mentor Holdings, Inc. (continued)

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			7,601	$	7,489,320

Navicure, Inc.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026			6,269		6,119,623

Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 22, 2026			4,625		4,561,406

One Call Corporation

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing November 25, 2022			15,252		14,146,453

Ortho-Clinical Diagnostics S.A.

Term Loan, 3.39%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			28,843		27,947,516

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing June 30, 2025	EUR		4,204		4,728,760

Parexel International Corporation

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024			3,326		3,198,505

Phoenix Guarantor, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			21,269		20,604,370

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), Maturing March 5, 2026			5,175		5,093,064

Radiology Partners, Inc

Term Loan, 4.81%, (USD LIBOR + 4.25%), Maturing July 9, 2025⁽²⁾			5,242		4,963,418

RadNet, Inc.

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 30, 2023			9,796		9,661,131

Select Medical Corporation

Term Loan, 2.78%, (6 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			37,393		36,574,933

Surgery Center Holdings, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			13,674		12,993,316

Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			2,488		2,537,250

Team Health Holdings, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			6,973		5,700,689


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

U.S. Anesthesia Partners, Inc.

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024			3,014	$	2,828,815

Verscend Holding Corp.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			22,236		21,865,336

				$	488,195,826

Home Furnishings — 1.0%

Serta Simmons Bedding, LLC

Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			14,163	$	14,209,708

Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			46,814		40,142,819

				$	54,352,527

Industrial Equipment — 5.2%

AI Alpine AT Bidco GmbH

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2025	EUR		6,125	$	6,675,748

Alliance Laundry Systems, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 8, 2027			10,150		10,078,950

Altra Industrial Motion Corp.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			7,792		7,642,336

Apex Tool Group, LLC

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			17,067		16,225,207

CFS Brands, LLC

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			6,714		5,958,278

Clark Equipment Company

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			13,249		12,895,674

Columbus McKinnon Corporation

Term Loan, 3.50%, (3 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing January 31, 2024			4,880		4,855,115


		33		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

CPM Holdings, Inc.

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025			3,951	$	3,674,586

Delachaux Group S.A.

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing April 16, 2026	EUR		2,650		2,964,799

Term Loan, 4.74%, (USD LIBOR + 4.50%), Maturing April 16, 2026⁽²⁾			5,841		5,614,661

DexKo Global, Inc.

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,618		2,915,130

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		6,544		7,287,864

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			11,827		11,570,405

DXP Enterprises, Inc.

Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			4,633		4,551,677

Dynacast International, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing January 28, 2022			10,405		9,737,213

Engineered Machinery Holdings, Inc.

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 19, 2024			14,646		14,297,950

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 19, 2024			2,004		1,986,713

EWT Holdings III Corp.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			22,147		21,749,873

Filtration Group Corporation

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			23,140		22,552,880

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		2,627		2,999,660

Term Loan, Maturing March 29, 2025⁽⁵⁾			3,100		3,059,312

Gates Global, LLC

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		7,794		8,832,862

LTI Holdings, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			7,325		6,835,028

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,426		2,283,002

Minimax Viking GmbH

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,944		2,242,336


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

Quimper AB

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		20,625	$	23,665,591

Robertshaw US Holding Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 28, 2025			22,944		21,165,999

Terex Corporation

Term Loan, 2.22%, (3 mo. USD LIBOR + 2.00%), Maturing January 31, 2024			8,765		8,524,311

Thermon Industries, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 30, 2024			3,047		3,009,098

Titan Acquisition Limited

Term Loan, 3.36%, (6 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			26,903		25,576,591

Vertical Midco GmbH

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing July 30, 2027	EUR		1,000		1,162,557

Welbilt, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			1,000		920,000

				$	283,511,406

Insurance — 3.6%

Alliant Holdings Intermediate, LLC

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			3,239	$	3,123,831

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			5,703		5,515,093

AmWINS Group, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			44,812		44,311,789

Andromeda Investissements

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing June 12, 2026	EUR		2,250		2,597,534

AssuredPartners, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			4,094		3,957,935

Asurion, LLC

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			41,964		41,237,374

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,444		2,400,984

Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			26,491		26,562,647


		34		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Insurance (continued)

Financiere CEP S.A.S.

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing June 3, 2027	EUR		1,425	$	1,662,323

Hub International Limited

Term Loan, 3.21%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			18,437		17,766,216

NFP Corp.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			33,605		32,239,674

Ryan Specialty Group, LLC

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing September 1, 2027			7,875		7,822,497

USI, Inc.

Term Loan, 4.22%, (3 mo. USD LIBOR + 4.00%), Maturing December 2, 2026			5,865		5,807,712

				$	195,005,609

Leisure Goods/Activities/Movies — 4.6%

AMC Entertainment Holdings, Inc.

Term Loan, 3.23%, (3 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			10,339	$	5,907,406

Amer Sports Oyj

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		20,475		21,044,281

Ancestry.com Operations, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			37,346		37,326,677

Bombardier Recreational Products, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			33,283		32,145,695

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 24, 2027			6,135		6,188,303

ClubCorp Holdings, Inc.

Term Loan, 2.97%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			21,362		18,064,000

Crown Finance US, Inc.

Term Loan, 2.63%, (6 mo. EURIBOR + 2.63%), Maturing February 28, 2025	EUR		4,881		3,259,378

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing February 28, 2025			18,505		10,565,929

Delta 2 (LUX) S.a.r.l.

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			1,250		1,205,860


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods/Activities/Movies (continued)

Etraveli Holding AB

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing August 2, 2024	EUR		9,600	$	9,279,932

Lindblad Expeditions, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			1,168		1,086,330

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			4,672		4,345,321

Match Group, Inc.

Term Loan, 2.00%, (3 mo. USD LIBOR + 1.75%), Maturing February 13, 2027			7,625		7,453,437

Motion Finco S.a.r.l.

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			423		365,691

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			3,332		2,878,522

NASCAR Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			1,524		1,487,685

Playtika Holding Corp.

Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing December 10, 2024			33,784		33,875,878

SeaWorld Parks & Entertainment, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			4,400		4,125,130

SRAM, LLC

Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024⁽²⁾			9,280		9,268,182

Steinway Musical Instruments, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 14, 2025			3,760		3,612,307

Travel Leaders Group, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			20,176		15,787,903

UFC Holdings, LLC

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			1,920		1,876,983

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			15,889		15,600,603


		35		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods/Activities/Movies (continued)

Vue International Bidco PLC

Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), Maturing July 3, 2026	EUR		3,433	$	2,928,504

				$	249,679,937

Lodging and Casinos — 2.9%

Aristocrat Technologies, Inc.

Term Loan, 1.96%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			10,829	$	10,568,462

Azelis Finance S.A.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		3,750		4,280,089

Boyd Gaming Corporation

Term Loan, 2.34%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			999		973,549

Churchill Downs Incorporated

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,404		3,293,128

CityCenter Holdings, LLC

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			14,988		14,129,643

ESH Hospitality, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			2,263		2,195,793

Golden Nugget, Inc.

Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023			33,608		29,776,879

Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 4, 2023			1,875		2,128,125

GVC Holdings (Gibraltar) Limited

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing March 29, 2024			23,472		23,257,063

GVC Holdings PLC

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		21,325		24,476,039

Playa Resorts Holding B.V.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			14,097		12,088,240

Sportradar Capital S.a.r.l.

Term Loan, Maturing October 27, 2027⁽⁵⁾	EUR		4,400		5,080,687


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)

Stars Group Holdings B.V. (The)

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			20,791	$	20,813,547

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		5,340		6,235,157

				$	159,296,401

Nonferrous Metals/Minerals — 0.5%

American Consolidated Natural Resources, Inc.

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), Maturing September 16, 2025			5,857	$	4,539,449

CD&R Hydra Buyer, Inc.

Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021⁽⁴⁾⁽⁸⁾			407		322,092

Noranda Aluminum Acquisition Corporation

Term Loan, 0.00%, Maturing February 28, 2021⁽⁷⁾			2,904		261,355

Oxbow Carbon, LLC

Term Loan, Maturing October 13, 2025⁽⁵⁾			4,650		4,580,250

Rain Carbon GmbH

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		14,875		16,219,754

				$	25,922,900

Oil and Gas — 3.0%

Ameriforge Group, Inc.

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, Maturing June 8, 2022			15,109	$	13,220,765

Apergy Corporation

Term Loan, 2.69%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			2,289		2,214,759

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 28, 2027			1,926		1,922,014

Blackstone CQP Holdco L.P.

Term Loan, 3.73%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			17,572		17,220,622

Buckeye Partners L.P.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026			11,389		11,171,912

Centurion Pipeline Company, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing September 28, 2025			2,025		1,994,625

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,414		3,358,707


		36		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

CITGO Holding, Inc.

Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023		2,970	$	2,732,400

CITGO Petroleum Corporation

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024		27,452		25,805,184

Delek US Holdings, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025		4,152		3,920,330

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 31, 2025		5,224		5,114,924

Fieldwood Energy, LLC

DIP Loan, 3.68%, Maturing August 4, 2021⁽³⁾		3,983		4,003,159

Term Loan, 0.00%, Maturing April 11, 2022⁽⁷⁾		26,962		6,656,357

Lealand Finance Company B.V.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), 1.15% cash, 3.00% PIK, Maturing June 30, 2025		3,135		2,057,529

Matador Bidco S.a.r.l.

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026		11,666		11,374,716

McDermott Technology Americas, Inc.

DIP Letter of Credit, 2.71%, Maturing June 28, 2024⁽³⁾		10,000		9,150,000

Term Loan, 3.14%, (1 mo. USD LIBOR + 3.00%), Maturing June 30, 2024		261		215,187

Prairie ECI Acquiror L.P.

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing March 11, 2026		19,198		17,277,857

PSC Industrial Holdings Corp.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 11, 2024		11,272		10,666,065

RDV Resources Properties, LLC

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing March 29, 2024⁽⁴⁾		3,221		2,034,117

Sunrise Oil & Gas Properties, LLC

Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023		812		734,529

Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023		834		654,309

Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023		963		486,286


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

UGI Energy Services, LLC

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			11,998	$	11,915,638

				$	165,901,991

Publishing — 1.3%

Alchemy Copyrights, LLC

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing August 16, 2027			4,425	$	4,413,937

Ascend Learning, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 12, 2024			3,400		3,374,500

Axel Springer S.E.

Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000		2,236,128

Getty Images, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			13,267		12,420,995

Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		4,351,911

LSC Communications, Inc.

Term Loan, 0.00%, Maturing September 30, 2022⁽⁷⁾			8,034		1,305,543

Nielsen Finance, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 4, 2023			15,054		14,748,576

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 4, 2025			7,338		7,338,125

ProQuest, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026			18,144		17,743,759

Tweddle Group, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing September 17, 2023			1,927		1,693,212

				$	69,626,686

Radio and Television — 2.8%

Cumulus Media New Holdings, Inc.

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 31, 2026			4,099	$	3,881,423

Diamond Sports Group, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026			35,813		22,416,874


		37		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Radio and Television (continued)

Entercom Media Corp.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024		4,807	$	4,642,170

Entravision Communications Corporation

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		8,226		7,883,247

Gray Television, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026		3,553		3,483,416

Hubbard Radio, LLC

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing March 28, 2025		10,057		9,692,008

iHeartCommunications, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026		1,260		1,186,137

Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 1, 2026		3,541		3,427,515

Nexstar Broadcasting, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		15,915		15,517,158

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,956		5,815,662

Sinclair Television Group, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		16,964		16,525,830

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		7,475		7,262,725

Terrier Media Buyer, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		25,604		25,024,232

Univision Communications, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		19,506		18,931,014

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 15, 2026		6,995		6,832,707

			$	152,522,118

Retailers (Except Food and Drug) — 1.7%

Apro, LLC

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		4,100	$	4,069,575


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) (continued)

Ascena Retail Group, Inc.

DIP Loan, 12.75%, (1 mo. USD LIBOR + 11.75%, Floor 1.00%), Maturing March 16, 2021		5,539	$	6,639,589

Term Loan, 0.00%, Maturing August 21, 2022⁽⁷⁾		15,977		4,952,888

Bass Pro Group, LLC

Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing September 25, 2024		10,756		10,731,908

BJ’s Wholesale Club, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 3, 2024		3,175		3,131,245

Coinamatic Canada, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		1,396		1,373,581

David’s Bridal, Inc.

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, Maturing June 23, 2023		2,469		2,222,818

Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing June 30, 2023		2,856		2,265,331

Go Wireless, Inc.

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,685		2,606,691

Harbor Freight Tools USA, Inc.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing October 19, 2027		12,850		12,684,351

Hoya Midco, LLC

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024		7,774		6,639,987

LSF9 Atlantis Holdings, LLC

Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		13,677		13,465,710

PetSmart, Inc.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 11, 2022		16,418		16,304,992

PFS Holding Corporation

Term Loan, 0.00%, Maturing January 31, 2021⁽⁷⁾		11,258		4,390,701

Pier 1 Imports (U.S.), Inc.

Term Loan, 0.00%, Maturing April 30, 2021⁽⁴⁾⁽⁷⁾		5,027		2,864,017

			$	94,343,384


		38		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Steel — 1.4%

Atkore International, Inc.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 22, 2023		21,285	$	21,214,393

GrafTech Finance, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		12,276		12,138,223

Neenah Foundry Company

Term Loan, 10.00%, (2 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing December 13, 2022		6,987		6,113,267

Phoenix Services International, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		8,363		8,028,208

Zekelman Industries, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 24, 2027		27,910		27,164,029

			$	74,658,120

Surface Transport — 0.5%

Avis Budget Car Rental, LLC

Term Loan, Maturing August 6, 2027⁽⁵⁾		2,500	$	2,251,875

Kenan Advantage Group, Inc.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		3,899		3,773,631

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		16,566		16,034,186

XPO Logistics, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		2,789		2,741,346

			$	24,801,038

Telecommunications — 5.0%

Cablevision Lightpath, LLC

Term Loan, Maturing September 15, 2027⁽⁵⁾		225	$	222,047

CenturyLink, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027		64,425		62,140,455

Ciena Corporation

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025		9,328		9,324,605

Colorado Buyer, Inc.

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024		19,289		16,921,334


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Telecommunications (continued)

Digicel International Finance Limited

Term Loan, 3.80%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			19,522	$	17,143,135

Gamma Infrastructure III B.V.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		25,162		28,510,899

Global Eagle Entertainment, Inc.

DIP Loan, 11.25%, (1 mo. USD LIBOR + 10.00%, Floor 1.25%), Maturing January 22, 2021			3,654		3,626,561

Term Loan, 0.00%, Maturing January 6, 2023⁽⁷⁾			23,177		16,223,819

Intelsat Jackson Holdings S.A.

DIP Loan, 6.50%, (6 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing July 13, 2022⁽³⁾			4,000		4,076,526

Term Loan, 8.75%, (USD Prime + 5.50%), Maturing January 2, 2024			13,500		13,639,212

IPC Corp.

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021⁽⁴⁾			8,930		6,376,021

Onvoy, LLC

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			17,768		16,901,724

Syniverse Holdings, Inc.

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 9, 2023			12,192		9,560,676

Telesat Canada

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			6,291		6,090,595

Zayo Group Holdings, Inc.

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		4,552		5,182,346

Ziggo Financing Partnership

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028			57,575		55,359,975

				$	271,299,930

Utilities — 0.4%

Calpine Construction Finance Company, L.P.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025			7,283	$	7,084,580

Calpine Corporation

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024			14,924		14,587,924


		39		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Utilities (continued)

Longview Power, LLC

Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), Maturing July 30, 2025⁽⁴⁾			1,433	$	1,146,073

				$	22,818,577

Total Senior Floating-Rate Loans (identified cost $6,537,871,757)				$	6,223,059,591

Corporate Bonds & Notes — 4.3%
Security		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.2%

Spirit AeroSystems, Inc.

5.50%, 1/15/25⁽⁹⁾			3,750	$	3,820,312

Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/25⁽⁹⁾			3,175		3,369,469

TransDigm, Inc.

8.00%, 12/15/25⁽⁹⁾			1,500		1,623,375

6.25%, 3/15/26⁽⁹⁾			1,500		1,565,633

				$	10,378,789

Air Transport — 0.4%

Delta Air Lines, Inc.

7.00%, 5/1/25⁽⁹⁾			5,300	$	5,789,224

Delta Air Lines, Inc./SkyMiles IP, Ltd.

4.50%, 10/20/25⁽⁹⁾			7,925		8,049,644

4.75%, 10/20/28⁽⁹⁾			7,925		8,105,504

				$	21,944,372

Automotive — 0.3%

Clarios Global, L.P.

6.75%, 5/15/25⁽⁹⁾			2,425	$	2,568,487

Clarios Global, L.P./Clarios US Finance Co.

6.25%, 5/15/26⁽⁹⁾			4,975		5,205,094

Tenneco, Inc.

4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24^(9)(10)	EUR		6,000		6,498,747

				$	14,272,328


Security		Principal Amount* (000’s omitted)		Value

Building and Development — 0.1%

American Builders & Contractors Supply Co., Inc.

4.00%, 1/15/28⁽⁹⁾			875	$	891,406

Cushman & Wakefield U.S. Borrower, LLC

6.75%, 5/15/28⁽⁹⁾			3,625		3,867,422

Forterra Finance, LLC/FRTA Finance Corp.

6.50%, 7/15/25⁽⁹⁾			1,100		1,163,938

Winnebago Industries, Inc.

6.25%, 7/15/28⁽⁹⁾			1,100		1,165,312

				$	7,088,078

Business Equipment and Services — 0.7%

Allied Universal Holdco, LLC/Allied Universal Finance Corp.

6.625%, 7/15/26⁽⁹⁾			2,475	$	2,592,563

Prime Security Services Borrower, LLC/Prime Finance, Inc.

5.25%, 4/15/24⁽⁹⁾			9,125		9,556,795

5.75%, 4/15/26⁽⁹⁾			17,950		19,139,187

Sabre GLBL, Inc.

9.25%, 4/15/25⁽⁹⁾			2,925		3,228,469

7.375%, 9/1/25⁽⁹⁾			2,675		2,732,513

				$	37,249,527

Cable and Satellite Television — 0.2%

Altice France S.A.

5.125%, 1/15/29⁽⁹⁾			1,600	$	1,600,480

Virgin Media Secured Finance PLC

4.50%, 8/15/30⁽⁹⁾			7,625		7,756,531

				$	9,357,011

Chemicals and Plastics — 0.2%

INEOS Finance PLC

3.375%, 3/31/26⁽⁹⁾	EUR		2,000	$	2,281,200

Tronox, Inc.

6.50%, 5/1/25⁽⁹⁾			8,000		8,450,000

				$	10,731,200

Containers and Glass Products — 0.1%

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC

5.125%, 7/15/23⁽⁹⁾			10	$	10,130

4.00%, 10/15/27⁽⁹⁾			6,325		6,427,781

				$	6,437,911


		40		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Diversified Financial Services — 0.1%

AG Issuer, LLC

6.25%, 3/1/28⁽⁹⁾		4,975	$	4,863,063

			$	4,863,063

Drugs — 0.1%

Bausch Health Cos., Inc.

5.50%, 11/1/25⁽⁹⁾		2,700	$	2,776,410

			$	2,776,410

Ecological Services and Equipment — 0.1%

GFL Environmental, Inc.

4.25%, 6/1/25⁽⁹⁾		6,025	$	6,156,797

			$	6,156,797

Electronics/Electrical — 0.2%

Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/25⁽⁹⁾		7,900	$	8,021,265

			$	8,021,265

Entertainment — 0.0%⁽⁶⁾

Six Flags Theme Parks, Inc.

7.00%, 7/1/25⁽⁹⁾		2,400	$	2,545,500

			$	2,545,500

Food Products — 0.2%

Del Monte Foods, Inc.

11.875%, 5/15/25⁽⁹⁾		9,400	$	10,040,375

			$	10,040,375

Food/Drug Retailers — 0.2%

Fresh Market, Inc. (The)

9.75%, 5/1/23⁽⁹⁾		8,600	$	8,245,293

			$	8,245,293

Health Care — 0.0%⁽⁶⁾

HCA, Inc.

5.25%, 4/15/25		1,250	$	1,448,590

			$	1,448,590


Security	Principal Amount* (000’s omitted)		Value

Industrial Equipment — 0.0%⁽⁶⁾

Clark Equipment Company

5.875%, 6/1/25⁽⁹⁾		1,200	$	1,251,750

			$	1,251,750

Insurance — 0.0%⁽⁶⁾

NFP Corp.

7.00%, 5/15/25⁽⁹⁾		500	$	530,938

			$	530,938

Leisure Goods / Activities / Movies — 0.0%⁽⁶⁾

SeaWorld Parks & Entertainment, Inc.

8.75%, 5/1/25⁽⁹⁾		2,425	$	2,552,312

			$	2,552,312

Machinery — 0.1%

Vertical U.S. Newco, Inc.

5.25%, 7/15/27⁽⁹⁾		4,950	$	5,103,821

			$	5,103,821

Oil and Gas — 0.2%

CITGO Petroleum Corporation

7.00%, 6/15/25⁽⁹⁾		12,175	$	11,315,141

			$	11,315,141

Packaging & Containers — 0.0%⁽⁶⁾

Intelligent Packaging, Ltd. Finco, Inc./ Intelligent Packaging, Ltd. Co-Issuer, LLC

6.00%, 9/15/28⁽⁹⁾		550	$	560,656

			$	560,656

Radio and Television — 0.2%

iHeartCommunications, Inc.

6.375%, 5/1/26		1,159	$	1,209,431

8.375%, 5/1/27		2,101		2,053,271

5.25%, 8/15/27⁽⁹⁾		2,500		2,471,875

4.75%, 1/15/28⁽⁹⁾		2,975		2,846,153

			$	8,580,730

Real Estate Investment Trusts (REITs) — 0.1%

Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer

5.875%, 10/1/28⁽⁹⁾		7,925	$	7,781,359

			$	7,781,359


		41		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Software and Services — 0.2%

Boxer Parent Co., Inc.

7.125%, 10/2/25⁽⁹⁾		4,850	$	5,206,766

LogMeIn, Inc.

5.50%, 9/1/27⁽⁹⁾		5,250		5,328,750

			$	10,535,516

Telecommunications — 0.4%

CenturyLink, Inc.

4.00%, 2/15/27⁽⁹⁾		5,400	$	5,528,250

Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.

8.75%, 5/25/24⁽⁹⁾		7,250		7,268,125

VMED O2 UK Financing I PLC

4.25%, 1/31/31⁽⁹⁾		10,575		10,601,438

			$	23,397,813

Total Corporate Bonds & Notes (identified cost $227,975,917)			$	233,166,545

Asset-Backed Securities — 4.9%
Security	Principal Amount (000’s omitted)		Value

Alinea CLO, Ltd.

Series 2018-1A, Class D, 3.318%, (3 mo. USD LIBOR + 3.10%), 7/20/31^(9)(10)	$	2,500	$	2,303,896

Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 7/20/31^(9)(10)		3,000		2,608,184

ALM Loan Funding, Ltd.

Series 2013-7RA, Class DR, 7.377%, (3 mo. USD LIBOR + 7.14%), 10/15/28^(9)(10)		3,000		2,866,197

AMMC CLO 15, Ltd.

Series 2014-15A, Class ERR, 7.147%, (3 mo. USD LIBOR + 6.91%), 1/15/32^(9)(10)		5,000		4,361,086

AMMC CLO XII, Ltd.

Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%), 11/10/30^(9)(10)		3,525		2,737,617

Apidos CLO XX

Series 2015-20A, Class DR, 5.93%, (3 mo. USD LIBOR + 5.70%), 7/16/31^(9)(10)		2,375		2,071,533

Ares LII CLO, Ltd.

Series 2019-52A, Class E, 6.766%, (3 mo. USD LIBOR + 6.55%), 4/22/31^(9)(10)		1,250		1,156,581

Ares XL CLO, Ltd.

Series 2016-40A, Class CR, 3.637%, (3 mo. USD LIBOR + 3.40%), 1/15/29^(9)(10)		2,500		2,423,833


Security	Principal Amount (000’s omitted)		Value

Ares XL CLO, Ltd. (continued)

Series 2016-40A, Class DR, 6.587%, (3 mo. USD LIBOR + 6.35%), 1/15/29^(9)(10)	$	3,500	$	3,143,796

Ares XLIX CLO, Ltd.

Series 2018-49A, Class D, 3.216%, (3 mo. USD LIBOR + 3.00%), 7/22/30^(9)(10)		2,500		2,329,630

Series 2018-49A, Class E, 5.916%, (3 mo. USD LIBOR + 5.70%), 7/22/30^(9)(10)		3,500		3,055,928

Ares XXXIIR CLO, Ltd.

Series 2014-32RA, Class C, 3.18%, (3 mo. USD LIBOR + 2.90%), 5/15/30^(9)(10)		5,000		4,627,860

Series 2014-32RA, Class D, 6.13%, (3 mo. USD LIBOR + 5.85%), 5/15/30^(9)(10)		1,000		873,102

Ares XXXVR CLO, Ltd.

Series 2015-35RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30^(9)(10)		4,000		3,505,283

Babson CLO, Ltd.

Series 2015-1A, Class DR, 2.818%, (3 mo. USD LIBOR + 2.60%), 1/20/31^(9)(10)		2,500		2,247,753

Series 2016-1A, Class DR, 3.259%, (3 mo. USD LIBOR + 3.05%), 7/23/30^(9)(10)		1,250		1,124,249

Series 2016-1A, Class ER, 6.209%, (3 mo. USD LIBOR + 6.00%), 7/23/30^(9)(10)		3,500		2,965,612

Series 2018-1A, Class C, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31^(9)(10)		3,500		3,131,137

Bain Capital Credit CLO

Series 2018-1A, Class D, 2.909%, (3 mo. USD LIBOR + 2.70%), 4/23/31^(9)(10)		5,000		4,400,671

Benefit Street Partners CLO V-B, Ltd.

Series 2018-5BA, Class C, 3.148%, (3 mo. USD LIBOR + 2.93%), 4/20/31^(9)(10)		5,000		4,414,827

Series 2018-5BA, Class D, 6.168%, (3 mo. USD LIBOR + 5.95%), 4/20/31^(9)(10)		3,500		2,892,037

Benefit Street Partners CLO VIII, Ltd.

Series 2015-8A, Class DR, 5.818%, (3 mo. USD LIBOR + 5.60%), 1/20/31^(9)(10)		5,401		4,246,162

Benefit Street Partners CLO XIV, Ltd.

Series 2018-14A, Class D, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/20/31^(9)(10)		1,500		1,315,895

Benefit Street Partners CLO XVI, Ltd.

Series 2018-16A, Class D, 3.918%, (3 mo. USD LIBOR + 3.70%), 1/17/32^(9)(10)		2,000		1,934,469

Series 2018-16A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/17/32^(9)(10)		2,250		2,036,353

Benefit Street Partners CLO XVII, Ltd.

Series 2019-17A, Class E, 6.837%, (3 mo. USD LIBOR + 6.60%), 7/15/32^(9)(10)		1,750		1,622,770

Betony CLO 2, Ltd.

Series 2018-1A, Class C, 3.168%, (3 mo. USD LIBOR + 2.90%), 4/30/31^(9)(10)		2,500		2,282,250


		42		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Betony CLO 2, Ltd. (continued)

Series 2018-1A, Class D, 5.198%, (3 mo. USD LIBOR + 5.65%), 4/30/31^(9)(10)	$	4,550	$	3,894,675

BlueMountain CLO, Ltd.

Series 2015-3A, Class CR, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/20/31^(9)(10)		5,000		4,304,412

Series 2015-3A, Class DR, 5.618%, (3 mo. USD LIBOR + 5.40%), 4/20/31^(9)(10)		3,000		2,266,897

Series 2016-3A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 11/15/30^(9)(10)		1,500		1,315,508

Series 2016-3A, Class ER, 6.23%, (3 mo. USD LIBOR + 5.95%), 11/15/30^(9)(10)		1,500		1,182,994

Series 2018-1A, Class D, 3.318%, (3 mo. USD LIBOR + 3.05%), 7/30/30^(9)(10)		2,500		2,191,733

Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 5.95%), 7/30/30^(9)(10)		2,000		1,595,933

Canyon Capital CLO, Ltd.

Series 2012-1RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30^(9)(10)		4,875		4,121,493

Series 2016-1A, Class DR, 3.037%, (3 mo. USD LIBOR + 2.80%), 7/15/31^(9)(10)		3,000		2,728,950

Series 2016-1A, Class ER, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31^(9)(10)		4,000		3,418,125

Series 2016-2A, Class ER, 6.237%, (3 mo. USD LIBOR + 6.00%), 10/15/31^(9)(10)		4,500		3,805,183

Series 2018-1A, Class D, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/31^(9)(10)		3,000		2,733,151

Series 2018-1A, Class E, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31^(9)(10)		2,750		2,352,233

Carlyle C17 CLO, Ltd.

Series C17A, Class CR, 3.014%, (3 mo. USD LIBOR + 2.80%), 4/30/31^(9)(10)		5,000		4,507,052

Series C17A, Class DR, 6.214%, (3 mo. USD LIBOR + 6.00%), 4/30/31^(9)(10)		3,500		2,900,355

Carlyle Global Market Strategies CLO, Ltd.

Series 2012-3A, Class CR2, 3.724%, (3 mo. USD LIBOR + 3.50%), 1/14/32^(9)(10)		2,500		2,247,334

Series 2012-3A, Class DR2, 6.724%, (3 mo. USD LIBOR + 6.50%), 1/14/32^(9)(10)		1,500		1,146,904

Series 2014-3RA, Class C, 3.167%, (3 mo. USD LIBOR + 2.95%), 7/27/31^(9)(10)		1,000		855,027

Series 2014-3RA, Class D, 5.617%, (3 mo. USD LIBOR + 5.40%), 7/27/31^(9)(10)		2,150		1,658,194

Series 2014-4RA, Class C, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/30^(9)(10)		2,750		2,387,799

Series 2014-4RA, Class D, 5.887%, (3 mo. USD LIBOR + 5.65%), 7/15/30^(9)(10)		3,500		2,643,759

Cole Park CLO, Ltd.

Series 2015-1A, Class ER, 6.818%, (3 mo. USD LIBOR + 6.60%), 10/20/28^(9)(10)		2,000		1,809,606


Security	Principal Amount (000’s omitted)		Value

Dryden CLO, Ltd.

Series 2016-42A, Class ER, 5.787%, (3 mo. USD LIBOR + 5.55%), 7/15/30^(9)(10)	$	3,500	$	3,074,431

Series 2018-55A, Class D, 3.087%, (3 mo. USD LIBOR + 2.85%), 4/15/31^(9)(10)		1,500		1,337,390

Series 2018-55A, Class E, 5.637%, (3 mo. USD LIBOR + 5.40%), 4/15/31^(9)(10)		2,000		1,709,969

Dryden Senior Loan Fund

Series 2015-40A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 8/15/31^(9)(10)		3,000		2,860,872

Series 2015-40A, Class ER, 6.03%, (3 mo. USD LIBOR + 5.75%), 8/15/31^(9)(10)		2,350		2,077,304

Series 2015-41A, Class DR, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31^(9)(10)		7,000		6,400,604

Series 2015-41A, Class ER, 5.537%, (3 mo. USD LIBOR + 5.30%), 4/15/31^(9)(10)		1,268		1,072,805

Series 2016-42A, Class DR, 3.167%, (3 mo. USD LIBOR + 2.93%), 7/15/30^(9)(10)		2,500		2,322,640

Fort Washington CLO, Ltd.

Series 2019-1A, Class E, 7.468%, (3 mo. USD LIBOR + 7.25%), 10/20/32^(9)(10)		1,000		905,908

Galaxy XV CLO, Ltd.

Series 2013-15A, Class ER, 6.882%, (3 mo. USD LIBOR + 6.65%), 10/15/30^(9)(10)		4,500		3,920,031

Galaxy XXV CLO, Ltd.

Series 2015-19A, Class D1R, 6.745%, (3 mo. USD LIBOR + 6.53%), 7/24/30^(9)(10)		2,000		1,732,955

Series 2018-25A, Class D, 3.315%, (3 mo. USD LIBOR + 3.10%), 10/25/31^(9)(10)		2,500		2,306,738

Series 2018-25A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31^(9)(10)		3,500		3,032,547

Goldentree Loan Management US CLO 5, Ltd.

Series 2019-5A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 10/20/32^(9)(10)		1,500		1,482,662

Golub Capital Partners CLO, Ltd.

Series 2018-37A, Class D, 3.518%, (3 mo. USD LIBOR + 3.30%), 7/20/30^(9)(10)		4,000		3,533,797

Series 2018-37A, Class E, 5.968%, (3 mo. USD LIBOR + 5.75%), 7/20/30^(9)(10)		4,750		4,067,792

Series 2020-48A, Class D, 4.018%, (3 mo. USD LIBOR + 3.80%), 4/17/33^(9)(10)		2,000		1,868,567

ICG US CLO, Ltd.

Series 2018-2A, Class D, 3.316%, (3 mo. USD LIBOR + 3.10%), 7/22/31^(9)(10)		2,000		1,791,335

Series 2018-2A, Class E, 5.966%, (3 mo. USD LIBOR + 5.75%), 7/22/31^(9)(10)		3,000		2,341,945

Kayne CLO 5, Ltd.

Series 2019-5A, Class E, 6.915%, (3 mo. USD LIBOR + 6.70%), 7/24/32^(9)(10)		500		476,502


		43		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Neuberger Berman CLO XVIII, Ltd.

Series 2014-18A, Class DR2, 6.129%, (3 mo. USD LIBOR + 5.92%), 10/21/30^(9)(10)	$	2,000	$	1,799,190

Neuberger Berman CLO XXII, Ltd.

Series 2016-22A, Class DR, 3.318%, (3 mo. USD LIBOR + 3.10%), 10/17/30^(9)(10)		2,500		2,365,642

Series 2016-22A, Class ER, 6.278%, (3 mo. USD LIBOR + 6.06%), 10/17/30^(9)(10)		3,000		2,698,184

Neuberger Berman Loan Advisers CLO, Ltd.

Series 2018-28A, Class E, 5.818%, (3 mo. USD LIBOR + 5.60%), 4/20/30^(9)(10)		1,950		1,742,218

Series 2019-33A, Class E, 7.03%, (3 mo. USD LIBOR + 6.80%), 10/16/32^(9)(10)		950		918,046

Oaktree CLO, Ltd.

Series 2019-3A, Class D, 4.178%, (3 mo. USD LIBOR + 3.96%), 7/20/31^(9)(10)		2,625		2,468,598

Series 2019-3A, Class E, 6.988%, (3 mo. USD LIBOR + 6.77%), 7/20/31^(9)(10)		1,121		928,695

OHA Credit Partners VII, Ltd.

Series 2012-7A, Class ER, 7.753%, (3 mo. USD LIBOR + 7.50%), 11/20/27^(9)(10)		3,000		2,879,495

Palmer Square CLO, Ltd.

Series 2013-2A, Class CRR, 3.418%, (3 mo. USD LIBOR + 3.20%), 10/17/31^(9)(10)		2,500		2,394,664

Series 2013-2A, Class DRR, 6.068%, (3 mo. USD LIBOR + 5.85%), 10/17/31^(9)(10)		3,250		2,890,790

Series 2015-1A, Class DR2, 6.497%, (3 mo. USD LIBOR + 6.25%), 5/21/29^(9)(10)		1,850		1,705,517

Series 2018-1A, Class C, 2.718%, (3 mo. USD LIBOR + 2.50%), 4/18/31^(9)(10)		3,000		2,775,618

Series 2018-1A, Class D, 5.368%, (3 mo. USD LIBOR + 5.15%), 4/18/31^(9)(10)		2,000		1,803,734

Series 2018-2A, Class D, 5.83%, (3 mo. USD LIBOR + 5.60%), 7/16/31^(9)(10)		2,000		1,760,195

Regatta XIII Funding, Ltd.

Series 2018-2A, Class C, 3.337%, (3 mo. USD LIBOR + 3.10%), 7/15/31^(9)(10)		2,500		2,308,727

Series 2018-2A, Class D, 6.187%, (3 mo. USD LIBOR + 5.95%), 7/15/31^(9)(10)		5,000		4,257,507

Regatta XIV Funding, Ltd.

Series 2018-3A, Class D, 3.415%, (3 mo. USD LIBOR + 3.20%), 10/25/31^(9)(10)		2,500		2,311,237

Series 2018-3A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31^(9)(10)		4,500		3,909,726

Regatta XV Funding, Ltd.

Series 2018-4A, Class D, 6.715%, (3 mo. USD LIBOR + 6.50%), 10/25/31^(9)(10)		3,875		3,469,500

Southwick Park CLO, LLC

Series 2019-4A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 7/20/32^(9)(10)		1,500		1,487,165


Security	Principal Amount (000’s omitted)		Value

Southwick Park CLO, LLC (continued)

Series 2019-4A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 7/20/32^(9)(10)	$	1,750	$	1,666,096

Upland CLO, Ltd.

Series 2016-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 4/20/31^(9)(10)		4,500		4,066,236

Series 2016-1A, Class DR, 6.118%, (3 mo. USD LIBOR + 5.90%), 4/20/31^(9)(10)		4,625		4,005,348

Vibrant CLO IX, Ltd.

Series 2018-9A, Class C, 3.418%, (3 mo. USD LIBOR + 3.20%), 7/20/31^(9)(10)		2,500		2,154,295

Series 2018-9A, Class D, 6.468%, (3 mo. USD LIBOR + 6.25%), 7/20/31^(9)(10)		3,500		2,689,321

Vibrant CLO X, Ltd.

Series 2018-10A, Class C, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/20/31^(9)(10)		5,000		4,358,253

Series 2018-10A, Class D, 6.408%, (3 mo. USD LIBOR + 6.19%), 10/20/31^(9)(10)		5,000		3,973,883

Voya CLO, Ltd.

Series 2014-1A, Class DR2, 6.218%, (3 mo. USD LIBOR + 6.00%), 4/18/31^(9)(10)		3,250		2,596,843

Series 2015-3A, Class CR, 3.368%, (3 mo. USD LIBOR + 3.15%), 10/20/31^(9)(10)		2,500		2,212,318

Series 2015-3A, Class DR, 6.418%, (3 mo. USD LIBOR + 6.20%), 10/20/31^(9)(10)		5,500		4,520,161

Series 2016-3A, Class CR, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/18/31^(9)(10)		2,000		1,750,408

Series 2016-3A, Class DR, 6.298%, (3 mo. USD LIBOR + 6.08%), 10/18/31^(9)(10)		3,375		2,777,897

Series 2018-1A, Class C, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/19/31^(9)(10)		5,000		4,406,553

Webster Park CLO, Ltd.

Series 2015-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 7/20/30^(9)(10)		2,000		1,874,432

Series 2015-1A, Class DR, 5.718%, (3 mo. USD LIBOR + 5.50%), 7/20/30^(9)(10)		2,500		2,190,337

Total Asset-Backed Securities (identified cost $306,155,088)			$	269,179,651

Common Stocks — 1.5%
Security	Shares		Value

Aerospace and Defense — 0.0%⁽⁶⁾

IAP Global Services, LLC^(4)(11)(12)		168	$	2,500,092

			$	2,500,092


		44		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Automotive — 0.0%⁽⁶⁾

Dayco Products, LLC^(11)(12)		48,926	$	366,945

			$	366,945

Business Equipment and Services — 0.0%⁽⁶⁾

Crossmark Holdings, Inc.^(11)(12)		37,581	$	2,160,908

			$	2,160,908

Chemicals and Plastics — 0.1%

Hexion Holdings Corp., Class B^(11)(12)		454,988	$	4,675,002

			$	4,675,002

Electronics/Electrical — 0.6%

Answers Corp.^(4)(11)(12)		642,963	$	475,793

Software Luxembourg Holding S.A., Class A^(11)(12)		161,663		32,332,600

			$	32,808,393

Health Care — 0.2%

Akorn Holding Company, LLC, Class A^(11)(12)		792,089	$	8,811,990

			$	8,811,990

Nonferrous Metals/Minerals — 0.0%⁽⁶⁾

ACNR Holdings, Inc., Class A^(11)(12)		30,298	$	348,427

			$	348,427

Oil and Gas — 0.2%

AFG Holdings, Inc.^(4)(11)(12)		281,241	$	6,192,927

Fieldwood Energy, Inc.^(11)(12)		20,537		2,054

Fieldwood Energy, Inc.^(11)(12)		88,944		8,894

McDermott International, Ltd.^(11)(12)		1,382,889		2,350,911

RDV Resources, Inc., Class A^(4)(11)(12)		197,614		0

Samson Resources II, LLC, Class A^(4)(11)		387,972		2,521,818

Sunrise Oil & Gas, Inc., Class A^(11)(12)		121,973		853,811

			$	11,930,415

Publishing — 0.2%

ION Media Networks, Inc.^(4)(11)(12)		13,247	$	8,671,221

Tweddle Group, Inc.^(4)(11)(12)		18,167		39,059

			$	8,710,280

Radio and Television — 0.1%

Clear Channel Outdoor Holdings, Inc.^(11)(12)		482,097	$	430,995

Cumulus Media, Inc., Class A^(11)(12)		371,654		1,880,569

iHeartMedia, Inc., Class A^(11)(12)		205,018		1,685,248

			$	3,996,812


Security	Shares		Value

Retailers (Except Food and Drug) — 0.0%⁽⁶⁾

David’s Bridal, LLC^(4)(11)(12)		195,511	$	1,708,766

			$	1,708,766

Utilities — 0.1%

Longview Intermediate Holdings, LLC, Class A^(4)(11)(12)		359,046	$	2,904,682

			$	2,904,682

Total Common Stocks (identified cost $94,656,391)			$	80,922,712

Preferred Stocks— 0.1%
Security	Shares		Value

Financial Services— 0.0%⁽⁶⁾

DBI Investors, Inc., Series A-1^(4)(11)(12)		9,245	$	742,651

			$	742,651

Nonferrous Metals/Minerals— 0.0%⁽⁶⁾

ACNR Holdings, Inc., 15.00% (PIK)^(11)(12)		14,309	$	214,635

			$	214,635

Retailers (Except Food and Drug)— 0.1%

David’s Bridal, LLC, Series A, 8.00% (PIK)^(4)(11)(12)		5,438	$	435,040

David’s Bridal, LLC, Series B, 10.00% (PIK)^(4)(11)(12)		22,162		1,794,235

			$	2,229,275

Total Preferred Stocks (identified cost $1,794,235)			$	3,186,561

Miscellaneous — 0.0%⁽⁶⁾
Security	Shares		Value

Oil and Gas — 0.0%⁽⁶⁾

Paragon Offshore Finance Company, Class A^(11)(12)		16,581	$	4,974

Paragon Offshore Finance Company, Class B^(11)(12)		8,290		101,553

Total Miscellaneous (identified cost $180,309)			$	106,527


		45		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Warrants — 0.0%
Security	Shares		Value

Health Care — 0.0%

THAIHOT Investment Company US Limited, Exp. 10/13/27^(4)(11)(12)		266	$	0

THAIHOT Investment Company US Limited, Exp. 10/13/27^(4)(11)(12)		1,725		0

THAIHOT Investment Company US Limited, Exp. 10/13/27 (Contingent Warrants)^(4)(11)(12)		111,530		0

			$	0

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC, Exp. 11/26/22^(4)(11)(12)		37,742	$	0

Total Warrants (identified cost $0)			$	0

Exchange-Traded Funds — 0.7%
Security	Shares		Value

SPDR Blackstone/GSO Senior Loan ETF		803,000	$	35,540,780

Total Exchange-Traded Funds (identified cost $36,809,412)			$	35,540,780

Short-Term Investments — 2.0%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹³⁾		111,394,225	$	111,394,225

Total Short-Term Investments (identified cost $111,394,225)			$	111,394,225

Total Investments — 127.7% (identified cost $7,316,837,334)			$	6,956,556,592

Less Unfunded Loan Commitments — (0.3)%			$	(16,434,068	)

Net Investments — 127.4% (identified cost $7,300,403,266)			$	6,940,122,524

Other Assets, Less Liabilities — (27.4)%			$	(1,490,688,271	)

Net Assets — 100.0%			$	5,449,434,253

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⁾

⁽²⁾

⁽³⁾

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At October 31, 2020, the total value of unfunded loan commitments is $15,620,613.

⁽⁴⁾

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

⁽⁵⁾

This Senior Loan will settle after October 31, 2020, at which time the interest rate will be determined.

⁽⁶⁾

Amount is less than 0.05%.

⁽⁷⁾

Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁸⁾

Fixed-rate loan.

⁽⁹⁾

⁽¹⁰⁾	Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹¹⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹²⁾	Non-income producing security.

⁽¹³⁾	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 October 31, 2020.


		46		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	155,537,410	EUR	132,552,680	Standard Chartered Bank		11/3/20	$	1,159,921	$	—

USD	147,378,054	EUR	124,569,292	HSBC Bank USA, N.A.		11/30/20		2,212,091		—

USD	9,470,182	EUR	8,000,000	State Street Bank and Trust Company		11/30/20		147,437		—

USD	31,418,149	GBP	23,789,121	State Street Bank and Trust Company		11/30/20		594,203		—

USD	154,499,562	EUR	132,552,680	Standard Chartered Bank		12/2/20		23,410		—

USD	158,803,677	EUR	134,859,392	Goldman Sachs International		1/29/21		1,407,481		—

USD	2,355,730	EUR	2,000,000	HSBC Bank USA, N.A.		1/29/21		21,504		—

							$	5,566,047	$	—

Abbreviations:



DIP	–	Debtor In Possession

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PIK	–	Payment In Kind

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		47		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $7,189,009,041)	$	6,828,728,299

Affiliated investment, at value (identified cost, $111,394,225)		111,394,225

Cash		60,056,685

Deposits for derivatives collateral — forward foreign currency exchange contracts		2,450,000

Foreign currency, at value (identified cost, $440,176)		440,695

Interest receivable		20,345,374

Dividends receivable from affiliated investment		10,839

Receivable for investments sold		91,437,051

Receivable for open forward foreign currency exchange contracts		5,566,047

Prepaid upfront fees and other fees on notes payable		2,111,271

Prepaid expenses		388,645

Total assets	$	7,122,929,131

Liabilities

Notes payable	$	1,480,000,000

Cash collateral due to brokers		2,450,000

Payable for investments purchased		186,536,475

Payable to affiliates:

Investment adviser fee		2,508,657

Trustees’ fees		9,042

Accrued expenses		1,990,704

Total liabilities	$	1,673,494,878

Net Assets applicable to investors’ interest in Portfolio	$	5,449,434,253


		48		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income	$	368,429,713

Dividends		2,422,685

Dividends from affiliated investment		1,038,505

Total investment income	$	371,890,903

Expenses

Investment adviser fee	$	32,244,296

Trustees’ fees and expenses		108,500

Custodian fee		949,004

Legal and accounting services		958,394

Interest expense and fees		37,094,201

Miscellaneous		444,497

Total expenses	$	71,798,892

Net investment income	$	300,092,011

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(392,923,637	)

Investment transactions — affiliated investment		(13,083	)

Foreign currency transactions		(3,180,669	)

Forward foreign currency exchange contracts		(15,923,521	)

Net realized loss	$	(412,040,910	)

Change in unrealized appreciation (depreciation) —

Investments	$	11,089,598

Investments — affiliated investment		(716	)

Foreign currency		668,445

Forward foreign currency exchange contracts		10,714,424

Net change in unrealized appreciation (depreciation)	$	22,471,751

Net realized and unrealized loss	$	(389,569,159	)

Net decrease in net assets from operations	$	(89,477,148	)


		49		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	300,092,011		$	495,243,530

Net realized loss		(412,040,910	)		(66,923,739	)

Net change in unrealized appreciation (depreciation)		22,471,751			(288,934,917	)

Net increase (decrease) in net assets from operations	$	(89,477,148	)	$	139,384,874

Capital transactions —

Contributions	$	656,651,110		$	189,465,590

Withdrawals		(2,461,193,007	)		(3,954,556,464	)

Net decrease in net assets from capital transactions	$	(1,804,541,897	)	$	(3,765,090,874	)

Net decrease in net assets	$	(1,894,019,045	)	$	(3,625,706,000	)

Net Assets

At beginning of year	$	7,343,453,298		$	10,969,159,298

At end of year	$	5,449,434,253		$	7,343,453,298


		50		See Notes to Financial Statements.

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Statement of Cash Flows


Cash Flows From Operating Activities	Year Ended October 31, 2020

Net decrease in net assets from operations	$	(89,477,148	)

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:

Investments purchased		(2,270,434,034	)

Investments sold and principal repayments		4,131,225,060

Increase in short-term investments, net		(31,755,325	)

Net amortization/accretion of premium (discount)		(7,696,081	)

Amortization of prepaid upfront fees and other fees on notes payable		4,908,616

Decrease in interest receivable		4,230,802

Decrease in dividends receivable from affiliated investment		208,151

Increase in receivable for open forward foreign currency exchange contracts		(5,517,094	)

Decrease in prepaid expenses		302,907

Increase in payable for cash collateral due to brokers		960,996

Decrease in payable for open forward foreign currency exchange contracts		(5,197,330	)

Decrease in payable to affiliate for investment adviser fee		(815,609	)

Decrease in accrued expenses		(3,451,169	)

Increase in unfunded loan commitments		13,956,307

Net change in unrealized (appreciation) depreciation from investments		(11,088,882	)

Net realized loss from investments		392,936,720

Net cash provided by operating activities	$	2,123,296,887

Cash Flows From Financing Activities

Proceeds from capital contributions	$	656,651,110

Payments for capital withdrawals		(2,461,193,007	)

Proceeds from notes payable		1,475,000,000

Repayments of notes payable		(1,835,000,000	)

Payment of prepaid upfront fees and other fees on notes payable		(5,906,250	)

Net cash used in financing activities	$	(2,170,448,147	)

Net decrease in cash and restricted cash*	$	(47,151,260	)

Cash and restricted cash at beginning of year⁽¹⁾	$	110,098,640

Cash and restricted cash at end of year⁽¹⁾	$	62,947,380

Supplemental disclosure of cash flow information:

Cash paid for interest and fees on borrowings	$	40,732,997

*	Includes net change in unrealized appreciation (depreciation) on foreign currency of $2,484.

⁽¹⁾	Balance includes foreign currency, at value.


		51		See Notes to Financial Statements.

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Statement of Cash Flows — continued

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.


	October 31, 2020

Cash	$	60,056,685

Deposit for derivatives collateral —

Forward foreign currency exchange contracts		2,450,000

Foreign currency		440,695

Total cash and restricted cash as shown on the Statement of Cash Flows	$	62,947,380


		52		See Notes to Financial Statements.

Senior Debt Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses excluding interest and fees		0.56	%		0.55	%		0.51	%		0.52	%		0.58	%

Interest and fee expense		0.60	%		0.88	%		0.47	%		0.34	%		0.44	%

Total expenses		1.16	%		1.43	%		0.98	%		0.86	%		1.02	%

Net investment income		4.86	%		5.63	%		4.92	%		4.68	%		5.52	%

Portfolio Turnover		30	%		17	%		29	%		39	%		38	%

Total Return		0.39	%		2.04	%		5.41	%		6.43	%		8.32	%

Net assets, end of year (000’s omitted)	$	5,449,434		$	7,343,453		$	10,969,159		$	7,797,557		$	5,325,638


		53		See Notes to Financial Statements.

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) 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 Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance Short Duration Inflation-Protected Income Fund held an interest of 98.1%, 1.0% and 0.9%, respectively, in the Portfolio.

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


		54

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

F Unfunded Loan Commitments — The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

2 Investment Adviser Fee and Other Transactions with Affiliates


		55

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

including $1 billion, 0.45% over $1 billion up to and including $2 billion, 0.40% over $2 billion up to and including $7 billion, 0.3875% over $7 billion up to and including $10 billion, 0.375% over $10 billion up to and including $15 billion and 0.3625% on gross assets over $15 billion, and is payable monthly. Gross assets of the Portfolio are calculated by deducting all liabilities of the Portfolio except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Portfolio. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee totaled $32,244,296 or 0.52% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and principal repayments on Senior Loans, aggregated $2,315,389,889 and $4,123,986,680, respectively, for the year ended October 31, 2020.

4 Federal Income Tax Basis of Investments



Aggregate cost	$	7,313,208,020

Gross unrealized appreciation	$	50,309,473

Gross unrealized depreciation		(423,394,969	)

Net unrealized depreciation	$	(373,085,496	)

5 Financial Instruments

The Portfolio 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 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 Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.


		56

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio 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 Portfolio and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 8) at October 31, 2020.


	Fair Value
Derivative	Asset Derivative⁽¹⁾		Liability Derivative

Forward foreign currency exchange contracts	$	5,566,047	$	—

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of October 31, 2020.


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)

Goldman Sachs International	$	1,407,481	$	—	$	—		$	(990,000	)	$	417,481

HSBC Bank USA, N.A.		2,233,595		—		(1,917,997	)		—			315,598

Standard Chartered Bank		1,183,331		—		—			(780,000	)		403,331

State Street Bank and Trust Company		741,640		—		(61,640	)		(680,000	)		—

	$	5,566,047	$	—	$	(1,979,637	)	$	(2,450,000	)	$	1,136,410

^(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.


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Forward foreign currency exchange contracts	$	(15,923,521	)	$	10,714,424

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.


		57

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

6 Revolving Credit and Security Agreement

The Portfolio has entered into a Revolving Credit and Security Agreement, as amended (the Loan Facility) with certain Citibank, N.A. (“Citi”) sponsored conduits (the “Conduit Lenders”) that issue commercial paper, certain banks (the “Direct Lenders”) and Citi as secondary lender (together with any other secondary lenders, the “Secondary Lenders”) and as agent (the “Agent”) for the Conduit Lenders, the Direct Lenders and the Secondary Lenders that allows it to borrow up to $2.625 billion ($2.917 billion from October 15, 2019 to March 9, 2020) and to invest the borrowings in accordance with its investment practices. Borrowings under the Loan Facility are secured by the assets of the Portfolio and is in effect through March 8, 2021. In connection with borrowings from a Conduit Lender, the Portfolio pays to the Conduit Lender an amount equal to the Conduit Lender’s cost of borrowing (i.e., the interest payable on commercial paper issued by such Conduit Lender) plus a dealer commission (collectively, the “CP Rate”) multiplied by the principal amount of the advance to the Portfolio under the Loan Facility. In addition, the Portfolio pays a drawn fee to Citi on behalf of the Conduit Lenders equal to 0.85% per annum on its outstanding borrowings, a liquidity fee payable to the Secondary Lenders equal to 0.15% or 0.25% per annum of the undrawn amount under the Loan Facility depending on the amount borrowed by the Portfolio thereunder, and an upfront fee equal to 0.10% of the total commitment amount under the Loan Facility. The Portfolio pays substantially similar fees with respect to borrowings from the Direct Lenders, but it pays one-month LIBOR (or such other duration as approved by the Agent) on advances rather than the CP Rate. In the event that the Conduit Lenders are unable to fund their commitment and the Secondary Lenders provide backstop liquidity, the Portfolio is charged an interest rate similar to that paid to the Direct Lenders but a drawn fee that is substantially higher than the drawn fee paid to the Direct Lenders. Drawn and liquidity fees for the year ended October 31, 2020 totaled $15,938,603 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Loan Facility on March 9, 2020, the Portfolio paid upfront fees of $2,625,000 and, shortly thereafter on March 19, 2020, the Portfolio paid waiver fees of $3,281,250 in connection with a reduction of Portfolio net asset value during the month of March 2020 due to market volatility; these aggregate upfront and waiver fees are being amortized to interest expense through March 8, 2021. The unamortized balance at October 31, 2020 is approximately $2,111,000 and is included in prepaid upfront fees and other fees on notes payable on the Statement of Assets and Liabilities. At October 31, 2020, the Portfolio had borrowings outstanding under the Loan Facility of $1,480,000,000 at an annual interest rate of 0.18%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at October 31, 2020 approximated its fair value. If measured at fair value, borrowings under the Loan Facility would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2020. For the year ended October 31, 2020, the average borrowings under the Loan Facility and the average interest rate (excluding fees) were $1,530,846,995 and 1.05%, respectively.

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $111,394,225, which represents 2.0% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	79,652,699	$	3,226,883,695	$	(3,195,128,370	)	$	(13,083	)	$	(716	)	$	111,394,225	$	1,038,505		111,394,225

8 Fair Value Measurements

•

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)


		58

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2		Level 3*		Total

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	6,192,920,386	$	13,705,137	$	6,206,625,523

Corporate Bonds & Notes		—		233,166,545		—		233,166,545

Asset-Backed Securities		—		269,179,651		—		269,179,651

Common Stocks		11,022,725		44,885,629		25,014,358		80,922,712

Preferred Stocks		—		214,635		2,971,926		3,186,561

Miscellaneous		—		106,527		—		106,527

Warrants		—		—		0		0

Exchange-Traded Funds		35,540,780		—		—		35,540,780

Short-Term Investments		—		111,394,225		—		111,394,225

Total Investments	$	46,563,505	$	6,851,867,598	$	41,691,421	$	6,940,122,524

Forward Foreign Currency Exchange Contracts	$	—	$	5,566,047	$	—	$	5,566,047

Total	$	46,563,505	$	6,857,433,645	$	41,691,421	$	6,945,688,571

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

9 Risks and Uncertainties

Risks Associated with Foreign Investments

Credit Risk

Pandemic Risk


		59

Eaton Vance

Senior Debt Portfolio

October 31, 2020

Notes to Financial Statements — continued

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		60

Senior Debt Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Senior Debt Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Senior Debt Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		61

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Liquidity Risk Management Program


		62

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Senior Debt Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		63

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Portfolio	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		64

Eaton Vance

Floating-Rate Advantage Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Portfolio	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		65

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		66

This Page Intentionally Left Blank

Investment Adviser of Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

3232 10.31.20

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Eaton Vance

Floating-Rate & High Income Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Floating-Rate & High Income Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			21 and 60
Federal Tax Information			22
Liquidity Risk Management Program			61
Management and Organization			62
Important Notices			65

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The first two months of the period, however, were relatively benign, with senior loan prices staying above $95 and appreciating in November and December.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Floating-Rate & High Income Fund (the Fund) returned 0.83% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned 1.72%.

The Index is unmanaged and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund has historically tended to maintain underweight exposures, relative to the Index, to lower credit segments of the market, namely the CCC and D (defaulted) rating tiers within the Index. This positioning may help the Fund experience limited credit losses over the long run, but may detract from relative performance versus the Index in times when lower quality loans perform well. This underweight to lower quality loans, which tend to have higher coupon yields, may also result in a lower average coupon yield for the Fund relative to the Index.

During the period, the Fund’s overweight position in higher quality BB rated loans, which generally underperformed the Index, detracted from Fund performance versus the Index.

On an industry basis, the Fund’s overweight exposure to the leisure goods/activities/movies industry, which experienced a drastic decline in business as a result of the global pandemic, also detracted from Fund performance relative to the Index. An underweight position in the health care industry, which experienced increased demand during the pandemic, detracted from relative results as well. Security selections in the oil & gas and the financial intermediaries industries also hurt relative performance during the period.

In contrast, an overweight position in the drugs industry — which benefited from the search for COVID-19 vaccines and treatments — and an underweight position in the air transport industry — where demand nearly disappeared in the initial surge of the pandemic — contributed to Fund performance versus the Index. Security selections across the business equipment & services, food/drug retailers, and leisure goods/activities/movies industries helped relative performance as well.

The Fund’s holdings in high yield bonds also helped results versus the Index, which does not include high yield bonds. High yield bonds, as measured by the ICE BofA U.S. High Yield Index, outperformed the loan market during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Performance^2,3

Portfolio Managers Craig P. Russ, Kelley G. Baccei, Stephen C. Concannon, CFA, Andrew N. Sveen, CFA and Jeffrey D. Mueller


% Average Annual Total Returns	Class Inception Date			Performance Inception Date			One Year			Five Years			Ten Years

Advisers Class at NAV		09/07/2000			09/07/2000			0.75	%		3.75	%		3.84	%
Class A at NAV		05/07/2003			09/07/2000			0.83			3.78			3.85
Class A with 2.25% Maximum Sales Charge		—			—			–1.43			3.31			3.62
Class C at NAV		09/05/2000			09/05/2000			–0.00	*		3.00			3.07
Class C with 1% Maximum Sales Charge		—			—			–0.97			3.00			3.07
Class I at NAV		09/15/2000			09/15/2000			1.01			4.04			4.10
Class R6 at NAV		06/27/2016			09/15/2000			1.05			4.09			4.13



S&P/LSTA Leveraged Loan Index		—			—			1.72	%		4.09	%		4.11	%

* Amount is less than -0.005%.

% Total Annual Operating Expense Ratios⁴	Advisers Class			Class A			Class C			Class I			Class R6

		1.04	%		1.04	%		1.79	%		0.79	%		0.73	%

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Advisers Class

$10,000

10/31/2010

$14,587

N.A.

Class C

$10,000

10/31/2010

$13,540

N.A.

Class I

$250,000

10/31/2010

$373,863

N.A.

Class R6

$1,000,000

10/31/2010

$1,498,923

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Fund Profile⁵

Asset Allocation (% of net assets)

LOGO

*	Net of unfunded loan commitments.

**	Amount is less than 0.05%.

Credit Quality (% of bonds, loans and asset-backed securities)⁶

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Endnotes and Additional Disclosures

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

⁵

Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests. Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁶

For Eaton Vance Floating Rate Portfolio’s securities, credit ratings are categorized using S&P Global Ratings (“S&P”). For High Income Opportunities Portfolio’s securities, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable and for purposes of ratings restrictions, the average of Moody’s, S&P and Fitch is used. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Additional Information

ICE BofA U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. 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. 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.


		5

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Advisers Class	$	1,000.00	$	1,086.10	$	5.61		1.07	%
Class A	$	1,000.00	$	1,086.90	$	5.56		1.06	%
Class C	$	1,000.00	$	1,082.20	$	9.47		1.81	%
Class I	$	1,000.00	$	1,087.40	$	4.25		0.81	%
Class R6	$	1,000.00	$	1,087.40	$	4.15		0.79	%
Hypothetical

(5% return per year before expenses)
Advisers Class	$	1,000.00	$	1,019.80	$	5.43		1.07	%
Class A	$	1,000.00	$	1,019.80	$	5.38		1.06	%
Class C	$	1,000.00	$	1,016.00	$	9.17		1.81	%
Class I	$	1,000.00	$	1,021.10	$	4.12		0.81	%
Class R6	$	1,000.00	$	1,021.20	$	4.01		0.79	%


		6

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Eaton Vance Floating Rate Portfolio, at value (identified cost, $806,027,344)	$	739,960,017

Investment in High Income Opportunities Portfolio, at value (identified cost, $162,077,065)		148,854,326

Receivable for Fund shares sold		783,291

Total assets	$	889,597,634

Liabilities

Payable for Fund shares redeemed	$	2,903,821

Distributions payable		426,418

Payable to affiliates:

Administration fee		113,383

Distribution and service fees		80,391

Trustees’ fees		42

Accrued expenses		207,223

Total liabilities	$	3,731,278

Net Assets	$	885,866,356

Sources of Net Assets

Paid-in capital	$	1,073,872,865

Accumulated loss		(188,006,509	)

Total	$	885,866,356


		7		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Statement of Assets and Liabilities — continued


Advisers Class Shares	October 31, 2020

Net Assets	$	42,805,843

Shares Outstanding		5,135,853

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.33

Class A Shares

Net Assets	$	181,560,608

Shares Outstanding		20,475,618

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.87

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	9.07

Class C Shares

Net Assets	$	37,682,506

Shares Outstanding		4,529,557

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	8.32

Class I Shares

Net Assets	$	546,479,045

Shares Outstanding		65,525,855

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.34

Class R6 Shares

Net Assets	$	77,338,354

Shares Outstanding		9,273,972

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.34

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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


		8		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income allocated from Portfolios (net of foreign taxes, $97)	$	50,024,749

Dividends allocated from Portfolios (net of foreign taxes, $90)		765,545

Expenses allocated from Portfolios		(5,962,783	)

Total investment income from Portfolios	$	44,827,511

Expenses

Administration fee	$	1,542,743

Distribution and service fees

Advisers Class		148,815

Class A		445,073

Class C		486,971

Trustees’ fees and expenses		500

Custodian fee		58,262

Transfer and dividend disbursing agent fees		593,987

Legal and accounting services		57,421

Printing and postage		88,795

Registration fees		114,768

Miscellaneous		21,359

Total expenses	$	3,558,694

Net investment income	$	41,268,817

Realized and Unrealized Gain (Loss) from Portfolios

Net realized gain (loss) —

Investment transactions	$	(45,394,544	)

Securities sold short		1,023

Foreign currency transactions		(368,575	)

Forward foreign currency exchange contracts		(2,329,339	)

Net realized loss	$	(48,091,435	)

Change in unrealized appreciation (depreciation) —

Investments	$	(8,519,288	)

Securities sold short		(2,183	)

Foreign currency		62,274

Forward foreign currency exchange contracts		1,357,929

Net change in unrealized appreciation (depreciation)	$	(7,101,268	)

Net realized and unrealized loss	$	(55,192,703	)

Net decrease in net assets from operations	$	(13,923,886	)


		9		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	41,268,817		$	73,238,337

Net realized loss		(48,091,435	)		(16,621,054	)

Net change in unrealized appreciation (depreciation)		(7,101,268	)		(28,238,000	)

Net increase (decrease) in net assets from operations	$	(13,923,886	)	$	28,379,283

Distributions to shareholders —

Advisers Class	$	(2,478,130	)	$	(4,710,780	)

Class A		(7,236,627	)		(9,342,699	)

Class B		—			(12,275	)

Class C		(1,643,196	)		(3,154,072	)

Class I		(28,118,971	)		(50,112,471	)

Class R6		(4,440,637	)		(6,351,742	)

Total distributions to shareholders	$	(43,917,561	)	$	(73,684,039	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Advisers Class	$	5,105,504		$	10,051,704

Class A		43,498,366			33,288,971

Class C		4,878,305			6,606,063

Class I		265,692,958			324,119,660

Class R6		14,922,583			65,450,500

Net asset value of shares issued to shareholders in payment of distributions declared

Advisers Class		2,453,867			4,661,130

Class A		6,617,567			8,540,214

Class B		—			12,104

Class C		1,411,554			2,669,468

Class I		24,792,433			45,443,028

Class R6		2,219,228			2,949,790

Cost of shares redeemed

Advisers Class		(44,433,813	)		(60,453,715	)

Class A		(61,798,848	)		(70,866,062	)

Class B		—			(37,932	)

Class C		(21,182,614	)		(26,509,551	)

Class I		(515,473,983	)		(899,494,801	)

Class R6		(62,940,600	)		(60,418,360	)

Net asset value of shares converted⁽¹⁾

Class A		4,775,909			42,086,018

Class B		—			(728,806	)

Class C		(4,775,909	)		(41,357,212	)

Net decrease in net assets from Fund share transactions	$	(334,237,493	)	$	(613,987,789	)

Other capital —

Portfolio transaction fee contributed to Eaton Vance Floating Rate Portfolio	$	—		$	(1,311,403	)

Portfolio transaction fee allocated from Eaton Vance Floating Rate Portfolio		—			978,282

Net decrease in net assets from other capital	$	—		$	(333,121	)

Net decrease in net assets	$	(392,078,940	)	$	(659,625,666	)

Net Assets

At beginning of year	$	1,277,945,296		$	1,937,570,962

At end of year	$	885,866,356		$	1,277,945,296

⁽¹⁾	Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.


		10		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Financial Highlights


	Advisers Class

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.620		$	8.850		$	8.880		$	8.740		$	8.550

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.324		$	0.408		$	0.364		$	0.339		$	0.362

Net realized and unrealized gain (loss)		(0.277	)		(0.228	)		(0.028	)		0.142			0.193

Total income from operations	$	0.047		$	0.180		$	0.336		$	0.481		$	0.555

Less Distributions

From net investment income	$	(0.337	)	$	(0.410	)	$	(0.366	)	$	(0.341	)	$	(0.365	)

Total distributions	$	(0.337	)	$	(0.410	)	$	(0.366	)	$	(0.341	)	$	(0.365	)

Net asset value — End of year	$	8.330		$	8.620		$	8.850		$	8.880		$	8.740

Total Return⁽²⁾		0.75	%		1.98	%		3.85	%		5.59	%		6.72	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	42,806		$	84,179		$	133,055		$	159,778		$	181,145

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.08	%		1.04	%		1.01	%		1.03	%		1.06	%

Net investment income		3.89	%		4.68	%		4.10	%		3.83	%		4.28	%

Portfolio Turnover of the Fund⁽⁴⁾		8	%		5	%		12	%		13	%		13	%

⁽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⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.


		11		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Financial Highlights — continued


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.160		$	9.410		$	9.450		$	9.300		$	9.090

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.340		$	0.434		$	0.387		$	0.360		$	0.385

Net realized and unrealized gain (loss)		(0.272	)		(0.248	)		(0.037	)		0.153			0.214

Total income from operations	$	0.068		$	0.186		$	0.350		$	0.513		$	0.599

Less Distributions

From net investment income	$	(0.358	)	$	(0.436	)	$	(0.390	)	$	(0.363	)	$	(0.389	)

Total distributions	$	(0.358	)	$	(0.436	)	$	(0.390	)	$	(0.363	)	$	(0.389	)

Net asset value — End of year	$	8.870		$	9.160		$	9.410		$	9.450		$	9.300

Total Return⁽²⁾		0.83	%		2.04	%		3.77	%		5.60	%		6.82	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	181,561		$	195,385		$	186,987		$	199,714		$	305,764

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.08	%		1.04	%		1.01	%		1.03	%		1.07	%

Net investment income		3.84	%		4.69	%		4.10	%		3.83	%		4.29	%

Portfolio Turnover of the Fund⁽⁴⁾		8	%		5	%		12	%		13	%		13	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.


		12		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.600		$	8.830		$	8.860		$	8.720		$	8.530

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.259		$	0.341		$	0.296		$	0.272		$	0.298

Net realized and unrealized gain (loss)		(0.264	)		(0.227	)		(0.027	)		0.142			0.193

Total income (loss) from operations	$	(0.005	)	$	0.114		$	0.269		$	0.414		$	0.491

Less Distributions

From net investment income	$	(0.275	)	$	(0.344	)	$	(0.299	)	$	(0.274	)	$	(0.301	)

Total distributions	$	(0.275	)	$	(0.344	)	$	(0.299	)	$	(0.274	)	$	(0.301	)

Net asset value — End of year	$	8.320		$	8.600		$	8.830		$	8.860		$	8.720

Total Return⁽²⁾		(0.00	)%⁽³⁾		1.33	%		2.96	%		4.92	%		5.93	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	37,683		$	59,716		$	121,021		$	137,536		$	158,443

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses		1.83	%		1.79	%		1.76	%		1.78	%		1.82	%

Net investment income		3.12	%		3.93	%		3.35	%		3.08	%		3.54	%

Portfolio Turnover of the Fund⁽⁵⁾		8	%		5	%		12	%		13	%		13	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Amount is less than (0.005)%.

⁽⁴⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.


		13		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.620		$	8.850		$	8.890		$	8.740		$	8.550

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.344		$	0.430		$	0.386		$	0.361		$	0.383

Net realized and unrealized gain (loss)		(0.265	)		(0.228	)		(0.037	)		0.153			0.194

Total income from operations	$	0.079		$	0.202		$	0.349		$	0.514		$	0.577

Less Distributions

From net investment income	$	(0.359	)	$	(0.432	)	$	(0.389	)	$	(0.364	)	$	(0.387	)

Total distributions	$	(0.359	)	$	(0.432	)	$	(0.389	)	$	(0.364	)	$	(0.387	)

Net asset value — End of year	$	8.340		$	8.620		$	8.850		$	8.890		$	8.740

Total Return⁽²⁾		1.01	%		2.35	%		4.00	%		5.97	%		6.99	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	546,479		$	808,175		$	1,369,866		$	1,280,058		$	613,984

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		0.83	%		0.79	%		0.76	%		0.77	%		0.82	%

Net investment income		4.12	%		4.94	%		4.35	%		4.08	%		4.54	%

Portfolio Turnover of the Fund⁽⁴⁾		8	%		5	%		12	%		13	%		13	%

⁽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⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.


		14		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Financial Highlights — continued


	Class R6

	Year Ended October 31,												Period Ended October 31, 2016⁽¹⁾
	2020			2019			2018			2017			Period Ended October 31, 2016⁽¹⁾

Net asset value — Beginning of period	$	8.620		$	8.850		$	8.880		$	8.740		$	8.480

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.349		$	0.435		$	0.399		$	0.366		$	0.131

Net realized and unrealized gain (loss)		(0.267	)		(0.228	)		(0.036	)		0.138			0.270

Total income from operations	$	0.082		$	0.207		$	0.363		$	0.504		$	0.401

Less Distributions

From net investment income	$	(0.362	)	$	(0.437	)	$	(0.393	)	$	(0.364	)	$	(0.141	)

Total distributions	$	(0.362	)	$	(0.437	)	$	(0.393	)	$	(0.364	)	$	(0.141	)

Net asset value — End of period	$	8.340		$	8.620		$	8.850		$	8.880		$	8.740

Total Return⁽³⁾		1.05	%		2.41	%		4.05	%		5.97	%		4.75	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	77,338		$	130,492		$	125,876		$	15,491		$	13,180

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses		0.79	%		0.73	%		0.72	%		0.73	%		0.76	%⁽⁶⁾

Net investment income		4.19	%		4.99	%		4.49	%		4.13	%		4.35	%⁽⁶⁾

Portfolio Turnover of the Fund⁽⁷⁾		8	%		5	%		12	%		13	%		13	%⁽⁸⁾

⁽¹⁾	For the period from the commencement of operations on June 27, 2016 to October 31, 2016.

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁶⁾	Annualized.

⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

⁽⁸⁾	For the Fund’s year ended October 31, 2016.


		15		See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Floating-Rate & High Income 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 offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. The Advisers Class, Class I 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. 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 Fund’s investment objective is to provide a high level of current income. The Fund currently pursues its objective by investing all of its investable assets in interests in two portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2020 were as follows: Eaton Vance Floating Rate Portfolio (13.1%) and High Income Opportunities Portfolio (15.7%). The performance of the Fund is directly affected by the performance of the Portfolios. The financial statements of Eaton Vance Floating Rate Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of High Income Opportunities Portfolio’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

A Investment Valuation — Valuation of securities by Eaton Vance Floating Rate Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of High Income Opportunities Portfolio.

B Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund.

G Other — Investment transactions are accounted for on a trade date basis.


		16

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. 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 reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	43,917,561	$	73,684,039

During the year ended October 31, 2020, accumulated loss was increased by $140,073 and paid-in capital was increased by $140,073 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	702,898

Deferred capital losses	$	(120,430,861	)

Net unrealized depreciation	$	(67,852,128	)

Distributions payable	$	(426,418	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $120,430,861 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 October 31, 2020, $12,883,464 are short-term and $107,547,397 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. Pursuant to an investment advisory agreement between the Fund and EVM, the investment adviser fee is computed on investable Fund assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receives an advisory fee (“Investable Assets”) at the following annual rates: for bank loans and bank loan related Investable Assets — 0.575% up to $1 billion of the Fund’s average daily net Investable Assets and at reduced rates when average daily net Investable Assets are $1 billion or more; and for high yield bonds and other instruments that are not bank loan related — 0.30% up to $500 million of the Fund’s daily net Investable Assets, and at reduced rates on daily net Investable Assets of $500 million or more, plus 3.00% of the Fund’s daily income when daily net Investable Assets are less than $500 million, and at reduced rates when daily net Investable assets are $500 million or more. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., to render investment advisory services. See Note 2 of the Portfolios’ Notes to Financial Statements. For the year ended October 31, 2020, the Fund’s allocated portion of investment adviser fees paid by the Portfolios amounted to $5,095,691 or 0.50% of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $1,542,743.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $6,873 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 $1,626 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).


		17

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Notes to Financial Statements — continued

Trustees and officers of the Fund and the Portfolios who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of the above organizations.

4 Distribution Plans

The Fund has in effect distribution plans for the Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/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 Advisers Class and 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 year ended October 31, 2020 amounted to $148,815 for Advisers Class shares and $445,073 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $365,228 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $121,743 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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $8,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investments in the Portfolios were as follows:


Portfolio	Contributions		Withdrawals

Eaton Vance Floating Rate Portfolio	$	67,984,554	$	389,599,342

High Income Opportunities Portfolio		12,949,439		74,209,399

During the year ended October 31, 2019, a Portfolio transaction fee was imposed by Eaton Vance Floating Rate Portfolio (the Portfolio) on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1K of the Portfolio’s financial statements included herein. Such fee was allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

7 Shares of Beneficial Interest


	Year Ended October 31,
Advisers Class	2020			2019

Sales		626,290			1,154,753

Issued to shareholders electing to receive payments of distributions in Fund shares		294,072			536,505

Redemptions		(5,554,448	)		(6,963,590	)

Net decrease		(4,634,086	)		(5,272,332	)


		18

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Notes to Financial Statements — continued



	Year Ended October 31,
Class A	2020			2019

Sales		4,930,687			3,609,089

Issued to shareholders electing to receive payments of distributions in Fund shares		748,176			923,835

Redemptions		(7,069,657	)		(7,653,592	)

Converted from Class B shares		—			79,945

Converted from Class C shares		545,541			4,486,960

Net increase (decrease)		(845,253	)		1,446,237

	Year Ended October 31,
Class B	2020			2019⁽¹⁾

Sales		—			—

Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,396

Redemptions		—			(4,356	)

Converted to Class A shares		—			(83,885	)

Net decrease		—			(86,845	)

	Year Ended October 31,
Class C	2020			2019

Sales		595,239			762,155

Issued to shareholders electing to receive payments of distributions in Fund shares		169,877			308,162

Redemptions		(2,598,882	)		(3,059,598	)

Converted to Class A shares		(581,455	)		(4,775,942	)

Net decrease		(2,415,221	)		(6,765,223	)

	Year Ended October 31,
Class I	2020			2019

Sales		32,123,559			37,307,330

Issued to shareholders electing to receive payments of distributions in Fund shares		2,974,259			5,228,689

Redemptions		(63,321,586	)		(103,586,021	)

Net decrease		(28,223,768	)		(61,050,002	)

	Year Ended October 31,
Class R6	2020			2019

Sales		1,758,211			7,529,198

Issued to shareholders electing to receive payments of distributions in Fund shares		266,107			338,979

Redemptions		(7,887,382	)		(6,954,910	)

Net increase (decrease)		(5,863,064	)		913,267

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.


		19

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Notes to Financial Statements — continued

8 Fair Value Measurements

•

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)

At October 31, 2020 and October 31, 2019, the Fund’s investment in High Income Opportunities Portfolio, whose financial statements are not included but are available elsewhere as discussed in Note 1, and in Eaton Vance Floating Rate Portfolio were valued based on Level 1 inputs.

9 Risks and Uncertainties

Pandemic Risk

10 Additional Information


		20

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Floating-Rate & High Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate & High Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		21

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Federal Tax Information (Unaudited)


		22

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments


Senior Floating-Rate Loans — 86.9%⁽¹⁾
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 2.2%

Aernnova Aerospace S.A.U.

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		1,194	$	1,114,678

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		4,656		4,347,243

AI Convoy (Luxembourg) S.a.r.l.

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		2,850		3,263,655

Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing January 17, 2027⁽²⁾			4,204		4,139,505

Dynasty Acquisition Co., Inc.

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			6,830		6,136,846

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			12,698		11,409,867

IAP Worldwide Services, Inc.

Revolving Loan, 1.37%, Maturing July 19, 2021⁽³⁾			5,526		5,396,495

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), Maturing July 18, 2021⁽⁴⁾			6,930		5,454,526

Spirit Aerosystems, Inc.

Term Loan, 6.00%, (1 mo. USD LIBOR + 5.25%, Floor 0.75%), Maturing January 30, 2025			3,025		3,028,781

TransDigm, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			28,603		27,005,868

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 30, 2025			6,400		6,036,757

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			34,208		32,254,968

WP CPP Holdings, LLC

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025			14,847		13,181,726

				$	122,770,915

Air Transport — 0.4%

JetBlue Airways Corporation

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 17, 2024			3,111	$	3,103,125

Mileage Plus Holdings, LLC

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing June 25, 2027			5,850		5,962,888

SkyMiles IP, Ltd.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 20, 2027			14,625		14,602,156

				$	23,668,169


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive — 3.2%

Adient US, LLC

Term Loan, 4.42%, (USD LIBOR + 4.25%), Maturing May 6, 2024⁽²⁾			2,740	$	2,707,771

American Axle and Manufacturing, Inc.

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,165		18,545,663

Autokiniton US Holdings, Inc.

Term Loan, 6.52%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,262		8,983,958

Bright Bidco B.V.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024			18,014		8,549,005

Chassix, Inc.

Term Loan, 6.50%, (USD LIBOR + 5.50%, Floor 1.00%), Maturing November 15, 2023⁽²⁾			8,879		7,946,638

Clarios Global, L.P.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			22,298		21,656,712

Cooper Standard Automotive, Inc.

Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			5,070		4,394,601

Dayco Products, LLC

Term Loan, 4.51%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			10,974		6,986,479

Garrett LX III S.a.r.l.

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing September 27, 2025	EUR		4,625		5,245,640

Garrett Motion, Inc.

DIP Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 15, 2021			1,157		1,162,340

Goodyear Tire & Rubber Company (The)

Term Loan - Second Lien, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			8,017		7,771,479

IAA, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			6,071		5,919,286

Les Schwab Tire Centers

Term Loan, Maturing October 28, 2027⁽⁵⁾			18,475		18,336,437

Tenneco, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			34,580		32,040,772

Thor Industries, Inc.

Term Loan, 3.94%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			9,518		9,467,571


		23		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive (continued)

TI Group Automotive Systems, LLC

Term Loan, 4.50%, (3 mo. EURIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024	EUR		7,644	$	8,857,855

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing December 16, 2024			10,682		10,654,870

Visteon Corporation

Term Loan, 1.91%, (USD LIBOR + 1.75%), Maturing March 25, 2024⁽²⁾			2,217		2,175,076

				$	181,402,153

Brokerage / Securities Dealers / Investment Houses — 0.5%

Advisor Group, Inc.

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			11,119	$	10,744,200

Clipper Acquisitions Corp.

Term Loan, 1.89%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			12,934		12,675,565

OZ Management L.P.

Term Loan, 4.94%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			257		256,700

Resolute Investment Managers, Inc.

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023			3,800		3,676,500

				$	27,352,965

Building and Development — 2.7%

ACProducts, Inc.

Term Loan, 7.50%, (6 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing August 18, 2025			3,678	$	3,718,095

Advanced Drainage Systems, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026			2,347		2,332,358

American Builders & Contractors Supply Co., Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027			21,904		21,297,980

American Residential Services, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 15, 2027			4,150		4,108,500

APi Group DE, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026			13,697		13,435,417

Term Loan, Maturing October 1, 2026⁽⁵⁾			2,150		2,105,656


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Building and Development (continued)

Core & Main L.P.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing August 1, 2024			1,326	$	1,292,625

CPG International, Inc.

Term Loan, 4.75%, (12 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 5, 2024			6,764		6,766,395

Cushman & Wakefield U.S. Borrower, LLC

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025			28,775		27,612,458

LSF11 Skyscraper Holdco S.a.r.l.

Term Loan, Maturing August 7, 2027⁽⁵⁾			5,400		5,379,750

Term Loan, Maturing September 29, 2027⁽⁵⁾	EUR		11,350		13,130,649

Quikrete Holdings, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			3,606		3,541,766

RE/MAX International, Inc.

Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			17,532		17,443,917

Realogy Group, LLC

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing February 8, 2025			5,421		5,214,595

Werner FinCo L.P.

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024			4,716		4,562,869

White Cap Buyer, LLC

Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), Maturing October 19, 2027			15,450		15,244,005

WireCo WorldGroup, Inc.

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 30, 2023			6,773		5,951,432

				$	153,138,467

Business Equipment and Services — 6.4%

Adevinta ASA

Term Loan, Maturing October 23, 2027⁽⁵⁾			2,175	$	2,166,844

Term Loan, Maturing October 23, 2027⁽⁵⁾	EUR		8,075		9,398,672

Adtalem Global Education, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			4,448		4,408,708


		24		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Airbnb, Inc.

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			6,434	$	6,857,436

AlixPartners, LLP

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 4, 2024			1,330		1,290,630

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		8,796		10,136,784

Allied Universal Holdco, LLC

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			6,131		6,013,310

Amentum Government Services Holdings, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 1, 2027			9,551		9,192,898

AppLovin Corporation

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			26,826		26,340,038

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing August 15, 2025			5,348		5,297,986

ASGN Incorporated

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025			575		569,178

Asplundh Tree Expert, LLC

Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing September 7, 2027			8,450		8,442,961

Belfor Holdings, Inc.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			2,165		2,159,969

BidFair MergeRight, Inc.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027			5,862		5,832,226

Bracket Intermediate Holding Corp.

Term Loan, 4.48%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025			9,002		8,788,260

Brand Energy & Infrastructure Services, Inc.

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 21, 2024			8,068		7,534,398

Camelot U.S. Acquisition 1 Co.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing October 30, 2026			8,175		8,067,703

Ceridian HCM Holding, Inc.

Term Loan, 2.60%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025			10,216		9,901,444

CM Acquisition Co.

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing July 26, 2023			4,717		4,657,895


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Deerfield Dakota Holding, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027			2,319	$	2,289,328

EAB Global, Inc.

Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024⁽²⁾			3,750		3,660,570

EIG Investors Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 9, 2023			17,845		17,732,988

Garda World Security Corporation

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 30, 2026			7,695		7,686,475

Greeneden U.S. Holdings II, LLC

Term Loan, Maturing October 8, 2027⁽⁵⁾	EUR		1,250		1,451,627

Term Loan, Maturing October 8, 2027⁽⁵⁾			6,000		5,940,000

IG Investment Holdings, LLC

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 23, 2025			23,534		23,162,434

Illuminate Buyer, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing June 16, 2027			6,175		6,084,691

Intrado Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing October 10, 2024			3,861		3,579,583

Term Loan, 5.00%, (USD LIBOR + 4.00%, Floor 1.00%), Maturing October 10, 2024⁽²⁾			4,947		4,614,364

IRI Holdings, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 1, 2025			20,946		20,622,982

Term Loan, 5.15%, (1 mo. USD LIBOR + 5.00%), Maturing December 1, 2025			6,300		6,341,580

Iron Mountain, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			8,881		8,570,402

KAR Auction Services, Inc.

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026			3,335		3,222,489

KUEHG Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 21, 2025			20,110		18,466,293

Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), Maturing August 22, 2025			4,425		3,974,203


		25		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

LGC Group Holdings, Ltd.

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing April 21, 2027	EUR		2,275	$	2,588,072

Loire Finco Luxembourg S.a.r.l.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing April 21, 2027			3,067		2,963,791

Monitronics International, Inc.

Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			17,189		13,665,632

PGX Holdings, Inc.

Term Loan, 10.50%, (12 mo. USD LIBOR + 9.50%, Floor 1.00%), 6.25% cash, 4.25% PIK, Maturing September 29, 2023			8,666		7,387,984

Prime Security Services Borrower, LLC

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing September 23, 2026⁽²⁾			995		983,091

Rockwood Service Corporation

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			4,279		4,249,085

Speedster Bidco GmbH

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,975		3,316,712

Spin Holdco, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			31,108		30,369,083

TruGreen Limited Partnership

Term Loan, Maturing October 29, 2027⁽⁵⁾			4,100		4,059,000

Vestcom Parent Holdings, Inc.

Term Loan, 4.14%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,881		1,836,574

WASH Multifamily Laundry Systems, LLC

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			1,508		1,483,256

Zephyr Bidco Limited

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		4,975		5,575,046

Term Loan, 4.30%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,675		10,813,510

				$	363,748,185

Cable and Satellite Television — 4.4%

Altice France S.A.

Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			4,496	$	4,359,444

Term Loan, 4.24%, (3 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			6,438		6,266,005


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Cable and Satellite Television (continued)

Charter Communications Operating, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			6,756	$	6,593,500

CSC Holdings, LLC

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			25,799		24,967,260

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			4		4,078

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2027			8,366		8,116,347

Numericable Group S.A.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			21,077		20,180,929

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		7,172		7,966,530

Telenet Financing USD, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			32,325		31,269,395

Telenet International Finance S.a.r.l.

Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		5,000		5,725,891

UPC Broadband Holding B.V.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			7,475		7,197,805

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		2,350		2,673,978

Term Loan, Maturing January 31, 2029⁽⁵⁾	EUR		6,000		6,912,200

Term Loan, Maturing January 31, 2029⁽⁵⁾	EUR		6,000		6,912,201

Term Loan, Maturing January 31, 2029⁽⁵⁾			13,775		13,447,844

Term Loan, Maturing January 31, 2029⁽⁵⁾			13,775		13,447,844

Virgin Media Bristol, LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			39,275		38,001,272

Virgin Media SFA Finance Limited

Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		8,175		10,206,796

Term Loan, 3.30%, (1 mo. GBP LIBOR + 3.25%), Maturing November 15, 2027	GBP		600		749,123

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		11,625		13,180,841

Ziggo B.V.

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		17,350		19,756,231

				$	247,935,514


		26		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics — 3.2%

Alpha 3 B.V.

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing January 31, 2024			3	$	2,817

Aruba Investments, Inc.

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 7, 2025			8,275		8,264,656

Axalta Coating Systems US Holdings, Inc.

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			30,101		29,279,526

Caldic B.V.

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		500		558,668

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing July 18, 2024	EUR		2,166		2,420,584

Chemours Company (The)

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		2,848		3,199,733

Colouroz Investment 1 GmbH

Term Loan, 5.75%, (3 mo. EURIBOR + 5.00%, Floor 0.75%), 5.00% cash, 0.75% PIK, Maturing September 21, 2023	EUR		1,971		2,057,163

Element Solutions, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			4,429		4,340,043

Emerald Performance Materials, LLC

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing August 12, 2025			3,784		3,764,906

Ferro Corporation

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,738		3,687,668

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,819		3,767,835

Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			5,287		5,216,810

Flint Group GmbH

Term Loan, 6.00%, (USD LIBOR + 4.25%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			2,687		2,418,005

Flint Group US, LLC

Term Loan, 6.00%, (USD LIBOR + 4.25%, Floor 1.00%), 5.25% cash, 0.75% PIK, Maturing September 21, 2023⁽²⁾			16,252		14,626,950

Gemini HDPE, LLC

Term Loan, 2.72%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			9,132		8,955,188


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

Hexion, Inc.

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		10,064	$	11,501,269

INEOS Enterprises Holdings II Limited

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		1,975		2,267,597

INEOS Enterprises Holdings US Finco, LLC

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 28, 2026			2,136		2,104,933

INEOS Finance PLC

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		6,356		7,197,515

Inovyn Finance PLC

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		3,204		3,653,683

Kraton Polymers, LLC

Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		618		706,758

Messer Industries GmbH

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,275		4,916,643

PMHC II, Inc.

Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			4,095		3,746,925

PQ Corporation

Term Loan, 2.46%, (3 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			17,475		17,016,340

Rohm Holding GmbH

Term Loan, 5.32%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			5,175		4,677,076

Starfruit Finco B.V.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			9,908		9,629,048

Tronox Finance, LLC

Term Loan, 3.18%, (USD LIBOR + 3.00%), Maturing September 23, 2024⁽²⁾			7,048		6,916,247

Univar, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			12,865		12,617,297

				$	179,511,883

Clothing / Textiles — 0.1%

Samsonite International S.A.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			2,776	$	2,597,612

				$	2,597,612


		27		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Conglomerates — 0.0%⁽⁶⁾

Penn Engineering & Manufacturing Corp.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 27, 2024			2,092	$	2,055,121

				$	2,055,121

Containers and Glass Products — 1.6%

Berry Global, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			5,860	$	5,809,241

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			7,230		7,147,580

BWAY Holding Company

Term Loan, 3.48%, (USD LIBOR + 3.25%), Maturing April 3, 2024⁽²⁾			5,714		5,360,422

Flex Acquisition Company, Inc.

Term Loan, 4.00%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing December 29, 2023⁽²⁾			24,014		23,473,593

Term Loan, 3.48%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			10,436		10,058,965

Libbey Glass, Inc.

DIP Loan, 12.00%, (USD LIBOR + 11.00%, Floor 1.00%), Maturing November 27, 2020⁽²⁾			2,295		2,298,982

DIP Loan, 4.00%, (USD LIBOR + 3.00%, Floor 1.00%), 2.00% cash, 2.00% PIK, Maturing November 30, 2020⁽²⁾			2,310		2,367,295

Term Loan, 0.00%, Maturing April 9, 2021⁽⁷⁾			8,099		1,338,804

Proampac PG Borrower, LLC

Term Loan, 5.44%, (USD LIBOR + 3.50%), Maturing November 20, 2023⁽²⁾			5,830		5,783,072

Reynolds Group Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			16,141		15,869,652

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2026			10,325		10,092,688

				$	89,600,294

Cosmetics / Toiletries — 0.4%

Kronos Acquisition Holdings, Inc.

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			25,137	$	24,958,618

				$	24,958,618

Drugs — 4.5%

Aenova Holding GmbH

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		1,825	$	2,130,469


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Drugs (continued)

Akorn, Inc.

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing October 1, 2025			8,288	$	8,353,981

Albany Molecular Research, Inc.

Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024⁽²⁾			3,700		3,655,723

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 30, 2024			1,775		1,752,813

Alkermes, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			18,692		18,598,059

Amneal Pharmaceuticals, LLC

Term Loan, 3.69%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			22,934		21,921,269

Arbor Pharmaceuticals, Inc.

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			9,674		8,464,831

Bausch Health Companies, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			37,415		36,602,837

Elanco Animal Health Incorporated

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing August 1, 2027			1,468		1,438,360

Endo Luxembourg Finance Company I S.a.r.l.

Term Loan, 5.00%, (3 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			21,184		20,273,245

Grifols Worldwide Operations USA, Inc.

Term Loan, 2.09%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,106		35,288,457

Horizon Therapeutics USA, Inc.

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing May 22, 2026			7,802		7,655,783

Jaguar Holding Company II

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing August 18, 2022			38,145		37,930,786

Mallinckrodt International Finance S.A.

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.75%, Floor 0.75%), Maturing September 24, 2024			33,442		30,919,938

Term Loan, 5.75%, (6 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing February 24, 2025			10,970		10,133,307

Nidda Healthcare Holding AG

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		5,475		6,243,618

				$	251,363,476


		28		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Ecological Services and Equipment — 0.3%

Applied Systems, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			2,581	$	2,548,244

EnergySolutions, LLC

Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing May 9, 2025			17,404		16,664,724

				$	19,212,968

Electronics / Electrical — 15.6%

Applied Systems, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 19, 2024			26,666	$	26,573,350

Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing September 19, 2025			3,279		3,305,259

Aptean, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			7,525		7,270,627

Astra Acquisition Corp.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			5,846		5,874,853

Avast Software B.V.

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing September 29, 2023			2,017		2,013,119

Banff Merger Sub, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			36,518		35,505,905

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,390		3,891,472

Barracuda Networks, Inc.

Term Loan - Second Lien, Maturing October 30, 2028⁽⁵⁾			2,925		2,917,688

Buzz Merger Sub, Ltd.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			4,102		4,014,472

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), Maturing January 29, 2027			1,625		1,606,719

Cambium Learning Group, Inc.

Term Loan, 4.72%, (3 mo. USD LIBOR + 4.50%), Maturing December 18, 2025			6,325		6,114,169

Castle US Holding Corporation

Term Loan, 3.97%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			7,985		7,532,900


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Celestica, Inc.

Term Loan, 2.28%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025		3,988	$	3,907,811

Term Loan, 2.66%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025		3,098		3,070,397

Cohu, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025		10,313		9,971,559

CommScope, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026		19,908		19,245,793

Cornerstone OnDemand, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing April 22, 2027		13,310		13,207,191

CPI International, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024		9,548		9,142,561

E2open, LLC

Term Loan, Maturing October 29, 2027⁽⁵⁾		6,225		6,186,094

ECI Macola/Max Holdings, LLC

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing September 27, 2024		8,368		8,323,017

Electro Rent Corporation

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024		17,111		16,875,728

Epicor Software Corporation

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 30, 2027		20,961		20,921,804

Finastra USA, Inc.

Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024⁽²⁾		24,535		23,223,047

Fiserv Investment Solutions, Inc.

Term Loan, 5.02%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027		5,988		5,968,789

GlobalLogic Holdings, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing September 14, 2027		5,550		5,452,875

Go Daddy Operating Company, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024		46,342		45,331,260

Hyland Software, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing July 1, 2024		61,085		60,340,987


		29		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Infoblox, Inc.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			13,626	$	13,620,416

Informatica, LLC

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 25, 2027	EUR		2,413		2,742,242

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			52,006		50,367,932

Term Loan - Second Lien, 7.13%, Maturing February 25, 2025⁽⁸⁾			4,675		4,750,969

LogMeIn, Inc.

Term Loan, 4.89%, (1 mo. USD LIBOR + 4.75%), Maturing August 31, 2027			10,225		9,931,031

MA FinanceCo., LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			2,777		2,632,850

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing June 21, 2024	EUR		2,500		2,826,702

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing June 5, 2025	EUR		5,650		6,565,875

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing June 5, 2025			14,150		14,017,344

MACOM Technology Solutions Holdings, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			10,044		9,725,499

Marcel LUX IV S.a.r.l.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			2,209		2,137,020

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		2,650		3,039,065

Term Loan, Maturing September 22, 2027⁽⁵⁾			3,275		3,242,250

Milano Acquisition Corp.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 1, 2027			20,925		20,598,047

Mirion Technologies, Inc.

Term Loan, 4.27%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			5,274		5,244,718

NCR Corporation

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026			9,182		8,918,260

Recorded Books, Inc.

Term Loan, 4.39%, (1 mo. USD LIBOR + 4.25%), Maturing August 29, 2025			2,264		2,216,183

Redstone Buyer, LLC

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing September 1, 2027			11,850		11,761,125


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Renaissance Holding Corp.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		2,751	$	2,660,263

Term Loan - Second Lien, 7.15%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		2,109,750

Seattle Spinco, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		18,753		17,780,289

SkillSoft Corporation

Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing December 27, 2024		4,620		4,637,320

Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 27, 2025		15,264		15,073,588

SolarWinds Holdings, Inc.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		26,740		26,303,766

Solera, LLC

Term Loan, 2.92%, (2 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		27,727		27,058,715

Sparta Systems, Inc.

Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 21, 2024		3,395		3,233,738

SS&C Technologies Holdings Europe S.a.r.l.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		6,506		6,334,514

SS&C Technologies, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		9,261		9,016,208

STG-Fairway Holdings, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2027		4,788		4,661,118

SurveyMonkey, Inc.

Term Loan, 3.86%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		13,250		13,017,921

Tibco Software, Inc.

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		30,583		29,754,834

Term Loan - Second Lien, 7.40%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		4,900		4,802,000

TTM Technologies, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		1,605		1,581,036

Uber Technologies, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		17,977		17,700,229


		30		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Uber Technologies, Inc. (continued)

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025			29,923	$	29,593,982

Ultimate Software Group, Inc. (The)

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026			20,925		20,585,396

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing May 4, 2026			30,600		30,461,872

Term Loan - Second Lien, 7.50%, (3 mo. USD LIBOR + 6.75%, Floor 0.75%), Maturing May 3, 2027			2,000		2,040,834

Ultra Clean Holdings, Inc.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			9,140		9,094,300

Valkyr Purchaser, LLC

Term Loan, Maturing October 29, 2027⁽⁵⁾			5,200		5,148,000

Verifone Systems, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025			14,052		12,893,959

Veritas US, Inc.

Term Loan, 6.50%, (3 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing September 1, 2025			18,625		18,240,859

Vero Parent, Inc.

Term Loan, 6.51%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024			15,972		15,652,776

VS Buyer, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 28, 2027			10,373		10,197,833

Vungle, Inc.

Term Loan, 5.64%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026			6,435		6,410,869

				$	878,172,943

Equipment Leasing — 0.6%

Avolon TLB Borrower 1 (US), LLC

Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025			21,582	$	20,874,346

Boels Topholding B.V.

Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing January 14, 2027	EUR		4,550		5,148,460

Fly Funding II S.a.r.l.

Term Loan, 6.24%, (3 mo. USD LIBOR + 6.00%), Maturing October 8, 2025			8,700		8,395,500

				$	34,418,306


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Financial Intermediaries — 2.5%

Aretec Group, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			18,851	$	17,751,097

Citco Funding, LLC

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			14,970		14,577,353

Ditech Holding Corporation

Term Loan, 0.00%, Maturing June 30, 2022⁽⁷⁾			27,404		8,255,369

EIG Management Company, LLC

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,949		2,942,002

Evergood 4 ApS

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		7,450		8,550,832

FB Income Advison, LLC

Term Loan, 2.44%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,394		6,330,546

FinCo I, LLC

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			6,276		6,174,861

Focus Financial Partners, LLC

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			6,229		6,072,274

GreenSky Holdings, LLC

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			13,046		12,426,276

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing March 29, 2025			3,741		3,647,109

Guggenheim Partners, LLC

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			24,752		24,603,374

LPL Holdings, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			16,277		15,958,247

Nets Holding A/S

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000		1,140,994

Victory Capital Holdings, Inc.

Term Loan, 2.73%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			9,298		9,111,556

Virtus Investment Partners, Inc.

Term Loan, 3.00%, (3 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing June 1, 2024			4,778		4,741,951

				$	142,283,841


		31		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Products — 3.3%

Alphabet Holding Company, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			22,142	$	21,491,626

Atkins Nutritionals Holdings II, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024			3,261		3,262,516

B&G Foods, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026			2,106		2,097,321

Badger Buyer Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024			4,928		4,644,286

Froneri International, Ltd.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 31, 2027			18,379		17,765,210

Term Loan - Second Lien, 5.90%, (1 mo. USD LIBOR + 5.75%), Maturing January 31, 2028			1,000		995,000

H Food Holdings, LLC

Term Loan, 3.84%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			8,626		8,318,319

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			5,649		5,474,951

HLF Financing S.a.r.l.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025			10,783		10,625,546

Jacobs Douwe Egberts International B.V.

Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			26,074		26,041,621

JBS USA Lux S.A.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 1, 2026			52,895		51,798,050

Nomad Foods Europe Midco Limited

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			10,627		10,405,762

Shearer’s Foods, Inc.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing September 23, 2027			2,925		2,898,187

Sunshine Investments B.V.

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618		12,130,089

Term Loan, 4.07%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		2,000		2,545,657

Valeo F1 Company Limited (Ireland)

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 27, 2027	EUR		6,000		6,848,142

				$	187,342,283


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Service — 0.6%

1011778 B.C. Unlimited Liability Company

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			35,301	$	33,984,272

IRB Holding Corp.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025			3		2,440

KFC Holding Co.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			779		765,424

				$	34,752,136

Food / Drug Retailers — 0.4%

BW Gas & Convenience Holdings, LLC

Term Loan, 6.41%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			4,837	$	4,836,563

CNT Holdings I Corp.

Term Loan, Maturing October 16, 2027⁽⁵⁾			5,050		4,999,500

L1R HB Finance Limited

Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		4,674		4,377,087

Term Loan, 5.55%, (6 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		9,172		9,486,119

				$	23,699,269

Forest Products — 0.0%⁽⁶⁾

Clearwater Paper Corporation

Term Loan, 3.24%, (USD LIBOR + 3.00%), Maturing July 26, 2026⁽²⁾			2,076	$	2,071,122

				$	2,071,122

Health Care — 6.8%

Alliance Healthcare Services, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			8,395	$	7,681,425

Term Loan - Second Lien, 12.00%, (1 mo. USD LIBOR + 11.00%, Floor 1.00%), Maturing April 24, 2024			5,575		2,550,563

athenahealth, Inc.

Term Loan, 4.75%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			16,476		16,167,128

Avantor Funding, Inc.

Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			5,744		5,707,891

Term Loan, Maturing October 29, 2027⁽⁵⁾			2,825		2,796,750


		32		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

BioClinica Holding I L.P.

Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			10,496	$	10,128,887

BW NHHC Holdco, Inc.

Term Loan, 5.27%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			14,005		11,974,112

CeramTec AcquiCo GmbH

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025	EUR		9,170		10,233,505

CryoLife, Inc.

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 1, 2024			5,422		5,394,579

Dedalus Finance GmbH

Term Loan, 4.50%, (1 mo. EURIBOR + 4.50%), Maturing May 4, 2027	EUR		5,700		6,585,948

Term Loan, Maturing August 16, 2027⁽⁵⁾	EUR		8,175		9,445,637

Elsan SAS

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2024	EUR		2,500		2,874,502

Ensemble RCM, LLC

Term Loan, 3.96%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			5,074		4,978,617

Envision Healthcare Corporation

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			51,490		37,059,752

Gentiva Health Services, Inc.

Term Loan, 3.44%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			24,073		23,622,007

Greatbatch, Ltd.

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			4,881		4,841,623

Hanger, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			11,846		11,767,271

Inovalon Holdings, Inc.

Term Loan, 3.19%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,014		11,729,083

IQVIA, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024			9,993		9,849,730

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			13,537		13,342,646

Medical Solutions, LLC

Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing June 14, 2024			10,662		10,262,654


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

Mehilainen Yhtiot Oy

Term Loan, Maturing August 9, 2025⁽⁵⁾	EUR		1,750	$	2,004,168

MPH Acquisition Holdings, LLC

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing June 7, 2023			16,109		15,927,438

National Mentor Holdings, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			302		297,250

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			6,609		6,511,979

Navicure, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing October 22, 2026			3,700		3,649,125

One Call Corporation

Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing November 25, 2022			17,012		15,779,001

Ortho-Clinical Diagnostics S.A.

Term Loan, 3.39%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			22,064		21,379,568

Phoenix Guarantor, Inc.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			19,348		18,743,657

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.75%, Floor 0.50%), Maturing March 5, 2026			4,150		4,084,293

Radiology Partners, Inc

Term Loan, 4.81%, (USD LIBOR + 4.25%), Maturing July 9, 2025⁽²⁾			3,076		2,912,159

RadNet, Inc.

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 30, 2023			6,488		6,399,064

Select Medical Corporation

Term Loan, 2.78%, (6 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			27,023		26,431,469

Surgery Center Holdings, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			10,093		9,590,605

Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			1,791		1,826,820

Synlab Bondco PLC

Term Loan, Maturing July 31, 2024⁽⁵⁾	EUR		1,000		1,158,827

Team Health Holdings, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			7,218		5,901,003


		33		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

U.S. Anesthesia Partners, Inc.

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024			2,238	$	2,100,629

Verscend Holding Corp.

Term Loan, 4.65%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			19,022		18,705,111

				$	382,396,476

Home Furnishings — 0.9%

Serta Simmons Bedding, LLC

Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			13,637	$	13,682,925

Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing August 10, 2023			45,042		38,623,396

				$	52,306,321

Industrial Equipment — 3.7%

AI Alpine AT Bidco GmbH

Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2025	EUR		6,125	$	6,675,748

Alliance Laundry Systems, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing October 8, 2027			8,175		8,117,775

Altra Industrial Motion Corp.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			7,596		7,450,276

Carlisle Food Service Products, Inc.

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			13,689		13,014,163

CFS Brands, LLC

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			3,716		3,298,176

Clark Equipment Company

Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			10,143		9,872,360

CPM Holdings, Inc.

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing November 17, 2025			2,239		2,081,905

Delachaux Group S.A.

Term Loan, 4.74%, (6 mo. USD LIBOR + 4.50%), Maturing April 16, 2026			5,049		4,853,351


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

DexKo Global, Inc.

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,927	$	3,259,881

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		7,318		8,149,745

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			8,379		8,196,972

DXP Enterprises, Inc.

Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			5,046		4,957,695

Dynacast International, LLC

Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing January 28, 2022			10,789		10,096,510

Engineered Machinery Holdings, Inc.

Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 19, 2024			9,320		9,098,762

Term Loan, 5.25%, (3 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing July 19, 2024			2,550		2,527,254

EWT Holdings III Corp.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			20,140		19,779,009

Filtration Group Corporation

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			6,434		6,271,168

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		2,000		2,284,020

Term Loan, Maturing March 29, 2025⁽⁵⁾			2,525		2,491,859

Gates Global, LLC

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		9,338		10,583,027

LTI Holdings, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			5,782		5,395,329

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,079		1,956,859

Minimax Viking GmbH

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,895		2,186,107

Quimper AB

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		17,725		20,338,065

Robertshaw US Holding Corp.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 28, 2025			19,145		17,661,407


		34		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

Titan Acquisition Limited

Term Loan, 3.36%, (6 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			20,864	$	19,835,392

Welbilt, Inc.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			1,000		920,000

				$	211,352,815

Insurance — 2.5%

Alliant Holdings Intermediate, LLC

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			941	$	907,145

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			4,863		4,703,348

AmWINS Group, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			25,608		25,321,708

AssuredPartners, Inc.

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			1,712		1,655,136

Asurion, LLC

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			25,815		25,367,940

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,199		2,160,886

Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			27,783		27,857,811

Financiere CEP S.A.S.

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing June 3, 2027	EUR		3,725		4,345,371

Hub International Limited

Term Loan, 3.21%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			15,491		14,927,437

NFP Corp.

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			25,987		24,931,221

Ryan Specialty Group, LLC

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing September 1, 2027			6,425		6,382,165

USI, Inc.

Term Loan, 4.22%, (3 mo. USD LIBOR + 4.00%), Maturing December 2, 2026			1,990		1,970,386

				$	140,530,554


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies — 4.3%

AMC Entertainment Holdings, Inc.

Term Loan, 3.23%, (3 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			7,783	$	4,447,073

Amer Sports Oyj

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		11,925		12,256,559

Ancestry.com Operations, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			31,127		31,111,189

Bombardier Recreational Products, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			43,116		41,643,132

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 24, 2027			5,362		5,408,476

ClubCorp Holdings, Inc.

Term Loan, 2.97%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			17,977		15,201,529

Crown Finance US, Inc.

Term Loan, 2.63%, (6 mo. EURIBOR + 2.63%), Maturing February 28, 2025	EUR		4,038		2,696,059

Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing February 28, 2025			10,323		5,894,332

Delta 2 (LUX) S.a.r.l.

Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			5,531		5,335,981

Etraveli Holding AB

Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing August 2, 2024	EUR		7,950		7,684,944

Lindblad Expeditions, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			478		444,470

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25% cash, 1.25% PIK, Maturing March 27, 2025			1,912		1,777,880

Live Nation Entertainment, Inc.

Term Loan, 1.94%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2026			17,337		16,179,133

Match Group, Inc.

Term Loan, 2.00%, (3 mo. USD LIBOR + 1.75%), Maturing February 13, 2027			6,450		6,304,875

Motion Finco S.a.r.l.

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			338		292,255

Term Loan, 3.47%, (3 mo. USD LIBOR + 3.25%), Maturing November 12, 2026			2,676		2,311,816


		35		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies (continued)

Playtika Holding Corp.

Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing December 10, 2024			29,068	$	29,146,767

SeaWorld Parks & Entertainment, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			5,013		4,699,960

SRAM, LLC

Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024⁽²⁾			14,882		14,863,843

Steinway Musical Instruments, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing February 14, 2025			3,513		3,375,751

Travel Leaders Group, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			15,309		11,979,465

UFC Holdings, LLC

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			1,646		1,608,843

Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			14,778		14,509,781

Vue International Bidco PLC

Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), Maturing July 3, 2026	EUR		3,878		3,308,125

				$	242,482,238

Lodging and Casinos — 2.2%

Aristocrat Technologies, Inc.

Term Loan, 1.96%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			7,466	$	7,286,644

Azelis Finance S.A.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		2,600		2,967,528

Boyd Gaming Corporation

Term Loan, 2.34%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			2,063		2,010,753

Churchill Downs Incorporated

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,404		3,293,128

CityCenter Holdings, LLC

Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			2,989		2,817,777

ESH Hospitality, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			7,522		7,297,946


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)

Four Seasons Hotels Limited

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			4,642	$	4,481,868

Golden Nugget, Inc.

Term Loan, 3.25%, (USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023⁽²⁾			23,262		20,609,734

Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 4, 2023			1,875		2,128,125

GVC Holdings (Gibraltar) Limited

Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing March 29, 2024			10,077		9,984,256

GVC Holdings PLC

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		21,225		24,361,262

Playa Resorts Holding B.V.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			12,694		10,885,467

Sportradar Capital S.a.r.l.

Term Loan, Maturing October 27, 2027⁽⁵⁾	EUR		3,550		4,099,191

Stars Group Holdings B.V. (The)

Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			17,916		17,935,025

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		5,206		6,078,407

				$	126,237,111

Nonferrous Metals / Minerals — 0.5%

American Consolidated Natural Resources, Inc.

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), Maturing September 16, 2025			7,120	$	5,517,947

CD&R Hydra Buyer, Inc.

Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021⁽⁴⁾⁽⁸⁾			651		515,347

Noranda Aluminum Acquisition Corporation

Term Loan, 0.00%, Maturing February 28, 2021⁽⁷⁾			2,878		258,988

Oxbow Carbon, LLC

Term Loan, Maturing October 13, 2025⁽⁵⁾			3,725		3,669,125

Rain Carbon GmbH

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		15,625		17,037,557

				$	26,998,964


		36		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Oil and Gas — 2.6%

Ameriforge Group, Inc.

Term Loan, 14.00%, (3 mo. USD LIBOR + 13.00%, Floor 1.00%), 9.00% cash, 5.00% PIK, Maturing June 8, 2022		21,644	$	18,938,160

Apergy Corporation

Term Loan, 2.69%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025		446		431,037

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing May 28, 2027		1,679		1,675,602

Blackstone CQP Holdco L.P.

Term Loan, 3.73%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024		11,314		11,088,050

Buckeye Partners L.P.

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026		13,531		13,272,830

Centurion Pipeline Company, LLC

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing September 28, 2025		1,650		1,625,250

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025		3,169		3,117,073

CITGO Holding, Inc.

Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023		2,549		2,345,310

CITGO Petroleum Corporation

Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024		21,813		20,504,443

Delek US Holdings, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025		3,416		3,225,531

Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 31, 2025		4,552		4,457,291

Fieldwood Energy, LLC

DIP Loan, 3.68%, Maturing August 4, 2021⁽³⁾		3,000		3,014,805

Term Loan, 0.00%, Maturing April 11, 2022⁽⁷⁾		20,306		5,012,946

Lealand Finance Company B.V.

Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), 1.15% cash, 3.00 PIK, Maturing June 30, 2025		2,299		1,508,456

Matador Bidco S.a.r.l.

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026		9,875		9,628,491

McDermott Technology Americas, Inc.

DIP Letter of Credit, 2.71%, Maturing June 28, 2024⁽³⁾		9,039		8,271,023

Term Loan, 3.14%, (1 mo. USD LIBOR + 3.00%), Maturing June 30, 2024		227		186,905


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

Prairie ECI Acquiror L.P.

Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			14,632	$	13,169,169

PSC Industrial Holdings Corp.

Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 11, 2024			7,892		7,468,161

RDV Resources Properties, LLC

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing March 29, 2024⁽⁴⁾			5,860		3,700,480

Sunrise Oil & Gas Properties, LLC

Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,139		1,935,534

Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,196		1,724,148

Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,537		1,281,397

UGI Energy Services, LLC

Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			10,147		10,076,805

				$	147,658,897

Publishing — 0.8%

Alchemy Copyrights, LLC

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing August 16, 2027			3,625	$	3,615,937

Ascend Learning, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 12, 2024			2,750		2,729,375

Axel Springer S.E.

Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000		2,236,128

Getty Images, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			11,639		10,896,807

Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		4,351,911

LSC Communications, Inc.

Term Loan, 0.00%, Maturing September 30, 2022⁽⁷⁾			7,775		1,263,356

Nielsen Finance, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing June 4, 2025			6,468		6,467,500


		37		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Publishing (continued)

ProQuest, LLC

Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026		12,552	$	12,275,179

Tweddle Group, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing September 17, 2023		2,068		1,817,484

			$	45,653,677

Radio and Television — 2.1%

Diamond Sports Group, LLC

Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026		30,368	$	19,008,642

Entercom Media Corp.

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024		1,684		1,625,785

Entravision Communications Corporation

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		7,343		7,036,976

Hubbard Radio, LLC

Term Loan, 5.25%, (6 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing March 28, 2025		7,787		7,504,584

iHeartCommunications, Inc.

Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026		2,646		2,490,194

Nexstar Broadcasting, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		16,620		16,204,063

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,019		4,901,102

Sinclair Television Group, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		13,932		13,572,277

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		6,361		6,180,531

Terrier Media Buyer, Inc.

Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		19,198		18,763,388

Univision Communications, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		19,952		19,364,230

			$	116,651,772


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) — 1.6%

Apro, LLC

Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		4,378	$	4,345,311

Ascena Retail Group, Inc.

DIP Loan, 12.75%, (1 mo. USD LIBOR + 11.75%, Floor 1.00%), Maturing March 16, 2021		4,587		5,499,069

Term Loan, 0.00%, Maturing August 21, 2022⁽⁷⁾		13,233		4,102,102

Bass Pro Group, LLC

Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), Maturing September 25, 2024		13,811		13,780,619

BJ’s Wholesale Club, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 3, 2024		1,506		1,485,501

David’s Bridal, Inc.

Term Loan, 11.00%, (3 mo. USD LIBOR + 10.00%, Floor 1.00%), 6.00% cash, 5.00% PIK, Maturing June 23, 2023		3,564		3,209,349

Term Loan, 7.00%, (3 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing June 30, 2023		4,124		3,270,729

Go Wireless, Inc.

Term Loan, 7.50%, (1 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,413		2,343,329

Harbor Freight Tools USA, Inc.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing October 19, 2027		10,375		10,241,256

Hoya Midco, LLC

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2024		7,032		6,006,488

LSF9 Atlantis Holdings, LLC

Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		11,566		11,387,625

PetSmart, Inc.

Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 11, 2022		13,495		13,402,099

PFS Holding Corporation

Term Loan, 0.00%, Maturing January 31, 2021⁽⁷⁾		9,849		3,841,159

Pier 1 Imports (U.S.), Inc.

Term Loan, 0.00%, Maturing April 30, 2021⁽⁴⁾⁽⁷⁾		7,809		4,448,591

Wash MultiFamily Laundry Systems, LLC

Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		264		259,762

			$	87,622,989


		38		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Steel — 0.8%

Atkore International, Inc.

Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing December 22, 2023		10,383	$	10,348,137

GrafTech Finance, Inc.

Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		7,006		6,926,955

Neenah Foundry Company

Term Loan, 10.00%, (2 mo. USD LIBOR + 9.00%, Floor 1.00%), Maturing December 13, 2022		7,493		6,556,258

Phoenix Services International, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		2,661		2,554,574

Zekelman Industries, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing January 24, 2027		20,348		19,804,078

			$	46,190,002

Surface Transport — 0.3%

Avis Budget Car Rental, LLC

Term Loan, Maturing August 6, 2027⁽⁵⁾		2,500	$	2,251,875

Kenan Advantage Group, Inc.

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		1,959		1,895,959

Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		7,252		7,019,407

XPO Logistics, Inc.

Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		4,275		4,201,970

			$	15,369,211

Telecommunications — 4.5%

Cablevision Lightpath, LLC

Term Loan, Maturing September 15, 2027⁽⁵⁾		600	$	592,125

CenturyLink, Inc.

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027		48,545		46,823,480

Ciena Corporation

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025		1,913		1,912,655

Colorado Buyer, Inc.

Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024		16,236		14,242,898


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Telecommunications (continued)

Digicel International Finance Limited

Term Loan, 3.80%, (6 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			14,353	$	12,603,655

Gamma Infrastructure III B.V.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		16,287		18,454,567

Global Eagle Entertainment, Inc.

DIP Loan, 11.25%, (1 mo. USD LIBOR + 10.00%, Floor 1.25%), Maturing January 22, 2021			3,424		3,398,560

Term Loan, 0.00%, Maturing January 6, 2023⁽⁷⁾			21,633		15,142,844

Intelsat Jackson Holdings S.A.

DIP Loan, 5.05%, (6 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing July 13, 2022⁽³⁾			9,286		9,464,806

Term Loan, 8.00%, (USD Prime + 4.75%), Maturing November 27, 2023			15,550		15,682,828

Term Loan, 8.75%, (USD Prime + 5.50%), Maturing January 2, 2024			15,794		15,956,924

IPC Corp.

Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021⁽⁴⁾			11,591		8,275,716

Level 3 Financing, Inc.

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			1,098		1,059,595

Onvoy, LLC

Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			12,569		11,956,380

SBA Senior Finance II, LLC

Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing April 11, 2025			15,536		15,095,474

Syniverse Holdings, Inc.

Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 9, 2023			11,115		8,716,016

Telesat Canada

Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			7,284		7,051,459

Zayo Group Holdings, Inc.

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		3,831		4,361,100

Ziggo Financing Partnership

Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028			47,575		45,744,695

				$	256,535,777


		39		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Utilities — 0.4%

Brookfield WEC Holdings, Inc.

Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing August 1, 2025			5,250	$	5,139,538

Calpine Corporation

Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024			16,480		16,108,902

Longview Power, LLC

Term Loan, 11.50%, (3 mo. USD LIBOR + 10.00%, Floor 1.50%), Maturing July 30, 2025⁽⁴⁾			596		477,071

				$	21,725,511

Total Senior Floating-Rate Loans (identified cost $5,177,773,571)				$	4,911,768,555

Corporate Bonds & Notes — 3.9%
Security		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.2%

Spirit AeroSystems, Inc.

5.50%, 1/15/25⁽⁹⁾			3,000	$	3,056,250

Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/25⁽⁹⁾			2,550		2,706,187

TransDigm, Inc.

8.00%, 12/15/25⁽⁹⁾			1,500		1,623,375

6.25%, 3/15/26⁽⁹⁾			1,500		1,565,633

				$	8,951,445

Air Transport — 0.3%

Delta Air Lines, Inc.

7.00%, 5/1/25⁽⁹⁾			4,650	$	5,079,225

Delta Air Lines, Inc./SkyMiles IP, Ltd.

4.50%, 10/20/25⁽⁹⁾			6,425		6,526,052

4.75%, 10/20/28⁽⁹⁾			6,425		6,571,339

				$	18,176,616

Automotive — 0.2%

Clarios Global, L.P.

6.75%, 5/15/25⁽⁹⁾			2,100	$	2,224,257

Clarios Global, L.P./Clarios US Finance Co.

6.25%, 5/15/26⁽⁹⁾			4,325		4,525,031

Tenneco, Inc.

4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24^(9)(10)	EUR		6,000		6,498,748

				$	13,248,036


Security		Principal Amount* (000’s omitted)		Value

Building and Development — 0.1%

American Builders & Contractors Supply Co., Inc.

4.00%, 1/15/28⁽⁹⁾			2,975	$	3,030,781

Cushman & Wakefield U.S. Borrower, LLC

6.75%, 5/15/28⁽⁹⁾			3,150		3,360,656

Forterra Finance, LLC/FRTA Finance Corp.

6.50%, 7/15/25⁽⁹⁾			900		952,313

Winnebago Industries, Inc.

6.25%, 7/15/28⁽⁹⁾			900		953,437

				$	8,297,187

Business Equipment and Services — 0.5%

Allied Universal Holdco, LLC/Allied Universal Finance Corp.

6.625%, 7/15/26⁽⁹⁾			2,075	$	2,173,562

Prime Security Services Borrower, LLC/Prime Finance, Inc.

5.25%, 4/15/24⁽⁹⁾			7,900		8,273,828

5.75%, 4/15/26⁽⁹⁾			15,225		16,233,656

Sabre GLBL, Inc.

7.375%, 9/1/25⁽⁹⁾			2,125		2,170,688

9.25%, 4/15/25⁽⁹⁾			2,525		2,786,969

				$	31,638,703

Cable and Satellite Television — 0.1%

Altice France S.A.

5.125%, 1/15/29⁽⁹⁾			1,300	$	1,300,390

Virgin Media Secured Finance PLC

4.50%, 8/15/30⁽⁹⁾			6,500		6,612,125

				$	7,912,515

Chemicals and Plastics — 0.2%

INEOS Finance PLC

3.375%, 3/31/26⁽⁹⁾	EUR		1,250	$	1,425,750

Tronox, Inc.

6.50%, 5/1/25⁽⁹⁾			7,000		7,393,750

				$	8,819,500

Containers and Glass Products — 0.1%

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC

4.00%, 10/15/27⁽⁹⁾			5,150	$	5,233,688

				$	5,233,688


		40		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Diversified Financial Services — 0.1%

AG Issuer, LLC

6.25%, 3/1/28⁽⁹⁾		4,225	$	4,129,938

			$	4,129,938

Drugs — 0.2%

Bausch Health Companies, Inc.

5.50%, 11/1/25⁽⁹⁾		8,975	$	9,228,992

			$	9,228,992

Ecological Services and Equipment — 0.1%

GFL Environmental, Inc.

4.25%, 6/1/25⁽⁹⁾		5,300	$	5,415,938

			$	5,415,938

Electronics / Electrical — 0.2%

LogMeIn, Inc.

5.50%, 9/1/27⁽⁹⁾		4,300	$	4,364,500

Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/25⁽⁹⁾		6,450		6,549,008

			$	10,913,508

Entertainment — 0.0%⁽⁶⁾

Six Flags Theme Parks, Inc.

7.00%, 7/1/25⁽⁹⁾		2,125	$	2,253,828

			$	2,253,828

Food Products — 0.2%

Del Monte Foods, Inc.

11.875%, 5/15/25⁽⁹⁾		8,200	$	8,758,625

			$	8,758,625

Food / Drug Retailers — 0.2%

Fresh Market, Inc. (The)

9.75%, 5/1/23⁽⁹⁾		12,550	$	12,032,375

			$	12,032,375

Industrial Equipment — 0.0%⁽⁶⁾

Clark Equipment Company

5.875%, 6/1/25⁽⁹⁾		1,050	$	1,095,281

			$	1,095,281


Security	Principal Amount* (000’s omitted)		Value

Insurance — 0.0%⁽⁶⁾

NFP Corp.

7.00%, 5/15/25⁽⁹⁾		500	$	530,938

			$	530,938

Leisure Goods / Activities / Movies — 0.1%

SeaWorld Parks & Entertainment, Inc.

8.75%, 5/1/25⁽⁹⁾		2,125	$	2,236,562

			$	2,236,562

Machinery — 0.1%

Vertical U.S. Newco, Inc.

5.25%, 7/15/27⁽⁹⁾		4,150	$	4,278,961

			$	4,278,961

Oil and Gas — 0.2%

CITGO Petroleum Corporation

7.00%, 6/15/25⁽⁹⁾		10,525	$	9,781,672

			$	9,781,672

Packaging & Containers — 0.0%⁽⁶⁾

Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC

6.00%, 9/15/28⁽⁹⁾		425	$	433,234

			$	433,234

Radio and Television — 0.2%

iHeartCommunications, Inc.

6.375%, 5/1/26		2,896	$	3,020,569

8.375%, 5/1/27		5,248		5,128,069

5.25%, 8/15/27⁽⁹⁾		2,125		2,101,094

4.75%, 1/15/28⁽⁹⁾		2,550		2,439,559

			$	12,689,291

Real Estate Investment Trusts (REITs) — 0.1%

Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer

5.875%, 10/1/28⁽⁹⁾		6,425	$	6,308,547

			$	6,308,547

Software and Services — 0.1%

Boxer Parent Co., Inc.

7.125%, 10/2/25⁽⁹⁾		4,225	$	4,535,791

			$	4,535,791


		41		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Telecommunications — 0.4%

CenturyLink, Inc.

4.00%, 2/15/27⁽⁹⁾		6,750	$	6,910,312

Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.

8.75%, 5/25/24⁽⁹⁾		6,325		6,340,813

VMED O2 UK Financing I PLC

4.25%, 1/31/31⁽⁹⁾		8,550		8,571,375

			$	21,822,500

Utilities — 0.0%⁽⁶⁾

Calpine Corp.

5.25%, 6/1/26⁽⁹⁾		2,245	$	2,309,252

			$	2,309,252

Total Corporate Bonds & Notes (identified cost $217,049,232)			$	221,032,923

Asset-Backed Securities — 4.4%
Security	Principal Amount (000’s omitted)		Value

Alinea CLO, Ltd.

Series 2018-1A, Class D, 3.318%, (3 mo. USD LIBOR + 3.10%), 7/20/31^(9)(10)	$	2,500	$	2,303,896

Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 7/20/31^(9)(10)		3,000		2,608,184

AMMC CLO 15, Ltd.

Series 2014-15A, Class ERR, 7.147%, (3 mo. USD LIBOR + 6.91%), 1/15/32^(9)(10)		5,000		4,361,086

AMMC CLO XII, Ltd.

Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%), 11/10/30^(9)(10)		3,525		2,737,617

Apidos CLO XX

Series 2015-20A, Class DR, 5.93%, (3 mo. USD LIBOR + 5.70%), 7/16/31^(9)(10)		2,375		2,071,533

Ares XL CLO, Ltd.

Series 2016-40A, Class CR, 3.637%, (3 mo. USD LIBOR + 3.40%), 1/15/29^(9)(10)		2,500		2,423,833

Series 2016-40A, Class DR, 6.587%, (3 mo. USD LIBOR + 6.35%), 1/15/29^(9)(10)		3,500		3,143,796

Ares XLIX CLO, Ltd.

Series 2018-49A, Class D, 3.216%, (3 mo. USD LIBOR + 3.00%), 7/22/30^(9)(10)		2,500		2,329,630

Series 2018-49A, Class E, 5.916%, (3 mo. USD LIBOR + 5.70%), 7/22/30^(9)(10)		3,500		3,055,928


Security	Principal Amount (000’s omitted)		Value

Ares XXXIIR CLO, Ltd.

Series 2014-32RA, Class C, 3.18%, (3 mo. USD LIBOR + 2.90%), 5/15/30^(9)(10)	$	5,000	$	4,627,860

Ares XXXVR CLO, Ltd.

Series 2015-35RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30^(9)(10)		4,000		3,505,283

Babson CLO, Ltd.

Series 2015-1A, Class DR, 2.818%, (3 mo. USD LIBOR + 2.60%), 1/20/31^(9)(10)		2,500		2,247,753

Series 2016-1A, Class DR, 3.259%, (3 mo. USD LIBOR + 3.05%), 7/23/30^(9)(10)		1,250		1,124,249

Series 2016-1A, Class ER, 6.209%, (3 mo. USD LIBOR + 6.00%), 7/23/30^(9)(10)		3,500		2,965,612

Series 2018-1A, Class C, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31^(9)(10)		3,500		3,131,137

Bain Capital Credit CLO

Series 2018-1A, Class D, 2.909%, (3 mo. USD LIBOR + 2.70%), 4/23/31^(9)(10)		5,000		4,400,671

Series 2018-1A, Class E, 5.559%, (3 mo. USD LIBOR + 5.35%), 4/23/31^(9)(10)		3,000		2,432,904

Benefit Street Partners CLO V-B, Ltd.

Series 2018-5BA, Class C, 3.148%, (3 mo. USD LIBOR + 2.93%), 4/20/31^(9)(10)		5,000		4,414,827

Series 2018-5BA, Class D, 6.168%, (3 mo. USD LIBOR + 5.95%), 4/20/31^(9)(10)		3,500		2,892,037

Benefit Street Partners CLO VIII, Ltd.

Series 2015-8A, Class DR, 5.818%, (3 mo. USD LIBOR + 5.60%), 1/20/31^(9)(10)		5,401		4,246,162

Benefit Street Partners CLO XIV, Ltd.

Series 2018-14A, Class D, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/20/31^(9)(10)		1,500		1,315,895

Benefit Street Partners CLO XVI, Ltd.

Series 2018-16A, Class D, 3.918%, (3 mo. USD LIBOR + 3.70%), 1/17/32^(9)(10)		2,000		1,934,469

Series 2018-16A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/17/32^(9)(10)		2,250		2,036,353

Benefit Street Partners CLO XVII, Ltd.

Series 2019-17A, Class E, 6.837%, (3 mo. USD LIBOR + 6.60%), 7/15/32^(9)(10)		1,750		1,622,770

Betony CLO 2, Ltd.

Series 2018-1A, Class C, 3.114%, (3 mo. USD LIBOR + 2.90%), 4/30/31^(9)(10)		2,500		2,282,250

Series 2018-1A, Class D, 5.864%, (3 mo. USD LIBOR + 5.65%), 4/30/31^(9)(10)		4,450		3,809,078

BlueMountain CLO, Ltd.

Series 2016-3A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 11/15/30^(9)(10)		1,500		1,315,508

Series 2016-3A, Class ER, 6.23%, (3 mo. USD LIBOR + 5.95%), 11/15/30^(9)(10)		1,500		1,182,994


		42		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

BlueMountain CLO, Ltd. (continued)

Series 2018-1A, Class D, 3.264%, (3 mo. USD LIBOR + 3.05%), 7/30/30^(9)(10)	$	2,500	$	2,191,732

Series 2018-1A, Class E, 6.164%, (3 mo. USD LIBOR + 5.95%), 7/30/30^(9)(10)		2,000		1,595,933

Canyon Capital CLO, Ltd.

Series 2012-1RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30^(9)(10)		4,875		4,121,493

Series 2016-1A, Class ER, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31^(9)(10)		4,000		3,418,125

Series 2016-2A, Class ER, 6.237%, (3 mo. USD LIBOR + 6.00%), 10/15/31^(9)(10)		4,500		3,805,183

Series 2017-1A, Class E, 6.487%, (3 mo. USD LIBOR + 6.25%), 7/15/30^(9)(10)		3,250		2,807,025

Series 2018-1A, Class D, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/31^(9)(10)		3,000		2,733,151

Series 2018-1A, Class E, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31^(9)(10)		2,750		2,352,233

Carlyle C17 CLO, Ltd.

Series C17A, Class CR, 3.014%, (3 mo. USD LIBOR + 2.80%), 4/30/31^(9)(10)		5,000		4,507,052

Series C17A, Class DR, 6.214%, (3 mo. USD LIBOR + 6.00%), 4/30/31^(9)(10)		3,500		2,900,355

Carlyle Global Market Strategies CLO, Ltd.

Series 2012-3A, Class CR2, 3.724%, (3 mo. USD LIBOR + 3.50%), 1/14/32^(9)(10)		2,500		2,247,334

Series 2012-3A, Class DR2, 6.724%, (3 mo. USD LIBOR + 6.50%), 1/14/32^(9)(10)		1,500		1,146,904

Series 2014-3RA, Class C, 3.167%, (3 mo. USD LIBOR + 2.95%), 7/27/31^(9)(10)		1,000		855,027

Series 2014-3RA, Class D, 5.617%, (3 mo. USD LIBOR + 5.40%), 7/27/31^(9)(10)		2,150		1,658,194

Series 2014-4RA, Class C, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/30^(9)(10)		2,000		1,736,581

Series 2014-4RA, Class D, 5.887%, (3 mo. USD LIBOR + 5.65%), 7/15/30^(9)(10)		3,500		2,643,759

Dryden CLO, Ltd.

Series 2018-55A, Class D, 3.087%, (3 mo. USD LIBOR + 2.85%), 4/15/31^(9)(10)		1,500		1,337,390

Series 2018-55A, Class E, 5.637%, (3 mo. USD LIBOR + 5.40%), 4/15/31^(9)(10)		2,000		1,709,969

Dryden Senior Loan Fund

Series 2015-40A, Class DR, 3.38%, (3 mo. USD LIBOR + 3.10%), 8/15/31^(9)(10)		3,000		2,860,872

Series 2015-41A, Class DR, 2.837%, (3 mo. USD LIBOR + 2.60%), 4/15/31^(9)(10)		5,000		4,571,860

Series 2015-41A, Class ER, 5.537%, (3 mo. USD LIBOR + 5.30%), 4/15/31^(9)(10)		1,268		1,072,805

Series 2016-42A, Class DR, 3.167%, (3 mo. USD LIBOR + 2.93%), 7/15/30^(9)(10)		2,500		2,322,640

Series 2016-42A, Class ER, 5.787%, (3 mo. USD LIBOR + 5.55%), 7/15/30^(9)(10)		3,500		3,074,431


Security	Principal Amount (000’s omitted)		Value

Galaxy XV CLO, Ltd.

Series 2013-15A, Class ER, 6.882%, (3 mo. USD LIBOR + 6.65%), 10/15/30^(9)(10)	$	2,500	$	2,177,795

Galaxy XXV CLO, Ltd.

Series 2018-25A, Class D, 3.315%, (3 mo. USD LIBOR + 3.10%), 10/25/31^(9)(10)		2,500		2,306,738

Series 2018-25A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31^(9)(10)		3,500		3,032,547

Goldentree Loan Management US CLO 5, Ltd.

Series 2019-5A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 10/20/32^(9)(10)		1,500		1,482,662

Golub Capital Partners CLO 22B, Ltd.

Series 2015-22A, Class ER, 6.218%, (3 mo. USD LIBOR + 6.00%), 1/20/31^(9)(10)		2,500		2,060,701

Golub Capital Partners CLO 37B, Ltd.

Series 2018-37A, Class D, 3.518%, (3 mo. USD LIBOR + 3.30%), 7/20/30^(9)(10)		4,000		3,533,797

Series 2018-37A, Class E, 5.968%, (3 mo. USD LIBOR + 5.75%), 7/20/30^(9)(10)		4,750		4,067,792

ICG US CLO, Ltd.

Series 2018-2A, Class D, 3.316%, (3 mo. USD LIBOR + 3.10%), 7/22/31^(9)(10)		2,000		1,791,335

Series 2018-2A, Class E, 5.966%, (3 mo. USD LIBOR + 5.75%), 7/22/31^(9)(10)		3,000		2,341,945

Kayne CLO 5, Ltd.

Series 2019-5A, Class E, 6.915%, (3 mo. USD LIBOR + 6.70%), 7/24/32^(9)(10)		500		476,502

Madison Park Funding XXV, Ltd.

Series 2017-25A, Class D, 6.315%, (3 mo. USD LIBOR + 6.10%), 4/25/29^(9)(10)		1,500		1,335,589

Neuberger Berman CLO XXII, Ltd.

Series 2016-22A, Class DR, 3.318%, (3 mo. USD LIBOR + 3.10%), 10/17/30^(9)(10)		2,500		2,365,642

Series 2016-22A, Class ER, 6.278%, (3 mo. USD LIBOR + 6.06%), 10/17/30^(9)(10)		3,000		2,698,184

Neuberger Berman Loan Advisers CLO 28, Ltd.

Series 2018-28A, Class E, 5.818%, (3 mo. USD LIBOR + 5.60%), 4/20/30^(9)(10)		1,950		1,742,218

Neuberger Berman Loan Advisers CLO 30, Ltd.

Series 2018-30A, Class D, 3.868%, (3 mo. USD LIBOR + 3.65%), 1/20/31^(9)(10)		2,500		2,455,613

Series 2018-30A, Class E, 6.968%, (3 mo. USD LIBOR + 6.75%), 1/20/31^(9)(10)		1,000		958,436

Oaktree CLO, Ltd.

Series 2019-3A, Class D, 4.178%, (3 mo. USD LIBOR + 3.96%), 7/20/31^(9)(10)		2,625		2,468,598

OHA Credit Partners VII, Ltd.

Series 2012-7A, Class ER, 7.753%, (3 mo. USD LIBOR + 7.50%), 11/20/27^(9)(10)		900		863,849


		43		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Palmer Square CLO, Ltd.

Series 2013-2A, Class CRR, 3.418%, (3 mo. USD LIBOR + 3.20%), 10/17/31^(9)(10)	$	2,500	$	2,394,664

Series 2013-2A, Class DRR, 6.068%, (3 mo. USD LIBOR + 5.85%), 10/17/31^(9)(10)		3,000		2,668,421

Series 2018-1A, Class C, 2.718%, (3 mo. USD LIBOR + 2.50%), 4/18/31^(9)(10)		3,000		2,775,618

Series 2018-1A, Class D, 5.368%, (3 mo. USD LIBOR + 5.15%), 4/18/31^(9)(10)		2,000		1,803,734

Series 2018-2A, Class D, 5.83%, (3 mo. USD LIBOR + 5.60%), 7/16/31^(9)(10)		2,000		1,760,195

Regatta XIII Funding, Ltd.

Series 2018-2A, Class C, 3.337%, (3 mo. USD LIBOR + 3.10%), 7/15/31^(9)(10)		2,500		2,308,727

Series 2018-2A, Class D, 6.187%, (3 mo. USD LIBOR + 5.95%), 7/15/31^(9)(10)		5,000		4,257,507

Regatta XIV Funding, Ltd.

Series 2018-3A, Class D, 3.415%, (3 mo. USD LIBOR + 3.20%), 10/25/31^(9)(10)		2,500		2,311,237

Series 2018-3A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31^(9)(10)		4,500		3,909,726

Regatta XV Funding, Ltd.

Series 2018-4A, Class D, 6.715%, (3 mo. USD LIBOR + 6.50%), 10/25/31^(9)(10)		3,875		3,469,500

Southwick Park CLO, LLC

Series 2019-4A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 7/20/32^(9)(10)		1,750		1,666,096

THL Credit Wind River CLO, Ltd.

Series 2013-1A, Class DR, 6.518%, (3 mo. USD LIBOR + 6.30%), 7/20/30^(9)(10)		3,056		2,207,372

Upland CLO, Ltd.

Series 2016-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 4/20/31^(9)(10)		4,500		4,066,236

Series 2016-1A, Class DR, 6.118%, (3 mo. USD LIBOR + 5.90%), 4/20/31^(9)(10)		4,625		4,005,348

Vibrant CLO IX, Ltd.

Series 2018-9A, Class C, 3.418%, (3 mo. USD LIBOR + 3.20%), 7/20/31^(9)(10)		2,500		2,154,295

Series 2018-9A, Class D, 6.468%, (3 mo. USD LIBOR + 6.25%), 7/20/31^(9)(10)		3,500		2,689,321

Vibrant CLO X, Ltd.

Series 2018-10A, Class C, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/20/31^(9)(10)		5,000		4,358,253

Series 2018-10A, Class D, 6.408%, (3 mo. USD LIBOR + 6.19%), 10/20/31^(9)(10)		5,000		3,973,883

Voya CLO, Ltd.

Series 2015-3A, Class CR, 3.368%, (3 mo. USD LIBOR + 3.15%), 10/20/31^(9)(10)		2,500		2,212,318

Series 2015-3A, Class DR, 6.418%, (3 mo. USD LIBOR + 6.20%), 10/20/31^(9)(10)		5,500		4,520,161


Security	Principal Amount (000’s omitted)		Value

Voya CLO, Ltd. (continued)

Series 2016-3A, Class CR, 3.468%, (3 mo. USD LIBOR + 3.25%), 10/18/31^(9)(10)	$	2,000	$	1,750,408

Series 2016-3A, Class DR, 6.298%, (3 mo. USD LIBOR + 6.08%), 10/18/31^(9)(10)		3,375		2,777,897

Series 2018-1A, Class C, 2.818%, (3 mo. USD LIBOR + 2.60%), 4/19/31^(9)(10)		5,000		4,406,553

Series 2018-2A, Class E, 5.487%, (3 mo. USD LIBOR + 5.25%), 7/15/31^(9)(10)		2,500		2,095,934

Webster Park CLO, Ltd.

Series 2015-1A, Class CR, 3.118%, (3 mo. USD LIBOR + 2.90%), 7/20/30^(9)(10)		2,000		1,874,432

Series 2015-1A, Class DR, 5.718%, (3 mo. USD LIBOR + 5.50%), 7/20/30^(9)(10)		2,500		2,190,337

Total Asset-Backed Securities (identified cost $282,288,995)			$	246,961,479

Common Stocks — 2.3%
Security	Shares		Value

Aerospace and Defense — 0.6%

IAP Global Services, LLC^{(4)(11)(12)(13)}		950	$	14,167,701

IAP Global Services, LLC^{(4)(11)(12)(13)}		1,627		18,198,044

			$	32,365,745

Automotive — 0.0%⁽⁶⁾

Dayco Products, LLC^(12)(13)		88,506	$	663,795

			$	663,795

Business Equipment and Services — 0.1%

Crossmark Holdings, Inc.^(12)(13)		88,008	$	5,060,460

			$	5,060,460

Chemicals and Plastics — 0.1%

Hexion Holdings Corp., Class B^(12)(13)		338,679	$	3,479,927

			$	3,479,927

Electronics / Electrical — 0.5%

Answers Corp.^(4)(13)		906,100	$	670,514

Software Luxembourg Holding S.A., Class A^(12)(13)		142,964		28,592,800

			$	29,263,314

Health Care — 0.1%

Akorn Holding Company, LLC, Class A^(12)(13)		705,631	$	7,850,145

			$	7,850,145


		44		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Nonferrous Metals / Minerals — 0.0%⁽⁶⁾

ACNR Holdings, Inc., Class A^(12)(13)		36,829	$	423,533

			$	423,533

Oil and Gas — 0.3%

AFG Holdings, Inc.^(4)(12)(13)		498,342	$	10,973,491

Fieldwood Energy, Inc.^(12)(13)		51,241		5,124

Fieldwood Energy, Inc.^(12)(13)		221,919		22,192

McDermott International, Ltd.^(12)(13)		1,013,850		1,723,545

RDV Resources, Inc., Class A^(4)(12)(13)		359,500		0

Samson Resources II, LLC, Class A^(4)(13)		435,055		2,827,857

Sunrise Oil & Gas, Inc., Class A^(12)(13)		321,407		2,249,849

			$	17,802,058

Publishing — 0.3%

ION Media Networks, Inc.^(4)(13)		28,605	$	18,724,261

Tweddle Group, Inc.^(4)(12)(13)		19,500		41,925

			$	18,766,186

Radio and Television — 0.2%

Clear Channel Outdoor Holdings, Inc.^(12)(13)		1,204,044	$	1,076,415

Cumulus Media, Inc., Class A^(12)(13)		551,505		2,790,615

Cumulus Media, Inc., Class B^(12)(13)		93,069		511,880

iHeartMedia, Inc., Class A^(12)(13)		512,034		4,208,920

			$	8,587,830

Retailers (Except Food and Drug) — 0.1%

David’s Bridal, LLC^(4)(12)(13)		272,023	$	2,377,481

			$	2,377,481

Utilities — 0.0%⁽⁶⁾

Longview Intermediate Holdings, LLC, Class A^(4)(12)(13)		149,459	$	1,209,123

			$	1,209,123

Total Common Stocks (identified cost $123,865,842)			$	127,849,597

Preferred Stocks — 0.1%
Security	Shares		Value

Financial Services — 0.0%⁽⁶⁾

DBI Investors, Inc., Series A-1^(4)(12)(13)		13,348	$	1,072,245

			$	1,072,245


Security	Shares		Value

Nonferrous Metals / Minerals — 0.0%⁽⁶⁾

ACNR Holdings, Inc., 15.00% (PIK)^(12)(13)		17,394	$	260,910

			$	260,910

Retailers (Except Food and Drug) — 0.1%

David’s Bridal, LLC, Series A, 8.00% (PIK) ^(4)(12)(13)		7,852	$	628,160

David’s Bridal, LLC, Series B, 10.00% (PIK) ^(4)(12)(13)		31,998		2,590,558

			$	3,218,718

Total Preferred Stocks (identified cost $2,590,558)			$	4,551,873

Miscellaneous — 0.0%⁽⁶⁾
Security	Shares		Value

Oil and Gas — 0.0%⁽⁶⁾

Paragon Offshore Finance Company, Class A^(12)(13)		42,177	$	12,653

Paragon Offshore Finance Company, Class B^(12)(13)		21,089		258,340

Total Miscellaneous (identified cost $458,685)			$	270,993

Warrants — 0.0%
Security	Shares		Value

Health Care — 0.0%

THAIHOT Investment Company US Limited, Exp. 10/13/27^(4)(12)(13)		246	$	0

THAIHOT Investment Company US Limited, Exp. 10/13/27^(4)(12)(13)		1,858		0

THAIHOT Investment Company US Limited, Exp. 10/13/27 (Contingent Warrants)^(4)(12)(13)		117,852		0

			$	0

Retailers (Except Food and Drug) — 0.0%

David’s Bridal, LLC, Exp. 11/26/22 ^(4)(12)(13)		51,888	$	0

			$	0

Total Warrants (identified cost $0)			$	0

Exchange-Traded Funds — 0.6%
Security	Shares		Value

SPDR Blackstone/GSO Senior Loan ETF		725,000	$	32,088,500

Total Exchange-Traded Funds (identified cost $33,233,902)			$	32,088,500


		45		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Portfolio of Investments — continued


Short-Term Investments — 3.2%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹⁴⁾		183,387,147	$	183,387,147

Total Short-Term Investments (identified cost $183,387,147)			$	183,387,147

Total Investments — 101.4% (identified cost $6,020,647,932)			$	5,727,911,067

Less Unfunded Loan Commitments — (0.4)%			$	(21,355,442	)

Net Investments — 101.0% (identified cost $5,999,292,490)			$	5,706,555,625

Other Assets, Less Liabilities — (1.0)%			$	(57,054,176	)

Net Assets — 100.0%			$	5,649,501,449

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⁾

⁽²⁾

⁽³⁾

⁽⁴⁾

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

⁽⁵⁾

This Senior Loan will settle after October 31, 2020, at which time the interest rate will be determined.

⁽⁶⁾

Amount is less than 0.05%.

⁽⁷⁾

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁸⁾

Fixed-rate loan.

⁽⁹⁾

⁽¹⁰⁾	Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹¹⁾	Affiliated company (see Note 7).

⁽¹²⁾	Non-income producing security.

⁽¹³⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁴⁾	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 October 31, 2020.


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	120,762,020	USD	140,669,639	Standard Chartered Bank		11/3/20	$	—	$	(24,143	)

USD	141,702,241	EUR	120,762,020	Standard Chartered Bank		11/3/20		1,056,745		—

USD	120,341,875	EUR	101,717,330	HSBC Bank USA, N.A.		11/30/20		1,806,288		—

USD	9,470,182	EUR	8,000,000	State Street Bank and Trust Company		11/30/20		147,437		—

USD	34,037,524	GBP	25,772,453	State Street Bank and Trust Company		11/30/20		643,742		—

USD	140,756,711	EUR	120,762,020	Standard Chartered Bank		12/2/20		21,328		—

USD	127,909,574	EUR	108,623,476	Goldman Sachs International		1/29/21		1,133,666		—

USD	1,472,331	EUR	1,250,000	HSBC Bank USA, N.A.		1/29/21		13,440		—

							$	4,822,646	$	(24,143	)


		46		See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

October 31, 2020

Portfolio of Investments — continued

Abbreviations:



DIP	–	Debtor In Possession

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PIK	–	Payment In Kind

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		47		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $5,813,559,935)	$	5,490,802,733

Affiliated investments, at value (identified cost, $185,732,555)		215,752,892

Cash		33,690,647

Deposits for derivatives collateral — forward foreign currency exchange contracts		1,560,000

Foreign currency, at value (identified cost, $343,864)		344,372

Interest receivable		17,380,718

Dividends receivable from affiliated investments		21,467

Receivable for investments sold		44,453,483

Receivable for open forward foreign currency exchange contracts		4,822,646

Other receivables		2,064,998

Prepaid expenses		765,336

Total assets	$	5,811,659,292

Liabilities

Cash collateral due to brokers	$	1,400,000

Payable for investments purchased		157,242,114

Payable for open forward foreign currency exchange contracts		24,143

Payable to affiliates:

Investment adviser fee		2,454,888

Trustees’ fees		9,087

Accrued expenses		1,027,611

Total liabilities	$	162,157,843

Net Assets applicable to investors’ interest in Portfolio	$	5,649,501,449


		48		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income	$	304,513,034

Dividends		2,495,199

Dividends from affiliated investments		2,670,323

Total investment income	$	309,678,556

Expenses

Investment adviser fee	$	32,655,074

Trustees’ fees and expenses		108,500

Custodian fee		1,233,553

Legal and accounting services		1,028,440

Interest expense and fees		3,107,996

Miscellaneous		455,201

Total expenses	$	38,588,764

Net investment income	$	271,089,792

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(307,885,910	)

Investment transactions — affiliated investments		90,902

Foreign currency transactions		(2,873,246	)

Forward foreign currency exchange contracts		(16,777,822	)

Net realized loss	$	(327,446,076	)

Change in unrealized appreciation (depreciation) —

Investments	$	20,016,354

Investments — affiliated investments		3,744,566

Foreign currency		531,474

Forward foreign currency exchange contracts		9,579,698

Net change in unrealized appreciation (depreciation)	$	33,872,092

Net realized and unrealized loss	$	(293,573,984	)

Net decrease in net assets from operations	$	(22,484,192	)


		49		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	271,089,792		$	481,946,428

Net realized loss		(327,446,076	)		(96,572,643	)

Net change in unrealized appreciation (depreciation)		33,872,092			(251,472,705	)

Net increase (decrease) in net assets from operations	$	(22,484,192	)	$	133,901,080

Capital transactions —

Contributions	$	266,696,978		$	194,015,335

Withdrawals		(2,561,352,547	)		(3,870,956,892	)

Portfolio transaction fee		—			7,292,672

Net decrease in net assets from capital transactions	$	(2,294,655,569	)	$	(3,669,648,885	)

Net decrease in net assets	$	(2,317,139,761	)	$	(3,535,747,805	)

Net Assets

At beginning of year	$	7,966,641,210		$	11,502,389,015

At end of year	$	5,649,501,449		$	7,966,641,210


		50		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.59	%		0.55	%		0.54	%		0.56	%		0.58	%

Net investment income		4.17	%		5.09	%		4.38	%		4.07	%		4.58	%

Portfolio Turnover		28	%		16	%		30	%		42	%		27	%

Total Return		1.18	%		1.64	%		5.05	%		5.69	%		7.10	%

Net assets, end of year (000’s omitted)	$	5,649,501		$	7,966,641		$	11,502,389		$	9,795,966		$	8,205,738


		51		See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

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


		52

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued


		53

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

2 Investment Adviser Fee and Other Transactions with Affiliates

3 Purchases and Sales of Investments

4 Federal Income Tax Basis of Investments



Aggregate cost	$	6,009,110,414

Gross unrealized appreciation	$	83,966,707

Gross unrealized depreciation		(386,521,496	)

Net unrealized depreciation	$	(302,554,789	)

5 Financial Instruments

The Portfolio 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 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 Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.


		54

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 Portfolio and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 8) at October 31, 2020.


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Forward foreign currency exchange contracts	$	4,822,646	⁽¹⁾	$	(24,143	)⁽²⁾

Total Derivatives subject to master netting or similar agreements	$	4,822,646		$	(24,143	)

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.


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)

Goldman Sachs International	$	1,133,666	$	—		$	(822,757	)	$	—		$	310,909

HSBC Bank USA, N.A.		1,819,728		—			(1,567,582	)		—			252,146

Standard Chartered Bank		1,078,073		(24,143	)		—			(710,000	)		343,930

State Street Bank and Trust Company		791,179		—			(101,179	)		(690,000	)		—

	$	4,822,646	$	(24,143	)	$	(2,491,518	)	$	(1,400,000	)	$	906,985


		55

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — 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)

Standard Chartered Bank	$	(24,143	)	$	24,143	$	—	$	—	$	—

^(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.


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Forward foreign currency exchange contracts	$	(16,777,822	)	$	9,579,698

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

6 Credit Facility


		56

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

7 Investments in Affiliated Companies/Funds


Name of affiliated company/fund	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*

IAP Global Services, LLC^(1)(2)(3)	$	28,587,401	$	—	$	—		$	—	$	3,778,344		$	32,365,745	$	—		2,577

Short Term Investments

Eaton Vance Cash Reserves Fund, LLC		373,400,052		2,214,909,576		(2,404,979,605	)		90,902		(33,778	)		183,387,147		2,670,323		183,387,147

Totals								$	90,902	$	3,744,566		$	215,752,892	$	2,670,323

*	The related industry is the same as the presentation in the Portfolio of Investments.

⁽¹⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽²⁾	Non-income producing security.

⁽³⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

8 Fair Value Measurements

•

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)


		57

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	4,867,541,382		$	22,871,731	$	4,890,413,113

Corporate Bonds & Notes		—		221,032,923			—		221,032,923

Asset-Backed Securities		—		246,961,479			—		246,961,479

Common Stocks		13,279,422		45,379,778			69,190,397		127,849,597

Preferred Stocks		—		260,910			4,290,963		4,551,873

Miscellaneous		—		270,993			—		270,993

Warrants		—		—			0		0

Exchange-Traded Funds		32,088,500		—			—		32,088,500

Short-Term Investments		—		183,387,147			—		183,387,147

Total Investments	$	45,367,922	$	5,564,834,612		$	96,353,091	$	5,706,555,625

Forward Foreign Currency Exchange Contracts	$	—	$	4,822,646		$	—	$	4,822,646

Total	$	45,367,922	$	5,569,657,258		$	96,353,091	$	5,711,378,271

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(24,143	)	$	—	$	(24,143	)

Total	$	—	$	(24,143	)	$	—	$	(24,143	)

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

9 Risks and Uncertainties

Risks Associated with Foreign Investments

Credit Risk

Pandemic Risk


		58

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Notes to Financial Statements — continued

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		59

Eaton Vance

Floating Rate Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Eaton Vance Floating Rate Portfolio:

Opinion on the Financial Statements and Financial Highlights

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		60

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Liquidity Risk Management Program


		61

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust), Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio (collectively, the Portfolios) are responsible for the overall management and supervision of the Trust’s and Portfolios’ affairs. The Trustees and officers of the Trust and the Portfolios are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolios hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolios, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolios’ placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolios. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013 - 2020).


		62

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		63

Eaton Vance

Floating-Rate & High Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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


		64

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		65

This Page Intentionally Left Blank

Investment Adviser of Eaton Vance Floating Rate Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Floating-Rate & High Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

811 10.31.20

LOGO

Eaton Vance

Global Bond Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Global Bond Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			17 and 39
Federal Tax Information			18
Liquidity Risk Management Program			40
Management and Organization			41
Important Notices			44

Eaton Vance

Global Bond Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Global Bond Fund (the Fund) returned 5.72% for Class A shares at net asset value (NAV), underperforming its former benchmark, the FTSE World Government Bond Index, which returned 6.00%; and outperforming its new benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Unhedged) (the Index), which returned 5.63%.

During the period, holdings in Asia positively impacted the Fund’s returns relative to the Index. Top performers included exposures to Chinese local interest rates and the South Korean won. Numerous monetary policy-easing measures implemented by China to support its economy during the coronavirus outbreak benefited Chinese local bonds. South Korea’s success at containing COVID-19, along with better

economic data and attractive local yields relative to many developed market nations, contributed to strength in the South Korean won. These and other favorable effects in Asia were tempered by areas of weakness, including a position in the Indian rupee that declined in value.

Holdings in the Middle East & Africa (MEA), Eastern Europe, and the Dollar Bloc — Canada, New Zealand, and Australia — also positively impacted returns. One of the Fund’s best-performing investments was an out-of-Index allocation to Egyptian local bonds, which benefited from attractive yields on short-term instruments denominated in the Egyptian pound, coupled with the Egyptian central bank’s ability to maintain currency stability versus the U.S. dollar during the period. An out-of-Index position in Serbian local bonds and an allocation to New Zealand inflation-linked bonds were particularly helpful in Eastern Europe and the Dollar Bloc, respectively.

Results in Western Europe were less favorable. An out-of-Index position in the local bonds of Iceland detracted from performance during the period, as did a position in the Norwegian krone. In Iceland, a disappointing growth outlook for the country and the reintroduction of local coronavirus restrictions later in the period weighed on Icelandic local bonds. The Norwegian krone experienced downward pressure amid the sell-off in oil, one of Norway’s key exports. By period-end, the position in the krone was sold from the Fund.

Select holdings in Latin America were also detrimental to Fund returns, especially a position in the Brazilian real that weakened as politicians clashed over various issues, COVID-19 cases surged, and the central bank cut interest rates to support the economy. Nonetheless, on an overall basis, holdings in Latin America had minimal impact on the Fund’s performance.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Global Bond Fund

October 31, 2020

Performance^2,3

Portfolio Managers Michael A. Cirami, CFA, Kyle Lee, CFA and Eric A. Stein, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		06/27/2007		06/27/2007		5.72	%		4.04	%		2.12	%
Class A with 4.75% Maximum Sales Charge		—		—		0.75			3.03			1.62

Class C at NAV		03/01/2011		06/27/2007		4.98			3.31			1.39
Class C with 1% Maximum Sales Charge		—		—		3.99			3.31			1.39

Class I at NAV		03/01/2011		06/27/2007		6.04			4.32			2.40



Bloomberg Barclays Global Aggregate Bond Index (Unhedged)		—		—		5.63	%		3.90	%		2.24	%
FTSE World Government Bond Index		—		—		6.00			3.91			1.70

J.P. Morgan Emerging Local Markets Index Plus (ELMI+)		—		—		–2.00			2.00			–0.39
Blended Index		—		—		4.77			4.08			2.37

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

Gross						1.39	%		2.09	%		1.09	%
Net						1.01			1.71			0.71

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$11,482

N.A.

Class I

$250,000

10/31/2010

$317,000

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Global Bond Fund

October 31, 2020

Fund Profile⁵

Foreign Currency Exposures by Country (% of net assets)⁶



Japan	20.2	%

Euro	9.9

Serbia	7.8

Iceland	7.6

China	7.2

South Korea	6.2

Australia	4.5

Switzerland	4.3

Indonesia	4.2

Egypt	4.1

Ukraine	3.8

Malaysia	3.0

India	3.0

Thailand	2.0

Peru	1.4

Other	3.9	*

Total Long	93.1

Total Short	0.0

Total Net	93.1

*	Includes amounts each less than 1.0% or –1.0%, as applicable.

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Global Bond Fund

October 31, 2020

Endnotes and Additional Disclosures

Bloomberg Barclays Global Aggregate Bond Index (Unhedged) is an unmanaged index of global investment-grade bonds denominated in the U.S. Dollar, Euro, Japanese Yen, and British Sterling. The index includes corporate bonds, government bonds, and mortgage-backed securities. FTSE World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. J.P. Morgan Emerging Local Markets Index Plus (ELMI+) is an unmanaged index of local currency money market instruments in emerging market countries. J.P. Morgan Emerging Markets Bond (JEMB) Hard Currency/Local Currency 50-50 Index is a blended index comprised of 50% J.P. Morgan Government Bond Index: Emerging Market Global Diversified (JPM GBI-EM GD), 25% J.P. Morgan Emerging Market Bond Index Global Diversified (JPM EMBI GD) and 25% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (JPM CEMBI BD). J.P. Morgan Government Bond Index: Emerging Market Global Diversified (JPM GBI-EM GD) is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. J.P. Morgan Emerging Market Bond Index Global Diversified (JPM EMBI GD) is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (JPM CEMBI BD) is an unmanaged index of USD-denominated emerging market corporate bonds. 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 2020, J.P. Morgan Chase & Co. All rights reserved. The Blended Index consists of 85% Bloomberg Barclays Global Aggregate Bond Index and 15% J.P. Morgan Emerging Markets Bond (JEMB) Hard Currency/Local Currency 50-50 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.

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 C and Class I is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

Effective October 14, 2019, the Fund changed its primary benchmark to FTSE World Government Bond Index because the investment adviser believed that in connection with the change in investment strategy, it was a more appropriate benchmark for the Fund. Performance shown prior to October 14, 2019 reflects the Fund’s former investment strategy as a locally denominated international short-term fixed income fund.

Effective March 1, 2020, the Fund changed its primary benchmark to the Bloomberg Barclays Global Aggregate Bond Index (Unhedged), which has substantially similar characteristics to the FTSE World Government Bond Index.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶	Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Additional Information

Important Notice to Shareholders

Effective April 1, 2021, the portfolio management team for the Fund will be Michael A. Cirami and Kyle Lee.


		5

Eaton Vance

Global Bond Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,065.20	$	5.24	**		1.01	%
Class C	$	1,000.00	$	1,061.50	$	8.86	**		1.71	%
Class I	$	1,000.00	$	1,066.90	$	3.69	**		0.71	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.10	$	5.13	**		1.01	%
Class C	$	1,000.00	$	1,016.50	$	8.67	**		1.71	%
Class I	$	1,000.00	$	1,021.60	$	3.61	**		0.71	%

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


		6

Eaton Vance

Global Bond Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in International Income Portfolio, at value (identified cost, $55,830,362)	$	57,158,578

Receivable for Fund shares sold		53,031

Receivable from affiliate		9,955

Total assets	$	57,221,564

Liabilities

Payable for Fund shares redeemed	$	25,609

Payable to affiliates:

Distribution and service fees		9,066

Trustees’ fees		43

Accrued expenses		62,254

Total liabilities	$	96,972

Net Assets	$	57,124,592

Sources of Net Assets

Paid-in capital	$	92,079,210

Accumulated loss		(34,954,618	)

Total	$	57,124,592

Class A Shares

Net Assets	$	18,354,420

Shares Outstanding		2,173,939

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.44

Maximum Offering Price Per Share

(100 ÷ 95.25 of net asset value per share)	$	8.86

Class C Shares

Net Assets	$	5,173,107

Shares Outstanding		612,733

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	8.44

Class I Shares

Net Assets	$	33,597,065

Shares Outstanding		3,992,625

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.41

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest allocated from Portfolio (net of foreign taxes, $125,466)	$	2,042,920

Dividends allocated from Portfolio		18,664

Expenses, excluding interest expense, allocated from Portfolio		(451,942	)

Interest expense allocated from Portfolio		(9,108	)

Total investment income	$	1,600,534

Expenses

Distribution and service fees

Class A	$	52,100

Class C		74,497

Trustees’ fees and expenses		500

Custodian fee		15,500

Transfer and dividend disbursing agent fees		58,063

Legal and accounting services		38,070

Printing and postage		39,284

Registration fees		50,970

Miscellaneous		9,105

Total expenses	$	338,089

Deduct —

Allocation of expenses to affiliate	$	212,983

Total expense reductions	$	212,983

Net expenses	$	125,106

Net investment income	$	1,475,428

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $10,818)	$	(118,349	)

Financial futures contracts		(11,020	)

Swap contracts		668,550

Foreign currency transactions		(93,948	)

Forward foreign currency exchange contracts		593,492

Net realized gain	$	1,038,725

Change in unrealized appreciation (depreciation) —

Investments (including net increase of $10,264 in accrued foreign capital gains taxes)	$	(47,363	)

Financial futures contracts		3,734

Swap contracts		581,437

Foreign currency		1,905

Forward foreign currency exchange contracts		163,691

Net change in unrealized appreciation (depreciation)	$	703,404

Net realized and unrealized gain	$	1,742,129

Net increase in net assets from operations	$	3,217,557


		8		See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	1,475,428		$	3,099,028

Net realized gain		1,038,725			187,915

Net change in unrealized appreciation (depreciation)		703,404			1,528,372

Net increase in net assets from operations	$	3,217,557		$	4,815,315

Distributions to shareholders —

Class A	$	(784,894	)	$	(1,014,498	)

Class C		(295,747	)		(557,031	)

Class I		(1,869,130	)		(3,166,524	)

Total distributions to shareholders	$	(2,949,771	)	$	(4,738,053	)

Tax return of capital to shareholders —

Class A	$	(328,310	)	$	—

Class C		(115,699	)		—

Class I		(720,296	)		—

Total tax return of capital to shareholders	$	(1,164,305	)	$	—

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	3,608,276		$	5,231,227

Class C		325,798			1,221,685

Class I		10,204,725			18,556,044

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		1,073,366			998,587

Class C		307,018			387,048

Class I		2,438,057			2,693,229

Cost of shares redeemed

Class A		(5,090,634	)		(7,137,814	)

Class C		(4,665,893	)		(6,158,213	)

Class I		(34,825,264	)		(27,038,486	)

Net asset value of shares converted

Class A		244,117			114,485

Class C		(244,117	)		(114,485	)

Net decrease in net assets from Fund share transactions	$	(26,624,551	)	$	(11,246,693	)

Net decrease in net assets	$	(27,521,070	)	$	(11,169,431	)

Net Assets

At beginning of year	$	84,645,662		$	95,815,093

At end of year	$	57,124,592		$	84,645,662


		9		See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.510		$	8.500		$	9.130		$	8.770		$	9.010

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.176		$	0.295		$	0.315		$	0.246		$	0.254

Net realized and unrealized gain (loss)		0.292			0.174			(0.539	)		0.520			0.003

Total income (loss) from operations	$	0.468		$	0.469		$	(0.224	)	$	0.766		$	0.257

Less Distributions

From net investment income	$	(0.378	)	$	(0.459	)	$	(0.052	)	$	(0.406	)	$	—

Tax return of capital		(0.160	)		—			(0.354	)		—			(0.497	)

Total distributions	$	(0.538	)	$	(0.459	)	$	(0.406	)	$	(0.406	)	$	(0.497	)

Net asset value — End of year	$	8.440		$	8.510		$	8.500		$	9.130		$	8.770

Total Return⁽²⁾⁽³⁾		5.72	%		5.62	%		(2.58	)%		8.89	%		2.94	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	18,354		$	18,677		$	19,483		$	22,136		$	43,471

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.01	%⁽⁵⁾		1.10	%⁽⁵⁾		1.11	%⁽⁵⁾		1.10	%		1.11	%⁽⁵⁾

Net investment income		2.09	%		3.43	%		3.51	%		2.74	%		2.85	%

Portfolio Turnover of the Portfolio		88	%⁽⁶⁾		92	%		23	%		29	%		38	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.49%, 0.40%, 0.34%, 0.37% and 0.27% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for each of the years ended October 31, 2020, 2019, 2018 and 2016.

⁽⁶⁾	Includes the effect of To-Be-Announced (TBA) transactions.


		10		See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.510		$	8.500		$	9.130		$	8.770		$	9.000

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.123		$	0.237		$	0.252		$	0.183		$	0.192

Net realized and unrealized gain (loss)		0.286			0.171			(0.539	)		0.520			(0.002	)

Total income (loss) from operations	$	0.409		$	0.408		$	(0.287	)	$	0.703		$	0.190

Less Distributions

From net investment income	$	(0.336	)	$	(0.398	)	$	(0.044	)	$	(0.343	)	$	—

Tax return of capital		(0.143	)		—			(0.299	)		—			(0.420	)

Total distributions	$	(0.479	)	$	(0.398	)	$	(0.343	)	$	(0.343	)	$	(0.420	)

Net asset value — End of year	$	8.440		$	8.510		$	8.500		$	9.130		$	8.770

Total Return⁽²⁾⁽³⁾		4.98	%		4.88	%		(3.26	)%		8.13	%		2.17	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	5,173		$	9,517		$	14,107		$	16,664		$	20,096

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.71	%⁽⁵⁾		1.81	%⁽⁵⁾		1.81	%⁽⁵⁾		1.80	%		1.81	%⁽⁵⁾

Net investment income		1.47	%		2.76	%		2.81	%		2.03	%		2.16	%

Portfolio Turnover of the Portfolio		88	%⁽⁶⁾		92	%		23	%		29	%		38	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for each of the years ended October 31, 2020, 2019, 2018 and 2016.

⁽⁶⁾	Includes the effect of To-Be-Announced (TBA) transactions.


		11		See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.480		$	8.480		$	9.100		$	8.750		$	9.000

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.213		$	0.319		$	0.341		$	0.272		$	0.284

Net realized and unrealized gain (loss)		0.279			0.164			(0.529	)		0.510			(0.003	)

Total income (loss) from operations	$	0.492		$	0.483		$	(0.188	)	$	0.782		$	0.281

Less Distributions

From net investment income	$	(0.395	)	$	(0.483	)	$	(0.056	)	$	(0.432	)	$	—

Tax return of capital		(0.167	)		—			(0.376	)		—			(0.531	)

Total distributions	$	(0.562	)	$	(0.483	)	$	(0.432	)	$	(0.432	)	$	(0.531	)

Net asset value — End of year	$	8.410		$	8.480		$	8.480		$	9.100		$	8.750

Total Return⁽²⁾⁽³⁾		6.04	%		5.82	%		(2.19	)%		9.11	%		3.22	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	33,597		$	56,451		$	62,225		$	64,381		$	74,480

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		0.71	%⁽⁵⁾		0.81	%⁽⁵⁾		0.81	%⁽⁵⁾		0.80	%		0.81	%⁽⁵⁾

Net investment income		2.54	%		3.73	%		3.81	%		3.02	%		3.20	%

Portfolio Turnover of the Portfolio		88	%⁽⁶⁾		92	%		23	%		29	%		38	%

⁽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⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for each of the years ended October 31, 2020, 2019, 2018 and 2016.

⁽⁶⁾	Includes the effect of To-Be-Announced (TBA) transactions.


		12		See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Global Bond 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 offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in International Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. 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


		13

Eaton Vance

Global Bond Fund

October 31, 2020

Notes to Financial Statements — continued

distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	2,949,771	$	4,738,053

Tax return of capital	$	1,164,305	$	—

During the year ended October 31, 2020, accumulated loss was increased by $32,028 and paid-in capital was increased by $32,028 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(33,518,909	)

Net unrealized depreciation	$	(1,435,709	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $33,518,909 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 October 31, 2020, $12,016,614 are short-term and $21,502,295 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.50% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of the holders of interest in the Fund. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. 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 1.00%, 1.70% and 0.70% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $212,983 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $3,450 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 $474 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).


		14

Eaton Vance

Global Bond Fund

October 31, 2020

Notes to Financial Statements — continued

4 Distribution Plans

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $500 and $300 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $4,269,625 and $35,089,833, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		426,434			606,089

Issued to shareholders electing to receive payments of distributions in Fund shares		127,840			116,761

Redemptions		(604,996	)		(831,541	)

Converted from Class C shares		29,094			13,302

Net decrease		(21,628	)		(95,389	)

	Year Ended October 31,
Class C	2020			2019

Sales		38,434			142,826

Issued to shareholders electing to receive payments of distributions in Fund shares		36,584			45,234

Redemptions		(552,039	)		(714,714	)

Converted to Class A shares		(29,095	)		(13,315	)

Net decrease		(506,116	)		(539,969	)


		15

Eaton Vance

Global Bond Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class I	2020			2019

Sales		1,211,411			2,166,600

Issued to shareholders electing to receive payments of distributions in Fund shares		291,281			315,959

Redemptions		(4,168,097	)		(3,165,650	)

Net decrease		(2,665,405	)		(683,091	)

8 Additional Information


		16

Eaton Vance

Global Bond Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Bond Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		17

Eaton Vance

Global Bond Fund

October 31, 2020

Federal Tax Information (Unaudited)


		18

International Income Portfolio

October 31, 2020

Portfolio of Investments


Foreign Government Bonds — 44.6%
Security		Principal Amount (000’s omitted)		Value

Australia — 8.3%

Australia Government Bond, 1.00%, 12/21/30⁽¹⁾	AUD		1,300	$	929,191

Australian Capital Territory, 1.25%, 5/22/25⁽¹⁾	AUD		2,350		1,717,515

New South Wales Treasury Corp., 4.00%, 5/20/26⁽¹⁾	AUD		2,500		2,100,829

Total Australia				$	4,747,535

Bahrain — 1.0%

Kingdom of Bahrain, 7.00%, 10/12/28⁽¹⁾	USD		500	$	553,129

Total Bahrain				$	553,129

Egypt — 2.1%

Arab Republic of Egypt, 8.875%, 5/29/50⁽¹⁾	EGP		1,200	$	1,216,242

Total Egypt				$	1,216,242

Georgia — 0.2%

Georgia Treasury Bond, 7.00%, 5/30/24	GEL		430	$	128,135

Total Georgia				$	128,135

Iceland — 3.8%

Republic of Iceland, 5.00%, 11/15/28	ISK		59,300	$	483,900

Republic of Iceland, 6.50%, 1/24/31	ISK		184,200		1,702,650

Total Iceland				$	2,186,550

Indonesia — 4.2%

Indonesia Government Bond, 7.00%, 9/15/30	IDR		13,850,000	$	975,892

Indonesia Government Bond, 7.50%, 6/15/35	IDR		14,000,000		987,898

Indonesia Government International Bond, 3.85%, 10/15/30	USD		375		428,180

Total Indonesia				$	2,391,970

Malaysia — 1.5%

Malaysia Government Bond, 3.885%, 8/15/29	MYR		3,200	$	844,857

Total Malaysia				$	844,857

Mongolia — 0.4%

Mongolia Government International Bond, 5.125%, 4/7/26⁽¹⁾	USD		200	$	207,232

Total Mongolia				$	207,232

New Zealand — 6.3%

New Zealand Government Bond, 3.00%, 9/20/30⁽¹⁾⁽²⁾	NZD		4,019	$	3,625,454

Total New Zealand				$	3,625,454


Security		Principal Amount (000’s omitted)		Value

Peru — 2.0%

Peru Government Bond, 6.90%, 8/12/37	PEN		3,500	$	1,146,443

Total Peru				$	1,146,443

Philippines — 2.5%

Republic of the Philippines, 2.95%, 5/5/45	USD		500	$	527,277

Republic of the Philippines, 6.25%, 1/14/36	PHP		34,000		906,411

Total Philippines				$	1,433,688

Romania — 1.1%

Romanian Government International Bond, 3.375%, 1/28/50⁽¹⁾	EUR		500	$	607,593

Total Romania				$	607,593

Serbia — 7.5%

Serbia Treasury Bond, 5.875%, 2/8/28	RSD		370,200	$	4,280,804

Total Serbia				$	4,280,804

Ukraine — 3.7%

Ukraine Government International Bond, 15.70%, 1/20/21	UAH		30,860	$	1,095,446

Ukraine Government International Bond, 18.00%, 3/24/21	UAH		28,055		1,013,609

Total Ukraine				$	2,109,055

Total Foreign Government Bonds (identified cost $24,954,927)				$	25,478,687

Foreign Corporate Bonds — 3.5%
Security		Principal Amount (000’s omitted)		Value

Iceland — 3.5%

Arion Banki HF, 6.00%, 4/12/24⁽¹⁾	ISK		100,000	$	786,071

Islandsbanki HF, 6.40%, 10/26/23	ISK		40,000		314,556

Landsbankinn HF, 5.00%, 11/23/23⁽¹⁾	ISK		120,000		911,303

Total Iceland				$	2,011,930

Total Foreign Corporate Bonds (identified cost $2,193,054)				$	2,011,930


		19		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Mortgage Pass-Throughs — 5.8%
Security		Principal Amount		Value

Federal National Mortgage Association:

2.00%, 30-Year, TBA⁽⁵⁾		$	3,000,000	$	3,086,789

3.942%, (COF + 1.78%), with maturity at 2035⁽³⁾			237,580		250,659

				$	3,337,448

Total Mortgage Pass-Throughs (identified cost $3,327,718)				$	3,337,448

Short-Term Investments — 42.8%

Foreign Government Securities — 4.1%
Security		Principal Amount (000’s omitted)		Value

Egypt — 4.1%

Egypt Treasury Bill, 0.00%, 11/24/20	EGP		9,500	$	604,012

Egypt Treasury Bill, 0.00%, 4/6/21	EGP		14,600		884,972

Egypt Treasury Bill, 0.00%, 7/13/21	EGP		7,325		428,964

Egypt Treasury Bill, 0.00%, 10/12/21	EGP		7,750		440,327

Total Egypt				$	2,358,275

Georgia — 0.0%⁽⁴⁾

Georgia Treasury Bill, 0.00%, 12/3/20	GEL		15	$	4,620

Total Georgia				$	4,620

Total Foreign Government Securities (identified cost $2,333,213)				$	2,362,895

U.S. Treasury Obligations — 33.3%
Security		Principal Amount (000’s omitted)		Value

U.S. Treasury Bill, 0.093%, 11/5/20⁽⁶⁾		$	19,000	$	18,999,903

Total U.S. Treasury Obligations (identified cost $18,999,806)				$	18,999,903


Other — 5.4%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁷⁾		3,099,970	$	3,099,970

Total Other (identified cost $3,099,970)			$	3,099,970

Total Short-Term Investments (identified cost $24,432,989)			$	24,462,768

Total Investments— 96.7% (identified cost $54,908,688)			$	55,290,833

Other Assets, Less Liabilities — 3.3%			$	1,876,393

Net Assets — 100.0%			$	57,167,226

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

⁽¹⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, 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 October 31, 2020, the aggregate value of these securities is $12,654,559 or 22.1% of the Portfolio’s net assets.

⁽²⁾	Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽³⁾

Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at October 31, 2020.

⁽⁴⁾	Amount is less than 0.05%.

⁽⁵⁾	TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement.

⁽⁶⁾	Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁷⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2020.


		20		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)

EUR	10,500,000	USD	12,230,925	11/3/20	$	(2,099	)

EUR	10,500,000	USD	12,320,621	11/3/20		(91,796	)

USD	12,427,454	EUR	10,500,000	11/3/20		198,628

USD	12,230,925	EUR	10,500,000	11/3/20		2,099

BRL	2,150,000	USD	372,501	11/4/20		2,198

BRL	860,000	USD	152,946	11/4/20		(3,067	)

BRL	1,290,000	USD	228,909	11/4/20		(4,090	)

USD	374,476	BRL	2,150,000	11/4/20		(222	)

USD	149,000	BRL	860,000	11/4/20		(879	)

USD	223,500	BRL	1,290,000	11/4/20		(1,318	)

PEN	458,000	USD	127,428	11/5/20		(752	)

PEN	1,080,000	USD	301,997	11/5/20		(3,285	)

PEN	36,000	USD	10,006	11/5/20		(49	)

PEN	334,000	USD	92,886	11/5/20		(507	)

PEN	831,000	USD	231,097	11/5/20		(1,255	)

USD	1,189,569	PEN	4,219,400	11/5/20		22,547

RUB	12,800,000	USD	163,911	11/9/20		(2,899	)

USD	103,351	NZD	157,550	11/16/20		(822	)

JPY	1,237,000,000	USD	11,628,344	11/19/20		188,953

USD	1,128,053	JPY	120,000,000	11/19/20		(18,330	)

USD	3,611,058	JPY	383,000,000	11/19/20		(47,814	)

JPY	366,523,081	USD	3,470,863	11/25/20		30,844

KRW	336,703,528	USD	284,038	12/1/20		12,042

KRW	320,385,472	USD	270,138	12/1/20		11,593

BRL	2,150,000	USD	374,142	12/2/20		36

CHF	2,250,000	USD	2,447,041	12/7/20		9,254

NOK	6,024,000	USD	645,597	12/7/20		(14,690	)

USD	645,597	NOK	6,024,000	12/7/20		14,690

JPY	59,915,762	USD	564,606	12/8/20		7,926

KRW	607,320,000	USD	511,759	12/10/20		22,340

KRW	1,144,500,000	USD	963,571	12/10/20		42,944

KRW	572,500,000	USD	482,215	12/10/20		21,263

COP	426,200,000	USD	110,574	12/16/20		(669	)

COP	450,800,000	USD	116,930	12/16/20		(681	)

COP	600,000,000	USD	155,685	12/16/20		(962	)

ZAR	3,900,000	USD	230,863	12/17/20		7,553

ZAR	40,979	USD	2,426	12/17/20		79

MXN	5,100,000	USD	239,285	12/18/20		(33	)

IDR	3,323,075,000	USD	219,940	1/4/21		3,445

IDR	2,375,000,000	USD	159,675	1/4/21		(22	)

INR	22,700,000	USD	306,749	1/5/21		(4,067	)

INR	13,600,000	USD	182,562	1/5/21		(1,219	)

INR	19,994,000	USD	268,351	1/5/21		(1,751	)

INR	28,700,000	USD	385,259	1/5/21		(2,573	)


		21		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

INR	42,300,000	USD	567,732		1/5/21	$	(3,704	)

JPY	48,774,501	USD	462,521		1/7/21		3,822

USD	3,359,178	NZD	5,052,004		1/7/21		18,643

USD	883,683	PHP	43,000,000		1/11/21		(704	)

USD	60,626	NZD	92,450		1/13/21		(505	)

KRW	113,652,000	USD	99,436		1/19/21		546

USD	501,227	SGD	680,000		1/26/21		3,372

AUD	4,764,246	USD	3,393,715		1/28/21		(43,439	)

USD	4,780,497	AUD	6,711,071		1/28/21		61,190

USD	851,146	AUD	1,194,876		1/28/21		10,895

USD	147,218	NZD	220,000		1/28/21		1,748

						$	444,447


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

MYR	1,250,000	USD	300,987	Goldman Sachs International		11/3/20	$	—	$	(145	)

MYR	2,229,728	USD	536,121	Morgan Stanley & Co. International PLC		11/3/20		516		—

MYR	979,728	USD	235,823	Morgan Stanley & Co. International PLC		11/3/20		—		(28	)

USD	300,553	MYR	1,250,000	Goldman Sachs International		11/3/20		—		(289	)

USD	235,568	MYR	979,728	Morgan Stanley & Co. International PLC		11/3/20		—		(227	)

USD	535,092	MYR	2,229,728	Morgan Stanley & Co. International PLC		11/3/20		—		(1,545	)

CNH	3,000,000	USD	446,269	BNP Paribas		11/9/20		1,549		—

CNH	4,820,123	USD	704,357	Citibank, N.A.		11/9/20		15,156		—

CNH	1,139,477	USD	166,510	Citibank, N.A.		11/9/20		3,583		—

RUB	17,000,000	USD	218,509	Standard Chartered Bank		11/9/20		—		(4,665	)

MXN	3,150,000	USD	149,864	JPMorgan Chase Bank, N.A.		11/18/20		—		(1,591	)

EUR	21,961,000	USD	25,760,020	BNP Paribas		11/30/20		—		(167,921	)

USD	4,812,662	EUR	4,102,904	BNP Paribas		11/30/20		31,372		—

USD	4,574,659	EUR	3,900,000	BNP Paribas		11/30/20		29,821		—

USD	4,148,189	EUR	3,536,425	BNP Paribas		11/30/20		27,041		—

USD	2,440,373	EUR	2,080,473	BNP Paribas		11/30/20		15,908		—

USD	2,202,167	EUR	1,877,397	BNP Paribas		11/30/20		14,355		—

USD	909,935	EUR	775,740	BNP Paribas		11/30/20		5,932		—

USD	904,252	EUR	770,895	BNP Paribas		11/30/20		5,894		—

USD	584,530	EUR	498,325	BNP Paribas		11/30/20		3,810		—

USD	304,892	EUR	259,927	BNP Paribas		11/30/20		1,987		—

KRW	489,400,000	USD	412,400	Australia and New Zealand Banking Group Limited		12/1/20		17,953		—

KRW	296,246,000	USD	254,930	Australia and New Zealand Banking Group Limited		12/1/20		5,573		—

MYR	604,099	USD	144,972	Goldman Sachs International		12/2/20		—		(101	)

MYR	320,173	USD	76,931	Goldman Sachs International		12/2/20		—		(150	)


		22		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

CNH	3,615,093	USD	527,427	Citibank, N.A.		12/9/20	$	11,035	$	—

CNH	854,608	USD	124,684	Citibank, N.A.		12/9/20		2,609		—

KRW	165,552,981	USD	140,254	Australia and New Zealand Banking Group Limited		12/10/20		5,340		—

USD	2,530	ZAR	40,979	Standard Chartered Bank		12/14/20		24		—

ZAR	2,500,000	USD	151,708	UBS AG		12/14/20		1,177		—

CNH	4,820,123	USD	701,507	Bank of America, N.A.		1/11/21		14,694		—

CNH	1,139,477	USD	165,836	Bank of America, N.A.		1/11/21		3,474		—

CNH	4,820,123	USD	701,476	UBS AG		1/11/21		14,725		—

CNH	1,139,477	USD	165,829	UBS AG		1/11/21		3,481		—

CNH	1,924,538	USD	285,540	Goldman Sachs International		1/21/21		208		—

CNH	454,961	USD	67,502	Goldman Sachs International		1/21/21		49		—

THB	34,560,000	USD	1,102,955	Standard Chartered Bank		1/26/21		5,534		—

MYR	2,229,728	USD	534,195	Morgan Stanley & Co. International PLC		2/2/21		—		(185	)

							$	242,800	$	(176,847	)


Futures Contracts

Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)

Interest Rate Futures

Euro-Buxl		(2	)		Short		12/8/20	$	(532,851	)	$	(18,821	)

U.S. 5-Year Treasury Note		(2	)		Short		12/31/20		(251,203	)		1,000

U.S. 10-Year Treasury Note		(3	)		Short		12/21/20		(414,656	)		2,930

U.S. Long Treasury Bond		(4	)		Short		12/21/20		(689,875	)		18,625

											$	3,734


Centrally Cleared Interest Rate Swaps

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

BRL	5,838	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.42% (pays upon termination)	1/3/22	$	(848	)	$	—	$	(848	)

BRL	46,281	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.44% (pays upon termination)	1/3/22		(9,004	)		—		(9,004	)

BRL	52,136	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.08% (pays upon termination)	1/3/22		(26,415	)		—		(26,415	)


		23		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

CNY	21,500	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.28% (pays quarterly)	6/8/25	$	(42,909	)	$	—	$	(42,909	)

CNY	9,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.79% (pays quarterly)	9/8/25		12,935			—		12,935

MXN	27,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.11% (pays monthly)	5/5/25		2,343			—		2,343

MXN	24,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.70% (pays monthly)	10/3/29		77,538			—		77,538

SGD	3,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.64% (pays semi-annually)	10/16/29		191,480			—		191,480

THB	70,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.37% (pays semi-annually)	10/17/29		50,885			—		50,885

USD	96	Receives	3-month USD-LIBOR (pays quarterly)	0.64% (pays semi-annually)	6/30/30		1,913			—		1,913

USD	270	Receives	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)	7/1/30		5,821			—		5,821

USD	340	Receives	3-month USD-LIBOR (pays quarterly)	0.82% (pays semi-annually)	5/12/50		42,598			—		42,598

USD	200	Receives	3-month USD-LIBOR (pays quarterly)	0.92% (pays semi-annually)	6/30/50		19,970			—		19,970

Total						$	326,307		$	—	$	326,307

Interest Rate Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating
Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation

Citibank, N.A.

MYR

8,000

Pays

3-month MYR KLIBOR
(pays quarterly)

3.15%
(pays quarterly)

10/14/24

93,285

Total

93,285


		24		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued


Centrally Cleared Credit Default Swaps — Sell Protection

Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**		Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Brazil	$	731		1.00% (pays quarterly)⁽¹⁾		12/20/25		2.15	%	$	(40,485	)	$	51,205		$	10,720

Colombia		689		1.00% (pays quarterly)⁽¹⁾		12/20/25		1.26			(8,099	)		18,287			10,188

Greece		3,200		1.00% (pays quarterly)⁽¹⁾		12/20/25		1.46			(70,237	)		83,565			13,328

Mexico		689		1.00% (pays quarterly)⁽¹⁾		12/20/25		1.28			(8,858	)		20,097			11,239

Peru		661		1.00% (pays quarterly)⁽¹⁾		12/20/25		0.60			14,199			(5,320	)		8,879

Chile		651		1.00% (pays quarterly)⁽¹⁾		12/20/25		0.57			15,005			(9,886	)		5,119

Total	$	6,621								$	(98,475	)	$	157,948		$	59,473

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)

Vietnam

Barclays Bank PLC

300

1.00%

(pays quarterly)⁽¹⁾

12/20/25

1.27%

$(3,692)

3,932

240

Total

300

$(3,692)

3,932

240

Credit Default Swaps — Buy Protection

Reference
Entity

Counterparty

Notional
Amount

(000’s omitted)

Contract

Annual

Fixed Rate**

Termination
Date

Value

Unamortized

Upfront

Receipts

(Payments)

Unrealized

Appreciation

(Depreciation)

Vietnam

Goldman Sachs International

200

1.00%

(pays quarterly)⁽¹⁾

12/20/25

$(2,462)

$2,645

183

Total

$(2,462)

$2,645

183

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

***

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


		25		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Portfolio of Investments — continued

Abbreviations:



COF	–	Cost of Funds 11th District

TBA	–	To Be Announced

Currency Abbreviations:



AUD	–	Australian Dollar

BRL	–	Brazilian Real

CHF	–	Swiss Franc

CNH	–	Chinese Yuan Renminbi

CNY	–	Yuan Renminbi

COP	–	Colombian Peso

EGP	–	Egyptian Pound

EUR	–	Euro

GEL	–	Georgian Lari

IDR	–	Indonesian Rupiah

INR	–	Indian Rupee

ISK	–	Icelandic Krona

JPY	–	Japanese Yen

KRW	–	South Korean Won



MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit

NOK	–	Norwegian Krone

NZD	–	New Zealand Dollar

PEN	–	Peruvian Sol

PHP	–	Philippine Peso

RSD	–	Serbian Dinar

RUB	–	Russian Ruble

SGD	–	Singapore Dollar

THB	–	Thai Baht

UAH	–	Ukrainian Hryvnia

USD	–	United States Dollar

ZAR	–	South African Rand


		26		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $51,808,718)	$	52,190,863

Affiliated investment, at value (identified cost, $3,099,970)		3,099,970

Cash		23,223

Deposits for derivative collateral —

Financial futures contracts		44,138

Centrally cleared derivatives		3,977,081

OTC derivatives		110,000

Foreign currency, at value (identified cost, $369,874)		368,936

Interest receivable		541,097

Dividends receivable from affiliated investment		294

Receivable for variation margin on open financial futures contracts		3,169

Receivable for open forward foreign currency exchange contracts		242,800

Receivable for open swap contracts		93,708

Receivable from affiliate		7,876

Total assets	$	60,703,155

Liabilities

Cash collateral due to broker	$	110,000

Payable for when-issued securities/forward purchase commitments		3,079,789

Payable for variation margin on open centrally cleared derivatives		7,898

Payable for open forward foreign currency exchange contracts		176,847

Upfront receipts on open non-centrally cleared swap contracts		6,577

Payable to affiliates:

Investment adviser fee		24,224

Trustees’ fees		296

Accrued foreign capital gains taxes		10,265

Accrued expenses		120,033

Total liabilities	$	3,535,929

Net Assets applicable to investors’ interest in Portfolio	$	57,167,226


		27		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest (net of foreign taxes, $125,483)	$	2,043,170

Dividends from affiliated investment		18,666

Total investment income	$	2,061,836

Expenses

Investment adviser fee	$	322,857

Trustees’ fees and expenses		3,815

Custodian fee		132,741

Legal and accounting services		77,987

Interest expense		9,109

Miscellaneous		19,100

Total expenses	$	565,609

Deduct —

Allocation of expenses to affiliate	$	104,500

Total expense reductions	$	104,500

Net expenses	$	461,109

Net investment income	$	1,600,727

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $10,820)	$	(118,889	)

Investment transactions — affiliated investment		526

Financial futures contracts		(11,020	)

Swap contracts		668,649

Foreign currency transactions		(93,966	)

Forward foreign currency exchange contracts		593,604

Net realized gain	$	1,038,904

Change in unrealized appreciation (depreciation) —

Investments (including net increase of $10,265 in accrued foreign capital gains taxes)	$	(46,652	)

Investments — affiliated investment		(628	)

Financial futures contracts		3,734

Swap contracts		581,437

Foreign currency		1,906

Forward foreign currency exchange contracts		163,734

Net change in unrealized appreciation (depreciation)	$	703,531

Net realized and unrealized gain	$	1,742,435

Net increase in net assets from operations	$	3,343,162


		28		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	1,600,727		$	3,280,409

Net realized gain		1,038,904			187,919

Net change in unrealized appreciation (depreciation)		703,531			1,528,518

Net increase in net assets from operations	$	3,343,162		$	4,996,846

Capital transactions —

Contributions	$	4,269,625		$	8,811,460

Withdrawals		(35,089,833	)		(24,326,854	)

Net decrease in net assets from capital transactions	$	(30,820,208	)	$	(15,515,394	)

Net decrease in net assets	$	(27,477,046	)	$	(10,518,548	)

Net Assets

At beginning of year	$	84,644,272		$	95,162,820

At end of year	$	57,167,226		$	84,644,272


		29		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.71	%⁽¹⁾⁽²⁾		0.81	%⁽¹⁾⁽²⁾		0.81	%⁽¹⁾⁽²⁾		0.80	%⁽¹⁾		0.81	%⁽¹⁾⁽²⁾

Net investment income		2.48	%		3.73	%		3.81	%		3.02	%		3.17	%

Portfolio Turnover		88	%⁽³⁾		92	%		23	%		29	%		38	%

Total Return		6.04	%⁽¹⁾		5.92	%⁽¹⁾		(2.28	)%⁽¹⁾		9.09	%⁽¹⁾		3.25	%⁽¹⁾

Net assets, end of year (000’s omitted)	$	57,167		$	84,644		$	95,163		$	102,912		$	138,716

⁽¹⁾	The investment adviser reimbursed certain operating expenses (equal to 0.16%, 0.09%, 0.11%, 0.13% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽²⁾	Includes interest expense of 0.01% for each of the years ended October 31, 2020, 2019, 2018 and 2016.

⁽³⁾	Includes the effect of To-Be-Announced (TBA) transactions.


		30		See Notes to Financial Statements.

International Income Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

International Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Bond Fund held a 99.9% interest in the Portfolio.

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

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 Portfolio’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.

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Withholding taxes on foreign interest have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.


		31

International Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

H Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio 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 Portfolio 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 Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio 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.

I Forward Foreign Currency Exchange Contracts — The Portfolio 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 Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio 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 Portfolio 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 Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio 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 Portfolio 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


		32

International Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio 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 of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio 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 Portfolio 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 5 and 8. The Portfolio 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 Portfolio 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.

L When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.500% of the Portfolio’s average daily net assets up to $1 billion, 0.475% from $1 billion but less than $2.5 billion and at reduced rates on daily net assets of $2.5 billion or more, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $322,857 or 0.500% of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $104,500 of the Portfolio’s operating expenses for the year ended October 31, 2020. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and TBA transactions, for the year ended October 31, 2020 were as follows:


	Purchases		Sales

Investments (non-U.S. Government)	$	24,320,764	$	15,514,565

U.S. Government and Agency Securities		8,003,505		5,047,140

	$	32,324,269	$	20,561,705


		33

International Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

4 Federal Income Tax Basis of Investments



Aggregate cost	$	54,827,343

Gross unrealized appreciation	$	1,206,586

Gross unrealized depreciation		(659,986	)

Net unrealized appreciation	$	546,600

5 Financial Instruments

The Portfolio 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, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Credit Risk: The Portfolio 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 Portfolio engages in forward foreign currency exchange contracts to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes 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 Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $183,001. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $119,999 at October 31, 2020.


		34

International Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total

Not applicable	$	29,204	*	$	698,650	*	$	428,038	*	$	1,155,892

Receivable for open forward foreign currency exchange contracts		—			242,800			—			242,800

Receivable for open swap contracts		—			—			93,285			93,285

Total Asset Derivatives	$	29,204		$	941,450		$	521,323		$	1,491,977

Derivatives not subject to master netting or similar agreements	$	29,204		$	698,650		$	428,038		$	1,155,892

Total Asset Derivatives subject to master netting or similar agreements	$	—		$	242,800		$	93,285		$	336,085

	Credit			Foreign Exchange			Interest Rate			Total

Not applicable	$	(127,679	)*	$	(254,203	)*	$	(97,997	)*	$	(479,879	)

Payable for open forward foreign currency exchange contracts		—			(176,847	)		—			(176,847	)

Receivable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts		(6,154	)		—			—			(6,154	)

Total Liability Derivatives	$	(133,833	)	$	(431,050	)	$	(97,997	)	$	(662,880	)

Derivatives not subject to master netting or similar agreements	$	(127,679	)	$	(254,203	)	$	(97,997	)	$	(479,879	)

Total Liability Derivatives subject to master netting or similar agreements	$	(6,154	)	$	(176,847	)	$	—		$	(183,001	)

*	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.


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)

Australia and New Zealand Banking Group Limited	$	28,866	$	—		$	—	$	—		$	28,866

Bank of America, N.A.		18,168		—			—		—			18,168

BNP Paribas		137,669		(137,669	)		—		—			—

Citibank, N.A.		125,668		—			—		(110,000	)		15,668

Goldman Sachs International		257		(257	)		—		—			—

Morgan Stanley & Co. International PLC		516		(516	)		—		—			—

Standard Chartered Bank		5,558		(4,665	)		—		—			893

UBS AG		19,383		—			—		—			19,383

	$	336,085	$	(143,107	)	$	—	$	(110,000	)	$	82,978


		35

International Income Portfolio

October 31, 2020

Notes to Financial Statements — 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)

Barclays Bank PLC	$	(3,692	)	$	—	$	—	$	—	$	(3,692	)

BNP Paribas		(167,921	)		137,669		30,252		—		—

Goldman Sachs International		(3,147	)		257		—		—		(2,890	)

JPMorgan Chase Bank, N.A.		(1,591	)		—		—		—		(1,591	)

Morgan Stanley & Co. International PLC		(1,985	)		516		—		—		(1,469	)

Standard Chartered Bank		(4,665	)		4,665		—		—		—

	$	(183,001	)	$	143,107	$	30,252	$	—	$	(9,642	)

^(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.


Statement of Operations Caption	Credit		Foreign Exchange		Interest Rate			Total

Net realized gain (loss) —

Financial futures contracts	$	—	$	—	$	(11,020	)	$	(11,020	)

Swap contracts		111,445		—		557,204			668,649

Forward foreign currency exchange contracts		—		593,604		—			593,604

Total	$	111,445	$	593,604	$	546,184		$	1,251,233

Change in unrealized appreciation (depreciation) —

Financial futures contracts	$	—	$	—	$	3,734		$	3,734

Swap contracts		59,896		—		521,541			581,437

Forward foreign currency exchange contracts		—		163,734		—			163,734

Total	$	59,896	$	163,734	$	525,275		$	748,905


Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Swap Contracts

	$862,000		$132,433,000	$	19,201,000

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


		36

International Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

6 Line of Credit

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $3,099,970, which represents 5.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	6,491,338	$	59,314,858	$	(62,706,124	)	$	526	$	(628	)	$	3,099,970	$	18,666		3,099,970

8 Fair Value Measurements

•

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)


		37

International Income Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Foreign Government Bonds	$	—		$	25,478,687		$	—	$	25,478,687

Foreign Corporate Bonds		—			2,011,930			—		2,011,930

Mortgage Pass-Throughs		—			3,337,448			—		3,337,448

Short-Term Investments —

Foreign Government Securities		—			2,362,895			—		2,362,895

U.S. Treasury Obligations		—			18,999,903			—		18,999,903

Other		—			3,099,970			—		3,099,970

Total Investments	$	—		$	55,290,833		$	—	$	55,290,833

Forward Foreign Currency Exchange Contracts	$	—		$	941,450		$	—	$	941,450

Futures Contracts		22,555			—			—		22,555

Swap Contracts		—			527,972			—		527,972

Total	$	22,555		$	56,760,255		$	—	$	56,782,810

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(431,050	)	$	—	$	(431,050	)

Futures Contracts		(18,821	)		—			—		(18,821	)

Swap Contracts		—			(213,009	)		—		(213,009	)

Total	$	(18,821	)	$	(644,059	)	$	—	$	(662,880	)

9 Risks and Uncertainties

Risks Associated with Foreign Investments

Pandemic Risk

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		38

International Income Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of International Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of International Income Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		39

Eaton Vance

Global Bond Fund

October 31, 2020

Liquidity Risk Management Program


		40

Eaton Vance

Global Bond Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and International Income Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Tust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		41

Eaton Vance

Global Bond Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Tust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		42

Eaton Vance

Global Bond Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		43

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		44

Investment Adviser of International Income Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

3042 10.31.20

LOGO

Eaton Vance

Global Income Builder Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Global Income Builder Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			18 and 47
Federal Tax Information			19
Liquidity Risk Management Program			48
Management and Organization			49
Important Notices			52

Eaton Vance

Global Income Builder Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst equity performances in over a decade.

The period began with global equities rallying in the closing months of 2019, supported by interest rate reductions by dozens of central banks worldwide. In July 2019, the U.S. Federal Reserve (the Fed) had cut rates for the first time in over a decade, followed by two additional rate cuts in September and October.

In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Equity markets along with credit markets plunged in value amid unprecedented volatility.

In response, the Fed announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up the markets. Across the globe, other central banks and governments launched aggressive monetary and fiscal responses to help mitigate the economic effects of the virus.

These moves helped calm the markets and initiated a global equity rally that began in late March and lasted through August. In the second quarter of 2020, U.S. stocks reported their best quarterly returns since 1998 — on the heels of the worst first quarter for American stocks since the 2007-2008 global financial crisis. As with U.S. equities, overseas stock indexes reflected investor optimism as economies started to emerge from coronavirus lockdowns and factories resumed production.

In the final two months of the period, however, the equity rally stalled as the pandemic appeared to increase its drag on the global economy. Across Europe, nations that seemed to have beaten back the coronavirus during the summer initiated new lockdowns to combat a second wave of infections. In the U.S., coronavirus cases were on the rise in virtually every state.

Reflecting the increasingly grim economic outlook for fall and winter, most major global stock indexes reported negative returns in September and October. The one bright spot seemed to be several east Asian nations, which were among the first countries impacted by the pandemic and took strong measures to combat the coronavirus early on, and where economic activity had started to rebound by period-end.

For the period as a whole, the MSCI World Index, a broad measure of global equities, returned 4.36%; while the S&P 500^® Index, a broad measure of U.S. stocks, returned 9.71%; and the technology-laden Nasdaq Composite Index returned 32.84%. The MSCI EAFE Index of developed-market international equities returned –6.86%; while the MSCI Emerging Markets Index returned 8.25% in U.S. dollars.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Global Income Builder Fund (the Fund) returned 2.12% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the MSCI World Index (the Index), which returned 4.36%; and underperforming its blended benchmark consisting of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (the ICE BofA Index), which returned 3.92%.

The Fund’s high yield securities allocation underperformed the broad high yield market, as measured by the ICE BofA Index, and was the largest detractor from Fund performance versus the Index during the period. Within its high yield allocation, the Fund had an overweight exposure to the energy sector, relative to the ICE BofA Index. When the COVID-19 downturn occurred, that overweight position hurt relative performance because energy company assets suffered deep declines, as global trade and travel came to a near halt and fuel demand plummeted.

The Fund’s preferred securities allocation detracted from performance versus the Index as well. The Fund’s preferred securities allocation — preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and other debt securities with preferred characteristics — underperformed both the Index and the overall preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index (the Preferred Index).

Overweight exposure to energy company securities, relative to the Preferred Index, was the main factor in the underperformance of the Fund’s preferred securities allocation versus the Preferred Index. Security selections within the Fund’s preferred securities allocation also detracted from performance versus the Index during the period.

Within the Fund’s common stock portfolio, the Fund’s strategy of emphasizing dividend-paying stocks resulted in an overweight allocation to European equities and an underweight allocation to U.S. equities, relative to the Index. These allocations detracted meaningfully from performance relative to the Index. However, the Fund hedged these exposures, which more than offset any negative impact from these allocations. During the period, the Fund primarily hedged using futures contracts, a type of derivative.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Global Income Builder Fund

October 31, 2020

Performance^2,3

Portfolio Managers Christopher M. Dyer, CFA and Jeffrey D. Mueller, of Eaton Vance Advisers International Ltd.; Michael A. Allison, CFA and John H. Croft, CFA, of Boston Management and Research


% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years

Class A at NAV		11/30/2005		11/30/2005			2.12	%		5.34	%		6.74	%
Class A with 5.75% Maximum Sales Charge		—		—			–3.73			4.11			6.12
Class C at NAV		11/30/2005		11/30/2005			1.29			4.54			5.94
Class C with 1% Maximum Sales Charge		—		—			0.31			4.54			5.94
Class I at NAV		01/31/2006		11/30/2005			2.51			5.63			7.04
Class R at NAV		01/31/2006		11/30/2005			1.87			5.05			6.47



MSCI World Index		—		—			4.36	%		8.12	%		8.63	%
ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index		—		—			2.64			5.75			5.62
Blended Index		—		—			3.92			7.38			7.66

% Total Annual Operating Expense Ratios⁴			Class A			Class C			Class I			Class R

Gross				1.21	%		1.97	%		0.96	%		1.46	%
Net				1.17			1.92			0.92			1.42

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$17,814

N.A.

Class I

$250,000

10/31/2010

$493,684

N.A.

Class R

$10,000

10/31/2010

$18,732

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Global Income Builder Fund

October 31, 2020

Fund Profile⁵

Country Allocation (% of net assets)

LOGO

Asset Allocation (% of net assets)⁷

LOGO

Top 10 Holdings (% of net assets)⁶


Alphabet, Inc., Class C	2.6	%

Amazon.com, Inc.	2.5

Microsoft Corp.	2.3

Apple, Inc.	1.7

Facebook, Inc., Class A	1.2

adidas AG	1.0

Mondelez International, Inc., Class A	1.0

Nestle S.A.	1.0

Unilever PLC	1.0

Bank of New York Mellon Corp. (The)	1.0

Total	15.3	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Global Income Builder Fund

October 31, 2020

Endnotes and Additional Disclosures

MSCI World Index is an unmanaged index of equity securities in the developed markets. 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. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market, below investment grade corporate bonds. 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 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial 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.

Effective December 7, 2015, the Fund changed its name and principal investment strategies to invest in common stocks, preferred stocks and other hybrid securities and income instruments of U.S. and foreign issuers. As of such date, the Fund was no longer required to invest at least 80% of its net assets in dividend-paying common and preferred stocks. Performance prior to December 7, 2015 reflects the Fund’s performance under its former principal investment strategies.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Fund primarily invests in an affiliated investment company (Portfolio) with substantially the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶	Excludes cash and cash equivalents.

⁷	Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

Fund profile subject to change due to active management.

Additional Information

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. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. 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.


		5

Eaton Vance

Global Income Builder Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,115.20	$	6.22	**		1.17	%
Class C	$	1,000.00	$	1,110.10	$	10.18	**		1.92	%
Class I	$	1,000.00	$	1,116.80	$	4.90	**		0.92	%
Class R	$	1,000.00	$	1,112.90	$	7.54	**		1.42	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	5.94	**		1.17	%
Class C	$	1,000.00	$	1,015.50	$	9.73	**		1.92	%
Class I	$	1,000.00	$	1,020.50	$	4.67	**		0.92	%
Class R	$	1,000.00	$	1,018.00	$	7.20	**		1.42	%

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


		6

Eaton Vance

Global Income Builder Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Global Income Builder Portfolio, at value (identified cost, $235,976,502)	$	257,191,906

Receivable for Fund shares sold		123,723

Total assets	$	257,315,629

Liabilities

Payable for Fund shares redeemed	$	973,273

Payable to affiliates:

Administration fee		33,959

Distribution and service fees		61,034

Trustees’ fees		42

Other		8,870

Accrued expenses		83,287

Total liabilities	$	1,160,465

Net Assets	$	256,155,164

Sources of Net Assets

Paid-in capital	$	240,540,001

Distributable earnings		15,615,163

Total	$	256,155,164

Class A Shares

Net Assets	$	123,152,435

Shares Outstanding		13,581,316

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.07

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	9.62

Class C Shares

Net Assets	$	37,875,245

Shares Outstanding		4,225,176

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	8.96

Class I Shares

Net Assets	$	94,517,510

Shares Outstanding		10,436,819

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.06

Class R Shares

Net Assets	$	609,974

Shares Outstanding		67,475

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.04

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest allocated from Portfolio (net of foreign taxes, $797)	$	6,489,135

Dividends allocated from Portfolio (net of foreign taxes, $726,549)		5,898,006

Non-cash dividend income allocated from Portfolio		769,276

Interest income		132,000

Expenses allocated from Portfolio		(1,826,544	)

Total investment income	$	11,461,873

Expenses

Administration fee	$	412,246

Distribution and service fees

Class A		312,904

Class C		467,885

Class R		3,080

Trustees’ fees and expenses		500

Custodian fee		27,085

Transfer and dividend disbursing agent fees		183,063

Legal and accounting services		30,098

Printing and postage		42,801

Registration fees		70,044

Miscellaneous		34,055

Total expenses	$	1,583,761

Deduct —

Allocation of expenses to affiliates	$	87,685

Total expense reductions	$	87,685

Net expenses	$	1,496,076

Net investment income	$	9,965,797

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	(3,685,383	)

Financial futures contracts		2,733,047

Foreign currency transactions		43,796

Forward foreign currency exchange contracts		(1,212,761	)

Net realized loss	$	(2,121,301	)

Change in unrealized appreciation (depreciation) —

Investments	$	(4,251,694	)

Financial futures contracts		172,509

Foreign currency		(3,060	)

Forward foreign currency exchange contracts		(12,637	)

Net change in unrealized appreciation (depreciation)	$	(4,094,882	)

Net realized and unrealized loss	$	(6,216,183	)

Net increase in net assets from operations	$	3,749,614


		8		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	9,965,797		$	12,276,131

Net realized loss		(2,121,301	)		(6,846,530	)

Net change in unrealized appreciation (depreciation)		(4,094,882	)		24,797,789

Net increase in net assets from operations	$	3,749,614		$	30,227,390

Distributions to shareholders —

Class A	$	(4,474,765	)	$	(4,576,504	)

Class C		(1,349,718	)		(2,001,405	)

Class I		(3,932,520	)		(4,229,778	)

Class R		(20,600	)		(20,445	)

Total distributions to shareholders	$	(9,777,603	)	$	(10,828,132	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	9,334,722		$	9,675,393

Class C		1,827,396			5,014,788

Class I		22,327,841			20,998,649

Class R		86,944			446,398

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		4,148,917			4,273,857

Class C		1,286,469			1,905,653

Class I		3,498,789			3,649,499

Class R		20,600			20,445

Cost of shares redeemed

Class A		(27,194,475	)		(29,687,852	)

Class C		(12,429,642	)		(20,039,065	)

Class I		(35,942,330	)		(36,436,596	)

Class R		(116,965	)		(384,540	)

Net asset value of shares converted

Class A		8,012,264			22,094,077

Class C		(8,012,264	)		(22,094,077	)

Net decrease in net assets from Fund share transactions	$	(33,151,734	)	$	(40,563,371	)

Other capital —

Portfolio transaction fee contributed to Portfolio	$	(214,044	)	$	(212,786	)

Portfolio transaction fee allocated from Portfolio		211,372			211,160

Net decrease in net assets from other capital	$	(2,672	)	$	(1,626	)

Net decrease in net assets	$	(39,182,395	)	$	(21,165,739	)

Net Assets

At beginning of year	$	295,337,559		$	316,503,298

At end of year	$	256,155,164		$	295,337,559


		9		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.210		$	8.620		$	9.060		$	8.130		$	8.420

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.330		$	0.372		$	0.267		$	0.357		$	0.293	⁽²⁾

Net realized and unrealized gain (loss)		(0.146	)		0.542			(0.383	)		0.897			(0.259	)

Total income (loss) from operations	$	0.184		$	0.914		$	(0.116	)	$	1.254		$	0.034

Less Distributions

From net investment income	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)

Total distributions	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)

Portfolio transaction fee, net⁽¹⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾

Net asset value — End of year	$	9.070		$	9.210		$	8.620		$	9.060		$	8.130

Total Return⁽⁴⁾⁽⁵⁾		2.12	%		10.97	%		(1.52	)%		15.72	%		0.45	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	123,152		$	131,104		$	115,974		$	137,914		$	166,221

Ratios (as a percentage of average daily net assets):⁽⁶⁾

Expenses⁽⁵⁾		1.17	%		1.24	%		1.28	%		1.29	%		1.30	%

Net investment income		3.65	%		4.22	%		2.94	%		4.16	%		3.59	%⁽²⁾

Portfolio Turnover of the Portfolio⁽⁷⁾		118	%		86	%		102	%		143	%		66	%⁽⁸⁾

Portfolio Turnover of the Fund		—			—			—			—			72	%⁽⁸⁾⁽⁹⁾

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.051 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.96% for the year ended October 31, 2016.

⁽³⁾	Amount is less than $(0.0005).

⁽⁴⁾	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.

⁽⁵⁾	The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.03% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾	Not annualized.

⁽⁹⁾	For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.


		10		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.110		$	8.530		$	8.960		$	8.050		$	8.340

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.262		$	0.292		$	0.198		$	0.295		$	0.229	⁽²⁾

Net realized and unrealized gain (loss)		(0.153	)		0.546			(0.371	)		0.875			(0.256	)

Total income (loss) from operations	$	0.109		$	0.838		$	(0.173	)	$	1.170		$	(0.027	)

Less Distributions

From net investment income	$	(0.259	)	$	(0.258	)	$	(0.257	)	$	(0.260	)	$	(0.263	)

Total distributions	$	(0.259	)	$	(0.258	)	$	(0.257	)	$	(0.260	)	$	(0.263	)

Portfolio transaction fee, net⁽¹⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾

Net asset value — End of year	$	8.960		$	9.110		$	8.530		$	8.960		$	8.050

Total Return⁽⁴⁾⁽⁵⁾		1.29	%		10.13	%		(2.16	)%		14.76	%		(0.30	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	37,875		$	56,314		$	87,821		$	110,594		$	125,354

Ratios (as a percentage of average daily net assets):⁽⁶⁾

Expenses⁽⁵⁾		1.92	%		2.00	%		2.03	%		2.04	%		2.05	%

Net investment income		2.93	%		3.36	%		2.20	%		3.46	%		2.84	%⁽²⁾

Portfolio Turnover of the Portfolio⁽⁷⁾		118	%		86	%		102	%		143	%		66	%⁽⁸⁾

Portfolio Turnover of the Fund		—			—			—			—			72	%⁽⁸⁾⁽⁹⁾

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.051 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.21% for the year ended October 31, 2016.

⁽³⁾	Amount is less than $(0.0005).

⁽⁴⁾	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.

⁽⁵⁾	The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.03% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾	Not annualized.

⁽⁹⁾	For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.


		11		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.190		$	8.610		$	9.040		$	8.130		$	8.410

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.354		$	0.386		$	0.287		$	0.398		$	0.326	⁽²⁾

Net realized and unrealized gain (loss)		(0.136	)		0.542			(0.369	)		0.859			(0.258	)

Total income (loss) from operations	$	0.218		$	0.928		$	(0.082	)	$	1.257		$	0.068

Less Distributions

From net investment income	$	(0.348	)	$	(0.348	)	$	(0.348	)	$	(0.347	)	$	(0.348	)

Total distributions	$	(0.348	)	$	(0.348	)	$	(0.348	)	$	(0.347	)	$	(0.348	)

Portfolio transaction fee, net⁽¹⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾

Net asset value — End of year	$	9.060		$	9.190		$	8.610		$	9.040		$	8.130

Total Return⁽⁴⁾⁽⁵⁾		2.51	%		11.17	%		(1.26	)%		15.90	%		0.87	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	94,518		$	107,290		$	112,202		$	108,772		$	69,113

Ratios (as a percentage of average daily net assets):⁽⁶⁾

Expenses⁽⁵⁾		0.92	%		0.99	%		1.02	%		1.04	%		1.05	%

Net investment income		3.92	%		4.39	%		3.17	%		4.61	%		4.00	%⁽²⁾

Portfolio Turnover of the Portfolio⁽⁷⁾		118	%		86	%		102	%		143	%		66	%⁽⁸⁾

Portfolio Turnover of the Fund		—			—			—			—			72	%⁽⁸⁾⁽⁹⁾

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.050 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 3.39% for the year ended October 31, 2016.

⁽³⁾	Amount is less than $(0.0005).

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾	The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.03% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾	Not annualized.

⁽⁹⁾	For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.


		12		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Financial Highlights — continued


	Class R

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.180		$	8.600		$	9.030		$	8.110		$	8.400

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.310		$	0.345		$	0.243		$	0.331		$	0.274	⁽²⁾

Net realized and unrealized gain (loss)		(0.149	)		0.536			(0.373	)		0.890			(0.262	)

Total income (loss) from operations	$	0.161		$	0.881		$	(0.130	)	$	1.221		$	0.012

Less Distributions

From net investment income	$	(0.301	)	$	(0.301	)	$	(0.300	)	$	(0.301	)	$	(0.302	)

Total distributions	$	(0.301	)	$	(0.301	)	$	(0.300	)	$	(0.301	)	$	(0.302	)

Portfolio transaction fee, net⁽¹⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾	$	(0.000	)⁽³⁾

Net asset value — End of year	$	9.040		$	9.180		$	8.600		$	9.030		$	8.110

Total Return⁽⁴⁾⁽⁵⁾		1.87	%		10.59	%		(1.78	)%		15.45	%		0.18	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	610		$	629		$	506		$	503		$	765

Ratios (as a percentage of average daily net assets):⁽⁶⁾

Expenses⁽⁵⁾		1.42	%		1.49	%		1.52	%		1.54	%		1.55	%

Net investment income		3.44	%		3.92	%		2.69	%		3.84	%		3.37	%⁽²⁾

Portfolio Turnover of the Portfolio⁽⁷⁾		118	%		86	%		102	%		143	%		66	%⁽⁸⁾

Portfolio Turnover of the Fund		—			—			—			—			72	%⁽⁸⁾⁽⁹⁾

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.049 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.77% for the year ended October 31, 2016.

⁽³⁾	Amount is less than $(0.0005).

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾	The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.03% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾	Not annualized.

⁽⁹⁾	For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.


		13		See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Global Income Builder 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 offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. Effective March 28, 2016, the Fund began investing all of its investable assets in interests in Global Income Builder Portfolio (the Portfolio), a Massachusetts business trust, having substantially the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (97.8% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended October 31, 2020, the Fund received $132,000 of interest related to previously withheld dividend taxes from Poland. Such amount is included in interest income on the Statement of Operations. No other amounts for tax reclaims or interest thereon 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.

G Other — Investment transactions are accounted for on a trade date basis.


		14

Eaton Vance

Global Income Builder Fund

October 31, 2020

Notes to Financial Statements — continued

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. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	9,777,603	$	10,828,132

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	509,520

Deferred capital losses	$	(6,724,911	)

Net unrealized appreciation	$	21,830,554

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $6,724,911 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 October 31, 2020, $6,724,911 are short-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Fund and Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM) and an indirect subsidiary of Eaton Vance Corp., the Fund pays BMR a fee computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which BMR or its affiliates serve as investment adviser and receive an advisory fee (“Direct Assets”) up to $500 million and is payable monthly. On Direct Assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of BMR or the Fund and by the vote of a majority of the holders of interest in the Fund.

Pursuant to the investment sub-advisory agreement and subsequent fee reduction agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Direct Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged BMR to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $412,246. BMR, EVM and EVAIL have 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 1.17%, 1.92%, 0.92% and 1.42% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, BMR, EVM and EVAIL were allocated $87,685 in total of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $12,184 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 $15,438 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).


		15

Eaton Vance

Global Income Builder Fund

October 31, 2020

Notes to Financial Statements — continued

4 Distribution Plans

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $1,540 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $116,971 and $1,540 for Class C and Class R shares, respectively.

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $5,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $9,223,773 and $52,873,778, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1L of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		1,074,650			1,106,470

Issued to shareholders electing to receive payments of distributions in Fund shares		465,741			484,842

Redemptions		(3,083,626	)		(3,385,702	)

Converted from Class C shares		889,129			2,575,582

Net increase (decrease)		(654,106	)		781,192


		16

Eaton Vance

Global Income Builder Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class C	2020			2019

Sales		206,571			569,930

Issued to shareholders electing to receive payments of distributions in Fund shares		146,326			220,060

Redemptions		(1,411,113	)		(2,303,170	)

Converted to Class A shares		(899,314	)		(2,602,106	)

Net decrease		(1,957,530	)		(4,115,286	)

	Year Ended October 31,
Class I	2020			2019

Sales		2,546,241			2,366,102

Issued to shareholders electing to receive payments of distributions in Fund shares		393,731			415,571

Redemptions		(4,172,323	)		(4,149,865	)

Net decrease		(1,232,351	)		(1,368,192	)

	Year Ended October 31,
Class R	2020			2019

Sales		9,690			51,103

Issued to shareholders electing to receive payments of distributions in Fund shares		2,324			2,327

Redemptions		(13,059	)		(43,753	)

Net increase (decrease)		(1,045	)		9,677

8 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		17

Eaton Vance

Global Income Builder Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Income Builder Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Income Builder Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		18

Eaton Vance

Global Income Builder Fund

October 31, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Business Income. For the fiscal year ended October 31, 2020, the Fund designates $61,343, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $7,219,445, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2021 ordinary income dividends, 17.26% qualifies for the corporate dividends received deduction.


		19

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments


Common Stocks — 55.7%
Security	Shares		Value

Banks — 3.1%

Banco Santander S.A.⁽¹⁾		391,463	$	783,926

Bank of New York Mellon Corp. (The)		72,887		2,504,397

Citigroup, Inc.		45,570		1,887,509

HDFC Bank, Ltd.⁽¹⁾		61,276		977,623

ING Groep NV⁽¹⁾		163,228		1,118,066

KeyCorp.		63,315		821,829

			$	8,093,350

Beverages — 0.6%

Diageo PLC		48,230	$	1,558,690

			$	1,558,690

Biotechnology — 0.5%

CSL, Ltd.		6,209	$	1,257,057

			$	1,257,057

Building Products — 0.5%

Assa Abloy AB, Class B		63,039	$	1,351,081

			$	1,351,081

Chemicals — 0.4%

Sika AG		4,703	$	1,156,960

			$	1,156,960

Construction & Engineering — 0.1%

Abengoa S.A., Class A⁽¹⁾⁽²⁾		36,194	$	0

Abengoa S.A., Class B⁽¹⁾⁽²⁾		374,261		0

Bouygues S.A.		6,045		198,236

			$	198,236

Construction Materials — 0.6%

CRH PLC		42,069	$	1,472,069

			$	1,472,069

Consumer Finance — 0.5%

Capital One Financial Corp.		12,322	$	900,492

OneMain Holdings, Inc.		14,474		504,998

			$	1,405,490

Diversified Financial Services — 1.4%

Berkshire Hathaway, Inc., Class B⁽¹⁾		9,756	$	1,969,736

ORIX Corp.		136,389		1,595,102

			$	3,564,838


Security	Shares		Value

Diversified Telecommunication Services — 0.3%

Telenor ASA		54,977	$	849,520

			$	849,520

Electric Utilities — 1.1%

Iberdrola S.A.		115,523	$	1,364,047

NextEra Energy, Inc.		21,076		1,542,974

			$	2,907,021

Electrical Equipment — 1.6%

AMETEK, Inc.		22,692	$	2,228,354

Schneider Electric SE		15,364		1,866,825

			$	4,095,179

Electronic Equipment, Instruments & Components — 2.6%

CDW Corp.		9,664	$	1,184,807

Halma PLC		35,771		1,097,726

Keyence Corp.		5,425		2,461,987

Murata Manufacturing Co., Ltd.		13,878		973,245

Zebra Technologies Corp., Class A⁽¹⁾		4,394		1,246,314

			$	6,964,079

Entertainment — 1.2%

Nintendo Co., Ltd.		2,060	$	1,113,819

Walt Disney Co. (The)		16,531		2,004,384

			$	3,118,203

Equity Real Estate Investment Trusts (REITs) — 0.8%

American Tower Corp.		5,223	$	1,199,462

Equity Residential		21,709		1,019,889

			$	2,219,351

Food Products — 2.1%

Mondelez International, Inc., Class A		50,947	$	2,706,305

Nestle S.A.		23,998		2,699,244

			$	5,405,549

Health Care Equipment & Supplies — 3.0%

Alcon, Inc.⁽¹⁾		21,480	$	1,221,205

Baxter International, Inc.		11,538		895,002

Boston Scientific Corp.⁽¹⁾		59,152		2,027,139

Intuitive Surgical, Inc.⁽¹⁾		3,410		2,274,743

Straumann Holding AG		1,398		1,459,306

			$	7,877,395


		20		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Health Care Providers & Services — 0.5%

Anthem, Inc.		4,808	$	1,311,622

			$	1,311,622

Hotels, Restaurants & Leisure — 0.6%

Compass Group PLC		124,574	$	1,705,136

			$	1,705,136

Industrial Conglomerates — 0.6%

DCC PLC		23,770	$	1,544,621

			$	1,544,621

Insurance — 1.5%

AIA Group, Ltd.		179,532	$	1,708,637

Aviva PLC		285,154		951,152

AXA S.A.		73,259		1,176,488

			$	3,836,277

Interactive Media & Services — 4.3%

Alphabet, Inc., Class C⁽¹⁾		4,149	$	6,725,571

Facebook, Inc., Class A⁽¹⁾		11,768		3,096,278

Tencent Holdings, Ltd.		20,405		1,559,056

			$	11,380,905

Internet & Direct Marketing Retail — 2.5%

Amazon.com, Inc.⁽¹⁾⁽³⁾		2,197	$	6,670,421

			$	6,670,421

IT Services — 1.8%

Amadeus IT Group S.A.		35,999	$	1,715,214

Global Payments, Inc.		5,469		862,680

Visa, Inc., Class A		12,183		2,213,773

			$	4,791,667

Leisure Products — 0.7%

Yamaha Corp.		37,260	$	1,766,317

			$	1,766,317

Life Sciences Tools & Services — 0.4%

Lonza Group AG		1,674	$	1,014,293

			$	1,014,293


Security	Shares		Value

Machinery — 2.4%

Ingersoll Rand, Inc.⁽¹⁾		45,293	$	1,582,537

Sandvik AB⁽¹⁾		85,394		1,522,156

SMC Corp.		2,521		1,340,933

Stanley Black & Decker, Inc.		9,249		1,537,184

Wartsila OYJ Abp		29,919		237,761

			$	6,220,571

Media — 0.1%

Clear Channel Outdoor Holdings, Inc.⁽¹⁾		3,408	$	3,047

iHeartMedia, Inc., Class A⁽¹⁾		715		5,877

Publicis Groupe S.A.		7,368		255,981

			$	264,905

Metals & Mining — 0.7%

Rio Tinto, Ltd.		30,115	$	1,959,097

			$	1,959,097

Mortgage Real Estate Investment Trusts (REITs) — 0.3%

AGNC Investment Corp.		55,281	$	772,276

			$	772,276

Multi-Utilities — 0.3%

CMS Energy Corp.		14,242	$	901,946

			$	901,946

Oil, Gas & Consumable Fuels — 1.4%

Chevron Corp.		15,778	$	1,096,571

EOG Resources, Inc.		35,537		1,216,787

EP Energy Corp.⁽¹⁾		1,639		47,531

OMV AG		17,646		407,912

Phillips 66		17,223		803,625

			$	3,572,426

Personal Products — 1.0%

Unilever PLC		44,680	$	2,546,260

			$	2,546,260

Pharmaceuticals — 3.6%

Eli Lilly & Co.		9,617	$	1,254,634

Novo Nordisk A/S, Class B		22,740		1,450,031

Roche Holding AG PC		6,729		2,162,239

Sanofi		24,659		2,226,543

Zoetis, Inc.		14,995		2,377,457

			$	9,470,904


		21		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Professional Services — 1.8%

Recruit Holdings Co., Ltd.		53,331	$	2,029,279

RELX PLC		89,790		1,776,756

Verisk Analytics, Inc.		5,561		989,691

			$	4,795,726

Semiconductors & Semiconductor Equipment — 2.7%

ASML Holding NV		5,700	$	2,062,276

Infineon Technologies AG		60,135		1,674,229

Micron Technology, Inc.⁽¹⁾		24,521		1,234,387

Taiwan Semiconductor Manufacturing Co., Ltd. ADR		25,827		2,166,111

			$	7,137,003

Software — 3.1%

Dassault Systemes SE		7,190	$	1,225,969

Intuit, Inc.		3,364		1,058,584

Microsoft Corp.		29,606		5,994,327

			$	8,278,880

Specialty Retail — 1.4%

Lowe’s Cos., Inc.		11,584	$	1,831,430

TJX Cos., Inc. (The)		36,413		1,849,781

			$	3,681,211

Technology Hardware, Storage & Peripherals — 1.7%

Apple, Inc.		40,392	$	4,397,073

			$	4,397,073

Textiles, Apparel & Luxury Goods — 1.8%

adidas AG⁽¹⁾		9,158	$	2,720,886

LVMH Moet Hennessy Louis Vuitton SE		4,578		2,145,927

			$	4,866,813

Transportation — 0.1%

Kuehne & Nagel International AG		1,209	$	241,634

			$	241,634

Total Common Stocks (identified cost $123,826,536)			$	146,622,052

Preferred Stocks — 1.3%
Security	Shares		Value

Banks — 0.2%

Farm Credit Bank of Texas, 6.75% to 9/15/23⁽⁴⁾⁽⁵⁾		1,115	$	120,420

Huntington Bancshares, Inc., Series D, 6.25%		3,450		88,389


Security	Shares		Value

Banks (continued)

Wells Fargo & Co., Series AA, 4.70%		5,800	$	143,260

Wells Fargo & Co., Series Z, 4.75%		4,762		118,955

			$	471,024

Capital Markets — 0.0%⁽⁶⁾

Affiliated Managers Group, Inc., 4.75%		2,250	$	58,455

			$	58,455

Electric Utilities — 0.1%

SCE Trust III, Series H, 5.75% to 3/15/24⁽⁵⁾		15,000	$	331,500

			$	331,500

Equity Real Estate Investment Trusts (REITs) — 0.1%

SITE Centers Corp., Series A, 6.375%⁽¹⁾		10,450	$	254,980

SITE Centers Corp., Series K, 6.25%⁽¹⁾		1,950		46,781

			$	301,761

Food Products — 0.2%

Dairy Farmers of America, Inc., 7.875%⁽⁴⁾		4,700	$	423,000

Ocean Spray Cranberries, Inc., 6.25%⁽⁴⁾		540		44,415

			$	467,415

Independent Power and Renewable Electricity Producers — 0.0%⁽⁶⁾

Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24⁽⁵⁾		3,175	$	85,288

			$	85,288

Insurance — 0.2%

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25⁽⁵⁾		7,517	$	195,893

Athene Holding, Ltd., Series C, 6.375% to 6/30/25⁽⁵⁾		10,000		269,000

			$	464,893

Oil, Gas & Consumable Fuels — 0.2%

NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽⁵⁾		23,750	$	393,062

			$	393,062

Pipelines — 0.1%

Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23⁽⁵⁾		3,000	$	54,870

Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24⁽⁵⁾		2,970		57,767

			$	112,637


		22		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Shares		Value

Real Estate Management & Development — 0.1%

Brookfield Property Partners, L.P., Series A, 5.75%			6,545	$	126,973

Brookfield Property Partners, L.P., Series A2, 6.375%			8,191		165,458

				$	292,431

Trading Companies & Distributors — 0.1%

WESCO International, Inc., Series A, 10.625% to 6/22/25⁽⁵⁾			10,788	$	312,636

				$	312,636

Total Preferred Stocks (identified cost $3,650,378)				$	3,291,102

Corporate Bonds & Notes — 39.3%
Security		Principal Amount* (000’s omitted)		Value

Aerospace & Defense — 0.9%

BWX Technologies, Inc., 5.375%, 7/15/26⁽⁴⁾			215	$	223,641

Howmet Aerospace, Inc., 6.875%, 5/1/25			294		327,443

Moog, Inc., 4.25%, 12/15/27⁽⁴⁾			170		174,675

Rolls-Royce PLC, 5.75%, 10/15/27⁽⁷⁾	GBP		161		209,273

Rolls-Royce PLC, 5.75%, 10/15/27⁽⁴⁾			292		296,015

Spirit AeroSystems, Inc., 7.50%, 4/15/25⁽⁴⁾			131		132,377

TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		199,625

TransDigm, Inc., 5.50%, 11/15/27			106		103,546

TransDigm, Inc., 6.25%, 3/15/26⁽⁴⁾			419		437,333

TransDigm, Inc., 6.50%, 5/15/25			30		30,056

TransDigm, Inc., 7.50%, 3/15/27			327		338,180

				$	2,472,164

Airlines — 0.3%

Delta Air Lines, Inc., 7.375%, 1/15/26			115	$	118,983

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, 10/20/25⁽⁴⁾			110		111,730

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28⁽⁴⁾			110		112,505

Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27⁽⁴⁾			401		418,293

				$	761,511

Auto Components — 0.4%

Clarios Global, L.P., 6.75%, 5/15/25⁽⁴⁾			81	$	85,793

Clarios Global, L.P./Clarios US Finance Co., 4.375%, 5/15/26⁽⁷⁾	EUR		181		212,129

Clarios Global, L.P./Clarios US Finance Co., 8.50%, 5/15/27⁽⁴⁾			765		799,272

				$	1,097,194


Security		Principal Amount* (000’s omitted)		Value

Automobiles — 1.2%

FCE Bank PLC, 1.134%, 2/10/22⁽⁷⁾	EUR		140	$	160,654

FCE Bank PLC, 1.875%, 6/24/21⁽⁷⁾	EUR		205		237,629

Fiat Chrysler Automobiles N.V., 4.50%, 7/7/28⁽⁷⁾	EUR		182		246,623

Ford Motor Co., 4.75%, 1/15/43			197		182,841

Ford Motor Co., 8.50%, 4/21/23			202		223,280

Ford Motor Co., 9.625%, 4/22/30			208		279,574

Ford Motor Credit Co., LLC, 3.087%, 1/9/23			231		229,123

Ford Motor Credit Co., LLC, 3.37%, 11/17/23			253		251,102

Ford Motor Credit Co., LLC, 3.815%, 11/2/27			327		316,577

Ford Motor Credit Co., LLC, 4.125%, 8/17/27			555		547,369

Ford Motor Credit Co., LLC, 5.125%, 6/16/25			200		208,708

General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30⁽⁵⁾⁽⁸⁾			85		88,187

Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26⁽⁷⁾	EUR		100		106,014

Navistar International Corp., 9.50%, 5/1/25⁽⁴⁾			99		109,890

				$	3,187,571

Banks — 2.0%

Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28^(4)(5)(8)			200	$	200,000

Bank of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25⁽⁵⁾⁽⁸⁾			62		66,495

Barclays PLC, 7.875% to 3/15/22^(5)(7)(8)			242		250,301

CIT Group, Inc., 6.125%, 3/9/28			105		127,949

Citigroup, Inc., 5.95% to 1/30/23⁽⁵⁾⁽⁸⁾			125		129,747

Citigroup, Inc., Series M, 6.30% to 5/15/24⁽⁵⁾⁽⁸⁾			200		207,750

Comerica, Inc., 5.625% to 7/1/25⁽⁵⁾⁽⁸⁾			125		134,106

Credit Suisse Group AG, 7.50% to 7/17/23^(4)(5)(8)			208		221,002

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(4)(5)(8)			220		220,179

Freedom Mortgage Corp., 7.625%, 5/1/26⁽⁴⁾			20		19,875

Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30⁽⁵⁾⁽⁸⁾			125		140,156

JPMorgan Chase & Co., 4.60% to 2/1/25⁽⁵⁾⁽⁸⁾			298		294,201

JPMorgan Chase & Co., Series S, 6.75% to 2/1/24⁽⁵⁾⁽⁸⁾			215		235,141

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽⁵⁾⁽⁸⁾			329		346,298

Lloyds Banking Group PLC, 7.50% to 9/27/25⁽⁵⁾⁽⁸⁾			400		431,342

Natwest Group PLC, 8.00% to 8/10/25⁽⁵⁾⁽⁸⁾			389		436,303

Regions Financial Corp., Series D, 5.75% to 6/15/25⁽⁵⁾⁽⁸⁾			63		67,646

Truist Financial Corp., Series P, 4.95% to 9/1/25⁽⁵⁾⁽⁸⁾			62		65,875

Truist Financial Corp., Series Q, 5.10% to 3/1/30⁽⁵⁾⁽⁸⁾			77		84,454

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽⁷⁾	EUR		1,200		1,243,637

Zions Bancorp NA, 5.80% to 6/15/23⁽⁵⁾⁽⁸⁾			268		259,421

				$	5,181,878


		23		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Beverages — 0.2%

Primo Water Corp., 3.875%, 10/31/28⁽⁷⁾	EUR		386	$	445,028

				$	445,028

Biotechnology — 0.1%

Emergent BioSolutions, Inc., 3.875%, 8/15/28⁽⁴⁾			185	$	186,272

				$	186,272

Building Products — 1.2%

Boise Cascade Co., 4.875%, 7/1/30⁽⁴⁾			116	$	124,213

Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.875%, 2/15/30⁽⁴⁾			121		115,139

Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 9/15/27⁽⁴⁾			63		64,674

Builders FirstSource, Inc., 5.00%, 3/1/30⁽⁴⁾			90		95,063

Builders FirstSource, Inc., 6.75%, 6/1/27⁽⁴⁾			150		161,063

Cornerstone Building Brands, Inc., 6.125%, 1/15/29⁽⁴⁾			35		35,820

HT Troplast GmbH, 9.25%, 7/15/25⁽⁷⁾	EUR		360		447,847

M/I Homes, Inc., 4.95%, 2/1/28			82		85,126

Masonite International Corp., 5.375%, 2/1/28⁽⁴⁾			105		111,477

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28⁽⁴⁾			253		256,004

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 4/1/29⁽⁴⁾			72		73,260

Standard Industries, Inc., 2.25%, 11/21/26⁽⁷⁾	EUR		500		574,985

Standard Industries, Inc., 4.375%, 7/15/30⁽⁴⁾			192		198,055

Standard Industries, Inc., 5.00%, 2/15/27⁽⁴⁾			78		80,584

Taylor Morrison Communities, Inc., 5.125%, 8/1/30⁽⁴⁾			112		121,806

Taylor Morrison Communities, Inc., 5.75%, 1/15/28⁽⁴⁾			196		218,172

Taylor Morrison Communities, Inc., 5.875%, 6/15/27⁽⁴⁾			146		161,663

TRI Pointe Group Inc., 5.70%, 6/15/28			261		290,362

				$	3,215,313

Capital Markets — 0.2%

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79⁽⁵⁾			150	$	119,011

Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25⁽⁵⁾⁽⁸⁾			209		229,377

Morgan Stanley, Series J, 4.047% to 1/15/21⁽⁵⁾⁽⁸⁾			250		245,352

				$	593,740

Casino & Gaming — 0.3%

Cinemark Holdings, Inc., 4.50%, 8/15/25⁽⁴⁾			50	$	43,408

Cinemark USA, Inc., 4.875%, 6/1/23			270		226,871

Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27⁽⁴⁾			128		133,377


Security		Principal Amount* (000’s omitted)		Value

Casino & Gaming (continued)

Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27⁽⁴⁾			156	$	148,590

Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26⁽⁴⁾			287		303,933

				$	856,179

Chemicals — 0.6%

HB Fuller Co., 4.25%, 10/15/28			69	$	70,078

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽⁴⁾			310		314,204

OCI N.V., 3.125%, 11/1/24⁽⁷⁾	EUR		400		460,267

SPCM S.A., 4.875%, 9/15/25⁽⁴⁾			200		206,010

Synthomer PLC, 3.875%, 7/1/25⁽⁷⁾	EUR		200		238,089

Valvoline, Inc., 4.25%, 2/15/30⁽⁴⁾			140		143,010

W.R. Grace & Co., 4.875%, 6/15/27⁽⁴⁾			242		252,408

				$	1,684,066

Commercial Services & Supplies — 1.7%

AMN Healthcare, Inc., 4.00%, 4/15/29⁽⁴⁾			167	$	166,791

AMN Healthcare, Inc., 4.625%, 10/1/27⁽⁴⁾			76		77,853

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.25%, 3/15/25⁽⁴⁾			105		99,159

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27⁽⁴⁾			199		188,212

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 6.375%, 4/1/24⁽⁴⁾			35		34,147

Clean Harbors, Inc., 4.875%, 7/15/27⁽⁴⁾			101		105,716

Clean Harbors, Inc., 5.125%, 7/15/29⁽⁴⁾			61		66,482

Covanta Holding Corp., 5.875%, 7/1/25			95		98,572

Gartner, Inc., 3.75%, 10/1/30⁽⁴⁾			107		109,552

Gartner, Inc., 4.50%, 7/1/28⁽⁴⁾			151		157,827

GFL Environmental, Inc., 3.75%, 8/1/25⁽⁴⁾			130		130,244

GFL Environmental, Inc., 8.50%, 5/1/27⁽⁴⁾			313		341,757

Jaguar Holding Co. II/PPD Development, L.P., 4.625%, 6/15/25⁽⁴⁾			196		202,786

Jaguar Holding Co. II/PPD Development, L.P., 5.00%, 6/15/28⁽⁴⁾			174		181,579

Korn Ferry, 4.625%, 12/15/27⁽⁴⁾			64		65,440

MPH Acquisition Holdings, LLC, 5.75%, 11/1/28⁽⁴⁾			706		692,762

Nielsen Finance, LLC/Nielsen Finance Co., 5.625%, 10/1/28⁽⁴⁾			73		75,692

Nielsen Finance, LLC/Nielsen Finance Co., 5.875%, 10/1/30⁽⁴⁾			73		76,878

ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		615,208

Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc., 4.625%, 11/1/26⁽⁴⁾			39		39,634


		24		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Commercial Services & Supplies (continued)

Team Health Holdings, Inc., 6.375%, 2/1/25⁽⁴⁾			84	$	52,139

TMS International Holding Corp., 7.25%, 8/15/25⁽⁴⁾			80		76,600

Verisure Holding AB, 3.50%, 5/15/23⁽⁷⁾	EUR		540		630,654

Verscend Escrow Corp., 9.75%, 8/15/26⁽⁴⁾			64		68,920

				$	4,354,604

Communications Equipment — 0.1%

Riverbed Technology, Inc., 8.875%, 3/1/23⁽⁴⁾			329	$	225,365

				$	225,365

Construction Materials — 0.1%

SRM Escrow Issuer, LLC, 6.00%, 11/1/28⁽⁴⁾⁽⁹⁾			242	$	242,000

				$	242,000

Consumer Finance — 0.3%

CPUK Finance, Ltd., 4.875%, 2/28/47⁽⁷⁾	GBP		278	$	329,260

PRA Group, Inc., 7.375%, 9/1/25⁽⁴⁾			226		237,498

William Carter Co. (The), 5.50%, 5/15/25⁽⁴⁾			56		58,905

William Carter Co. (The), 5.625%, 3/15/27⁽⁴⁾			144		151,380

				$	777,043

Containers & Packaging — 1.0%

ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27^(7)(10)	EUR		271	$	306,190

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.125%, 8/15/26⁽⁷⁾	EUR		410		468,036

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 8/15/26⁽⁴⁾			253		258,376

CANPACK S.A./Eastern PA Land Investment Holding, LLC, 2.375%, 11/1/27⁽⁷⁾	EUR		520		608,499

Silgan Holdings, Inc., 2.25%, 6/1/28	EUR		565		643,683

Trivium Packaging Finance B.V., 3.75%, 8/15/26⁽⁷⁾	EUR		230		265,642

				$	2,550,426

Cosmetics / Personal Care — 0.1%

Edgewell Personal Care Co., 5.50%, 6/1/28⁽⁴⁾			180	$	189,426

				$	189,426

Distributors — 0.5%

Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22^(7)(11)	EUR		455	$	520,413

Parts Europe S.A., 6.50%, 7/16/25⁽⁷⁾	EUR		400		458,100

Performance Food Group, Inc., 5.50%, 10/15/27⁽⁴⁾			169		173,534


Security		Principal Amount* (000’s omitted)		Value

Distributors (continued)

Univar Solutions USA, Inc., 5.125%, 12/1/27⁽⁴⁾			65	$	67,471

				$	1,219,518

Diversified Consumer Services — 0.3%

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽⁷⁾			750	$	743,438

				$	743,438

Diversified Financial Services — 1.1%

Alliance Data Systems Corp., 4.75%, 12/15/24⁽⁴⁾			194	$	181,754

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽⁴⁾			226		236,735

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27⁽⁴⁾			149		159,171

Alpha Holding S.A. de CV, 9.00%, 2/10/25⁽⁴⁾			200		149,050

Cabot Financial Luxembourg S.A., 7.50%, 10/1/23⁽⁷⁾	GBP		160		210,389

Discover Financial Services, Series D, 6.125% to 6/23/25⁽⁵⁾⁽⁸⁾			101		109,131

GFL Environmental, Inc., 7.00%, 6/1/26⁽⁴⁾			147		153,523

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27			292		303,076

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			291		302,593

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		123,301

Louvre Bidco SAS, 6.50%, 9/30/24⁽⁷⁾	EUR		310		361,042

NFP Corp., 6.875%, 8/15/28⁽⁴⁾			270		262,237

Quicken Loans, LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/1/29⁽⁴⁾			193		190,467

United Shore Financial Services, LLC, 5.50%, 11/15/25⁽⁴⁾⁽⁹⁾			104		105,399

				$	2,847,868

Diversified Telecommunication Services — 0.2%

Level 3 Financing, Inc., 5.25%, 3/15/26			90	$	93,028

Lorca Telecom Bondco S.A.U., 4.00%, 9/18/27⁽⁷⁾	EUR		400		474,595

				$	567,623

Electric Utilities — 1.0%

AES Corp. (The), 6.00%, 5/15/26			45	$	47,236

Calpine Corp., 5.00%, 2/1/31⁽⁴⁾			150		153,368

Clearway Energy Operating, LLC, 4.75%, 3/15/28⁽⁴⁾			78		82,071

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26⁽⁴⁾			353		373,077


		25		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Electric Utilities (continued)

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79⁽⁵⁾			155	$	175,077

NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽⁴⁾			95		99,631

NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27⁽⁴⁾			150		164,250

NRG Energy, Inc., 5.25%, 6/15/29⁽⁴⁾			122		132,500

Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28⁽⁴⁾			173		180,699

Pike Corp., 5.50%, 9/1/28⁽⁴⁾			145		148,655

Sempra Energy, 4.875% to 10/15/25⁽⁵⁾⁽⁸⁾			235		244,988

Southern Co. (The), Series B, 4.00% to 10/15/25, 1/15/51⁽⁵⁾			56		57,011

Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57⁽⁵⁾			192		197,452

TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽⁴⁾			95		96,841

TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽⁴⁾			237		260,629

Vistra Operations Co., LLC, 5.00%, 7/31/27⁽⁴⁾			232		242,672

				$	2,656,157

Electronic Equipment, Instruments & Components — 0.1%

WESCO Distribution, Inc., 7.125%, 6/15/25⁽⁴⁾			172	$	185,558

WESCO Distribution, Inc., 7.25%, 6/15/28⁽⁴⁾			153		167,702

				$	353,260

Entertainment — 1.2%

AMC Entertainment Holdings, Inc., 10.50%, 4/15/25⁽⁴⁾			219	$	118,534

Caesars Entertainment, Inc., 6.25%, 7/1/25⁽⁴⁾			417		428,676

Caesars Entertainment, Inc., 8.125%, 7/1/27⁽⁴⁾			343		358,435

CPUK Finance, Ltd., 4.25%, 2/28/47⁽⁷⁾	GBP		87		110,687

EIG Investors Corp., 10.875%, 2/1/24			480		499,874

Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27⁽⁴⁾			226		237,159

Netflix, Inc., 3.00%, 6/15/25⁽⁷⁾	EUR		370		449,431

Netflix, Inc., 5.875%, 11/15/28			300		358,974

Pinewood Finance Co., Ltd., 3.25%, 9/30/25⁽⁷⁾	GBP		300		386,731

Powdr Corp., 6.00%, 8/1/25⁽⁴⁾			170		172,049

				$	3,120,550

Equity Real Estate Investment Trusts (REITs) — 0.2%

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26			100	$	102,750

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			200		210,915

SBA Communications Corp., 4.00%, 10/1/22			150		151,594

				$	465,259


Security	Principal Amount* (000’s omitted)		Value

Food Products — 1.0%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30⁽⁴⁾		185	$	196,674

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28⁽⁴⁾		181		191,713

Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28⁽⁴⁾		70		70,406

Fresh Market, Inc. (The), 9.75%, 5/1/23⁽⁴⁾		94		90,123

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30⁽⁴⁾		191		207,951

Kraft Heinz Foods Co., 3.875%, 5/15/27⁽⁴⁾		203		214,849

Kraft Heinz Foods Co., 4.25%, 3/1/31⁽⁴⁾		203		220,373

Kraft Heinz Foods Co., 4.375%, 6/1/46		540		552,987

Kraft Heinz Foods Co., 5.50%, 6/1/50⁽⁴⁾		203		231,270

Land O’ Lakes, Inc., 8.00%⁽⁴⁾⁽⁸⁾		415		412,925

Post Holdings, Inc., 4.625%, 4/15/30⁽⁴⁾		93		95,558

Post Holdings, Inc., 5.00%, 8/15/26⁽⁴⁾		85		88,292

United Natural Foods, Inc., 6.75%, 10/15/28⁽⁴⁾		59		59,811

			$	2,632,932

Gas Utilities — 0.1%

NiSource, Inc., 5.65% to 6/15/23⁽⁵⁾⁽⁸⁾		280	$	280,137

			$	280,137

Health Care Equipment & Supplies — 0.7%

Centene Corp., 3.00%, 10/15/30		377	$	391,968

Centene Corp., 3.375%, 2/15/30		422		438,979

Centene Corp., 4.25%, 12/15/27		182		191,976

Centene Corp., 4.625%, 12/15/29		319		347,720

Centene Corp., 4.75%, 1/15/25		150		154,312

Centene Corp., 5.375%, 8/15/26⁽⁴⁾		102		108,120

Compass Minerals International, Inc., 6.75%, 12/1/27⁽⁴⁾		182		197,727

Varex Imaging Corp., 7.875%, 10/15/27⁽⁴⁾		88		89,760

			$	1,920,562

Health Care Providers & Services — 1.7%

Acadia Healthcare Co., Inc., 5.00%, 4/15/29⁽⁴⁾		171	$	176,609

Acadia Healthcare Co., Inc., 5.50%, 7/1/28⁽⁴⁾		164		170,868

CHS/Community Health Systems, Inc., 6.25%, 3/31/23		26		25,805

DaVita, Inc., 3.75%, 2/15/31⁽⁴⁾		154		148,321

Encompass Health Corp., 4.50%, 2/1/28		81		83,091

Encompass Health Corp., 4.625%, 4/1/31		127		130,969

Encompass Health Corp., 4.75%, 2/1/30		191		199,272

HCA, Inc., 5.375%, 9/1/26		270		303,919

HCA, Inc., 5.625%, 9/1/28		330		384,689


		26		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Health Care Providers & Services (continued)

HCA, Inc., 5.875%, 2/15/26			750	$	848,437

LifePoint Health, Inc., 4.375%, 2/15/27⁽⁴⁾			248		246,068

LifePoint Health, Inc., 6.75%, 4/15/25⁽⁴⁾			130		137,800

Molina Healthcare, Inc., 4.375%, 6/15/28⁽⁴⁾			211		216,486

Prime Healthcare Services, Inc., 7.25%, 11/1/25⁽⁴⁾			103		103,932

Providence Service Corp. (The), 5.875%, 11/15/25⁽⁴⁾⁽⁹⁾			168		171,255

Synlab Bondco PLC, 4.75%, (3 mo. EURIBOR + 4.75%), 7/1/25^(7)(11)	EUR		230		270,185

Tenet Healthcare Corp., 4.625%, 9/1/24⁽⁴⁾			49		50,210

Tenet Healthcare Corp., 4.625%, 6/15/28⁽⁴⁾			63		64,024

Tenet Healthcare Corp., 4.875%, 1/1/26⁽⁴⁾			290		294,544

Tenet Healthcare Corp., 5.125%, 11/1/27⁽⁴⁾			290		299,338

Tenet Healthcare Corp., 6.125%, 10/1/28⁽⁴⁾			45		43,791

				$	4,369,613

Healthcare-Products — 0.4%

Avantor Funding, Inc., 2.625%, 11/1/25⁽⁷⁾⁽⁹⁾	EUR		647	$	753,529

Avantor Funding, Inc., 4.625%, 7/15/28⁽⁴⁾			267		276,999

				$	1,030,528

Hotels, Restaurants & Leisure — 1.1%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 3.875%, 1/15/28⁽⁴⁾			119	$	120,071

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.00%, 10/15/30⁽⁴⁾			228		226,860

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽⁴⁾			168		171,612

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.375%, 1/15/28⁽⁴⁾			182		184,583

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25⁽⁴⁾			261		267,616

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25⁽⁴⁾			66		70,428

Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25⁽⁴⁾			232		220,965

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽⁴⁾			490		410,936

Golden Nugget, Inc., 6.75%, 10/15/24⁽⁴⁾			266		225,573

Lithia Motors, Inc., 4.625%, 12/15/27⁽⁴⁾			91		95,957

MGM Resorts International, 4.75%, 10/15/28			264		258,555

Viking Cruises, Ltd., 5.875%, 9/15/27⁽⁴⁾			700		547,312

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27⁽⁴⁾			86		79,673

				$	2,880,141


Security		Principal Amount* (000’s omitted)		Value

Household Products — 0.2%

Central Garden & Pet Co., 5.125%, 2/1/28			50	$	53,053

Central Garden & Pet Co., 6.125%, 11/15/23			235		239,806

Spectrum Brands, Inc., 5.00%, 10/1/29⁽⁴⁾			73		77,562

Spectrum Brands, Inc., 5.50%, 7/15/30⁽⁴⁾			114		122,194

Spectrum Brands, Inc., 5.75%, 7/15/25			120		123,600

				$	616,215

Independent Power and Renewable Electricity Producers — 0.4%

Calpine Corp., 4.50%, 2/15/28⁽⁴⁾			195	$	198,705

Calpine Corp., 5.125%, 3/15/28⁽⁴⁾			273		281,878

Calpine Corp., 5.25%, 6/1/26⁽⁴⁾			150		154,293

NRG Energy, Inc., 5.75%, 1/15/28			210		226,275

NRG Energy, Inc., 7.25%, 5/15/26			271		286,851

				$	1,148,002

Industrial Conglomerates — 0.3%

Ellaktor Value PLC, 6.375%, 12/15/24⁽⁷⁾	EUR		690	$	694,318

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽⁴⁾			139		137,751

				$	832,069

Insurance — 1.2%

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27⁽⁴⁾			678	$	713,046

AmWINS Group, Inc., 7.75%, 7/1/26⁽⁴⁾			272		291,328

Galaxy Finco, Ltd., 9.25%, 7/31/27⁽⁷⁾	GBP		825		1,090,697

GTCR AP Finance, Inc., 8.00%, 5/15/27⁽⁴⁾			195		208,163

Hub International, Ltd., 7.00%, 5/1/26⁽⁴⁾			440		451,442

QBE Insurance Group, Ltd., 5.875% to 5/12/25^(4)(5)(8)			222		237,540

USI, Inc., 6.875%, 5/1/25⁽⁴⁾			169		172,484

				$	3,164,700

Interactive Media & Services — 0.1%

Adevinta ASA, 2.625%, 11/15/25⁽⁷⁾⁽⁹⁾	EUR		280	$	326,021

				$	326,021

Internet & Direct Marketing Retail — 0.1%

Cars.com, Inc., 6.375%, 11/1/28⁽⁴⁾			117	$	116,708

Expedia Group, Inc., 6.25%, 5/1/25⁽⁴⁾			84		92,453

Expedia Group, Inc., 7.00%, 5/1/25⁽⁴⁾			42		45,006

				$	254,167


		27		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Leisure Products — 0.2%

NCL Corp, Ltd., 3.625%, 12/15/24⁽⁴⁾			189	$	132,692

NCL Corp, Ltd., 10.25%, 2/1/26⁽⁴⁾			155		159,650

Sabre GLBL, Inc., 9.25%, 4/15/25⁽⁴⁾			86		94,923

				$	387,265

Machinery — 0.2%

Colfax Corp., 6.00%, 2/15/24⁽⁴⁾			83	$	86,545

Colfax Corp., 6.375%, 2/15/26⁽⁴⁾			136		143,353

Navistar International Corp., 6.625%, 11/1/25⁽⁴⁾			232		240,166

				$	470,064

Media — 2.9%

Altice France S.A., 7.375%, 5/1/26⁽⁴⁾			455	$	475,384

Altice France S.A., 8.125%, 2/1/27⁽⁴⁾			458		498,599

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31⁽⁴⁾			286		292,793

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30⁽⁴⁾			290		301,602

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32⁽⁴⁾			136		140,590

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30⁽⁴⁾			322		339,098

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29⁽⁴⁾			110		119,200

CSC Holdings, LLC, 3.375%, 2/15/31⁽⁴⁾			200		192,602

CSC Holdings, LLC, 4.625%, 12/1/30⁽⁴⁾			200		200,223

CSC Holdings, LLC, 5.75%, 1/15/30⁽⁴⁾			616		659,305

CSC Holdings, LLC, 7.50%, 4/1/28⁽⁴⁾			200		219,250

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽⁴⁾			369		215,634

iHeartCommunications, Inc., 8.375%, 5/1/27			140		136,304

LCPR Senior Secured Financing DAC, 6.75%, 10/15/27⁽⁴⁾			200		212,750

Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25⁽⁴⁾			137		140,083

Sinclair Television Group, Inc., 5.50%, 3/1/30⁽⁴⁾			60		56,507

Sirius XM Radio, Inc., 4.625%, 7/15/24⁽⁴⁾			291		300,443

Sirius XM Radio, Inc., 5.00%, 8/1/27⁽⁴⁾			218		228,674

Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26⁽⁷⁾	EUR		520		599,589

TEGNA, Inc., 4.625%, 3/15/28⁽⁴⁾			67		66,531

TEGNA, Inc., 4.75%, 3/15/26⁽⁴⁾			72		74,070

TEGNA, Inc., 5.00%, 9/15/29			137		138,841

Tele Columbus AG, 3.875%, 5/2/25⁽⁷⁾	EUR		690		758,980

Terrier Media Buyer, Inc., 8.875%, 12/15/27⁽⁴⁾			473		484,409

UPCB Finance VII, Ltd., 3.625%, 6/15/29⁽⁷⁾	EUR		116		135,448

Virgin Media Secured Finance PLC, 5.50%, 8/15/26⁽⁴⁾			210		218,867


Security		Principal Amount* (000’s omitted)		Value

Media (continued)

Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28⁽⁷⁾	GBP		350	$	452,858

				$	7,658,634

Metals & Mining — 1.7%

Allegheny Ludlum, LLC, 6.95%, 12/15/25			559	$	561,038

Arconic Corp., 6.125%, 2/15/28⁽⁴⁾			436		460,202

Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29⁽⁴⁾			233		240,427

Bombardier, Inc., 6.00%, 10/15/22⁽⁴⁾			86		78,314

Bombardier, Inc., 6.125%, 1/15/23⁽⁴⁾			270		233,212

Bombardier, Inc., 7.875%, 4/15/27⁽⁴⁾			107		78,110

BWX Technologies, Inc., 4.125%, 6/30/28⁽⁴⁾			159		161,087

Centennial Resource Production, LLC, 5.375%, 1/15/26⁽⁴⁾			320		118,400

Cleveland-Cliffs, Inc., 6.75%, 3/15/26⁽⁴⁾			360		378,450

Cleveland-Cliffs, Inc., 9.875%, 10/17/25⁽⁴⁾			78		89,310

Eldorado Gold Corp., 9.50%, 6/1/24⁽⁴⁾			79		85,764

Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		80,766

Freeport-McMoRan, Inc., 5.45%, 3/15/43			297		339,450

Hudbay Minerals, Inc., 6.125%, 4/1/29⁽⁴⁾			151		154,775

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽⁴⁾			709		705,455

Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28⁽⁴⁾			171		183,556

New Gold, Inc., 6.375%, 5/15/25⁽⁴⁾			114		117,634

New Gold, Inc., 7.50%, 7/15/27⁽⁴⁾			271		293,662

Novelis Corp., 5.875%, 9/30/26⁽⁴⁾			180		185,963

				$	4,545,575

Multi-Utilities — 0.4%

Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23⁽⁵⁾⁽⁸⁾			425	$	430,219

Thames Water Kemble Finance PLC, 5.875%, 7/15/22⁽⁷⁾	GBP		375		499,835

				$	930,054

Oil, Gas & Consumable Fuels — 2.9%

Apache Corp., 4.25%, 1/15/30			265	$	234,691

Apache Corp., 4.375%, 10/15/28			132		121,519

Apache Corp., 4.625%, 11/15/25			100		95,125

Apache Corp., 4.875%, 11/15/27			125		117,500

Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28⁽⁴⁾			135		130,613

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26⁽⁴⁾			336		297,864

Cenovus Energy, Inc., 3.80%, 9/15/23			64		65,037

Cenovus Energy, Inc., 6.75%, 11/15/39			126		139,859

Continental Resources, Inc., 4.375%, 1/15/28			206		185,546


		28		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Continental Resources, Inc., 4.90%, 6/1/44		8	$	6,655

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		110		117,205

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		120		124,927

CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽⁴⁾		370		364,544

CVR Energy, Inc., 5.75%, 2/15/28⁽⁴⁾		229		156,865

DCP Midstream, L.P., Series A, 7.375% to 12/15/22⁽⁵⁾⁽⁸⁾		160		104,113

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26⁽⁴⁾		155		156,066

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28⁽⁴⁾		40		41,560

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽⁵⁾⁽⁸⁾		432		183,600

EQT Corp., 5.00%, 1/15/29⁽⁹⁾		53		53,000

EQT Corp., 7.875%, 2/1/25		69		76,859

EQT Corp., 8.75%, 2/1/30		102		126,863

Extraction Oil & Gas, Inc., 5.625%, 2/1/26^(4)(12)		287		70,728

Extraction Oil & Gas, Inc., 7.375%, 5/15/24^(4)(12)		223		54,937

Gran Tierra Energy, Inc., 7.75%, 5/23/27⁽⁴⁾		250		81,878

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽⁴⁾		418		234,080

Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC, 6.00%, 9/15/28⁽⁴⁾		136		138,635

Laredo Petroleum, Inc., 9.50%, 1/15/25		74		34,628

Laredo Petroleum, Inc., 10.125%, 1/15/28		112		48,664

Matador Resources Co., 5.875%, 9/15/26		370		298,313

MEG Energy Corp., 7.125%, 2/1/27⁽⁴⁾		184		166,010

Murphy Oil USA, Inc., 4.75%, 9/15/29		131		137,526

Murphy Oil USA, Inc., 5.625%, 5/1/27		65		68,481

Nabors Industries, Ltd., 7.25%, 1/15/26⁽⁴⁾		110		43,106

Nabors Industries, Ltd., 7.50%, 1/15/28⁽⁴⁾		118		45,209

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽⁷⁾		525		458,062

Newfield Exploration Co., 5.375%, 1/1/26		110		103,492

Newfield Exploration Co., 5.625%, 7/1/24		39		37,761

Nine Energy Service, Inc., 8.75%, 11/1/23⁽⁴⁾		92		27,514

Occidental Petroleum Corp., 2.70%, 8/15/22		49		45,386

Occidental Petroleum Corp., 2.90%, 8/15/24		16		13,344

Occidental Petroleum Corp., 3.125%, 2/15/22		3		2,858

Occidental Petroleum Corp., 3.40%, 4/15/26		76		59,588

Occidental Petroleum Corp., 3.45%, 7/15/24		42		34,125

Occidental Petroleum Corp., 3.50%, 8/15/29		101		73,029

Occidental Petroleum Corp., 4.20%, 3/15/48		156		103,475

Occidental Petroleum Corp., 4.40%, 8/15/49		125		83,984

Occidental Petroleum Corp., 4.625%, 6/15/45		84		56,910


Security		Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Occidental Petroleum Corp., 6.20%, 3/15/40			81	$	65,958

Occidental Petroleum Corp., 6.375%, 9/1/28			93		81,549

Occidental Petroleum Corp., 6.625%, 9/1/30			254		222,961

Odebrecht Oil & Gas Finance, Ltd., 0.00%⁽⁴⁾⁽⁸⁾			862		2,155

Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25⁽⁴⁾			75		77,438

Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27⁽⁴⁾			137		145,939

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽⁵⁾⁽⁸⁾			792		490,050

Precision Drilling Corp., 5.25%, 11/15/24			50		32,531

Precision Drilling Corp., 7.125%, 1/15/26⁽⁴⁾			75		47,517

Precision Drilling Corp., 7.75%, 12/15/23			33		24,523

Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25⁽⁴⁾			440		146,850

Southwestern Energy Co., 7.50%, 4/1/26			16		16,309

Southwestern Energy Co., 7.75%, 10/1/27			16		16,550

Southwestern Energy Co., 8.375%, 9/15/28			169		176,922

Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23			145		146,616

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26			155		158,391

Teleflex, Inc., 4.625%, 11/15/27			160		169,094

Transocean Pontus, Ltd., 6.125%, 8/1/25⁽⁴⁾			94		82,661

Transocean Poseidon, Ltd., 6.875%, 2/1/27⁽⁴⁾			51		38,378

Transocean, Inc., 11.50%, 1/30/27⁽⁴⁾			49		16,291

WPX Energy, Inc., 5.25%, 10/15/27			67		67,308

				$	7,647,725

Pharmaceuticals — 1.7%

AdaptHealth, LLC, 6.125%, 8/1/28⁽⁴⁾			110	$	114,537

Bausch Health Americas, Inc., 8.50%, 1/31/27⁽⁴⁾			448		490,486

Bausch Health Americas, Inc., 9.25%, 4/1/26⁽⁴⁾			105		115,899

Bausch Health Cos., Inc., 5.00%, 1/30/28⁽⁴⁾			190		188,030

Bausch Health Cos., Inc., 5.25%, 1/30/30⁽⁴⁾			376		369,841

Bausch Health Cos., Inc., 5.50%, 3/1/23⁽⁴⁾			35		35,022

Bausch Health Cos., Inc., 5.50%, 11/1/25⁽⁴⁾			129		132,651

Bausch Health Cos., Inc., 5.75%, 8/15/27⁽⁴⁾			72		77,355

Bausch Health Cos., Inc., 5.875%, 5/15/23⁽⁴⁾			2		1,997

Bausch Health Cos., Inc., 6.125%, 4/15/25⁽⁴⁾			60		61,740

Bausch Health Cos., Inc., 6.25%, 2/15/29⁽⁴⁾			255		263,160

Bausch Health Cos., Inc., 7.00%, 1/15/28⁽⁴⁾			94		99,799

Bausch Health Cos., Inc., 7.25%, 5/30/29⁽⁴⁾			98		105,675

Bausch Health Cos., Inc., 9.00%, 12/15/25⁽⁴⁾			245		268,324

Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽⁴⁾			270		276,361

Cheplapharm Arzneimittel GmbH, 4.375%, 1/15/28⁽⁷⁾	EUR		687		794,837

Grifols S.A., 2.25%, 11/15/27⁽⁷⁾	EUR		410		471,979


		29		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Pharmaceuticals (continued)

Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25⁽⁴⁾			198	$	210,187

Nidda Healthcare Holding GmbH, 3.50%, 9/30/24⁽⁷⁾	EUR		311		354,056

				$	4,431,936

Pipelines — 0.7%

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27⁽⁴⁾			327	$	294,913

Cheniere Energy Partners, L.P., 4.50%, 10/1/29			199		203,181

Cheniere Energy, Inc., 4.625%, 10/15/28⁽⁴⁾			183		189,176

Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27⁽⁴⁾			190		166,844

Energy Transfer Operating, L.P., 5.875%, 1/15/24			15		16,415

Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23⁽⁵⁾⁽⁸⁾			110		73,969

Energy Transfer Operating, L.P., Series B, 6.625% to 2/15/28⁽⁵⁾⁽⁸⁾			188		133,808

EnLink Midstream, LLC, 5.375%, 6/1/29			117		100,386

EQM Midstream Partners, L.P., 6.00%, 7/1/25⁽⁴⁾			116		119,045

EQM Midstream Partners, L.P., 6.50%, 7/1/27⁽⁴⁾			116		121,824

Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽⁴⁾			123		123,231

NGPL PipeCo, LLC, 4.375%, 8/15/22⁽⁴⁾			50		51,890

Western Midstream Operating, L.P., 4.50%, 3/1/28			27		25,110

Western Midstream Operating, L.P., 4.75%, 8/15/28			24		22,500

Western Midstream Operating, L.P., 5.05%, 2/1/30			207		196,650

				$	1,838,942

Real Estate Investment Trusts (REITs) — 1.1%

ADLER Group S.A., 3.25%, 8/5/25⁽⁷⁾	EUR		500	$	575,774

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽⁴⁾			287		238,748

Consus Real Estate AG, 9.625%, 5/15/24⁽⁷⁾	EUR		330		410,277

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽⁴⁾			333		338,827

HAT Holdings I, LLC/HAT Holdings II, LLC, 3.75%, 9/15/30⁽⁴⁾			151		151,566

HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25⁽⁴⁾			127		134,938

Iron Mountain, Inc., 4.50%, 2/15/31⁽⁴⁾			114		113,637

Service Properties Trust, 7.50%, 9/15/25			167		175,197

VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27⁽⁴⁾			198		198,836

VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30⁽⁴⁾			198		200,723

VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26⁽⁴⁾			300		305,528

				$	2,844,051


Security		Principal Amount* (000’s omitted)		Value

Real Estate Management & Development — 0.1%

AT Securities B.V., 5.25% to 7/21/23^(5)(7)(8)			250	$	250,347

				$	250,347

Semiconductors & Semiconductor Equipment — 0.1%

ON Semiconductor Corp., 3.875%, 9/1/28⁽⁴⁾			258	$	262,838

				$	262,838

Software — 0.3%

Black Knight InfoServ, LLC, 3.625%, 9/1/28⁽⁴⁾			126	$	127,733

CDK Global, Inc., 5.25%, 5/15/29⁽⁴⁾			96		103,069

MSCI, Inc., 3.875%, 2/15/31⁽⁴⁾			220		230,175

Open Text Corp., 3.875%, 2/15/28⁽⁴⁾			179		182,132

Open Text Holdings, Inc., 4.125%, 2/15/30⁽⁴⁾			157		163,176

SS&C Technologies, Inc., 5.50%, 9/30/27⁽⁴⁾			95		101,088

				$	907,373

Specialty Retail — 1.0%

Academy, Ltd., 6.00%, 11/15/27⁽⁴⁾⁽⁹⁾			34	$	34,065

Asbury Automotive Group, Inc., 4.50%, 3/1/28⁽⁴⁾			53		54,027

Asbury Automotive Group, Inc., 4.75%, 3/1/30⁽⁴⁾			70		72,363

B&M European Value Retail S.A., 3.625%, 7/15/25⁽⁷⁾	GBP		410		538,410

Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25⁽⁴⁾			177		185,739

Dave & Buster’s, Inc., 7.625%, 11/1/25⁽⁴⁾			205		201,669

Entegris, Inc., 4.375%, 4/15/28⁽⁴⁾			166		173,055

Entegris, Inc., 4.625%, 2/10/26⁽⁴⁾			77		79,214

Group 1 Automotive, Inc., 4.00%, 8/15/28⁽⁴⁾			145		145,363

IRB Holding Corp., 7.00%, 6/15/25⁽⁴⁾			77		82,198

Ken Garff Automotive, LLC, 4.875%, 9/15/28⁽⁴⁾			155		153,869

L Brands, Inc., 6.625%, 10/1/30⁽⁴⁾			144		151,470

L Brands, Inc., 6.75%, 7/1/36			46		46,555

L Brands, Inc., 6.875%, 7/1/25⁽⁴⁾			76		81,585

L Brands, Inc., 6.875%, 11/1/35			237		240,999

L Brands, Inc., 7.60%, 7/15/37			45		43,313

L Brands, Inc., 9.375%, 7/1/25⁽⁴⁾			53		61,546

Specialty Building Products Holdings, LLC/SBP Finance Corp., 6.375%, 9/30/26⁽⁴⁾			72		73,530

White Cap Buyer, LLC, 6.875%, 10/15/28⁽⁴⁾			89		91,392

Yum! Brands, Inc., 3.625%, 3/15/31			182		179,042

Yum! Brands, Inc., 7.75%, 4/1/25⁽⁴⁾			54		59,384

				$	2,748,788


		30		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Technology Hardware, Storage & Peripherals — 0.4%

Booz Allen Hamilton, Inc., 3.875%, 9/1/28⁽⁴⁾			223	$	226,763

Dell International, LLC/EMC Corp., 6.02%, 6/15/26⁽⁴⁾			315		373,171

Presidio Holdings, Inc., 8.25%, 2/1/28⁽⁴⁾			265		281,728

Science Applications International Corp., 4.875%, 4/1/28⁽⁴⁾			64		67,154

				$	948,816

Telecommunications — 2.0%

Altice France Holding S.A., 10.50%, 5/15/27⁽⁴⁾			200	$	220,875

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽⁴⁾			281		283,459

Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		155,924

Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		103,235

Intelsat Jackson Holdings S.A., 8.00%, 2/15/24⁽⁴⁾			200		203,332

LogMeIn, Inc., 5.50%, 9/1/27⁽⁴⁾			111		112,665

PLT VII Finance S.a.r.l., 4.625%, 1/5/26⁽⁷⁾	EUR		185		216,538

SoftBank Group Corp., 4.00%, 4/20/23⁽⁷⁾	EUR		100		119,749

Sprint Corp., 7.875%, 9/15/23			1,154		1,319,166

Switch, Ltd., 3.75%, 9/15/28⁽⁴⁾			87		87,272

T-Mobile USA, Inc., 4.50%, 2/1/26			155		159,166

T-Mobile USA, Inc., 4.75%, 2/1/28			170		182,350

Telecom Italia Capital S.A., 6.00%, 9/30/34			337		392,942

Telecom Italia SpA, 2.75%, 4/15/25⁽⁷⁾	EUR		275		332,232

Telecom Italia SpA, 3.00%, 9/30/25⁽⁷⁾	EUR		520		634,401

ViaSat, Inc., 5.625%, 4/15/27⁽⁴⁾			143		150,061

Vmed O2 UK Financing I PLC, 3.25%, 1/31/31⁽⁷⁾	EUR		100		114,281

Vodafone Group PLC, 2.625% to 5/27/26, 8/27/80⁽⁵⁾⁽⁷⁾	EUR		220		253,228

Vodafone Group PLC, 4.875% to 7/3/25, 10/3/78⁽⁵⁾⁽⁷⁾	GBP		215		297,163

				$	5,338,039

Textiles, Apparel & Luxury Goods — 0.2%

Hanesbrands Finance Luxembourg SCA, 3.50%, 6/15/24⁽⁷⁾	EUR		400	$	483,391

				$	483,391

Transportation — 0.5%

Cargo Aircraft Management, Inc., 4.75%, 2/1/28⁽⁴⁾			127	$	129,302

CMA CGM S.A., 5.25%, 1/15/25⁽⁷⁾	EUR		127		136,242

Getlink SE, 3.50%, 10/30/25⁽⁷⁾	EUR		640		749,014

Watco Cos., LLC/Watco Finance Corp., 6.50%, 6/15/27⁽⁴⁾			318		330,521

XPO Logistics, Inc., 6.125%, 9/1/23⁽⁴⁾			80		81,150

				$	1,426,229


Security		Principal Amount* (000’s omitted)		Value

Water Utilities — 0.2%

Anglian Water Osprey Financing PLC, 4.00%, 3/8/26⁽⁷⁾	GBP		475	$	607,147

				$	607,147

Wireless Telecommunication Services — 0.1%

Sprint Corp., 7.625%, 3/1/26			157	$	191,302

				$	191,302

Total Corporate Bonds & Notes (identified cost $104,321,173)				$	103,367,056

Senior Floating-Rate Loans — 1.1%⁽¹³⁾
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value

Business Equipment and Services — 0.2%

EIG Investors Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 2/9/23		$	398	$	395,046

Hillman Group, Inc. (The), Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing 5/31/25			114		111,737

				$	506,783

Financial Intermediaries — 0.1%

BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24		$	97	$	97,040

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25			162		153,827

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25⁽¹⁴⁾			12		11,147

				$	262,014

Food Products — 0.1%

HLF Financing S.a.r.l., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25		$	289	$	284,872

				$	284,872

Insurance — 0.3%

Asurion, LLC, Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25		$	640	$	641,961

				$	641,961


		31		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Leisure Goods / Activities / Movies — 0.2%

Playtika Holding Corp., Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing 12/10/24	$	558	$	559,772

			$	559,772

Lodging and Casinos — 0.0%⁽⁶⁾

Stars Group Holdings B.V. (The), Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25	$	87	$	87,109

			$	87,109

Publishing — 0.0%⁽⁶⁾

Nielsen Finance, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 6/4/25	$	70	$	69,650

			$	69,650

Retailers (Except Food and Drug) — 0.1%

PetSmart, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 3/11/22	$	332	$	329,607

			$	329,607

Telecommunications — 0.1%

Intelsat Jackson Holdings S.A., Term Loan, 8.63%, Maturing 1/2/24⁽¹⁵⁾	$	110	$	111,329

			$	111,329

Total Senior Floating-Rate Loans (identified cost $2,853,943)			$	2,853,097

Convertible Bonds — 0.1%
Security	Principal Amount (000’s omitted)		Value

Air Transportation — 0.1%

Air Transport Services Group, Inc., 1.125%, 10/15/24	$	169	$	187,934

			$	187,934

Leisure — 0.0%⁽⁶⁾

Royal Caribbean Cruises, Ltd., 4.25%, 6/15/23⁽⁴⁾	$	29	$	30,187

			$	30,187

Total Convertible Bonds (identified cost $182,605)			$	218,121

Exchange-Traded Funds — 0.4%

Security

Shares

Value

Equity Funds — 0.4%

First Trust Preferred Securities and Income ETF

26,985

517,302

iShares Preferred & Income Securities ETF

13,982

506,428

Total Exchange-Traded Funds
(identified cost $1,001,068)

1,023,730

Convertible Preferred Stocks — 0.0%⁽⁶⁾

Security

Shares

Value

Health Care Equipment & Supplies — 0.0%⁽⁶⁾

Becton Dickinson and Co., Series B, 6.00%

2,000

104,160

104,160

Total Convertible Preferred Stocks
(identified cost $101,997)

104,160

Warrants — 0.0%⁽⁶⁾

Security

Shares

Value

Media — 0.0%⁽⁶⁾

iHeartMedia, Inc., Exp. 5/1/39⁽¹⁾

3,627

29,814

29,814

Total Warrants
(identified cost $60,110)

29,814

Short-Term Investments — 0.4%

Description

Units

Value

Eaton Vance Cash Reserves Fund, LLC,
0.12%⁽¹⁶⁾

1,027,196

Total Short-Term Investments
(identified cost $1,027,196)

1,027,196

Total Investments — 98.3%
(identified cost $237,025,006)

258,536,328

Less Unfunded Loan Commitments — (0.0)%⁽⁶⁾

(11,757

)

Net Investments — 98.3%
(identified cost $237,013,249)

258,524,571

Other Assets, Less Liabilities — 1.7%

4,570,457

Net Assets — 100.0%

263,095,028


		32		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — 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⁾

Non-income producing security.

⁽²⁾

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

⁽³⁾

Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁴⁾

⁽⁵⁾

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

⁽⁶⁾

Amount is less than 0.05% or (0.05)%, as applicable.

⁽⁷⁾

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 October 31, 2020, the aggregate value of these securities is $24,534,171 or 9.3% of the Portfolio’s net assets.

⁽⁸⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁹⁾

When-issued security.

⁽¹⁰⁾	Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽¹¹⁾	Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹²⁾	Issuer is in default with respect to interest and/or principal payments.

⁽¹³⁾

⁽¹⁴⁾

⁽¹⁵⁾	Fixed-rate loan.

⁽¹⁶⁾	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 October 31, 2020.


Country Concentration of Portfolio
Country	Percentage of Total Investments			Value

United States		59.9	%	$	154,739,667

United Kingdom		8.1			20,929,203

France		5.0			12,826,794

Japan		4.4			11,400,431

Switzerland		3.9			10,175,883

Germany		3.1			7,987,233

Canada		2.1			5,471,881

Spain		1.9			4,809,761

Netherlands		1.6			4,041,699

Sweden		1.3			3,503,891

Luxembourg		1.3			3,439,900

Australia		1.0			2,514,256

Ireland		0.9			2,256,688

Taiwan		0.8			2,166,111

Hong Kong		0.7			1,708,637

China		0.6			1,559,056

Denmark		0.6			1,450,031

Italy		0.5			1,359,575

India		0.4			977,623

United Arab Emirates		0.3			890,288

Norway		0.3			849,520

Greece		0.3			694,318

Poland		0.2			608,499

Austria		0.1			407,912

Mexico		0.1			349,050

Finland		0.1			237,761

Peru		0.1			154,775

Brazil		0.0	⁽¹⁾		2,155

Exchange-Traded Funds		0.4			1,023,730

Total Investments		100.0	%	$	258,536,328

⁽¹⁾	Amount is less than 0.05%.


		33		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	775,125	USD	919,405	Citibank, N.A.		11/5/20	$	—	$	(16,616	)

USD	753,585	EUR	647,000	Bank of America, N.A.		11/6/20		6		—

USD	231,123	EUR	195,170	State Street Bank and Trust Company		11/30/20		3,683		—

							$	3,689	$	(16,616	)


Futures Contracts

Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)

Equity Futures

E-mini S&P 500 Index		22			Long		12/18/20	$	3,591,170		$	(76,285	)

STOXX Europe 600 Index		(173	)		Short		12/18/20		(3,442,362	)		252,450

											$	176,165

Abbreviations:



ADR	–	American Depositary Receipt

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PC	–	Participation Certificates

PIK	–	Payment In Kind

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		34		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $235,986,053)	$	257,497,375

Affiliated investment, at value (identified cost, $1,027,196)		1,027,196

Cash		27,559

Foreign currency, at value (identified cost, $1,373,525)		1,373,314

Interest and dividends receivable		1,661,936

Dividends receivable from affiliated investment		17

Receivable for investments sold		3,200,827

Receivable for open forward foreign currency exchange contracts		3,689

Tax reclaims receivable		2,025,471

Total assets	$	266,817,384

Liabilities

Payable for investments purchased	$	842,349

Payable for when-issued securities		2,574,186

Payable for variation margin on open financial futures contracts		45,905

Payable for open forward foreign currency exchange contracts		16,616

Payable to affiliates:

Investment adviser fee		127,555

Trustees’ fees		1,243

Accrued expenses		114,502

Total liabilities	$	3,722,356

Net Assets applicable to investors’ interest in Portfolio	$	263,095,028


		35		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest (net of foreign taxes, $812)	$	6,631,989

Dividends (net of foreign taxes, $742,552)		6,008,052

Non-cash dividend income		786,216

Dividends from affiliated investment		19,862

Total investment income	$	13,446,119

Expenses

Investment adviser fee	$	1,546,552

Trustees’ fees and expenses		15,228

Custodian fee		193,187

Legal and accounting services		61,660

Miscellaneous		50,125

Total expenses	$	1,866,752

Net investment income	$	11,579,367

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(3,765,347	)

Investment transactions — affiliated investment		(2,391	)

Financial futures contracts		2,793,487

Foreign currency transactions		44,789

Forward foreign currency exchange contracts		(1,240,277	)

Net realized loss	$	(2,169,739	)

Change in unrealized appreciation (depreciation) —

Investments	$	(4,331,949	)

Investments — affiliated investment		(1	)

Financial futures contracts		176,165

Foreign currency		(2,586	)

Forward foreign currency exchange contracts		(12,927	)

Net change in unrealized appreciation (depreciation)	$	(4,171,298	)

Net realized and unrealized loss	$	(6,341,037	)

Net increase in net assets from operations	$	5,238,330


		36		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	11,579,367		$	14,450,194

Net realized loss		(2,169,739	)		(6,970,681	)

Net change in unrealized appreciation (depreciation)		(4,171,298	)		25,251,717

Net increase in net assets from operations	$	5,238,330		$	32,731,230

Capital transactions —

Contributions	$	9,268,119		$	4,524,358

Withdrawals		(53,647,355	)		(58,888,266	)

Portfolio transaction fee		216,038			215,407

Net decrease in net assets from capital transactions	$	(44,163,198	)	$	(54,148,501	)

Net decrease in net assets	$	(38,924,868	)	$	(21,417,271	)

Net Assets

At beginning of year	$	302,019,896		$	323,437,167

At end of year	$	263,095,028		$	302,019,896


		37		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,												Period Ended October 31, 2016⁽¹⁾
Ratios/Supplemental Data	2020			2019			2018			2017			Period Ended October 31, 2016⁽¹⁾

Ratios (as a percentage of average daily net assets):

Expenses		0.66	%		0.70	%		0.75	%		0.75	%		0.80	%⁽²⁾

Net investment income		4.12	%		4.72	%		3.47	%		4.56	%		3.75	%⁽²⁾

Portfolio Turnover		118	%		86	%		102	%		143	%		66	%⁽³⁾

Total Return		2.64	%		11.57	%		(1.00	)%		15.99	%		3.65	%⁽³⁾

Net assets, end of period (000’s omitted)	$	263,095		$	302,020		$	323,437		$	364,476		$	376,698

⁽¹⁾	For the period from the start of business, March 28, 2016, to October 31, 2016.

⁽²⁾	Annualized.

⁽³⁾	Not annualized.


		38		See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 97.8% and 2.2%, respectively, in the Portfolio.

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. 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 Portfolio’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.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts 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 and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts 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 and foreign financial futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts 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 and foreign financial futures contracts.


		39

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio 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. 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, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

I Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio 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 Portfolio 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. 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.


		40

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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

L Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.55% of the Portfolio’s average daily net assets up to $500 million. On average daily net assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $1,546,552 or 0.55% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement and subsequent fee reduction agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $323,235,448 and $354,515,693, respectively, for the year ended October 31, 2020.

4 Federal Income Tax Basis of Investments



Aggregate cost	$	239,344,953

Gross unrealized appreciation	$	31,174,217

Gross unrealized depreciation		(11,994,599	)

Net unrealized appreciation	$	19,179,618

5 Financial Instruments

The Portfolio 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 and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.


		41

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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

Equity Price Risk: The Portfolio enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $16,616. At October 31, 2020, there were no assets pledged by the Portfolio for such liability.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative

Equity Price	Futures contracts	$	252,450	⁽¹⁾	$	(76,285	)⁽¹⁾

Foreign Exchange	Forward foreign currency exchange contracts		3,689	⁽²⁾		(16,616	)⁽³⁾

Total		$	256,139		$	(92,901	)

Derivatives not subject to master netting or similar agreements		$	252,450		$	(76,285	)

Total Derivatives subject to master netting or similar agreements		$	3,689		$	(16,616	)

⁽¹⁾	Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

⁽²⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽³⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.


		42

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued


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)

Bank of America, N.A.	$	6		$	—	$	—	$	—	$	6

State Street Bank and Trust Company		3,683			—		—		—		3,683

	$	3,689		$	—	$	—	$	—	$	3,689

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)

Citibank, N.A.	$	(16,616	)	$	—	$	—	$	—	$	(16,616	)

	$	(16,616	)	$	—	$	—	$	—	$	(16,616	)

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

^(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.


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Equity Price	Futures contracts	$	2,793,487		$	176,165

Foreign Exchange	Forward foreign currency exchange contracts		(1,240,277	)		(12,927	)

Total		$	1,553,210		$	163,238

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.


Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*

	$10,942,000		$11,126,000	$	6,146,000

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


		43

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

6 Line of Credit

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $1,027,196, which represents 0.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	1,345,311	$	134,328,107	$	(134,643,830	)	$	(2,391	)	$	(1	)	$	1,027,196	$	19,862		1,027,196

8 Fair Value Measurements

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’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

Communication Services	$	11,835,157	$	3,778,376		$	—	$	15,613,533

Consumer Discretionary		10,351,632		8,338,266			—		18,689,898

Consumer Staples		2,706,305		6,804,194			—		9,510,499

Energy		3,116,983		455,443			—		3,572,426

Financials		9,361,237		8,310,994			—		17,672,231

Health Care		10,140,597		10,790,674			—		20,931,271

Industrials		6,337,766		12,109,282			0		18,447,048

Information Technology		20,358,056		11,210,646			—		31,568,702

Materials		—		4,588,126			—		4,588,126

Real Estate		2,219,351		—			—		2,219,351

Utilities		2,444,920		1,364,047			—		3,808,967

Total Common Stocks	$	78,872,004	$	67,750,048	**	$	0	$	146,622,052


		44

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued


Asset Description	Level 1			Level 2			Level 3*		Total

Preferred Stocks

Consumer Staples	$	—		$	467,415		$	—	$	467,415

Energy		505,699			—			—		505,699

Financials		873,952			120,420			—		994,372

Industrials		312,636			—			—		312,636

Real Estate		594,192			—			—		594,192

Utilities		331,500			85,288			—		416,788

Total Preferred Stocks	$	2,617,979		$	673,123		$	—	$	3,291,102

Corporate Bonds & Notes	$	—		$	103,367,056		$	—	$	103,367,056

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—			2,841,340			—		2,841,340

Convertible Bonds		—			218,121			—		218,121

Exchange-Traded Funds		1,023,730			—			—		1,023,730

Convertible Preferred Stocks		104,160			—			—		104,160

Warrants		29,814			—			—		29,814

Short-Term Investments		—			1,027,196			—		1,027,196

Total Investments	$	82,647,687		$	175,876,884		$	0	$	258,524,571

Forward Foreign Currency Exchange Contracts	$	—		$	3,689		$	—	$	3,689

Futures Contracts		252,450			—			—		252,450

Total	$	82,900,137		$	175,880,573		$	0	$	258,780,710

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(16,616	)	$	—	$	(16,616	)

Futures Contracts		(76,285	)		—			—		(76,285	)

Total	$	(76,285	)	$	(16,616	)	$	—	$	(92,901	)

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

**	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.

9 Risks and Uncertainties

Risks Associated with Foreign Investments

financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

Pandemic Risk


		45

Global Income Builder Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement and sub-advisory agreement for the Portfolio will be submitted for approval.


		46

Global Income Builder Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Income Builder Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Global Income Builder Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from the start of business, March 28, 2016, to October 31, 2016, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and the period from the start of business, March 28, 2016, to October 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		47

Eaton Vance

Global Income Builder Fund

October 31, 2020

Liquidity Risk Management Program


		48

Eaton Vance

Global Income Builder Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Income Builder Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		49

Eaton Vance

Global Income Builder Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		50

Eaton Vance

Global Income Builder Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		51

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		52

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

2634 10.31.20

LOGO

Eaton Vance

Global Macro Absolute Return Fund

Annual Report

October 31, 2020

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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.

Annual Report October 31, 2020

Eaton Vance

Global Macro Absolute Return Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			19 and 67
Federal Tax Information			20
Liquidity Risk Management Program			68
Management and Organization			69
Important Notices			72

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Global Macro Absolute Return Fund (the Fund) returned 3.63% for Class A shares at net asset value (NAV), outperforming its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index (the Index), which returned 0.92%.

The Fund’s interest rate exposure made the largest contribution to returns during the period. Allocations to commodities, currencies, sovereign credit, and corporate credit also positively impacted returns. The Fund’s limited exposure to equities was a detractor.

By region, the Middle East & Africa (MEA) was the top contributor to performance, led by long positions in Egyptian local bonds and South African interest rates. Egyptian local bonds benefited from their attractive yields, coupled with the credibility of the central bank and strong support from the International Monetary Fund (IMF). Central bank interest rate cuts aided the position in South African rates. By period-end, the South African rates position was sold from the Fund.

Investments in both Asia and Eastern Europe added value during the period. In Asia, a long position in Chinese interest rates performed especially well as the central bank implemented numerous easing measures to bolster China’s economy during the pandemic. In Eastern Europe, the standout contributor was a long local bond position in Ukraine that advanced amid a decline in local interest rates and a new loan program from the IMF. On the negative side, limited long equity exposures in Greece and Cyprus dampened results in Eastern Europe.

The Dollar Bloc — Canada, New Zealand, and Australia — made a modest contribution to returns during the period. A long position in New Zealand inflation-linked bonds was a top performer, benefiting from monetary stimulus. However, losses in other holdings, including a short position in Canadian interest rates, limited gains in the region.

Investments in both Latin America and Western Europe registered losses during the period. In Latin America, a long sovereign credit position in El Salvador was particularly unfavorable as concerns about the country’s ability to manage the impacts of the pandemic caused credit spreads to widen significantly. By period-end, this position was sold from the Fund. In Western Europe, a long Icelandic local bond position detracted, impacted by a disappointing growth outlook for the country and the reintroduction of local coronavirus restrictions later in the period.

The Fund uses derivatives extensively to both hedge select undesired risk exposures as well as gain select desired risk exposures. Some of the above commentary about notable drivers of performance at the country level involved the use of derivatives. The Fund’s use of derivatives broadly contributed to returns versus the Index. Interest rate swaps used to gain select exposures as well as hedge others contributed to performance, with those used to gain long exposure in China and Singapore most notable. Credit default swaps used to gain short exposure to certain sovereign credits — which also acted as hedges to other exposures in certain cases — also aided performance during the period. Currency forwards used to gain both long and short exposure to select currencies around the world contributed to performance during the period, with short exposures in the Russian ruble and Turkish lira being the most notable.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Performance^2,3

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


% Average Annual Total Returns	Class Inception Date			Performance Inception Date			One Year			Five Years			Ten Years

Class A at NAV		06/27/2007			10/31/1997			3.63	%		2.94	%		2.17	%
Class A with 4.75% Maximum Sales Charge		—			—			–1.34			1.93			1.68
Class C at NAV		10/01/2009			10/31/1997			2.91			2.23			1.46
Class C with 1% Maximum Sales Charge		—			—			1.92			2.23			1.46
Class I at NAV		06/27/2007			10/31/1997			4.07			3.28			2.48
Class R at NAV		04/08/2010			10/31/1997			3.55			2.75			1.97
Class R6 at NAV		05/31/2017			10/31/1997			4.01			3.30			2.49



ICE BofA 3-Month U.S. Treasury Bill Index		—			—			0.92	%		1.20	%		0.63	%

% Total Annual Operating Expense Ratios⁴	Class A			Class C			Class I			Class R			Class R6

		1.04	%		1.76	%		0.75	%		1.26	%		0.69	%

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$11,557

N.A.

Class I

$250,000

10/31/2010

$319,612

N.A.

Class R

$10,000

10/31/2010

$12,154

N.A.

Class R6

$1,000,000

10/31/2010

$1,279,484

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Fund Profile⁵

Asset Allocation (% of net assets)⁶

LOGO

*	Net of securities sold short.

Foreign Currency Exposures by Country (% of net assets)⁷



Egypt	7.0	%

Serbia	6.6

Ukraine	6.1

Iceland	4.5

South Korea	2.7

Chile	2.2

Switzerland	1.6

Australia	1.5

Japan	1.5

Uzbekistan	1.3

Thailand	1.1

Uruguay	1.0

Georgia	1.0

Indonesia	1.0

Other	3.7	*

New Zealand	–1.5

Bahrain	–1.6

South Africa	–1.8

Chile	–2.8

Saudi Arabia	–3.7

Oman	–5.2

United Arab Emirates	–11.5

Euro	–14.0

Total Long	43.4

Total Short	–42.7

Total Net	0.7

*	Includes amounts each less than 1.0% or –1.0%, as applicable.

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Endnotes and Additional Disclosures

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. 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.

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

⁵	Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶	Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁷	Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Additional Information

Important Notice to Shareholders

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


		5

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,050.10	$	5.26		1.02	%
Class C	$	1,000.00	$	1,046.30	$	8.80		1.71	%
Class I	$	1,000.00	$	1,053.00	$	3.72		0.72	%
Class R	$	1,000.00	$	1,050.20	$	6.29		1.22	%
Class R6	$	1,000.00	$	1,052.00	$	3.35		0.65	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	5.18		1.02	%
Class C	$	1,000.00	$	1,016.50	$	8.67		1.71	%
Class I	$	1,000.00	$	1,021.50	$	3.66		0.72	%
Class R	$	1,000.00	$	1,019.00	$	6.19		1.22	%
Class R6	$	1,000.00	$	1,021.90	$	3.30		0.65	%


		6

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Global Macro Portfolio, at value (identified cost, $3,179,935,966)	$	3,165,728,946

Receivable for Fund shares sold		8,662,405

Total assets	$	3,174,391,351

Liabilities

Payable for Fund shares redeemed	$	5,967,654

Payable to affiliates:

Distribution and service fees		148,082

Trustees’ fees		43

Accrued expenses		629,176

Total liabilities	$	6,744,955

Net Assets	$	3,167,646,396

Sources of Net Assets

Paid-in capital	$	3,728,754,897

Accumulated loss		(561,108,501	)

Total	$	3,167,646,396

Class A Shares

Net Assets	$	398,173,620

Shares Outstanding		46,061,241

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.64

Maximum Offering Price Per Share

(100 ÷ 95.25 of net asset value per share)	$	9.07

Class C Shares

Net Assets	$	54,464,284

Shares Outstanding		6,277,040

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	8.68

Class I Shares

Net Assets	$	2,323,830,939

Shares Outstanding		269,369,467

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.63

Class R Shares

Net Assets	$	967,823

Shares Outstanding		111,749

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.66

Class R6 Shares

Net Assets	$	390,209,730

Shares Outstanding		45,256,301

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.62

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest allocated from Portfolio (net of foreign taxes, $3,889,993)	$	165,228,178

Dividends allocated from Portfolio (net of foreign taxes, $136,752)		6,745,717

Expenses, excluding interest and dividend expense, allocated from Portfolio		(21,525,692	)

Interest and dividend expense allocated from Portfolio		(286,215	)

Total investment income from Portfolio	$	150,161,988

Expenses

Distribution and service fees

Class A	$	1,123,708

Class C		819,568

Class R		4,700

Trustees’ fees and expenses		500

Custodian fee		61,976

Transfer and dividend disbursing agent fees		2,324,982

Legal and accounting services		83,796

Printing and postage		308,939

Registration fees		133,476

Miscellaneous		39,810

Total expenses	$	4,901,455

Net investment income	$	145,260,533

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $677,383)	$	(30,690,930	)

Futures contracts		16,002,460

Swap contracts		941,772

Foreign currency transactions		(6,655,252	)

Forward foreign currency exchange contracts		381,568

Non-deliverable bond forward contracts		1,919,698

Net realized loss	$	(18,100,684	)

Change in unrealized appreciation (depreciation) —

Investments (including net increase in accrued foreign capital gains taxes of $384,551)	$	(56,823,503	)

Securities sold short		3,386,405

Futures contracts		(2,447,342	)

Swap contracts		29,168,910

Forward commodity contracts		(2,375,840	)

Foreign currency		730,138

Forward foreign currency exchange contracts		17,782,434

Net change in unrealized appreciation (depreciation)	$	(10,578,798	)

Net realized and unrealized loss	$	(28,679,482	)

Net increase in net assets from operations	$	116,581,051


		8		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	145,260,533		$	208,079,187

Net realized loss		(18,100,684	)		(116,195,079	)

Net change in unrealized appreciation (depreciation)		(10,578,798	)		141,777,947

Net increase in net assets from operations	$	116,581,051		$	233,662,055

Distributions to shareholders —

Class A	$	(17,639,422	)	$	(13,472,803	)

Class C		(3,423,482	)		(4,680,061	)

Class I		(133,791,097	)		(148,262,513	)

Class R		(41,899	)		(37,287	)

Class R6		(11,050,708	)		(6,639,389	)

Total distributions to shareholders	$	(165,946,608	)	$	(173,092,053	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	112,886,314		$	238,658,629

Class C		4,797,540			6,749,097

Class I		802,477,314			1,318,653,109

Class R		306,413			78,954

Class R6		350,869,286			173,268,558

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		17,123,987			13,089,995

Class C		3,103,817			4,166,008

Class I		100,180,809			106,037,056

Class R		41,899			37,287

Class R6		5,221,810			5,037,991

Cost of shares redeemed

Class A		(124,065,715	)		(183,972,463	)

Class C		(28,978,368	)		(76,067,305	)

Class I		(1,399,141,995	)		(2,853,775,002	)

Class R		(226,245	)		(305,596	)

Class R6		(185,396,441	)		(108,983,142	)

Net asset value of shares converted

Class A		29,478,283			8,945,698

Class C		(29,478,283	)		(8,945,698	)

Net decrease in net assets from Fund share transactions	$	(340,799,575	)	$	(1,357,326,824	)

Net decrease in net assets	$	(390,165,132	)	$	(1,296,756,822	)

Net Assets

At beginning of year	$	3,557,811,528		$	4,854,568,350

At end of year	$	3,167,646,396		$	3,557,811,528


		9		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.740		$	8.590		$	9.140		$	9.110		$	9.160

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.356		$	0.438		$	0.383		$	0.344		$	0.375

Net realized and unrealized gain (loss)		(0.046	)		0.078			(0.647	)		(0.029	)		0.035

Total income (loss) from operations	$	0.310		$	0.516		$	(0.264	)	$	0.315		$	0.410

Less Distributions

From net investment income	$	(0.410	)	$	(0.366	)	$	(0.087	)	$	(0.285	)	$	(0.337	)

Tax return of capital		—			—			(0.199	)		—			(0.123	)

Total distributions	$	(0.410	)	$	(0.366	)	$	(0.286	)	$	(0.285	)	$	(0.460	)

Net asset value — End of year	$	8.640		$	8.740		$	8.590		$	9.140		$	9.110

Total Return⁽²⁾		3.63	%		6.14	%		(2.97	)%		3.52	%		4.62	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	398,174		$	366,740		$	284,958		$	336,889		$	476,495

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽⁵⁾		1.05	%		1.04	%		1.08	%		1.04	%		1.06	%

Net investment income		4.11	%		5.06	%		4.26	%		3.77	%		4.15	%

Portfolio Turnover of the Portfolio		81	%		61	%		78	%		74	%		65	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		10		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.770		$	8.620		$	9.170		$	9.140		$	9.180

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.305		$	0.374		$	0.321		$	0.280		$	0.313

Net realized and unrealized gain (loss)		(0.044	)		0.082			(0.647	)		(0.028	)		0.036

Total income (loss) from operations	$	0.261		$	0.456		$	(0.326	)	$	0.252		$	0.349

Less Distributions

From net investment income	$	(0.351	)	$	(0.306	)	$	(0.068	)	$	(0.222	)	$	(0.291	)

Tax return of capital		—			—			(0.156	)		—			(0.098	)

Total distributions	$	(0.351	)	$	(0.306	)	$	(0.224	)	$	(0.222	)	$	(0.389	)

Net asset value — End of year	$	8.680		$	8.770		$	8.620		$	9.170		$	9.140

Total Return⁽²⁾		2.91	%		5.39	%		(3.63	)%		2.80	%		3.91	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	54,464		$	106,291		$	178,033		$	216,384		$	257,491

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽⁵⁾		1.75	%		1.76	%		1.78	%		1.74	%		1.76	%

Net investment income		3.51	%		4.31	%		3.56	%		3.06	%		3.44	%

Portfolio Turnover of the Portfolio		81	%		61	%		78	%		74	%		65	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		11		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.720		$	8.580		$	9.120		$	9.090		$	9.140

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.385		$	0.458		$	0.408		$	0.369		$	0.401

Net realized and unrealized gain (loss)		(0.039	)		0.074			(0.636	)		(0.027	)		0.039

Total income (loss) from operations	$	0.346		$	0.532		$	(0.228	)	$	0.342		$	0.440

Less Distributions

From net investment income	$	(0.436	)	$	(0.392	)	$	(0.095	)	$	(0.312	)	$	(0.356	)

Tax return of capital		—			—			(0.217	)		—			(0.134	)

Total distributions	$	(0.436	)	$	(0.392	)	$	(0.312	)	$	(0.312	)	$	(0.490	)

Net asset value — End of year	$	8.630		$	8.720		$	8.580		$	9.120		$	9.090

Total Return⁽²⁾		4.07	%		6.34	%		(2.58	)%		3.83	%		4.98	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	2,323,831		$	2,859,484		$	4,237,027		$	4,910,029		$	4,685,999

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽⁵⁾		0.75	%		0.75	%		0.78	%		0.74	%		0.76	%

Net investment income		4.45	%		5.31	%		4.56	%		4.06	%		4.43	%

Portfolio Turnover of the Portfolio		81	%		61	%		78	%		74	%		65	%

⁽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⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		12		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Financial Highlights — continued


	Class R

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.750		$	8.610		$	9.150		$	9.120		$	9.170

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.338		$	0.417		$	0.369		$	0.325		$	0.358

Net realized and unrealized gain (loss)		(0.034	)		0.073			(0.641	)		(0.027	)		0.032

Total income (loss) from operations	$	0.304		$	0.490		$	(0.272	)	$	0.298		$	0.390

Less Distributions

From net investment income	$	(0.394	)	$	(0.350	)	$	(0.081	)	$	(0.268	)	$	(0.324	)

Tax return of capital		—			—			(0.187	)		—			(0.116	)

Total distributions	$	(0.394	)	$	(0.350	)	$	(0.268	)	$	(0.268	)	$	(0.440	)

Net asset value — End of year	$	8.660		$	8.750		$	8.610		$	9.150		$	9.120

Total Return⁽²⁾		3.55	%		5.80	%		(3.04	)%		3.31	%		4.39	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	968		$	861		$	1,034		$	1,703		$	815

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽⁵⁾		1.25	%		1.26	%		1.28	%		1.23	%		1.26	%

Net investment income		3.89	%		4.82	%		4.09	%		3.56	%		3.94	%

Portfolio Turnover of the Portfolio		81	%		61	%		78	%		74	%		65	%

⁽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⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		13		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Financial Highlights — continued


	Class R6

	Year Ended October 31,									Period Ended October 31, 2017⁽¹⁾
	2020			2019			2018			Period Ended October 31, 2017⁽¹⁾

Net asset value — Beginning of period	$	8.710		$	8.570		$	9.120		$	9.120

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.391		$	0.464		$	0.405		$	0.163

Net realized and unrealized gain (loss)		(0.040	)		0.073			(0.638	)		(0.031	)

Total income (loss) from operations	$	0.351		$	0.537		$	(0.233	)	$	0.132

Less Distributions

From net investment income	$	(0.441	)	$	(0.397	)	$	(0.096	)	$	(0.132	)

Tax return of capital		—			—			(0.221	)		—

Total distributions	$	(0.441	)	$	(0.397	)	$	(0.317	)	$	(0.132	)

Net asset value — End of period	$	8.620		$	8.710		$	8.570		$	9.120

Total Return⁽³⁾		4.01	%		6.53	%		(2.63	)%		1.46	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	390,210		$	224,436		$	153,516		$	14,841

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses⁽⁶⁾		0.68	%		0.69	%		0.72	%		0.68	%⁽⁷⁾

Net investment income		4.51	%		5.37	%		4.54	%		4.23	%⁽⁷⁾

Portfolio Turnover of the Portfolio		81	%		61	%		78	%		74	%⁽⁸⁾

⁽¹⁾	For the period from commencement of operations, May 31, 2017, to October 31, 2017.

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019 and 2018 and the period ended October 31, 2017, respectively.

⁽⁷⁾	Annualized.

⁽⁸⁾	For the Portfolio’s year ended October 31, 2017.


		14		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Global Macro Absolute Return 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 offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I, 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 Fund invests all of its investable assets in interests in Global Macro Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Consolidated Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.


		15

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	165,946,608	$	173,092,053

During the year ended October 31, 2020, accumulated loss was increased by $3,612,982 and paid-in capital was increased by $3,612,982 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	13,711,578

Deferred capital losses	$	(427,860,399	)

Net unrealized depreciation	$	(146,959,680	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $427,860,399 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 October 31, 2020, $92,058,046 are short-term and $335,802,353 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.615% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Consolidated Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $2,863 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 $6,472 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).


		16

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Notes to Financial Statements — continued

4 Distribution Plans

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $614,676 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $2,350 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $204,892 and $2,350 for Class C and Class R shares, respectively.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $3,000 of CDSCs paid by Class C shareholders.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $163,502,210 and $678,982,536, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		13,133,662			27,610,532

Issued to shareholders electing to receive payments of distributions in Fund shares		1,974,178			1,511,518

Redemptions		(14,440,997	)		(21,340,044	)

Converted from Class C shares		3,417,260			1,034,404

Net increase		4,084,103			8,816,410


		17

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class C	2020			2019

Sales		549,951			778,714

Issued to shareholders electing to receive payments of distributions in Fund shares		355,743			480,705

Redemptions		(3,344,526	)		(8,752,716	)

Converted to Class A shares		(3,405,698	)		(1,031,188	)

Net decrease		(5,844,530	)		(8,524,485	)

	Year Ended October 31,
Class I	2020			2019

Sales		92,702,765			153,499,227

Issued to shareholders electing to receive payments of distributions in Fund shares		11,566,403			12,300,814

Redemptions		(162,859,694	)		(331,928,868	)

Net decrease		(58,590,526	)		(166,128,827	)

	Year Ended October 31,
Class R	2020			2019

Sales		34,836			9,106

Issued to shareholders electing to receive payments of distributions in Fund shares		4,824			4,306

Redemptions		(26,230	)		(35,243	)

Net increase (decrease)		13,430			(21,831	)

	Year Ended October 31,
Class R6	2020			2019

Sales		40,299,688			19,915,857

Issued to shareholders electing to receive payments of distributions in Fund shares		601,599			583,708

Redemptions		(21,399,153	)		(12,653,133	)

Net increase		19,502,134			7,846,432

8 Additional Information


		18

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Macro Absolute Return Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Macro Absolute Return Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		19

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $640,394, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $4,704,128 and recognized foreign source income of $135,925,839.


		20

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments


Foreign Government Bonds — 50.3%
Security		Principal Amount (000’s omitted)		Value

Argentina — 0.2%

City of Buenos Aires, 7.50%, 6/1/27⁽¹⁾	USD		8,968	$	6,703,670

Total Argentina				$	6,703,670

Armenia — 0.2%

Republic of Armenia, 3.95%, 9/26/29⁽¹⁾	USD		3,412	$	3,243,242

Republic of Armenia, 7.15%, 3/26/25⁽¹⁾	USD		2,450		2,644,065

Total Armenia				$	5,887,307

Australia — 3.2%

Australia Government Bond, 0.25%, 11/21/25⁽¹⁾	AUD		95,000	$	66,675,824

Australia Government Bond, 1.00%, 12/21/30⁽¹⁾	AUD		48,500		34,665,954

Total Australia				$	101,341,778

Bahrain — 2.8%

CBB International Sukuk Programme Co., 6.25%, 11/14/24⁽¹⁾	USD		7,080	$	7,654,365

Kingdom of Bahrain, 5.45%, 9/16/32⁽¹⁾	USD		10,100		9,894,141

Kingdom of Bahrain, 5.625%, 9/30/31⁽¹⁾	USD		4,748		4,713,869

Kingdom of Bahrain, 6.00%, 9/19/44⁽¹⁾	USD		2,854		2,675,274

Kingdom of Bahrain, 6.75%, 9/20/29⁽¹⁾	USD		5,477		5,941,911

Kingdom of Bahrain, 7.00%, 1/26/26⁽¹⁾	USD		3,000		3,394,552

Kingdom of Bahrain, 7.00%, 10/12/28⁽¹⁾	USD		15,052		16,651,397

Kingdom of Bahrain, 7.375%, 5/14/30⁽¹⁾	USD		29,668		32,959,804

Kingdom of Bahrain, 7.50%, 9/20/47⁽¹⁾	USD		5,750		6,094,028

Total Bahrain				$	89,979,341

Barbados — 0.9%

Government of Barbados, 6.50%, 10/1/29⁽²⁾	USD		28,151	$	27,376,556

Total Barbados				$	27,376,556

Belarus — 0.8%

Republic of Belarus, 5.875%, 2/24/26⁽¹⁾	USD		7,310	$	6,973,155

Republic of Belarus, 6.378%, 2/24/31⁽¹⁾	USD		12,994		12,309,346

Republic of Belarus, 6.875%, 2/28/23⁽¹⁾	USD		6,700		6,643,218

Total Belarus				$	25,925,719

Benin — 0.5%

Benin Government International Bond, 5.75%, 3/26/26⁽¹⁾	EUR		15,118	$	16,934,409

Total Benin				$	16,934,409


Security		Principal Amount (000’s omitted)		Value

China — 0.1%

China Government Bond, 3.40%, 2/9/27	CNY		10,000	$	1,514,966

Total China				$	1,514,966

Costa Rica — 0.1%

Titulo Propiedad UD, 1.00%, 1/12/22⁽³⁾	CRC		1,686,457	$	2,635,237

Total Costa Rica				$	2,635,237

Dominican Republic — 1.1%

Dominican Republic, 5.875%, 1/30/60⁽¹⁾	USD		27,458	$	26,359,680

Dominican Republic, 6.85%, 1/27/45⁽¹⁾	USD		3,219		3,464,610

Dominican Republic, 7.45%, 4/30/44⁽¹⁾	USD		4,820		5,526,130

Total Dominican Republic				$	35,350,420

Ecuador — 0.4%

Republic of Ecuador, 0.50% to 7/31/21, 7/31/30⁽¹⁾⁽⁴⁾	USD		9,190	$	6,157,560

Republic of Ecuador, 0.50% to 7/31/21, 7/31/40⁽¹⁾⁽⁴⁾	USD		12,946		6,473,157

Total Ecuador				$	12,630,717

Egypt — 2.9%

Arab Republic of Egypt, 6.375%, 4/11/31⁽¹⁾	EUR		32,648	$	36,482,023

Arab Republic of Egypt, 8.15%, 11/20/59⁽¹⁾	USD		35,695		33,796,026

Arab Republic of Egypt, 8.70%, 3/1/49⁽¹⁾	USD		19,982		20,190,732

Total Egypt				$	90,468,781

Gabon — 0.2%

Republic of Gabon, 6.625%, 2/6/31⁽¹⁾	USD		7,287	$	6,527,636

Total Gabon				$	6,527,636

Georgia — 0.6%

Georgia Treasury Bond, 7.00%, 5/30/24	GEL		25,057	$	7,466,676

Georgia Treasury Bond, 7.25%, 1/17/21	GEL		4,385		1,359,378

Georgia Treasury Bond, 7.375%, 9/27/23	GEL		5,820		1,764,018

Georgia Treasury Bond, 8.125%, 1/25/23	GEL		2,922		913,469

Georgia Treasury Bond, 9.375%, 4/9/22	GEL		22,758		7,219,442

Total Georgia				$	18,722,983

Iceland — 3.0%

Republic of Iceland, 3.50%, 8/5/21	ISK		1,335,384	$	9,622,906

Republic of Iceland, 5.00%, 11/15/28	ISK		2,671,988		21,803,955

Republic of Iceland, 6.50%, 1/24/31	ISK		5,641,242		52,144,754

Republic of Iceland, 8.00%, 6/12/25	ISK		1,279,138		11,257,684

Total Iceland				$	94,829,299


		21		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount (000’s omitted)		Value

Indonesia — 2.6%

Indonesia Government Bond, 6.50%, 2/15/31	IDR		308,686,000	$	20,995,852

Indonesia Government Bond, 7.00%, 9/15/30	IDR		328,345,000		23,135,694

Indonesia Government Bond, 7.50%, 6/15/35	IDR		540,000,000		38,104,615

Total Indonesia				$	82,236,161

Ivory Coast — 0.4%

Ivory Coast Government International Bond, 5.25%, 3/22/30⁽¹⁾	EUR		10,453	$	11,785,369

Total Ivory Coast				$	11,785,369

Jordan — 0.6%

Jordan Government International Bond, 5.85%, 7/7/30⁽¹⁾	USD		1,638	$	1,653,095

Jordan Government International Bond, 7.375%, 10/10/47⁽¹⁾	USD		17,147		17,779,461

Total Jordan				$	19,432,556

Lebanon — 0.3%

Lebanese Republic, 6.25%, 11/4/24⁽¹⁾⁽⁵⁾	USD		7,398	$	1,100,452

Lebanese Republic, 6.25%, 6/12/25⁽¹⁾⁽⁵⁾	USD		2,947		439,840

Lebanese Republic, 6.40%, 5/26/23⁽⁵⁾	USD		7,397		1,112,842

Lebanese Republic, 6.65%, 4/22/24⁽¹⁾⁽⁵⁾	USD		14,581		2,096,019

Lebanese Republic, 6.65%, 2/26/30⁽¹⁾⁽⁵⁾	USD		453		67,044

Lebanese Republic, 6.75%, 11/29/27⁽¹⁾⁽⁵⁾	USD		120		17,867

Lebanese Republic, 6.85%, 5/25/29⁽⁵⁾	USD		9,840		1,461,437

Lebanese Republic, 7.00%, 12/3/24⁽⁵⁾	USD		3,446		512,592

Lebanese Republic, 7.00%, 3/20/28⁽¹⁾⁽⁵⁾	USD		2,952		422,490

Lebanese Republic, 7.15%, 11/20/31⁽¹⁾⁽⁵⁾	USD		4,621		674,943

Lebanese Republic, 8.20%, 5/17/33⁽⁵⁾	USD		1,595		227,288

Lebanese Republic, 8.25%, 4/12/21⁽¹⁾⁽⁵⁾	USD		1,000		161,440

Lebanese Republic, 8.25%, 5/17/34⁽⁵⁾	USD		1,326		188,955

Total Lebanon				$	8,483,209

Mongolia — 0.1%

Mongolia Government International Bond, 5.125%, 4/7/26⁽¹⁾	USD		1,554	$	1,610,193

Total Mongolia				$	1,610,193

New Zealand — 4.7%

New Zealand Government Bond, 2.00%, 9/20/25⁽¹⁾⁽³⁾	NZD		92,599	$	69,408,353

New Zealand Government Bond, 2.50%, 9/20/35⁽¹⁾⁽³⁾	NZD		41,796		40,215,420

New Zealand Government Bond, 3.00%, 9/20/30⁽¹⁾⁽³⁾	NZD		44,849		40,456,498

Total New Zealand				$	150,080,271


Security		Principal Amount (000’s omitted)		Value

Oman — 0.3%

Oman Government International Bond, 3.625%, 6/15/21⁽¹⁾	USD		3,600	$	3,578,440

Oman Government International Bond, 5.625%, 1/17/28⁽¹⁾	USD		750		687,142

Oman Government International Bond, 6.00%, 8/1/29⁽¹⁾	USD		3,645		3,340,223

Oman Government International Bond, 6.75%, 1/17/48⁽¹⁾	USD		3,223		2,648,452

Total Oman				$	10,254,257

Peru — 1.1%

Peru Government Bond, 6.15%, 8/12/32	PEN		65,544	$	20,910,006

Peru Government Bond, 6.90%, 8/12/37	PEN		19,620		6,426,634

Peru Government Bond, 6.95%, 8/12/31	PEN		23,000		7,855,273

Total Peru				$	35,191,913

Philippines — 1.6%

Republic of the Philippines, 2.95%, 5/5/45	USD		7,455	$	7,861,693

Republic of the Philippines, 6.25%, 1/14/36	PHP		1,649,000		43,960,942

Total Philippines				$	51,822,635

Romania — 2.4%

Romania Government International Bond, 3.375%, 1/28/50⁽¹⁾	EUR		27,506	$	33,424,922

Romania Government International Bond, 4.625%, 4/3/49⁽¹⁾	EUR		28,560		41,316,898

Total Romania				$	74,741,820

Rwanda — 0.0%⁽⁶⁾

Republic of Rwanda, 6.625%, 5/2/23⁽¹⁾	USD		579	$	610,282

Total Rwanda				$	610,282

Serbia — 7.3%

Serbia Treasury Bond, 4.50%, 1/11/26	RSD		2,859,650	$	30,674,292

Serbia Treasury Bond, 4.50%, 8/20/32	RSD		600,880		6,142,831

Serbia Treasury Bond, 5.75%, 7/21/23	RSD		10,331,850		112,228,893

Serbia Treasury Bond, 5.875%, 2/8/28	RSD		6,989,920		80,827,873

Total Serbia				$	229,873,889

South Africa — 0.3%

Republic of South Africa, 4.30%, 10/12/28	USD		10,400	$	10,127,000

Total South Africa				$	10,127,000


		22		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount (000’s omitted)		Value

Suriname — 0.3%

Republic of Suriname, 9.25%, 10/26/26⁽¹⁾	USD		18,004	$	9,632,140

Total Suriname				$	9,632,140

Thailand — 2.6%

Thailand Government Bond, 1.25%, 3/12/28⁽¹⁾⁽³⁾	THB		2,468,129	$	77,064,689

Thailand Government Bond, 2.875%, 6/17/46	THB		112,400		4,178,678

Total Thailand				$	81,243,367

Ukraine — 7.7%

Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40^(1)(2)(7)	USD		16,642	$	14,469,054

Ukraine Government International Bond, 9.79%, 5/26/27	UAH		75,000		2,311,104

Ukraine Government International Bond, 10.00%, 8/23/23	UAH		696,196		23,731,436

Ukraine Government International Bond, 11.67%, 11/22/23	UAH		693,998		24,627,501

Ukraine Government International Bond, 15.84%, 2/26/25	UAH		4,481,371		177,287,907

Ukraine Government International Bond, 17.00%, 5/11/22	UAH		25,000		955,585

Ukraine Government International Bond, 17.25%, 1/5/22	UAH		39,000		1,474,139

Total Ukraine				$	244,856,726

Uruguay — 1.0%

Republic of Uruguay, 3.875%, 7/2/40⁽³⁾	UYU		963,501	$	25,806,054

Republic of Uruguay, 4.375%, 12/15/28⁽³⁾	UYU		248,571		6,528,016

Total Uruguay				$	32,334,070

Zambia — 0.0%⁽⁶⁾

Zambia Government International Bond, 5.375%, 9/20/22⁽¹⁾	USD		200	$	88,248

Total Zambia				$	88,248

Total Foreign Government Bonds (identified cost $1,538,600,237)				$	1,591,232,925

Foreign Corporate Bonds — 3.0%
Security		Principal Amount (000’s omitted)		Value

Belarus — 0.1%

Eurotorg LLC Via Bonitron DAC, 9.00%, 10/22/25⁽¹⁾	USD		2,019	$	2,029,095

Total Belarus				$	2,029,095


Security		Principal Amount (000’s omitted)		Value

Bulgaria — 0.3%

Eurohold Bulgaria AD, 6.50%, 12/7/22⁽¹⁾	EUR		9,200	$	10,150,163

Total Bulgaria				$	10,150,163

Georgia — 0.3%

Georgia Capital JSC, 6.125%, 3/9/24⁽¹⁾	USD		5,296	$	5,190,080

Silknet JSC, 11.00%, 4/2/24⁽¹⁾	USD		2,470		2,639,244

Total Georgia				$	7,829,324

Iceland — 0.6%

Arion Banki HF, 6.00%, 4/12/24⁽¹⁾	ISK		1,000,000	$	7,860,712

Islandsbanki HF, 6.40%, 10/26/23	ISK		860,000		6,762,956

Landsbankinn HF, 5.00%, 11/23/23⁽¹⁾	ISK		560,000		4,252,745

WOW Air HF, 0.00%^(5)(8)(10)	EUR		79		0

WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24⁽⁵⁾⁽⁸⁾	EUR		3,600		0

Total Iceland				$	18,876,413

India — 0.0%⁽⁶⁾

Reliance Communications, Ltd., 6.50%, 11/6/20⁽¹⁾⁽⁵⁾	USD		1,800	$	117,000

Total India				$	117,000

Indonesia — 0.2%

Bayan Resources Tbk PT, 6.125%, 1/24/23⁽¹⁾	USD		5,385	$	5,253,173

Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20⁽¹⁾	IDR		18,080,000		1,219,850

Total Indonesia				$	6,473,023

Ireland — 0.4%

Aragvi Finance International DAC, 12.00%, 4/9/24⁽¹⁾	USD		11,426	$	11,968,735

Total Ireland				$	11,968,735

Mexico — 0.0%⁽⁶⁾

Grupo Kaltex S.A. de CV, 8.875%, 4/11/22⁽¹⁾	USD		781	$	490,878

Total Mexico				$	490,878

Netherlands — 0.3%

Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25⁽¹⁾	USD		8,832	$	7,948,800

Total Netherlands				$	7,948,800


		23		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Security

Principal
Amount
(000’s omitted)

Value

Paraguay — 0.1%

Frigorifico Concepcion S.A., 10.25%, 1/29/25⁽¹⁾

USD

4,725

4,606,875

Total Paraguay

4,606,875

Singapore — 0.2%

Alam Synergy Pte Ltd., 6.625%, 4/24/22⁽¹⁾

USD

6,700

4,713,667

Total Singapore

4,713,667

United Kingdom — 0.1%

Ellaktor Value PLC, 6.375%, 12/15/24⁽¹⁾

EUR

4,445

4,472,815

Total United Kingdom

4,472,815

Uzbekistan — 0.4%

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22⁽¹⁾

UZS

143,000,000

13,732,466

Total Uzbekistan

13,732,466

Total Foreign Corporate Bonds
(identified cost $101,475,550)

93,409,254

Senior Floating-Rate Loans — 0.0%⁽⁶⁾

Borrower/Tranche Description

Principal
Amount
(000’s omitted)

Value

Argentina — 0.0%⁽⁶⁾

Desarrolladora Energética S.A., Term Loan, 9.50%, Maturing
July 18, 2020^(5)(8)(12)

1,825

967,250

Total Argentina

967,250

Total Senior Floating-Rate Loans
(identified cost $1,825,000)

967,250

Sovereign Loans — 2.2%

Borrower

Principal
Amount
(000’s omitted)

Value

Ethiopia — 0.1%

Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 4.06%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021^(9)(13)

3,467

3,448,893

Total Ethiopia

3,448,893


Borrower		Principal Amount (000’s omitted)		Value

Kenya — 0.6%

Government of Kenya, Term Loan, 6.81%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025⁽⁹⁾		$	17,415	$	17,342,345

Government of Kenya, Term Loan, 6.95%, (6 mo. USD LIBOR + 6.70%), Maturing October 24, 2024⁽⁹⁾			2,323		2,313,629

Total Kenya				$	19,655,974

Macedonia — 0.2%

Republic of Macedonia, Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing December 16, 2022^(9)(13)	EUR		6,050	$	7,093,180

Total Macedonia				$	7,093,180

Nigeria — 0.2%

Bank of Industry Limited, Term Loan, 6.22%, (3 mo. USD LIBOR + 6.00%), Maturing April 11, 2021^(9)(13)		$	6,095	$	5,901,417

Total Nigeria				$	5,901,417

Tanzania — 1.1%

Government of the United Republic of Tanzania, Term Loan, 5.61%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022⁽⁹⁾		$	33,794	$	34,282,410

Total Tanzania				$	34,282,410

Total Sovereign Loans (identified cost $69,562,072)				$	70,381,874

Loan Participation Notes — 1.2%
Security		Principal Amount (000’s omitted)		Value

Uzbekistan — 1.2%

Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23^(1)(8)(14)	UZS		112,570,000	$	11,443,818

Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/26/23^(1)(8)(14)	UZS		248,781,000		25,080,393

Total Uzbekistan				$	36,524,211

Total Loan Participation Notes (identified cost $36,139,419)				$	36,524,211


		24		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Debt Obligations — United States — 4.3%

Asset-Backed Securities — 0.5%
Security	Principal Amount		Value

Pnmac Gmsr Issuer Trust

Series 2018-GT1, Class A, 2.999%, (1 mo. USD LIBOR + 2.85%), 2/25/23⁽²⁾⁽⁹⁾	$	9,000,000	$	8,862,781

Series 2018-GT2, Class A, 2.799%, (1 mo. USD LIBOR + 2.65%), 8/25/25⁽²⁾⁽⁹⁾		8,064,000		7,804,629

Total Asset-Backed Securities (identified cost $17,064,000)			$	16,667,410

Collateralized Mortgage Obligations — 0.6%
Security	Principal Amount		Value

Federal Home Loan Mortgage Corp.:

Series 4, Class D, 8.00%, 12/25/22	$	14,925	$	15,700

Series 1548, Class Z, 7.00%, 7/15/23		21,812		23,349

Series 1650, Class K, 6.50%, 1/15/24		145,754		156,866

Series 1817, Class Z, 6.50%, 2/15/26		31,042		34,213

Series 1927, Class ZA, 6.50%, 1/15/27		106,994		119,219

Series 2344, Class ZD, 6.50%, 8/15/31		314,720		369,887

Series 2458, Class ZB, 7.00%, 6/15/32		612,405		736,077

Interest Only:⁽¹⁵⁾

Series 4791, Class JI, 4.00%, 5/15/48		14,517,272		1,521,221

			$	2,976,532

Federal National Mortgage Association:

Series G48, Class Z, 7.10%, 12/25/21	$	29,995	$	30,615

Series G92-60, Class Z, 7.00%, 10/25/22		70,598		73,098

Series G93-1, Class K, 6.675%, 1/25/23		75,736		78,956

Series G94-7, Class PJ, 7.50%, 5/17/24		133,321		144,386

Series 1992-180, Class F, 1.299%, (1 mo. USD LIBOR + 1.15%), 10/25/22⁽⁹⁾		73,573		74,042

Series 1993-16, Class Z, 7.50%, 2/25/23		68,234		72,214

Series 1993-79, Class PL, 7.00%, 6/25/23		38,974		41,732

Series 1993-104, Class ZB, 6.50%, 7/25/23		19,845		21,075

Series 1993-121, Class Z, 7.00%, 7/25/23		291,552		312,140

Series 1993-141, Class Z, 7.00%, 8/25/23		66,124		70,934

Series 1994-42, Class ZQ, 7.00%, 4/25/24		471,094		510,441

Series 1994-79, Class Z, 7.00%, 4/25/24		83,422		89,564

Series 1994-89, Class ZQ, 8.00%, 7/25/24		91,073		99,392

Series 1996-35, Class Z, 7.00%, 7/25/26		29,853		33,402

Series 1998-16, Class H, 7.00%, 4/18/28		119,527		137,639

Series 1998-44, Class ZA, 6.50%, 7/20/28		210,926		239,318

Series 1999-25, Class Z, 6.00%, 6/25/29		227,255		259,182

Series 2000-2, Class ZE, 7.50%, 2/25/30		51,833		60,175

Series 2000-49, Class A, 8.00%, 3/18/27		159,526		178,940


Security	Principal Amount		Value

Federal National Mortgage Association: (continued)

Series 2001-31, Class ZA, 6.00%, 7/25/31	$	1,830,863	$	2,091,388

Series 2001-74, Class QE, 6.00%, 12/25/31		478,470		552,153

Series 2009-48, Class WA, 5.849%, 7/25/39⁽¹⁶⁾		2,380,157		2,666,224

Series 2011-38, Class SA, 13.052%, (13.50% - 1 mo. USD LIBOR x 3), 5/25/41^(9)(17)		3,227,981		4,339,247

Interest Only:⁽¹⁵⁾

Series 424, Class C8, 3.50%, 2/25/48		15,224,884		1,253,771

Series 2018-21, Class IO, 3.00%, 4/25/48		15,079,080		1,287,869

Series 2018-58, Class BI, 4.00%, 8/25/48		2,225,044		221,135

			$	14,939,032

Government National Mortgage Association:

Series 2001-35, Class K, 6.45%, 10/26/23	$	28,631	$	30,451

			$	30,451

Total Collateralized Mortgage Obligations (identified cost $28,345,935)			$	17,946,015

Mortgage Pass-Throughs — 2.4%
Security	Principal Amount		Value

Federal Home Loan Mortgage Corp.:

2.802%, (COF + 1.25%), with maturity at 2035⁽¹⁸⁾	$	1,062,379	$	1,089,052

2.944%, (1 yr. CMT + 2.31%), with maturity at 2036⁽¹⁸⁾		874,203		921,369

3.344%, (COF + 2.39%), with maturity at 2023⁽¹⁸⁾		10,308		10,392

4.036%, (COF + 1.25%), with maturity at 2029⁽¹⁸⁾		9,016		9,535

4.357%, (COF + 1.25%), with maturity at 2030⁽¹⁸⁾		217,706		230,442

4.50%, with maturity at 2035		173,716		190,539

6.00%, with various maturities to 2035		4,910,268		5,663,579

6.50%, with various maturities to 2032		5,575,491		6,440,773

6.60%, with maturity at 2030		568,761		653,628

7.00%, with various maturities to 2036		7,767,099		8,930,648

7.31%, with maturity at 2026		17,308		18,828

7.50%, with various maturities to 2035		3,281,974		3,679,155

7.95%, with maturity at 2022		22,481		23,128

8.00%, with various maturities to 2030		750,361		812,175

8.50%, with maturity at 2025		29,893		30,147

9.00%, with various maturities to 2027		67,431		72,162

9.50%, with maturity at 2027		34,104		37,864

			$	28,813,416


		25		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount		Value

Federal National Mortgage Association:

1.79%, (COF + 1.25%), with maturity at 2027⁽¹⁸⁾	$	65,072	$	65,827

1.932%, (COF + 1.25%), with various maturities to 2033⁽¹⁸⁾		1,356,452		1,371,358

2.053%, (COF + 1.40%), with maturity at 2025⁽¹⁸⁾		249,386		251,534

2.253%, (COF + 1.60%), with maturity at 2024⁽¹⁸⁾		100,540		101,503

3.368%, (COF + 1.25%), with maturity at 2034⁽¹⁸⁾		451,897		468,826

3.401%, (COF + 1.25%), with maturity at 2035⁽¹⁸⁾		1,184,091		1,218,486

3.792%, (1 yr. CMT + 2.15%), with maturity at 2028⁽¹⁸⁾		90,037		93,107

3.934%, (COF + 1.78%), with maturity at 2035⁽¹⁸⁾		1,782,293		1,880,407

6.00%, with various maturities to 2035		16,430,192		19,151,945

6.332%, (COF + 2.00%, Floor 6.332%), with maturity at 2032⁽¹⁸⁾		459,922		506,658

6.50%, with various maturities to 2038		6,638,215		7,572,086

7.00%, with various maturities to 2035		10,857,574		12,610,368

7.50%, with various maturities to 2027		48,993		52,102

7.679%, (1 yr. CMT + 2.15%), with maturity at 2025⁽¹⁸⁾		14,447		15,244

8.00%, with maturity at 2026		7,384		7,696

8.50%, with various maturities to 2037		1,331,217		1,550,327

9.00%, with various maturities to 2032		160,892		178,254

9.285%, with maturity at 2028		138		143

9.50%, with various maturities to 2031		54,301		59,369

9.535%, with maturity at 2027		1,479		1,609

10.50%, with maturity at 2029		24,206		28,485

11.50%, with maturity at 2031		103,655		124,480

			$	47,309,814

Government National Mortgage Association:

3.125%, (1 yr. CMT + 1.50%), with maturity at 2024⁽¹⁸⁾	$	104,282	$	106,353

6.50%, with various maturities to 2032		267,384		300,964

7.00%, with various maturities to 2031		507,715		572,201

7.50%, with various maturities to 2028		73,370		80,792

8.00%, with various maturities to 2023		37,000		39,033

9.00%, with maturity at 2025		10,696		11,374

9.50%, with various maturities to 2021		379		385

			$	1,111,102

Total Mortgage Pass-Throughs (identified cost $72,891,574)			$	77,234,332


U.S. Treasury Obligations — 0.0%⁽⁶⁾
Security	Principal Amount		Value

U.S. Treasury Bond, 7.875%, 2/15/21	$	1,500,000	$	1,533,326

Total U.S. Treasury Obligations (identified cost $1,509,081)			$	1,533,326

U.S. Government Guaranteed Small Business Administration Loans^(19)(20) — 0.8%
Security	Principal Amount (000’s omitted)		Value

1.11%, 9/15/42	$	1,661	$	68,706

1.41%, 9/15/42		1,111		59,660

1.61%, 9/15/42		1,877		123,428

1.66%, 8/15/42 to 4/15/43		7,160		442,349

1.91%, 8/15/42 to 4/15/43		13,170		942,998

1.93%, 3/15/41 to 5/15/42		2,108		151,275

1.96%, 9/15/42		2,900		199,944

2.03%, 8/15/32		775		52,531

2.11%, 8/15/42 to 9/15/42		5,935		471,896

2.16%, 2/15/42 to 4/15/43		16,085		1,329,082

2.21%, 9/15/42		2,608		210,114

2.28%, 3/15/43		2,720		272,671

2.36%, 9/15/42		1,949		175,155

2.38%, 2/15/41		651		49,206

2.39%, 7/15/39		1,004		76,701

2.41%, 7/15/42 to 4/15/43		22,224		2,117,428

2.46%, 3/15/28 to 4/15/43		9,901		878,610

2.53%, 6/15/36		849		65,391

2.56%, 5/15/37		1,369		103,251

2.61%, 9/15/42		2,857		295,528

2.63%, 11/15/36		610		46,793

2.66%, 4/15/43		8,086		870,381

2.67%, 10/4/23 to 8/25/42⁽²¹⁾		20,028		1,594,181

2.71%, 7/15/27 to 9/15/42		9,342		895,383

2.91%, 10/15/42 to 4/15/43		16,182		1,931,684

2.93%, 4/15/42		925		114,640

2.96%, 7/15/27 to 2/15/43		7,862		688,410

2.98%, 7/15/43		1,201		151,203

2.99%, 2/15/29		856		56,815

3.16%, 9/15/42 to 4/15/43		6,337		882,288

3.21%, 6/15/27 to 3/15/43		7,761		921,625

3.29%, 12/15/42		3,525		478,968

3.36%, 12/28/26 to 8/17/42⁽²¹⁾		31,121		2,653,852

3.41%, 3/15/43 to 4/15/43		8,176		1,102,189

3.46%, 3/15/27 to 9/15/42		5,167		643,445

3.66%, 1/15/43 to 6/15/43		8,690		1,395,677


		26		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

3.69%, 3/15/43	$	1,340	$	243,621

3.71%, 2/15/28 to 10/15/42		10,657		1,165,650

3.78%, 5/15/27 to 9/15/42		4,007		547,364

Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $25,873,326)			$	24,470,093

Total Debt Obligations — United States (identified cost $145,683,916)			$	137,851,176

Common Stocks — 2.5%
Security	Shares		Value

Argentina— 0.2%

Empresa Distribuidora Y Comercializadora Norte ADR⁽²²⁾		36,031	$	119,623

IRSA Inversiones y Representaciones S.A. ADR⁽²²⁾		131,493		482,579

Loma Negra Cia Industrial Argentina S.A. ADR		225,800		966,424

Pampa Energia S.A. ADR⁽²²⁾		89,700		1,058,460

Telecom Argentina S.A. ADR		143,100		917,271

Transportadora de Gas del Sur S.A. ADR⁽²²⁾		164,357		792,201

YPF S.A. ADR⁽²²⁾		298,100		959,882

Total Argentina			$	5,296,440

Belgium— 0.0%⁽⁶⁾

KBC Group NV		5,400	$	266,797

Total Belgium			$	266,797

Cyprus— 0.1%

Bank of Cyprus Holdings PLC⁽²²⁾		4,401,002	$	2,328,798

Total Cyprus			$	2,328,798

France— 0.0%⁽⁶⁾

BNP Paribas S.A.⁽²²⁾		9,400	$	327,823

Credit Agricole S.A.⁽²²⁾		37,100		293,481

Societe Generale S.A.⁽²²⁾		18,400		250,017

Total France			$	871,321

Georgia— 0.1%

Georgia Capital PLC⁽²²⁾		333,685	$	1,590,887

Total Georgia			$	1,590,887

Germany— 0.0%⁽⁶⁾

Deutsche Bank AG⁽²²⁾		42,100	$	389,052

Total Germany			$	389,052


Security	Shares		Value

Greece— 0.2%

Alpha Bank AE⁽²²⁾		1,247,900	$	635,027

Eurobank Ergasias Services and Holdings S.A.⁽²²⁾		2,679,600		896,083

Hellenic Telecommunications Organization S.A.		86,871		1,152,058

JUMBO S.A.		67,891		951,583

National Bank of Greece S.A.⁽²²⁾		776,900		818,182

OPAP S.A.		122,204		988,639

Piraeus Bank S.A.⁽²²⁾		716,900		551,470

Total Greece			$	5,993,042

Iceland— 0.8%

Arion Banki HF^(2)(22)		11,398,203	$	6,760,464

Eik Fasteignafelag HF⁽²²⁾		42,391,952		2,191,561

Eimskipafelag Islands HF⁽²²⁾		2,989,145		3,969,617

Hagar HF⁽²²⁾		11,272,419		4,344,061

Reginn HF⁽²²⁾		15,791,200		1,799,286

Reitir Fasteignafelag HF		6,661,681		2,170,577

Siminn HF		71,023,761		3,751,390

Total Iceland			$	24,986,956

Italy— 0.0%⁽⁶⁾

Intesa Sanpaolo SpA⁽²²⁾		194,400	$	322,725

UniCredit SpA⁽²²⁾		39,000		292,086

Total Italy			$	614,811

Mexico— 0.0%⁽⁶⁾

Vista Oil & Gas SAB de CV ADR⁽²²⁾		477,800	$	950,822

Total Mexico			$	950,822

Netherlands— 0.0%⁽⁶⁾

ING Groep NV⁽²²⁾		53,500	$	366,460

Total Netherlands			$	366,460

Serbia— 0.1%

Komercijalna Banka AD Beograd⁽²²⁾		84,003	$	2,410,213

Total Serbia			$	2,410,213

Singapore— 0.2%

Yoma Strategic Holdings, Ltd.⁽²²⁾		43,974,000	$	8,218,449

Total Singapore			$	8,218,449

Spain— 0.0%⁽⁶⁾

Banco Bilbao Vizcaya Argentaria S.A.		95,500	$	275,532

Banco Santander S.A.⁽²²⁾		140,000		280,358

Total Spain			$	555,890


		27		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Shares		Value

Sri Lanka— 0.1%

Softlogic Life Insurance PLC⁽²²⁾			20,500,000	$	3,349,227

Total Sri Lanka				$	3,349,227

Vietnam— 0.7%

Bank for Foreign Trade of Vietnam JSC			539,910	$	1,939,070

Bank for Investment and Development of Vietnam JSC			468,816		781,524

Binh Minh Plastics JSC			39,120		91,836

Coteccons Construction JSC			133,000		324,050

FPT Corp.			503,306		1,196,363

Hoa Phat Group JSC			953,288		1,259,614

KIDO Group Corp.			24,450		36,299

Masan Group Corp.⁽²²⁾			429,280		1,555,203

Military Commercial Joint Stock Bank⁽²²⁾			2,143,462		1,650,371

PetroVietnam Nhon Trach 2 Power JSC			485,400		476,256

Phu Nhuan Jewelry JSC			532,630		1,609,623

Refrigeration Electrical Engineering Corp.			807,810		1,562,236

SSI Securities Corp.			775,425		574,211

Viet Capital Securities JSC			448,200		715,382

Vietnam Dairy Products JSC			474,081		2,215,051

Vietnam Prosperity JSC Bank⁽²²⁾			1,581,255		1,614,006

Vietnam Technological & Commercial Joint Stock Bank⁽²²⁾			781,800		770,401

Vingroup JSC⁽²²⁾			632,834		2,911,051

Total Vietnam				$	21,282,547

Total Common Stocks (identified cost $111,664,265)				$	79,471,712

Short-Term Investments — 29.2%

Foreign Government Securities — 7.2%
Security		Principal Amount (000’s omitted)		Value

Egypt — 6.8%

Egypt Treasury Bill, 0.00%, 11/3/20	EGP		248,100	$	15,802,548

Egypt Treasury Bill, 0.00%, 11/10/20	EGP		175,475		11,172,811

Egypt Treasury Bill, 0.00%, 11/17/20	EGP		517,100		32,971,859

Egypt Treasury Bill, 0.00%, 12/8/20	EGP		42,575		2,679,821

Egypt Treasury Bill, 0.00%, 12/29/20	EGP		134,350		8,435,928

Egypt Treasury Bill, 0.00%, 1/12/21	EGP		176,875		11,008,143

Egypt Treasury Bill, 0.00%, 2/2/21	EGP		44,050		2,730,009

Egypt Treasury Bill, 0.00%, 2/16/21	EGP		534,050		32,933,932

Egypt Treasury Bill, 0.00%, 3/2/21	EGP		29,850		1,831,717


Security		Principal Amount (000’s omitted)		Value

Egypt (continued)

Egypt Treasury Bill, 0.00%, 3/23/21	EGP		45,250	$	2,756,283

Egypt Treasury Bill, 0.00%, 3/30/21	EGP		184,700		11,222,968

Egypt Treasury Bill, 0.00%, 4/6/21	EGP		208,975		12,666,924

Egypt Treasury Bill, 0.00%, 6/15/21	EGP		157,275		9,276,091

Egypt Treasury Bill, 0.00%, 6/29/21	EGP		295,900		17,394,158

Egypt Treasury Bill, 0.00%, 7/6/21	EGP		264,775		15,543,690

Egypt Treasury Bill, 0.00%, 7/13/21	EGP		184,100		10,781,198

Egypt Treasury Bill, 0.00%, 9/28/21	EGP		92,950		5,305,357

Egypt Treasury Bill, 0.00%, 10/12/21	EGP		194,675		11,060,729

Total Egypt				$	215,574,166

Georgia — 0.4%

Georgia Treasury Bill, 0.00%, 12/3/20	GEL		1,570	$	483,508

Georgia Treasury Bill, 0.00%, 1/14/21	GEL		3,982		1,213,745

Georgia Treasury Bill, 0.00%, 2/11/21	GEL		11,447		3,471,502

Georgia Treasury Bill, 0.00%, 4/8/21	GEL		843		252,536

Georgia Treasury Bill, 0.00%, 5/13/21	GEL		18,000		5,346,223

Georgia Treasury Bill, 0.00%, 7/15/21	GEL		7,000		2,054,269

Total Georgia				$	12,821,783

Total Foreign Government Securities (identified cost $225,716,167)				$	228,395,949

U.S. Treasury Obligations — 6.5%
Security		Principal Amount (000’s omitted)		Value

U.S. Treasury Bill, 0.00%, 11/19/20⁽¹¹⁾		$	54,900	$	54,898,120

U.S. Treasury Bill, 0.00%, 12/3/20			150,000		149,989,989

Total U.S. Treasury Obligations (identified cost $204,886,406)				$	204,888,109

Other — 15.5%
Description		Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²³⁾			490,405,962	$	490,405,962

Total Other (identified cost $490,395,037)				$	490,405,962

Total Short-Term Investments (identified cost $920,997,610)				$	923,690,020

Total Investments — 92.7% (identified cost $2,925,948,069)				$	2,933,528,422


		28		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Securities Sold Short — (0.3)%

Common Stocks — (0.3)%
Security	Shares			Value

Ashmore Group PLC		(1,867,300	)	$	(8,639,152	)

Total Common Stocks				$	(8,639,152	)

Total Securities Sold Short (proceeds $12,025,557)				$	(8,639,152	)

Other Assets, Less Liabilities — 7.6%				$	240,839,692

Net Assets — 100.0%				$	3,165,728,962

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

⁽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 October 31, 2020, the aggregate value of these securities is $889,669,261 or 28.1% of the Portfolio’s net assets.

⁽²⁾

⁽³⁾

⁽⁴⁾

Step coupon security. Interest rate represents the rate in effect at October 31, 2020.

⁽⁵⁾

Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁶⁾

Amount is less than 0.05%.

⁽⁷⁾

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.

⁽⁸⁾

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

⁽⁹⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹⁰⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹¹⁾	Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽¹²⁾	Fixed-rate loan.

⁽¹³⁾	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹⁴⁾	Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

⁽¹⁵⁾	Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽¹⁶⁾	Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽¹⁷⁾	Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at October 31, 2020.

⁽¹⁸⁾

⁽¹⁹⁾	Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽²⁰⁾	Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro-rata basis with all securities in the trust.

⁽²¹⁾	The stated interest rate represents the weighted average fixed interest rate at October 31, 2020 of all interest only securities comprising the certificate.

⁽²²⁾	Non-income producing security.

⁽²³⁾	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 October 31, 2020.


		29		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Commodity Contracts⁽¹⁾

Settlement Date	Deliver	In Exchange For	Counterparty	Value/Unrealized Appreciation (Depreciation)

2/2/21	United States Dollar 9,456,000	Gold 4,800 Troy Ounces	Citibank, N.A.	$	(435,024	)

2/2/21	United States Dollar 15,362,944	Gold 8,000 Troy Ounces	Citibank, N.A.		(327,984	)

2/2/21	United States Dollar 6,275,200	Gold 3,200 Troy Ounces	Citibank, N.A.		(261,216	)

2/2/21	United States Dollar 15,717,200	Gold 8,000 Troy Ounces	Citibank, N.A.		(682,240	)

2/2/21	United States Dollar 15,522,320	Gold 8,000 Troy Ounces	Citibank, N.A.		(487,360	)

2/2/21	United States Dollar 6,196,000	Gold 3,200 Troy Ounces	Citibank, N.A.		(182,016	)

				$	(2,375,840	)

⁽¹⁾	Non-deliverable contracts that are settled with the counterparty in cash.


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

EUR	592,412,738	USD	690,071,978		11/3/20	$	(118,438	)

EUR	15,775,432	USD	18,671,281		11/3/20		(298,423	)

USD	695,132,669	EUR	592,412,738		11/3/20		5,179,130

USD	18,376,012	EUR	15,775,432		11/3/20		3,154

BRL	17,905,000	USD	3,102,152		11/4/20		18,301

BRL	17,905,000	USD	3,102,152		11/4/20		18,301

BRL	17,905,000	USD	3,177,219		11/4/20		(56,766	)

BRL	17,905,000	USD	3,177,219		11/4/20		(56,766	)

USD	3,118,605	BRL	17,905,000		11/4/20		(1,848	)

USD	3,118,605	BRL	17,905,000		11/4/20		(1,848	)

USD	3,102,152	BRL	17,905,000		11/4/20		(18,301	)

USD	3,102,152	BRL	17,905,000		11/4/20		(18,301	)

COP	3,000,000,000	USD	778,493		11/5/20		(3,400	)

PEN	6,308,000	USD	1,755,050		11/5/20		(10,353	)

PEN	6,308,000	USD	1,755,050		11/5/20		(10,353	)

PEN	498,000	USD	138,414		11/5/20		(675	)

PEN	498,000	USD	138,414		11/5/20		(675	)

PEN	4,595,000	USD	1,277,880		11/5/20		(6,973	)

PEN	4,595,000	USD	1,277,880		11/5/20		(6,973	)

PEN	11,444,000	USD	3,182,513		11/5/20		(17,278	)

PEN	11,444,000	USD	3,182,513		11/5/20		(17,278	)

USD	34,369	COP	131,200,000		11/5/20		472

USD	16,507	COP	63,000,000		11/5/20		230


		30		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

USD	32,749,524	PEN	116,162,563		11/5/20	$	620,733

NZD	30,878,633	USD	20,475,742		11/9/20		(58,794	)

USD	38,450,468	NZD	57,331,000		11/9/20		543,219

RUB	319,231,000	USD	4,127,975		11/13/20		(114,140	)

RUB	319,231,000	USD	4,134,719		11/13/20		(120,884	)

RUB	383,078,000	USD	4,949,471		11/13/20		(132,859	)

RUB	415,000,000	USD	5,362,030		11/13/20		(144,048	)

RUB	421,960,000	USD	5,457,845		11/13/20		(152,352	)

USD	7,992,975	RUB	634,095,161		11/13/20		20,211

USD	584,740	RUB	45,400,000		11/13/20		13,906

USD	4,434,824	RUB	353,309,228		11/13/20		(7,492	)

USD	10,391,154	RUB	825,695,611		11/13/20		9,311

USD	5,046,837	NZD	7,693,467		11/16/20		(40,122	)

USD	18,429,141	NZD	28,093,631		11/16/20		(146,511	)

USD	1,078,061	JPY	114,682,000		11/19/20		(17,518	)

USD	1,472,293	IDR	21,589,260,057		11/23/20		13,975

USD	33,130,627	NZD	50,148,151		11/23/20		(27,891	)

USD	23,243,047	IDR	352,690,000,000		11/24/20		(577,691	)

JPY	5,916,978,060	USD	56,031,989		11/25/20		497,934

USD	25,473,428	JPY	2,689,994,017		11/25/20		(226,372	)

GBP	24,507,000	USD	31,491,495		11/30/20		262,619

GBP	7,567,574	USD	9,724,333		11/30/20		81,095

USD	24,672,000	GBP	19,200,000		11/30/20		(205,749	)

KRW	6,038,729,496	USD	5,094,174		12/1/20		215,967

KRW	5,746,067,504	USD	4,844,878		12/1/20		207,912

BRL	17,905,000	USD	3,115,823		12/2/20		302

BRL	17,905,000	USD	3,115,823		12/2/20		302

USD	672,107,108	EUR	576,637,306		12/2/20		97,215

USD	11,054,119	NZD	16,406,442		12/2/20		205,868

USD	6,278,387	NZD	9,318,336		12/2/20		116,926

CHF	43,722,477	USD	47,551,412		12/7/20		179,834

NOK	157,860,700	USD	16,918,057		12/7/20		(384,949	)

JPY	2,006,531,681	USD	18,908,210		12/8/20		265,439

KRW	12,175,000,000	USD	10,259,284		12/10/20		447,856

KRW	22,936,000,000	USD	19,310,154		12/10/20		860,603

KRW	11,468,000,000	USD	9,659,459		12/10/20		425,919

CAD	4,414,732	USD	3,348,960		12/16/20		(34,618	)

COP	63,000,000	USD	16,479		12/16/20		(233	)

COP	131,200,000	USD	34,311		12/16/20		(478	)

COP	4,484,731,500	USD	1,163,530		12/16/20		(7,043	)

COP	4,744,200,000	USD	1,230,566		12/16/20		(7,170	)

COP	5,942,631,500	USD	1,541,771		12/16/20		(9,333	)

COP	6,286,300,000	USD	1,630,561		12/16/20		(9,500	)

USD	15,722,969	CLP	12,364,700,000		12/16/20		(264,777	)


		31		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

USD	16,732,342	NZD	24,958,454		12/17/20	$	229,211

USD	10,650,126	ZAR	182,000,000		12/17/20		(475,986	)

USD	92,857,155	ZAR	1,568,645,212		12/17/20		(3,038,021	)

USD	51,954,514	ZAR	918,337,604		12/17/20		(4,185,744	)

ZAR	1,375,561,247	USD	77,821,725		12/17/20		6,269,750

ZAR	257,360,000	USD	15,234,622		12/17/20		498,433

ZAR	54,554,000	USD	3,229,366		12/17/20		105,656

ZAR	54,554,000	USD	3,229,366		12/17/20		105,656

MXN	70,704,000	USD	3,317,334		12/18/20		(462	)

MXN	70,704,000	USD	3,317,334		12/18/20		(462	)

MXN	103,308,000	USD	4,847,069		12/18/20		(675	)

USD	4,847,069	MXN	103,308,000		12/18/20		675

IDR	46,357,618,000	USD	3,068,212		1/4/21		48,056

IDR	46,357,618,000	USD	3,068,212		1/4/21		48,056

INR	189,500,000	USD	2,543,785		1/5/21		(16,991	)

INR	189,500,000	USD	2,543,785		1/5/21		(16,991	)

INR	279,151,000	USD	3,746,641		1/5/21		(24,441	)

INR	279,151,000	USD	3,746,641		1/5/21		(24,441	)

JPY	1,633,418,840	USD	15,489,470		1/7/21		128,003

USD	5,777,451	NZD	8,688,942		1/7/21		32,063

PHP	7,558,338	USD	155,330		1/11/21		124

USD	20,550,760	PHP	1,000,000,000		1/11/21		(16,361	)

USD	22,509,129	PHP	1,095,294,228		1/11/21		(17,921	)

NZD	2,193,467	USD	1,438,404		1/13/21		11,982

USD	23,763,726	NZD	36,238,052		1/13/21		(197,956	)

KRW	3,554,222,400	USD	3,109,638		1/19/21		17,077

USD	17,692,623	NZD	26,551,546		1/19/21		135,947

USD	9,641,991	SGD	13,081,000		1/26/21		64,865

USD	8,309,274	SGD	11,272,943		1/26/21		55,900

USD	108,816	PHP	5,284,000		1/27/21		197

AUD	65,822,527	USD	46,887,361		1/28/21		(600,154	)

USD	101,435,204	AUD	142,399,175		1/28/21		1,298,362

USD	16,516,567	NZD	24,682,000		1/28/21		196,092

						$	7,601,060


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	576,637,306	USD	671,695,966	BNP Paribas		11/3/20	$	—	$	(115,284	)

MYR	13,670,913	USD	3,287,067	Morgan Stanley & Co. International PLC		11/3/20		3,164		—

MYR	13,670,913	USD	3,287,067	Morgan Stanley & Co. International PLC		11/3/20		3,164		—

MYR	13,670,913	USD	3,290,628	Morgan Stanley & Co. International PLC		11/3/20		—		(396	)


		32		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

MYR	13,670,913	USD	3,290,628	Morgan Stanley & Co. International PLC		11/3/20	$	—	$	(396	)

USD	671,695,966	EUR	576,637,306	BNP Paribas		11/3/20		115,284		—

USD	3,287,067	MYR	13,670,913	Morgan Stanley & Co. International PLC		11/3/20		—		(3,164	)

USD	3,287,067	MYR	13,670,913	Morgan Stanley & Co. International PLC		11/3/20		—		(3,164	)

USD	3,280,757	MYR	13,670,913	Morgan Stanley & Co. International PLC		11/3/20		—		(9,475	)

USD	3,280,757	MYR	13,670,913	Morgan Stanley & Co. International PLC		11/3/20		—		(9,475	)

USD	1,199,380	CRC	711,700,000	Citibank, N.A.		11/5/20		29,540		—

EUR	9,945,643	RSD	1,171,000,000	JPMorgan Chase Bank, N.A.		11/6/20		—		(14,475	)

USD	6,859,240	UAH	196,723,000	Bank of America, N.A.		11/6/20		—		(30,905	)

CNH	15,897,731	USD	2,323,109	Citibank, N.A.		11/9/20		49,988		—

CNH	15,897,731	USD	2,323,109	Citibank, N.A.		11/9/20		49,988		—

CNH	13,980,822	USD	2,042,994	Citibank, N.A.		11/9/20		43,960		—

RUB	240,726,000	USD	3,094,165	Standard Chartered Bank		11/9/20		—		(66,054	)

RUB	240,726,000	USD	3,094,165	Standard Chartered Bank		11/9/20		—		(66,054	)

USD	6,013,273	CNH	42,100,000	Citibank, N.A.		11/9/20		—		(271,106	)

USD	9,632,980	CNH	67,435,000	Standard Chartered Bank		11/9/20		—		(433,223	)

EGP	90,130,000	USD	5,511,695	Goldman Sachs International		11/10/20		214,270		—

EGP	95,900,000	USD	5,407,387	Goldman Sachs International		11/12/20		680,664		—

USD	3,359,342	RSD	332,070,980	Citibank, N.A.		11/17/20		70,495		—

USD	2,883,514	CNH	19,410,000	Barclays Bank PLC		11/20/20		—		(11,579	)

USD	19,742,869	IDR	289,498,690,734	Standard Chartered Bank		11/23/20		187,727		—

USD	2,499,458	CRC	1,500,000,000	Citibank, N.A.		11/24/20		34,779		—

EUR	490,781	USD	575,681	BNP Paribas		11/30/20		—		(3,753	)

EUR	3,668,469	USD	4,281,672	BNP Paribas		11/30/20		—		(6,647	)

EUR	576,637,306	USD	676,389,447	BNP Paribas		11/30/20		—		(4,409,151	)

USD	237,594,681	EUR	202,554,840	BNP Paribas		11/30/20		1,548,798		—

USD	111,098,768	EUR	94,714,213	BNP Paribas		11/30/20		724,215		—

USD	69,777,404	EUR	59,486,816	BNP Paribas		11/30/20		454,855		—

USD	50,887,474	EUR	43,382,723	BNP Paribas		11/30/20		331,718		—

USD	47,771,166	EUR	40,726,000	BNP Paribas		11/30/20		311,404		—

USD	32,093,774	EUR	27,360,668	BNP Paribas		11/30/20		209,208		—

USD	30,056,679	EUR	25,623,999	BNP Paribas		11/30/20		195,929		—

USD	18,361,918	EUR	15,653,950	BNP Paribas		11/30/20		119,695		—

USD	13,010,727	EUR	11,091,939	BNP Paribas		11/30/20		84,812		—

USD	10,791,502	EUR	9,200,000	BNP Paribas		11/30/20		70,346		—

USD	10,351,148	EUR	8,824,588	BNP Paribas		11/30/20		67,476		—

USD	9,649,368	EUR	8,226,305	BNP Paribas		11/30/20		62,901		—

USD	9,036,317	EUR	7,703,664	BNP Paribas		11/30/20		58,905		—

USD	8,533,212	EUR	7,274,757	BNP Paribas		11/30/20		55,625		—

USD	5,213,938	EUR	4,445,000	BNP Paribas		11/30/20		33,988		—

USD	4,222,762	EUR	3,600,000	BNP Paribas		11/30/20		27,527		—

USD	1,394,836	EUR	1,189,129	BNP Paribas		11/30/20		9,092		—

USD	1,307,465	EUR	1,114,643	BNP Paribas		11/30/20		8,523		—

USD	349,594	EUR	298,037	BNP Paribas		11/30/20		2,279		—

USD	63,995	EUR	54,557	BNP Paribas		11/30/20		417		—

USD	3,573,006	UAH	102,899,000	Goldman Sachs International		11/30/20		—		(2,740	)


		33		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	3,572,951	UAH	102,901,000	Goldman Sachs International		11/30/20	$	—	$	(2,864	)

KRW	17,068,390,000	USD	14,382,920	Australia and New Zealand Banking Group Limited		12/1/20		626,124		—

KRW	9,264,416,000	USD	7,972,366	Australia and New Zealand Banking Group Limited		12/1/20		174,275		—

MYR	8,429,469	USD	2,022,911	Goldman Sachs International		12/2/20		—		(1,413	)

MYR	8,429,469	USD	2,022,911	Goldman Sachs International		12/2/20		—		(1,413	)

MYR	4,467,618	USD	1,073,482	Goldman Sachs International		12/2/20		—		(2,089	)

MYR	4,467,618	USD	1,073,482	Goldman Sachs International		12/2/20		—		(2,089	)

USD	5,364,645	UAH	154,770,000	Goldman Sachs International		12/8/20		35		—

CNH	11,923,298	USD	1,739,561	Citibank, N.A.		12/9/20		36,396		—

CNH	11,923,298	USD	1,739,561	Citibank, N.A.		12/9/20		36,396		—

CNH	10,485,616	USD	1,529,809	Citibank, N.A.		12/9/20		32,008		—

KRW	6,159,176,412	USD	5,217,945	Australia and New Zealand Banking Group Limited		12/10/20		198,660		—

USD	1,320,058	ZAR	21,380,000	Standard Chartered Bank		12/14/20		12,582		—

USD	8,367,032	UAH	244,150,000	BNP Paribas		1/5/21		—		(22,858	)

CNH	15,897,731	USD	2,313,710	Bank of America, N.A.		1/11/21		48,464		—

CNH	15,897,731	USD	2,313,710	Bank of America, N.A.		1/11/21		48,464		—

CNH	13,980,822	USD	2,034,728	Bank of America, N.A.		1/11/21		42,621		—

CNH	15,897,731	USD	2,313,609	UBS AG		1/11/21		48,565		—

CNH	15,897,731	USD	2,313,609	UBS AG		1/11/21		48,565		—

CNH	13,980,822	USD	2,034,639	UBS AG		1/11/21		42,709		—

USD	2,267,586	UAH	65,760,000	BNP Paribas		1/11/21		12,017		—

TRY	19,888,000	USD	2,441,313	Standard Chartered Bank		1/13/21		—		(150,991	)

TRY	52,200,000	USD	6,384,201	Standard Chartered Bank		1/13/21		—		(372,796	)

TRY	65,220,000	USD	7,981,399	Standard Chartered Bank		1/13/21		—		(470,598	)

TRY	65,190,000	USD	7,981,210	Standard Chartered Bank		1/13/21		—		(473,864	)

USD	916,125	CRC	556,500,000	Citibank, N.A.		1/13/21		3,852		—

USD	1,170,734	TRY	9,400,000	Citibank, N.A.		1/13/21		88,221		—

USD	7,969,871	TRY	67,983,000	Standard Chartered Bank		1/13/21		140,881		—

USD	7,969,822	TRY	68,401,000	Standard Chartered Bank		1/13/21		92,695		—

USD	6,583,169	TRY	56,714,000	Standard Chartered Bank		1/13/21		51,928		—

USD	2,734,687	UAH	79,470,000	Bank of America, N.A.		1/13/21		10,546		—

USD	927,166	CRC	563,300,000	Citibank, N.A.		1/20/21		4,258		—

CNH	6,347,510	USD	941,767	Goldman Sachs International		1/21/21		687		—

CNH	6,347,510	USD	941,767	Goldman Sachs International		1/21/21		687		—

USD	4,661,401	CNH	31,417,857	Goldman Sachs International		1/21/21		—		(3,398	)

USD	1,855,356	CRC	1,127,500,000	Citibank, N.A.		1/21/21		8,212		—

EUR	14,742,739	RSD	1,737,726,598	HSBC Bank USA, N.A.		1/26/21		128		—

THB	990,390,000	USD	31,607,519	Standard Chartered Bank		1/26/21		158,591		—

USD	9,983,148	IDR	148,100,000,000	Deutsche Bank AG		1/26/21		52,973		—

USD	6,283,523	IDR	93,197,208,210	Standard Chartered Bank		1/26/21		34,606		—

USD	79,845,008	THB	2,501,863,495	Standard Chartered Bank		1/26/21		—		(400,622	)

USD	1,530,088	CRC	934,700,000	Citibank, N.A.		1/28/21		—		(351	)

USD	5,359,461	UAH	157,193,000	Bank of America, N.A.		1/29/21		—		(2,468	)

USD	5,359,456	UAH	157,568,000	Bank of America, N.A.		1/29/21		—		(15,265	)


		34		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

MYR	13,670,913	USD	3,275,255	Morgan Stanley & Co. International PLC		2/2/21	$	—	$	(1,136	)

MYR	13,670,913	USD	3,275,255	Morgan Stanley & Co. International PLC		2/2/21		—		(1,136	)

OMR	2,165,000	USD	5,469,934	BNP Paribas		2/16/21		139,169		—

USD	5,479,625	OMR	2,165,000	BNP Paribas		2/16/21		—		(129,478	)

TRY	15,546,000	USD	2,079,778	Citibank, N.A.		2/26/21		—		(328,171	)

TRY	9,413,645	USD	1,259,334	Standard Chartered Bank		2/26/21		—		(198,675	)

TRY	64,285,000	USD	8,590,484	Standard Chartered Bank		2/26/21		—		(1,347,333	)

TRY	107,066,000	USD	14,317,465	Standard Chartered Bank		2/26/21		—		(2,254,071	)

TRY	107,052,000	USD	14,317,507	Standard Chartered Bank		2/26/21		—		(2,255,690	)

USD	224,620	TRY	1,700,000	Citibank, N.A.		2/26/21		33,077		—

USD	11,506,751	TRY	80,289,000	Standard Chartered Bank		2/26/21		2,460,389		—

USD	9,205,351	TRY	64,075,000	Standard Chartered Bank		2/26/21		1,985,860		—

USD	9,205,539	TRY	64,092,000	Standard Chartered Bank		2/26/21		1,984,133		—

USD	5,753,439	TRY	40,237,000	Standard Chartered Bank		2/26/21		1,219,836		—

USD	4,070,803	TRY	30,870,000	Standard Chartered Bank		2/26/21		592,603		—

USD	1,989,529	TRY	14,440,000	Standard Chartered Bank		2/26/21		362,538		—

USD	943,948	TRY	7,505,645	Standard Chartered Bank		2/26/21		98,269		—

USD	22,086	TRY	154,000	Standard Chartered Bank		2/26/21		4,735		—

EGP	136,520,000	USD	7,726,089	Goldman Sachs International		3/8/21		638,304		—

EGP	75,050,000	USD	4,237,719	Goldman Sachs International		3/8/21		360,492		—

EGP	489,295,000	USD	26,999,674	HSBC Bank USA, N.A.		3/8/21		2,978,760		—

EGP	147,335,000	USD	8,309,927	HSBC Bank USA, N.A.		3/8/21		717,087		—

USD	10,316,284	EGP	179,916,000	Goldman Sachs International		3/8/21		—		(706,922	)

USD	21,908,945	EGP	382,092,000	Goldman Sachs International		3/8/21		—		(1,501,308	)

USD	21,908,945	EGP	382,092,000	Goldman Sachs International		3/8/21		—		(1,501,308	)

OMR	2,000,000	USD	5,037,783	Standard Chartered Bank		3/10/21		139,758		—

USD	46,099,201	OMR	18,170,000	Standard Chartered Bank		3/10/21		—		(938,765	)

USD	8,023,144	BHD	3,039,167	Standard Chartered Bank		3/11/21		—		(25,291	)

USD	6,685,631	SAR	25,265,000	Standard Chartered Bank		3/11/21		—		(46,988	)

USD	10,723,443	BHD	4,061,000	Standard Chartered Bank		3/16/21		—		(30,457	)

USD	23,189,500	OMR	9,138,750	Standard Chartered Bank		3/29/21		—		(452,559	)

USD	23,457,728	AED	86,430,000	BNP Paribas		4/5/21		—		(69,566	)

USD	100,000,000	AED	368,410,000	Credit Agricole Corporate and Investment Bank		4/5/21		—		(285,670	)

USD	6,889,064	AED	25,380,000	BNP Paribas		4/8/21		—		(19,661	)

USD	13,779,125	AED	50,749,895	BNP Paribas		4/8/21		—		(35,574	)

USD	61,323,814	AED	225,892,400	Standard Chartered Bank		4/8/21		—		(166,668	)

USD	77,166,210	AED	284,180,000	Standard Chartered Bank		4/8/21		—		(190,820	)

USD	9,084,659	OMR	3,568,000	BNP Paribas		4/8/21		—		(142,501	)

USD	7,091,855	OMR	2,781,000	Standard Chartered Bank		4/26/21		—		(95,431	)

TRY	7,505,645	USD	909,006	Standard Chartered Bank		5/17/21		—		(96,179	)

TRY	13,105,000	USD	1,594,635	Standard Chartered Bank		5/17/21		—		(175,423	)

TRY	39,693,269	USD	4,820,108	Standard Chartered Bank		5/17/21		—		(521,506	)

TRY	39,707,000	USD	4,826,170	Standard Chartered Bank		5/17/21		—		(526,081	)


		35		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

TRY	39,669,000	USD	4,825,951	Standard Chartered Bank		5/17/21	$	—	$	(529,977	)

TRY	39,670,000	USD	4,826,073	Standard Chartered Bank		5/17/21		—		(529,990	)

TRY	39,640,000	USD	4,825,358	Standard Chartered Bank		5/17/21		—		(532,525	)

TRY	39,611,000	USD	4,826,234	Standard Chartered Bank		5/17/21		—		(536,541	)

TRY	39,280,000	USD	4,825,591	Standard Chartered Bank		5/17/21		—		(571,744	)

TRY	79,190,000	USD	9,651,509	Standard Chartered Bank		5/17/21		—		(1,075,589	)

USD	15,804,790	TRY	126,707,000	Standard Chartered Bank		5/17/21		2,082,993		—

USD	6,292,606	TRY	48,329,354	Standard Chartered Bank		5/17/21		1,058,755		—

USD	7,902,339	TRY	63,843,000	Standard Chartered Bank		5/17/21		988,430		—

USD	4,741,461	TRY	37,440,000	Standard Chartered Bank		5/17/21		686,878		—

USD	3,160,948	TRY	24,687,000	Standard Chartered Bank		5/17/21		487,457		—

USD	3,160,870	TRY	24,718,000	Standard Chartered Bank		5/17/21		484,022		—

USD	3,160,994	TRY	24,798,000	Standard Chartered Bank		5/17/21		475,483		—

USD	3,160,916	TRY	25,055,000	Standard Chartered Bank		5/17/21		447,572		—

USD	193,088	TRY	1,493,560	Standard Chartered Bank		5/17/21		31,343		—

USD	3,218,128	GHS	21,658,000	ICBC Standard Bank plc		5/24/21		—		(185,714	)

USD	1,380,699	GHS	9,254,000	Standard Chartered Bank		5/24/21		—		(73,689	)

USD	17,461,490	OMR	6,858,000	Standard Chartered Bank		5/27/21		—		(240,528	)

USD	684,132	GHS	4,570,000	JPMorgan Chase Bank, N.A.		5/28/21		—		(32,772	)

USD	577,528	GHS	3,855,000	JPMorgan Chase Bank, N.A.		6/2/21		—		(25,813	)

USD	1,878,190	GHS	12,659,000	Standard Chartered Bank		6/4/21		—		(101,221	)

USD	1,863,080	GHS	12,641,000	JPMorgan Chase Bank, N.A.		6/7/21		—		(110,778	)

USD	1,165,714	GHS	7,752,000	ICBC Standard Bank plc		6/14/21		—		(40,840	)

USD	677,596	GHS	4,567,000	Standard Chartered Bank		6/16/21		—		(32,577	)

USD	676,492	GHS	4,567,000	Standard Chartered Bank		6/18/21		—		(33,029	)

USD	932,346	GHS	6,298,000	ICBC Standard Bank plc		6/21/21		—		(44,753	)

USD	862,351	GHS	5,795,000	JPMorgan Chase Bank, N.A.		6/23/21		—		(35,887	)

USD	1,193,573	GHS	7,985,000	JPMorgan Chase Bank, N.A.		7/1/21		—		(39,598	)

USD	9,440,346	OMR	3,711,000	BNP Paribas		7/6/21		—		(122,790	)

USD	9,949,641	OMR	3,912,000	Standard Chartered Bank		7/6/21		—		(131,466	)

USD	1,183,759	GHS	7,872,000	JPMorgan Chase Bank, N.A.		7/12/21		—		(25,884	)

USD	8,422,392	OMR	3,310,000	BNP Paribas		7/19/21		—		(102,816	)

USD	35,093,372	OMR	13,793,450	Standard Chartered Bank		8/9/21		—		(399,981	)

KES	400,890,000	USD	3,386,753	Standard Chartered Bank		10/12/21		22,788		—

KES	267,260,000	USD	2,257,836	Standard Chartered Bank		10/12/21		15,192		—

GEL	4,403,600	USD	1,271,247	Goldman Sachs International		10/21/21		—		(5,845	)

USD	1,085,187	AED	4,000,000	Standard Chartered Bank		1/31/22		—		(2,512	)

USD	78,294,208	AED	288,627,683	Standard Chartered Bank		2/10/22		—		(186,053	)

USD	6,701,464	BHD	2,555,000	Bank of America, N.A.		3/14/22		—		(32,811	)

USD	13,371,339	SAR	50,898,000	Standard Chartered Bank		3/14/22		—		(163,133	)

USD	32,193,679	SAR	122,510,000	Standard Chartered Bank		3/14/22		—		(383,398	)

USD	3,538,199	BHD	1,350,000	Credit Agricole Corporate and Investment Bank		3/16/22		—		(19,916	)

USD	3,038,592	BHD	1,171,833	Standard Chartered Bank		3/16/22		—		(49,939	)

USD	13,404,845	BHD	5,116,000	Standard Chartered Bank		3/16/22		—		(79,094	)

USD	6,701,258	BHD	2,583,000	Standard Chartered Bank		3/16/22		—		(106,602	)


		36		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	14,866,113	SAR	56,350,000	BNP Paribas		3/24/22	$	—	$	(116,897	)

USD	22,298,945	SAR	84,513,000	HSBC Bank USA, N.A.		3/24/22		—		(172,380	)

USD	26,680,048	SAR	101,024,000	Standard Chartered Bank		3/28/22		—		(180,542	)

							$	28,412,805	$	(28,480,112	)


Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)

Commodity Futures

WTI Crude Oil		(111	)		Short		11/19/20	$	(3,972,690	)	$	557,045

Equity Futures

E-mini S&P 500 Index		52			Long		12/18/20		8,488,220			(339,040	)

TOPIX Index		102			Long		12/10/20		15,409,106			(357,244	)

MSCI Emerging Markets Index		(145	)		Short		12/18/20		(7,988,775	)		102,950

Interest Rate Futures

Euro-Bobl		(131	)		Short		12/8/20		(20,729,572	)		(100,696	)

Euro-Bund		(75	)		Short		12/8/20		(15,386,483	)		(110,397	)

Euro-Buxl		(84	)		Short		12/8/20		(22,379,730	)		(797,180	)

U.S. 2-Year Treasury Note		(151	)		Short		12/31/20		(33,347,406	)		15,336

U.S. 5-Year Treasury Note		(508	)		Short		12/31/20		(63,805,594	)		168,148

U.S. 10-Year Treasury Note		(234	)		Short		12/21/20		(32,343,188	)		240,000

U.S. Long Treasury Bond		(139	)		Short		12/21/20		(23,973,156	)		556,097

U.S. Ultra 10-Year Treasury Note		(21	)		Short		12/21/20		(3,302,906	)		45,844

U.S. Ultra-Long Treasury Bond		(93	)		Short		12/21/20		(19,995,000	)		337,134

											$	317,997

Centrally Cleared Inflation Swaps

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual
Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

EUR

13,634

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.57%
(pays upon termination)

8/15/32

(1,821,540

)

EUR

13,669

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.59%
(pays upon termination)

8/15/32

(1,875,271

)

EUR

13,346

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.60%
(pays upon termination)

8/15/32

(1,878,988

)


		37		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual
Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

EUR

13,427

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.64%
(pays upon termination)

10/15/32

(1,977,412

)

EUR

13,634

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.77%
(pays upon termination)

8/15/42

3,421,895

EUR

13,669

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.78%
(pays upon termination)

8/15/42

3,449,491

EUR

13,346

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.79%
(pays upon termination)

8/15/42

3,475,378

EUR

13,427

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.85%
(pays upon termination)

10/15/42

3,797,864

EUR

1,231

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.90%
(pays upon termination)

8/4/47

448,595

USD

3,927

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.16%
(pays upon termination)

8/4/47

(182,882

)

USD

6,107

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.13%
(pays upon termination)

8/22/47

(210,554

)

USD

6,072

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.15%
(pays upon termination)

8/25/47

(242,987

)

USD

6,054

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.15%
(pays upon termination)

9/1/47

(248,524

)

USD

5,275

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.22%
(pays upon termination)

10/5/47

(362,010

)

5,793,055



CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted

HICP	–	Harmonised Indices of Consumer Prices


		38		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

BRL	164,060	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	2.77% (pays upon termination)	1/3/22	$	(169,204	)	$	—		$	(169,204	)

BRL	243,243	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.42% (pays upon termination)	1/3/22		(35,323	)		—			(35,323	)

BRL	818,909	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.08% (pays upon termination)	1/3/22		(414,899	)		—			(414,899	)

BRL	1,189,580	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	2.92% (pays upon termination)	1/3/22		(636,472	)		—			(636,472	)

BRL	1,928,281	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.44% (pays upon termination)	1/3/22		(375,151	)		—			(375,151	)

CAD	41,210	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.80% (pays semi-annually)	6/11/24		(1,565,427	)		—			(1,565,427	)

CAD	20,350	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.70% (pays semi-annually)	2/19/25		(711,080	)		—			(711,080	)

CAD	23,340	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.71% (pays semi-annually)	2/19/25		(820,471	)		—			(820,471	)

CAD	58,220	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	0.88% (pays semi-annually)	6/5/25		(378,635	)		—			(378,635	)

CAD	8,660	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.03% (pays semi-annually)	8/19/30		56,536			(92	)		56,444

CAD	13,202	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.04% (pays semi-annually)	8/19/30		81,286			(141	)		81,145

CLP	13,031,890	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.53% (pays semi-annually)	5/11/25		(340,252	)		—			(340,252	)

CLP	6,418,690	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.48% (pays semi-annually)	5/13/25		(145,762	)		—			(145,762	)

CLP	6,418,690	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.41% (pays semi-annually)	5/14/25		(118,138	)		—			(118,138	)

CLP	12,837,390	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.35% (pays semi-annually)	5/15/25		(212,134	)		—			(212,134	)

CLP	18,672,560	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.24% (pays semi-annually)	5/19/25		(156,644	)		—			(156,644	)

CNY	563,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.34% (pays quarterly)	7/27/22		(112,614	)		—			(112,614	)


		39		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

CNY	581,750	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.34% (pays quarterly)	7/27/22	$	(116,365	)	$	—		$	(116,365	)

COP	62,519,600	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.84% (pays quarterly)	5/5/25		(641,499	)		—			(641,499	)

COP	10,940,900	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.85% (pays quarterly)	5/6/25		(133,645	)		—			(133,645	)

COP	72,092,900	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.70% (pays quarterly)	5/7/25		(737,785	)		—			(737,785	)

COP	7,936,800	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.49% (pays quarterly)	5/13/25		(48,026	)		—			(48,026	)

COP	7,936,810	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.54% (pays quarterly)	5/14/25		(52,553	)		—			(52,553	)

COP	29,306,100	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.19% (pays quarterly)	6/4/25		63,458			—			63,458

COP	44,982,400	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.26% (pays quarterly)	6/5/25		130,018			—			130,018

COP	59,477,600	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.34% (pays quarterly)	6/8/25		225,383			—			225,383

COP	29,163,200	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.44% (pays quarterly)	6/9/25		144,856			—			144,856

EUR	7,400	Receives	6-month EURIBOR (pays semi-annually)	1.00% (pays annually)	3/21/23		(375,223	)		129,481			(245,742	)

EUR	2,500	Receives	6-month EURIBOR (pays semi-annually)	(0.45)% (pays annually)	8/26/24		(7,709	)		(3	)		(7,712	)

EUR	2,500	Receives	6-month EURIBOR (pays semi-annually)	(0.46)% (pays annually)	9/12/24		(6,907	)		—			(6,907	)

EUR	3,813	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)	7/23/29		(182,401	)		37,926			(144,475	)

EUR	6,627	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)	7/23/29		(314,519	)		23,965			(290,554	)

EUR	7,000	Receives	6-month EURIBOR (pays semi-annually)	(0.08)% (pays annually)	8/6/29		(191,740	)		(7	)		(191,747	)

EUR	4,728	Receives	6-month EURIBOR (pays semi-annually)	(0.16)% (pays annually)	9/12/29		(85,738	)		2			(85,736	)

EUR	1,847	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	2/12/50		(280,798	)		—			(280,798	)

EUR	1,821	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)	2/13/50		(285,032	)		—			(285,032	)

EUR	3,316	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	2/17/50		(501,838	)		(1	)		(501,839	)

EUR	2,876	Receives	6-month EURIBOR (pays semi-annually)	0.35% (pays annually)	2/18/50		(418,786	)		(1	)		(418,787	)


		40		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

EUR	16,000	Receives	6-month EURIBOR (pays semi-annually)	0.26% (pays annually)	2/25/50	$	(1,796,809	)	$	4		$	(1,796,805	)

EUR	2,510	Receives	6-month EURIBOR (pays semi-annually)	0.21% (pays annually)	2/26/50		(235,609	)		—			(235,609	)

EUR	7,009	Receives	6-month EURIBOR (pays semi-annually)	0.12% (pays annually)	6/8/50		(445,249	)		(6	)		(445,255	)

GBP	23,102	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)	2/28/29		(2,817,091	)		—			(2,817,091	)

GBP	26,040	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)	2/28/29		(3,176,775	)		—			(3,176,775	)

KRW	17,462,170	Receives	3-month KRW Certificate of Deposit Rate (pays quarterly)	0.92% (pays quarterly)	7/27/30		282,885			—			282,885

KRW	23,283,000	Receives	3-month KRW Certificate of Deposit Rate (pays quarterly)	0.92% (pays quarterly)	7/27/30		372,174			—			372,174

MXN	699,100	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.42% (pays monthly)	9/1/21		(9,217	)		—			(9,217	)

MXN	785,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.42% (pays monthly)	9/1/21		(10,358	)		—			(10,358	)

MXN	2,111,800	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.43% (pays monthly)	9/1/21		(19,443	)		—			(19,443	)

MXN	360,100	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.42% (pays monthly)	9/2/21		(4,659	)		—			(4,659	)

MXN	389,616	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.50% (pays monthly)	8/31/22		(15,163	)		—			(15,163	)

MXN	1,554,016	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.49% (pays monthly)	8/31/22		(64,514	)		—			(64,514	)

NZD	16,900	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)	1/9/28		(2,374,940	)		—			(2,374,940	)

NZD	39,000	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)	1/9/28		(5,485,449	)		—			(5,485,449	)

SGD	19,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)	10/23/23		897,297			—			897,297

SGD	9,469	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)	8/14/24		326,000			—			326,000

SGD	10,653	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)	8/14/24		371,424			—			371,424

SGD	10,889	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)	8/14/24		374,094			—			374,094


		41		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

SGD	14,570	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.08% (pays semi-annually)	3/31/25	$	313,632		$	—	$	313,632

SGD	24,900	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.06% (pays semi-annually)	3/31/25		519,684			—		519,684

SGD	72,840	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.07% (pays semi-annually)	3/31/25		1,551,245			—		1,551,245

SGD	46,100	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	0.52% (pays semi-annually)	8/21/25		98,996			—		98,996

USD	3,700	Receives	3-month USD-LIBOR (pays quarterly)	0.52% (pays semi-annually)	3/19/23		(24,088	)		—		(24,088	)

USD	665	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)	4/1/23		(3,430	)		—		(3,430	)

USD	2,300	Receives	3-month USD-LIBOR (pays quarterly)	0.47% (pays semi-annually)	4/3/23		(11,895	)		—		(11,895	)

USD	1,688	Receives	3-month USD-LIBOR (pays quarterly)	2.22% (pays semi-annually)	3/28/24		(112,276	)		—		(112,276	)

USD	5,290	Receives	3-month USD-LIBOR (pays quarterly)	2.37% (pays semi-annually)	4/3/24		(379,844	)		—		(379,844	)

USD	186	Receives	3-month USD-LIBOR (pays quarterly)	1.75% (pays semi-annually)	7/5/24		(10,671	)		—		(10,671	)

USD	885	Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)	7/11/24		(53,923	)		—		(53,923	)

USD	350	Receives	3-month USD-LIBOR (pays quarterly)	1.80% (pays semi-annually)	7/22/24		(20,821	)		—		(20,821	)

USD	750	Receives	3-month USD-LIBOR (pays quarterly)	1.40% (pays semi-annually)	8/23/24		(31,922	)		—		(31,922	)

USD	1,500	Receives	3-month USD-LIBOR (pays quarterly)	1.64% (pays semi-annually)	11/7/24		(88,117	)		—		(88,117	)

USD	836	Receives	3-month USD-LIBOR (pays quarterly)	1.55% (pays semi-annually)	11/27/24		(45,588	)		—		(45,588	)

USD	3,880	Receives	3-month USD-LIBOR (pays quarterly)	1.59% (pays semi-annually)	1/23/25		(215,844	)		—		(215,844	)


		42		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

USD	4,760	Receives	3-month USD-LIBOR (pays quarterly)	1.60% (pays semi-annually)	1/23/25	$	(266,765	)	$	—	$	(266,765	)

USD	775	Receives	3-month USD-LIBOR (pays quarterly)	1.49% (pays semi-annually)	1/28/25		(39,495	)		—		(39,495	)

USD	2,344	Receives	3-month USD-LIBOR (pays quarterly)	1.46% (pays semi-annually)	1/30/25		(116,695	)		—		(116,695	)

USD	4,650	Receives	3-month USD-LIBOR (pays quarterly)	1.41% (pays semi-annually)	2/3/25		(217,459	)		—		(217,459	)

USD	780	Receives	3-month USD-LIBOR (pays quarterly)	1.44% (pays semi-annually)	2/18/25		(37,119	)		—		(37,119	)

USD	1,500	Receives	3-month USD-LIBOR (pays quarterly)	1.16% (pays semi-annually)	2/28/25		(52,832	)		—		(52,832	)

USD	740	Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)	3/5/25		(14,877	)		—		(14,877	)

USD	14,720	Pays	3-month USD-LIBOR (pays quarterly)	0.71% (pays semi-annually)	3/20/25		214,341			—		214,341

USD	3,000	Receives	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)	4/15/25		(24,668	)		—		(24,668	)

USD	1,940	Receives	3-month USD-LIBOR (pays quarterly)	0.43% (pays semi-annually)	4/30/25		(2,421	)		—		(2,421	)

USD	5,975	Receives	3-month USD-LIBOR (pays quarterly)	0.33% (pays semi-annually)	5/12/25		12,791			—		12,791

USD	600	Receives	3-month USD-LIBOR (pays quarterly)	0.33% (pays semi-annually)	5/18/25		1,356			—		1,356

USD	1,990	Receives	3-month USD-LIBOR (pays quarterly)	0.43% (pays semi-annually)	6/12/25		(3,969	)		—		(3,969	)

USD	7,257	Receives	3-month USD-LIBOR (pays quarterly)	0.39% (pays semi-annually)	6/19/25		(526	)		—		(526	)

USD	2,580	Receives	3-month USD-LIBOR (pays quarterly)	0.32% (pays semi-annually)	7/14/25		9,942			—		9,942

USD	760	Receives	3-month USD-LIBOR (pays quarterly)	0.33% (pays semi-annually)	7/15/25		2,560			—		2,560


		43		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

USD	33,064	Receives	3-month USD-LIBOR (pays quarterly)	1.74% (pays semi-annually)	12/16/26	$	(2,589,008	)	$	—	$	(2,589,008	)

USD	32,860	Pays	3-month USD-LIBOR (pays quarterly)	0.84% (pays semi-annually)	3/20/27		558,662			—		558,662

USD	3,277	Receives	3-month USD-LIBOR (pays quarterly)	0.76% (pays semi-annually)	3/27/30		24,529			—		24,529

USD	2,373	Receives	3-month USD-LIBOR (pays quarterly)	0.76% (pays semi-annually)	3/30/30		18,992			—		18,992

USD	1,886	Receives	3-month USD-LIBOR (pays quarterly)	0.80% (pays semi-annually)	4/15/30		8,592			—		8,592

USD	5,602	Receives	3-month USD-LIBOR (pays quarterly)	0.60% (pays semi-annually)	5/12/30		119,706			—		119,706

USD	2,316	Receives	3-month USD-LIBOR (pays quarterly)	0.67% (pays semi-annually)	5/26/30		36,315			—		36,315

USD	1,330	Receives	3-month USD-LIBOR (pays quarterly)	0.67% (pays semi-annually)	5/29/30		20,998			—		20,998

USD	1,516	Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)	6/1/30		20,001			—		20,001

USD	1,007	Receives	3-month USD-LIBOR (pays quarterly)	0.66% (pays semi-annually)	6/2/30		16,845			—		16,845

USD	14,560	Receives	3-month USD-LIBOR (pays quarterly)	0.76% (pays semi-annually)	6/5/30		108,212			—		108,212

USD	4,475	Receives	3-month USD-LIBOR (pays quarterly)	0.80% (pays semi-annually)	6/11/30		16,338			—		16,338

USD	597	Receives	3-month USD-LIBOR (pays quarterly)	0.77% (pays semi-annually)	6/12/30		3,459			—		3,459

USD	3,281	Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)	6/16/30		45,610			—		45,610

USD	1,411	Receives	3-month USD-LIBOR (pays quarterly)	0.74% (pays semi-annually)	6/18/30		13,330			—		13,330

USD	4,394	Receives	3-month USD-LIBOR (pays quarterly)	0.72% (pays semi-annually)	6/19/30		50,655			—		50,655

USD	10,808	Receives	3-month USD-LIBOR (pays quarterly)	0.72% (pays semi-annually)	6/19/30		117,704			—		117,704


		44		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)			Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

USD	1,350		Receives	3-month USD-LIBOR (pays quarterly)	0.68% (pays semi-annually)	6/23/30	$	21,236		$	—		$	21,236

USD	3,600		Receives	3-month USD-LIBOR (pays quarterly)	0.67% (pays semi-annually)	6/26/30		58,656			—			58,656

USD	4,127		Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)	6/26/30		60,085			—			60,085

USD	1,311		Receives	3-month USD-LIBOR (pays quarterly)	0.64% (pays semi-annually)	6/30/30		26,122			—			26,122

USD	3,250		Receives	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)	7/1/30		70,068			—			70,068

USD	0	⁽¹⁾	Receives	3-month USD-LIBOR (pays quarterly)	2.50% (pays semi-annually)	6/15/46		(40	)		11			(29	)

USD	8,500		Receives	3-month USD-LIBOR (pays quarterly)	2.75% (pays semi-annually)	9/21/46		(2,843,628	)		1,419,077			(1,424,551	)

USD	8,500		Pays	3-month USD-LIBOR (pays quarterly)	2.75% (pays semi-annually)	9/21/46		2,843,677			(1,566,748	)		1,276,929

USD	1,226		Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	8/27/49		(123,263	)		—			(123,263	)

USD	300		Receives	3-month USD-LIBOR (pays quarterly)	1.58% (pays semi-annually)	9/3/49		(20,819	)		—			(20,819	)

USD	3,590		Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)	9/9/49		(311,368	)		—			(311,368	)

USD	2,390		Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	9/12/49		(236,156	)		—			(236,156	)

USD	700		Receives	3-month USD-LIBOR (pays quarterly)	1.82% (pays semi-annually)	9/20/49		(91,586	)		—			(91,586	)

USD	1,085		Receives	3-month USD-LIBOR (pays quarterly)	1.97% (pays semi-annually)	11/15/49		(189,168	)		—			(189,168	)

USD	4,700		Receives	3-month USD-LIBOR (pays quarterly)	1.91% (pays semi-annually)	11/18/49		(743,289	)		—			(743,289	)

USD	100		Receives	3-month USD-LIBOR (pays quarterly)	1.81% (pays semi-annually)	11/22/49		(13,387	)		—			(13,387	)

USD	1,500		Receives	3-month USD-LIBOR (pays quarterly)	1.83% (pays semi-annually)	11/22/49		(207,788	)		—			(207,788	)


		45		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

USD	100		Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)	11/25/49	$	(14,222	)	$	—	$	(14,222	)

USD	450		Receives	3-month USD-LIBOR (pays quarterly)	1.85% (pays semi-annually)	11/25/49		(64,057	)		—		(64,057	)

USD	3,150		Receives	3-month USD-LIBOR (pays quarterly)	1.85% (pays semi-annually)	11/25/49		(448,397	)		—		(448,397	)

USD	100		Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)	11/26/49		(13,986	)		—		(13,986	)

USD	568		Receives	3-month USD-LIBOR (pays quarterly)	1.81% (pays semi-annually)	12/6/49		(73,247	)		—		(73,247	)

USD	4,060		Receives	3-month USD-LIBOR (pays quarterly)	1.82% (pays semi-annually)	12/6/49		(528,905	)		—		(528,905	)

USD	770		Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)	12/11/49		(127,036	)		—		(127,036	)

USD	770		Receives	3-month USD-LIBOR (pays quarterly)	1.93% (pays semi-annually)	12/12/49		(126,214	)		—		(126,214	)

USD	1,063		Receives	3-month USD-LIBOR (pays quarterly)	1.90% (pays semi-annually)	1/8/50		(164,029	)		—		(164,029	)

USD	466		Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)	1/9/50		(76,580	)		—		(76,580	)

USD	2,805		Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)	3/11/50		(497,917	)		—		(497,917	)

USD	2,805		Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)	3/11/50		(528,620	)		—		(528,620	)

USD	4,680		Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)	3/20/50		(416,588	)		—		(416,588	)

USD	3,430		Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)	4/29/50		427,527			—		427,527

USD	1,320		Receives	3-month USD-LIBOR (pays quarterly)	0.93% (pays semi-annually)	6/15/50		128,585			—		128,585

USD	800		Receives	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)	6/16/50		68,708			—		68,708

Total							$	(28,318,019	)	$	43,467	$	(28,274,552	)

⁽¹⁾	Notional amount is less than USD 500.


		46		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Credit Default Swaps — Sell Protection

Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Brazil	$	27,265	1.00% (pays quarterly)⁽¹⁾		12/20/25		2.15	%	$	(1,510,000	)	$	1,909,873		$	399,873

Chile		24,408	1.00% (pays quarterly)⁽¹⁾		12/20/25		0.57			562,566			(370,618	)		191,948

Colombia		25,681	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.26			(301,888	)		681,498			379,610

Mexico		25,681	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.28			(330,178	)		749,125			418,947

Peru		24,568	1.00% (pays quarterly)⁽¹⁾		12/20/25		0.60			527,742			(197,748	)		329,994

South Africa		3,290	1.00% (pays quarterly)⁽¹⁾		6/20/21		0.90			5,947			62,539			68,486

Turkey		40,966	1.00% (pays quarterly)⁽¹⁾		6/20/21		3.90			(707,864	)		1,101,495			393,631

Turkey		7,810	1.00% (pays quarterly)⁽¹⁾		12/20/21		4.74			(317,977	)		348,641			30,664

Total	$	179,669							$	(2,071,652	)	$	4,284,805		$	2,213,153


Centrally Cleared Credit Default Swaps — Buy Protection

Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Malaysia	$	89,753	1.00% (pays quarterly)⁽¹⁾		12/20/25	$	(2,512,428	)	$	2,227,243		$	(285,185	)

Markit CDX Emerging Markets Index (CDX.EM.31.V2)		2,820	1.00% (pays quarterly)⁽¹⁾		6/20/24		46,370			(60,023	)		(13,653	)

Qatar		119,079	1.00% (pays quarterly)⁽¹⁾		12/20/22		(2,191,245	)		2,708			(2,188,537	)

Qatar		12,396	1.00% (pays quarterly)⁽¹⁾		12/20/23		(303,562	)		71,729			(231,833	)

Qatar		8,250	1.00% (pays quarterly)⁽¹⁾		12/20/25		(218,327	)		214,112			(4,215	)

Russia		73,003	1.00% (pays quarterly)⁽¹⁾		12/20/25		112,400			(482,602	)		(370,202	)

Saudi Arabia		24,167	1.00% (pays quarterly)⁽¹⁾		12/20/25		(168,640	)		144,833			(23,807	)

South Africa		32,140	1.00% (pays quarterly)⁽¹⁾		9/20/22		409,667			183,503			593,170

Turkey		86,108	1.00% (pays quarterly)⁽¹⁾		12/20/25		16,872,860			(15,601,429	)		1,271,431

Total						$	12,047,095		$	(13,299,926	)	$	(1,252,831	)


		47		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


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)

Vietnam	Barclays Bank PLC	$	3,300	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.27	%	$	(40,617	)	$	43,249	$	2,632

Vietnam	Goldman Sachs International		3,100	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.27			(38,155	)		41,004		2,849

Vietnam	Nomura International PLC		1,500	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.27			(18,462	)		18,571		109

Total		$	7,900							$	(97,234	)	$	102,824	$	5,590


Credit Default Swaps — Buy Protection

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Dubai	Barclays Bank PLC	$	5,058	1.00% (pays quarterly)⁽¹⁾		12/20/24	$	55,538		$	(69,565	)	$	(14,027	)

Dubai	Barclays Bank PLC		3,357	1.00% (pays quarterly)⁽¹⁾		12/20/24		36,817			(46,130	)		(9,313	)

Oman	Bank of America, N.A.		20,851	1.00% (pays quarterly)⁽¹⁾		6/20/22		963,219			(339,977	)		623,242

Oman	Bank of America, N.A.		16,680	1.00% (pays quarterly)⁽¹⁾		12/20/22		1,051,780			(383,421	)		668,359

Qatar	Goldman Sachs International		9,740	1.00% (pays quarterly)⁽¹⁾		12/20/20		(23,499	)		(4,200	)		(27,699	)

Qatar	Goldman Sachs International		1,660	1.00% (pays quarterly)⁽¹⁾		12/20/20		(4,005	)		(1,052	)		(5,057	)

Qatar	Goldman Sachs International		10	1.00% (pays quarterly)⁽¹⁾		12/20/20		(24	)		(3	)		(27	)

Qatar	Goldman Sachs International		3,700	1.00% (pays quarterly)⁽¹⁾		12/20/23		(90,608	)		(3,962	)		(94,570	)

Qatar	Goldman Sachs International		3,090	1.00% (pays quarterly)⁽¹⁾		9/20/24		(82,001	)		1,028			(80,973	)

Qatar	Nomura International PLC		9,620	1.00% (pays quarterly)⁽¹⁾		9/20/24		(255,292	)		12,811			(242,481	)

Saudi Arabia	Barclays Bank PLC		47,716	1.00% (pays quarterly)⁽¹⁾		12/20/30		1,537,460			(1,616,764	)		(79,304	)

Saudi Arabia	Goldman Sachs International		6,273	1.00% (pays quarterly)⁽¹⁾		12/20/30		202,421			(197,699	)		4,722

Saudi Arabia	Goldman Sachs International		1,575	1.00% (pays quarterly)⁽¹⁾		12/20/30		50,736			(59,639	)		(8,903	)

South Africa	Bank of America, N.A.		29,280	1.00% (pays quarterly)⁽¹⁾		9/20/22		373,213			(390,819	)		(17,606	)

South Africa	Bank of America, N.A.		20,830	1.00% (pays quarterly)⁽¹⁾		9/20/22		265,506			(307,915	)		(42,409	)


		48		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Credit Default Swaps — Buy Protection (continued)

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

South Africa	Bank of America, N.A.	$	19,900	1.00% (pays quarterly)⁽¹⁾		9/20/22	$	253,652	$	(370,118	)	$	(116,466	)

South Africa	Bank of America, N.A.		16,100	1.00% (pays quarterly)⁽¹⁾		9/20/22		205,216		(227,233	)		(22,017	)

South Africa	Goldman Sachs International		10,690	1.00% (pays quarterly)⁽¹⁾		9/20/22		136,258		(192,320	)		(56,062	)

South Africa	Goldman Sachs International		8,022	1.00% (pays quarterly)⁽¹⁾		12/20/22		133,104		(166,200	)		(33,096	)

South Africa	Goldman Sachs International		16,600	1.00% (pays quarterly)⁽¹⁾		12/20/28		2,581,903		(1,869,819	)		712,084

South Africa	Goldman Sachs International		11,190	1.00% (pays quarterly)⁽¹⁾		12/20/30		2,166,277		(2,279,646	)		(113,369	)

South Africa	Goldman Sachs International		11,190	1.00% (pays quarterly)⁽¹⁾		12/20/30		2,165,345		(2,406,917	)		(241,572	)

South Africa	Goldman Sachs International		10,230	1.00% (pays quarterly)⁽¹⁾		12/20/30		1,979,578		(2,253,392	)		(273,814	)

South Africa	Goldman Sachs International		7,990	1.00% (pays quarterly)⁽¹⁾		12/20/30		1,546,122		(1,668,664	)		(122,542	)

South Africa	HSBC Bank USA, N.A.		7,300	1.00% (pays quarterly)⁽¹⁾		12/20/22		121,124		(145,239	)		(24,115	)

South Africa	HSBC Bank USA, N.A.		23,540	1.00% (pays quarterly)⁽¹⁾		6/20/29		3,895,407		(2,568,697	)		1,326,710

South Africa	Nomura International PLC		7,068	1.00% (pays quarterly)⁽¹⁾		12/20/22		117,275		(144,115	)		(26,840	)

Ukraine	Barclays Bank PLC		35,369	5.00% (pays quarterly)⁽¹⁾		12/20/25		1,348,752		(1,032,286	)		316,466

Ukraine	JPMorgan Chase Bank, N.A.		20,000	5.00% (pays quarterly)⁽¹⁾		12/20/25		762,671		(554,486	)		208,185

Total							$	21,493,945	$	(19,286,439	)	$	2,207,506

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

***

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


		49		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Total Return Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio Receives

Portfolio Pays

Termination
Date

Value/
Unrealized
Appreciation
(Depreciation)

Citibank, N.A.

USD

44,600

Excess Return on Bloomberg Commodity 4 Month Forward Index
(pays upon termination)

Excess Return on Bloomberg Commodity Index + 0.24%
(pays upon termination)

12/17/20

7,523

Citibank, N.A.

USD

38,200

Excess Return on Bloomberg Commodity 5 Month Forward Index
(pays upon termination)

Excess Return on Bloomberg Commodity Index + 0.25%
(pays upon termination)

12/17/20

18,866

Citibank, N.A.

USD

35,100

Excess Return on Bloomberg Commodity 6 Month Forward Index
(pays upon termination)

Excess Return on Bloomberg Commodity Index + 0.26%
(pays upon termination)

12/17/20

52,879

Citibank, N.A.

USD

15,480

Notional Amount (pays upon termination)

Value of 80 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

382,400

Citibank, N.A.

USD

6,243

Notional Amount (pays upon termination)

Value of 32 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

204,160

Citibank, N.A.

USD

15,640

Notional Amount (pays upon termination)

Value of 80 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

542,400

Citibank, N.A.

USD

15,816

Notional Amount (pays upon termination)

Value of 80 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

718,400

Citibank, N.A.

USD

6,314

Notional Amount (pays upon termination)

Value of 32 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

274,560

Citibank, N.A.

USD

9,514

Notional Amount (pays upon termination)

Value of 48 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

455,040

JPMorgan Chase Bank, N.A.

CNY

67,655

Total Return on Shenzhen Stock Exchange Composite Index
(pays upon termination)

3-month USD-LIBOR minus 14.00% on $10,079,542
(pays quarterly)

4/16/21

(264,971

)

UBS AG

CNY

37,584

Total Return on Shenzhen Stock Exchange Composite Index
(pays upon termination)

3-month USD-LIBOR minus 11.00% on $5,407,827
(pays upon termination)

2/12/21

84,441

2,475,698


		50		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Cross-Currency Swaps

Counterparty

Portfolio
Receives
Fixed Rate
on Notional
Amount
(000’s
omitted)

Portfolio
Pays
Floating Rate
on Notional
Amount
(000’s
omitted)

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Goldman Sachs International

CLF

428

CLP

12,285,939

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.62)%
(pays semi-annually)

5/11/25

605,932

Goldman Sachs International

CLF

214

CLP

6,143,584

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.74)%
(pays semi-annually)

5/13/25

252,110

Goldman Sachs International

CLF

214

CLP

6,143,584

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.86)%
(pays semi-annually)

5/14/25

201,799

Goldman Sachs International

CLF

428

CLP

12,287,167

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.93)%
(pays semi-annually)

5/15/25

340,849

Goldman Sachs International

CLF

615

CLP

17,671,170

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(1.09)%
(pays semi-annually)

5/19/25

298,669

1,699,359

Abbreviations:



ADR	–	American Depositary Receipt

CMT	–	Constant Maturity Treasury

COF	–	Cost of Funds 11th District

EURIBOR	–	Euro Interbank Offered Rate

GDP	–	Gross Domestic Product

LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:



AED	–	United Arab Emirates Dirham

AUD	–	Australian Dollar

BHD	–	Bahraini Dinar

BRL	–	Brazilian Real

CAD	–	Canadian Dollar

CHF	–	Swiss Franc

CLF	–	Chilean Unidad de Fomento

CLP	–	Chilean Peso

CNH	–	Yuan Renminbi Offshore

CNY	–	Yuan Renminbi

COP	–	Colombian Peso

CRC	–	Costa Rican Colon

EGP	–	Egyptian Pound

EUR	–	Euro

GBP	–	British Pound Sterling

GEL	–	Georgian Lari

GHS	–	Ghanaian Cedi

IDR	–	Indonesian Rupiah

INR	–	Indian Rupee

ISK	–	Icelandic Krona

JPY	–	Japanese Yen



KES	–	Kenyan Shilling

KRW	–	South Korean Won

MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit

NOK	–	Norwegian Krone

NZD	–	New Zealand Dollar

OMR	–	Omani Rial

PEN	–	Peruvian Sol

PHP	–	Philippine Peso

RSD	–	Serbian Dinar

RUB	–	Russian Ruble

SAR	–	Saudi Riyal

SGD	–	Singapore Dollar

THB	–	Thai Baht

TRY	–	New Turkish Lira

UAH	–	Ukrainian Hryvnia

USD	–	United States Dollar

UYU	–	Uruguayan Peso

UZS	–	Uzbekistani Som

ZAR	–	South African Rand


		51		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $2,435,553,032)	$	2,443,122,460

Affiliated investment, at value (identified cost, $490,395,037)		490,405,962

Cash		46,862,946

Deposits for derivatives collateral —

Futures contracts		906,870

Centrally cleared derivatives		105,791,877

OTC derivatives		14,172,000

Foreign currency, at value (identified cost, $22,980,996)		22,949,039

Interest and dividends receivable		37,685,986

Dividends receivable from affiliated investment		57,059

Receivable for investments sold		20,644,641

Receivable for variation margin on open centrally cleared derivatives		2,582,964

Receivable for open forward foreign currency exchange contracts		28,412,805

Receivable for open swap contracts		8,305,386

Receivable for closed swap contracts		171,467

Upfront payments on open non-centrally cleared swap contracts		19,300,278

Total assets	$	3,241,371,740

Liabilities

Cash collateral due to brokers	$	14,172,000

Payable for investments purchased		16,268,638

Payable for securities sold short, at value (proceeds, $12,025,557)		8,639,152

Payable for variation margin on open futures contracts		7,858

Payable for open forward commodity contracts		2,375,840

Payable for open forward foreign currency exchange contracts		28,480,112

Payable for open swap contracts		1,917,233

Payable for closed swap contracts		190,902

Upfront receipts on open non-centrally cleared swap contracts		116,663

Payable to affiliates:

Investment adviser fee		1,504,689

Trustees’ fees		9,223

Interest payable on securities sold short		148,750

Accrued foreign capital gains taxes		537,406

Accrued expenses		1,274,312

Total liabilities	$	75,642,778

Net Assets applicable to investors’ interest in Portfolio	$	3,165,728,962


		52		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest (net of foreign taxes, $3,889,993)	$	165,228,178

Dividends (net of foreign taxes, $136,752)		1,357,107

Dividends from affiliated investment		5,388,610

Total investment income	$	171,973,895

Expenses

Investment adviser fee	$	18,433,760

Trustees’ fees and expenses		108,500

Custodian fee		2,663,015

Legal and accounting services		180,209

Interest expense and fees		121,638

Interest and dividend expense on securities sold short		164,577

Miscellaneous		140,208

Total expenses	$	21,811,907

Net investment income	$	150,161,988

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $677,383)	$	(30,756,859	)

Investment transactions — affiliated investment		65,928

Futures contracts		16,002,460

Swap contracts		941,772

Foreign currency transactions		(6,655,252	)

Forward foreign currency exchange contracts		381,568

Non-deliverable bond forward contracts		1,919,698

Net realized loss	$	(18,100,685	)

Change in unrealized appreciation (depreciation) —

Investments (including net increase in accrued foreign capital gains taxes of $384,551)	$	(56,775,964	)

Investments — affiliated investment		(47,539	)

Securities sold short		3,386,405

Futures contracts		(2,447,342	)

Swap contracts		29,168,910

Forward commodity contracts		(2,375,840	)

Foreign currency		730,138

Forward foreign currency exchange contracts		17,782,434

Net change in unrealized appreciation (depreciation)	$	(10,578,798	)

Net realized and unrealized loss	$	(28,679,483	)

Net increase in net assets from operations	$	121,482,505


		53		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	150,161,988		$	214,359,937

Net realized loss		(18,100,685	)		(116,195,606	)

Net change in unrealized appreciation (depreciation)		(10,578,798	)		141,778,557

Net increase in net assets from operations	$	121,482,505		$	239,942,888

Capital transactions —

Contributions	$	163,502,210		$	146,704,921

Withdrawals		(678,982,536	)		(1,691,439,864	)

Net decrease in net assets from capital transactions	$	(515,480,326	)	$	(1,544,734,943	)

Net decrease in net assets	$	(393,997,821	)	$	(1,304,792,055	)

Net Assets

At beginning of year	$	3,559,726,783		$	4,864,518,838

At end of year	$	3,165,728,962		$	3,559,726,783


		54		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Consolidated Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses⁽¹⁾		0.66	%		0.65	%		0.70	%		0.64	%		0.64	%

Net investment income		4.53	%		5.41	%		4.64	%		4.14	%		4.54	%

Portfolio Turnover		81	%		61	%		78	%		74	%		65	%

Total Return		4.03	%		6.56	%		(2.60	)%		3.93	%		5.06	%⁽²⁾

Net assets, end of year (000’s omitted)	$	3,165,729		$	3,559,727		$	4,864,519		$	5,484,065		$	5,412,097

⁽¹⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽²⁾	During the year ended October 31, 2016, the investment adviser reimbursed the Portfolio for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement had no effect on total return for the year ended October 31, 2016.


		55		See Notes to Consolidated Financial Statements.

Global Macro Portfolio

October 31, 2020

Notes to Consolidated Financial Statements

1 Significant Accounting Policies

Global Macro Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Macro Absolute Return Fund held an interest of 99.9%, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at October 31, 2020 were $34,200,351 or 1.1% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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

Derivatives. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. 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 Portfolio’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. Forward commodity contracts are generally valued at the price provided by the exchange on which they are traded or if unavailable, by a third party pricing service based on an interpolation of the forward rates. 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. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.


		56

Global Macro Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. 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 Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio 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. 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, no amounts are reflected in the financial statements for such outstanding reclaims.

D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

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

G Use of Estimates — The preparation of the consolidated 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 consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.


		57

Global Macro Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities 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, Non-Deliverable Bond Forward and Forward Commodity Contracts — The Portfolio 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 Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio 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 Portfolio 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. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Unrealized and realized gains and losses on forward commodity contracts, which are entered into for the purchase or sale of a specific commodity at a fixed price on a future date, are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, 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 Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio 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 Portfolio 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 Portfolio 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.

M Inflation Swaps — Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance 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 the unanticipated movements in value of interest rates or the index.


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N Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio 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 Portfolio 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 Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio 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 of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio 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 Portfolio 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. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. 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 5 and 8. The Portfolio 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 Portfolio 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.

P Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

Q Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

R Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be


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delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

S Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

T Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion, 0.520% from $2 billion but less than $3 billion, and 0.490% of average daily net assets of $3 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $18,433,760 or 0.56% of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

During the year ended October 31, 2020, EVM reimbursed the Portfolio $1,083 for a net realized loss due to trading errors. The amount of the reimbursement had an impact on total return of less than 0.01%.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the year ended October 31, 2020 were as follows:


	Purchases		Sales

Investments (non-U.S. Government)	$	1,777,610,694	$	2,138,682,234

U.S. Government and Agency Securities		38,771,077		108,159,391

	$	1,816,381,771	$	2,246,841,625


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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts and the Portfolio’s investment in the Subsidiary, at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	3,088,832,140

Gross unrealized appreciation	$	105,588,505

Gross unrealized depreciation		(246,504,965	)

Net unrealized depreciation	$	(140,916,460	)

5 Financial Instruments

The Portfolio 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, non-deliverable bond forward contracts, forward commodity contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Consolidated Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts, forward commodity contracts and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

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

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, inflation swaps and cross-currency 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 Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $31,673,586. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $11,289,313 at October 31, 2020.

The OTC derivatives in which the Portfolio 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 Portfolio (and Subsidiary) 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 Portfolio 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 Portfolio (and Subsidiary) 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


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derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio 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 Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 8) at October 31, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity			Credit			Equity Price			Foreign Exchange			Interest Rate			Total

Not applicable	$	557,045	*	$	18,537,552	*	$	102,950	*	$	19,552,839	*	$	26,890,352	*	$	65,640,738

Receivable for open forward foreign currency exchange contracts		—			—			—			28,412,805			—			28,412,805

Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		2,656,228			21,949,374			84,441			—			1,699,359			26,389,402

Total Asset Derivatives	$	3,213,273		$	40,486,926		$	187,391		$	47,965,644		$	28,589,711		$	120,442,945

Derivatives not subject to master netting or similar agreements	$	557,045		$	18,537,552		$	102,950		$	19,552,839		$	26,890,352		$	65,640,738

Total Asset Derivatives subject to master netting or similar agreements	$	2,656,228		$	21,949,374		$	84,441		$	28,412,805		$	1,699,359		$	54,802,207

Not applicable	$	—		$	(8,562,109	)*	$	(696,284	)*	$	(11,951,779	)*	$	(49,061,030	)*	$	(70,271,202	)

Payable for open forward commodity contracts		(2,375,840	)		—			—			—			—			(2,375,840	)

Payable for open forward foreign currency exchange contracts		—			—			—			(28,480,112	)		—			(28,480,112	)

Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		—			(552,663	)		(264,971	)		—			—			(817,634	)

Total Liability Derivatives	$	(2,375,840	)	$	(9,114,772	)	$	(961,255	)	$	(40,431,891	)	$	(49,061,030	)	$	(101,944,788	)

Derivatives not subject to master netting or similar agreements	$	—		$	(8,562,109	)	$	(696,284	)	$	(11,951,779	)	$	(49,061,030	)	$	(70,271,202	)

Total Liability Derivatives subject to master netting or similar agreements	$	(2,375,840	)	$	(552,663	)	$	(264,971	)	$	(28,480,112	)	$	—		$	(31,673,586	)

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


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The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’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 Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of October 31, 2020.


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)			Total Cash Collateral Received

Australia and New Zealand Banking Group Limited	$	999,059		$	—		$	—		$	(999,059	)	$	—		$	1,110,000

Bank of America, N.A.		3,262,681			(81,449	)		(3,181,232	)		—			—			—

Barclays Bank PLC		2,978,567			(52,196	)		—			(2,680,000	)		246,371			2,680,000

BNP Paribas		4,644,183			(4,644,183	)		—			—			—			—

Citibank, N.A.		3,177,398			(2,897,010	)		—			—			280,388			—

Deutsche Bank AG		52,973			—			—			—			52,973			—

Goldman Sachs International		14,556,242			(3,969,681	)		—			(9,822,000	)		764,561			9,822,000

HSBC Bank USA, N.A.		7,712,506			(172,380	)		(7,540,126	)		—			—			—

JPMorgan Chase Bank, N.A.		762,671			(550,178	)		—			(212,493	)		—			560,000

Morgan Stanley & Co. International PLC		6,328			(6,328	)		—			—			—			—

Nomura International PLC		117,275			(117,275	)		—			—			—			—

Standard Chartered Bank		16,308,044			(16,308,044	)		—			—			—			—

UBS AG		224,280			—			(62,208	)		—			162,072			—

	$	54,802,207		$	(28,798,724	)	$	(10,783,566	)	$	(13,713,552	)	$	1,506,365		$	14,172,000

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)			Total Cash Collateral Pledged

Bank of America, N.A.	$	(81,449	)	$	81,449		$	—		$	—		$	—		$	—

Barclays Bank PLC		(52,196	)		52,196			—			—			—			—

BNP Paribas		(5,296,976	)		4,644,183			349,988			—			(302,805	)		—

Citibank, N.A.		(2,975,468	)		2,897,010			70,198			—			(8,260	)		—

Credit Agricole Corporate and Investment Bank		(305,586	)		—			300,990			—			(4,596	)		—

Goldman Sachs International		(3,969,681	)		3,969,681			—			—			—			—

HSBC Bank USA, N.A.		(172,380	)		172,380			—			—			—			—

ICBC Standard Bank plc		(271,307	)		—			262,991			—			(8,316	)		—

JPMorgan Chase Bank, N.A.		(550,178	)		550,178			—			—			—			—

Morgan Stanley & Co. International PLC		(28,342	)		6,328			—			—			(22,014	)		—

Nomura International PLC		(273,754	)		117,275			156,479			—			—			—

Standard Chartered Bank		(17,696,269	)		16,308,044			1,388,225			—			—			—

	$	(31,673,586	)	$	28,798,724		$	2,528,871		$	—		$	(345,991	)	$	—

Total — Deposits for derivatives collateral — OTC derivatives																$	14,172,000

^(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.


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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the year ended October 31, 2020 was as follows:


Consolidated Statement of Operations Caption	Commodity			Credit		Equity Price			Foreign Exchange			Interest Rate			Total

Net realized gain (loss) —

Investment transactions	$	—		$	—	$	(3,445,231	)	$	(623,662	)	$	2,555,819		$	(1,513,074	)

Futures contracts		17,682,506			—		676,334			—			(2,356,380	)		16,002,460

Swap contracts		9,375,415			7,216,994		5,098,724			—			(20,749,361	)		941,772

Forward foreign currency exchange contracts		—			—		—			381,568			—			381,568

Non-deliverable bond forward contracts		—			—		—			—			1,919,698			1,919,698

Total	$	27,057,921		$	7,216,994	$	2,329,827		$	(242,094	)	$	(18,630,224	)	$	17,732,424

Change in unrealized appreciation (depreciation) —

Investments	$	—		$	—	$	2,586,006		$	454,217		$	(3,052,461	)	$	(12,238	)

Futures contracts		647,881			—		(2,003,972	)		—			(1,091,251	)		(2,447,342	)

Swap contracts		1,989,723			9,619,423		(404,422	)		—			17,964,186			29,168,910

Forward commodity contracts		(2,375,840	)		—		—			—			—			(2,375,840	)

Forward foreign currency exchange contracts		—			—		—			17,782,434			—			17,782,434

Total	$	261,764		$	9,619,423	$	177,612		$	18,236,651		$	13,820,474		$	42,115,924


Futures Contracts — Long		Futures Contracts — Short		Forward Commodity Contracts		Forward Foreign Currency Exchange Contracts*		Non-deliverable Bond Forward Contracts		Interest Rate Swaptions Purchased		Swap Contracts

	$40,770,000	$	228,937,000	$	13,395,000	$	5,484,242,000	$	11,618,000	$	32,795,000	$	3,015,098,000

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

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately $25,435,000 and 110 contracts, respectively.

6 Line of Credit


		64

Global Macro Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $490,405,962, which represents 15.5% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	559,146,895	$	1,927,801,634	$	(1,996,560,956	)	$	65,928	$	(47,539	)	$	490,405,962	$	5,388,610		490,405,962

8 Fair Value Measurements

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Foreign Government Bonds	$	—	$	1,591,232,925		$	—	$	1,591,232,925

Foreign Corporate Bonds		—		93,409,254			0		93,409,254

Senior Floating-Rate Loans		—		—			967,250		967,250

Sovereign Loans		—		70,381,874			—		70,381,874

Loan Participation Notes		—		—			36,524,211		36,524,211

Asset-Backed Securities		—		16,667,410			—		16,667,410

Collateralized Mortgage Obligations		—		17,946,015			—		17,946,015

Mortgage Pass-Throughs		—		77,234,332			—		77,234,332

U.S. Treasury Obligations		—		1,533,326			—		1,533,326

U.S. Government Guaranteed Small Business Administration Loans		—		24,470,093			—		24,470,093

Common Stocks		6,247,262		73,224,450	**		—		79,471,712

Short-Term Investments —

Foreign Government Securities		—		228,395,949			—		228,395,949

U.S. Treasury Obligations		—		204,888,109			—		204,888,109

Other		—		490,405,962			—		490,405,962

Total Investments	$	6,247,262	$	2,889,789,699		$	37,491,461	$	2,933,528,422

Forward Foreign Currency Exchange Contracts	$	—	$	47,965,644		$	—	$	47,965,644

Futures Contracts		2,022,554		—			—		2,022,554

Swap Contracts		—		70,454,747			—		70,454,747

Total	$	8,269,816	$	3,008,210,090		$	37,491,461	$	3,053,971,367


		65

Global Macro Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued


Liability Description	Level 1			Level 2			Level 3*		Total

Securities Sold Short	$	—		$	(8,639,152	)	$	—	$	(8,639,152	)

Forward Commodity Contracts		—			(2,375,840	)		—		(2,375,840	)

Forward Foreign Currency Exchange Contracts		—			(40,431,891	)		—		(40,431,891	)

Futures Contracts		(1,347,313	)		(357,244	)		—		(1,704,557	)

Swap Contracts		—			(57,432,500	)		—		(57,432,500	)

Total	$	(1,347,313	)	$	(109,236,627	)	$	—	$	(110,583,940	)

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

**	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.

9 Risks and Uncertainties

Risks Associated with Foreign Investments

Pandemic Risk

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		66

Global Macro Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Macro Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Macro Portfolio and subsidiary (the “Portfolio”), including the consolidated portfolio of investments, as of October 31, 2020, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers, and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		67

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Liquidity Risk Management Program


		68

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Macro Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		69

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		70

Eaton Vance

Global Macro Absolute Return Fund

October 31, 2020

Management and Organization — continued

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

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


		71

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		72

Investment Adviser of Global Macro Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Macro Absolute Return Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

3041 10.31.20

LOGO

Eaton Vance

Global Macro Absolute Return Advantage Fund

Annual Report

October 31, 2020

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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.

Annual Report October 31, 2020

Eaton Vance

Global Macro Absolute Return Advantage Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			19 and 68
Federal Tax Information			20
Liquidity Risk Management Program			69
Management and Organization			70
Important Notices			73

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Global Macro Absolute Return Advantage Fund (the Fund) returned 6.15% for Class A shares at net asset value (NAV), outperforming its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index (the Index), which returned 0.92%.

The Fund’s interest rate exposure made the largest contribution to returns during the period. Allocations to currencies, commodities, and corporate credit also positively impacted returns. The Fund’s limited exposure to equities and its exposure to sovereign credit were detractors.

By region, the Middle East & Africa (MEA) was the top contributor to performance, led by long positions in Egyptian local bonds and South

African interest rates. Egyptian local bonds benefited from their attractive yields, coupled with the credibility of the central bank and strong support from the International Monetary Fund (IMF). Central bank interest rate cuts aided the position in South African rates. By period-end, the South African rates position was sold from the Fund.

The Fund uses derivatives extensively to both hedge select undesired risk exposures as well as gain select desired risk exposures. Some of the above commentary about notable drivers of performance at the country level involved the use of derivatives. The Fund’s use of derivatives broadly contributed to returns versus the Index. Interest rate swaps used to gain select exposures as well as hedge others contributed to performance, with those used to gain long exposure in China and Singapore most notable. Credit default swaps used to gain short exposure to certain sovereign credits — which also acted as hedges to other exposures in certain cases — also aided performance during the period. Currency forwards used to gain both long and short exposure to select currencies around the world contributed to performance during the period, with short exposures in the Russian ruble and Turkish lira being the most notable.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Performance^2,3

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


% Average Annual Total Returns	Class Inception Date			Performance Inception Date			One Year			Five Years			Ten Years

Class A at NAV		08/31/2010			08/31/2010			6.15	%		3.64	%		3.03	%
Class A with 4.75% Maximum Sales Charge		—			—			1.12			2.64			2.53

Class C at NAV		08/31/2010			08/31/2010			5.29			2.90			2.30
Class C with 1% Maximum Sales Charge		—			—			4.29			2.90			2.30

Class I at NAV		08/31/2010			08/31/2010			6.36			3.95			3.33
Class R at NAV		12/01/2010			08/31/2010			5.97			3.45			2.84

Class R6 at NAV		05/31/2017			08/31/2010			6.56			4.04			3.38



ICE BofA 3-Month U.S. Treasury Bill Index		—			—			0.92	%		1.20	%		0.63	%

% Total Annual Operating Expense Ratios⁴	Class A			Class C			Class I			Class R			Class R6

Gross		1.75	%		2.47	%		1.47	%		1.97	%		1.44	%
Net		1.57			2.29			1.29			1.79			1.26

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$12,558

N.A.

Class I

$250,000

10/31/2010

$347,050

N.A.

Class R

$10,000

10/31/2010

$13,230

N.A.

Class R6

$1,000,000

10/31/2010

$1,394,210

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Fund Profile⁵

Asset Allocation (% of net assets)⁶

LOGO

*	Net of securities sold short.

Foreign Currency Exposures by Country (% of net assets)⁷



Egypt	11.0	%

Ukraine	10.9

Serbia	8.6

Iceland	6.2

South Korea	5.2

Chile	3.2

Japan	3.0

Australia	3.0

Uzbekistan	2.6

Switzerland	2.3

Georgia	2.0

Uruguay	1.6

Thailand	1.5

Vietnam	1.1

Norway	1.0

Other	4.7	*

Ghana	-1.1

New Zealand	-3.0

Bahrain	-3.4

South Africa	-3.7

Chile	-4.0

Saudi Arabia	-6.9

Oman	-9.8

United Arab Emirates	-18.6

Euro	-19.9

Total Long	68.3

Total Short	-70.8

Total Net	-2.5

*	Includes amounts each less than 1.0% or –1.0%, as applicable.

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Endnotes and Additional Disclosures

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 Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁶	Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁷	Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Additional Information

Important Notice to Shareholders

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


		5

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,070.60	$	7.49	**		1.44	%
Class C	$	1,000.00	$	1,066.20	$	11.11	**		2.14	%
Class I	$	1,000.00	$	1,071.70	$	5.94	**		1.14	%
Class R	$	1,000.00	$	1,069.30	$	8.48	**		1.63	%
Class R6	$	1,000.00	$	1,072.70	$	5.73	**		1.10	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,017.90	$	7.30	**		1.44	%
Class C	$	1,000.00	$	1,014.40	$	10.84	**		2.14	%
Class I	$	1,000.00	$	1,019.40	$	5.79	**		1.14	%
Class R	$	1,000.00	$	1,016.90	$	8.26	**		1.63	%
Class R6	$	1,000.00	$	1,019.60	$	5.58	**		1.10	%

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


		6

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Global Macro Absolute Return Advantage Portfolio, at value (identified cost, $2,851,725,410)	$	2,776,716,319

Receivable for Fund shares sold		2,916,424

Receivable from affiliate		164,623

Total assets	$	2,779,797,366

Liabilities

Payable for Fund shares redeemed	$	4,911,649

Payable to affiliates:

Distribution and service fees		207,707

Trustees’ fees		43

Accrued expenses		795,016

Total liabilities	$	5,914,415

Net Assets	$	2,773,882,951

Sources of Net Assets

Paid-in capital	$	2,947,683,615

Accumulated loss		(173,800,664	)

Total	$	2,773,882,951

Class A Shares

Net Assets	$	758,795,072

Shares Outstanding		72,594,013

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.45

Maximum Offering Price Per Share

(100 ÷ 95.25 of net asset value per share)	$	10.97

Class C Shares

Net Assets	$	20,894,130

Shares Outstanding		2,058,770

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	10.15

Class I Shares

Net Assets	$	1,293,210,830

Shares Outstanding		121,934,941

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.61

Class R Shares

Net Assets	$	1,506,033

Shares Outstanding		145,779

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.33

Class R6 Shares

Net Assets	$	699,476,886

Shares Outstanding		65,847,784

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.62

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income allocated from Portfolio (net of foreign taxes, $1,060,193)	$	191,238,744

Dividends allocated from Portfolio (net of foreign taxes, $212,320)		3,104,319

Expenses, excluding interest and dividend expense, allocated from Portfolio		(29,136,353	)

Interest and dividend expense allocated from Portfolio		(2,587,777	)

Total investment income from Portfolio	$	162,618,933

Expenses

Distribution and service fees

Class A	$	2,276,120

Class C		257,984

Class R		6,890

Trustees’ fees and expenses		500

Custodian fee		60,996

Transfer and dividend disbursing agent fees		3,288,063

Legal and accounting services		88,367

Printing and postage		375,001

Registration fees		127,566

Miscellaneous		37,692

Total expenses	$	6,519,179

Deduct —

Allocation of expenses to affiliate	$	3,169,790

Total expense reductions	$	3,169,790

Net expenses	$	3,349,389

Net investment income	$	159,269,544

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $1,162,352)	$	(15,813,173	)

Futures contracts		24,431,129

Swap contracts		25,434,068

Foreign currency transactions		(8,099,744	)

Forward foreign currency exchange contracts		18,057,250

Non-deliverable bond forward contracts		1,225,313

Net realized gain	$	45,234,843

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $89,998)	$	(107,268,322	)

Securities sold short		5,893,222

Futures contracts		(2,332,374	)

Swap contracts		58,953,933

Forward commodity contracts		(4,136,419	)

Foreign currency		(335,749	)

Forward foreign currency exchange contracts		6,049,505

Net change in unrealized appreciation (depreciation)	$	(43,176,204	)

Net realized and unrealized gain	$	2,058,639

Net increase in net assets from operations	$	161,328,183


		8		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	159,269,544		$	194,161,985

Net realized gain (loss)		45,234,843			(203,856,598	)

Net change in unrealized appreciation (depreciation)		(43,176,204	)		254,759,551

Net increase in net assets from operations	$	161,328,183		$	245,064,938

Distributions to shareholders —

Class A	$	(31,695,427	)	$	—

Class C		(875,479	)		—

Class I		(74,463,466	)		(1,875,599	)

Class R		(57,122	)		—

Class R6		(16,669,348	)		(199,027	)

Total distributions to shareholders	$	(123,760,842	)	$	(2,074,626	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	167,949,872		$	772,266,484

Class C		815,648			2,011,286

Class I		473,771,416			935,580,747

Class R		447,427			212,310

Class R6		728,914,385			48,550,507

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		31,462,714			—

Class C		792,763			—

Class I		45,258,310			1,351,903

Class R		57,122			—

Class R6		14,201,255			105,370

Cost of shares redeemed

Class A		(241,261,577	)		(153,262,927	)

Class C		(9,711,075	)		(33,401,222	)

Class I		(1,338,531,493	)		(2,777,491,833	)

Class R		(587,011	)		(566,059	)

Class R6		(173,833,865	)		(90,474,011	)

Net asset value of shares converted

Class A		1,461,383			714,839

Class C		(1,461,383	)		(714,839	)

Net decrease in net assets from Fund share transactions	$	(300,254,109	)	$	(1,295,117,445	)

Net decrease in net assets	$	(262,686,768	)	$	(1,052,127,133	)

Net Assets

At beginning of year	$	3,036,569,719		$	4,088,696,852

At end of year	$	2,773,882,951		$	3,036,569,719


		9		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.250		$	9.510		$	10.560		$	10.180		$	10.100

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.549		$	0.564		$	0.479		$	0.416		$	0.462

Net realized and unrealized gain (loss)		0.066			0.176			(1.239	)		0.111			0.237

Total income (loss) from operations	$	0.615		$	0.740		$	(0.760	)	$	0.527		$	0.699

Less Distributions

From net investment income	$	(0.415	)	$	—		$	(0.290	)	$	(0.147	)	$	(0.619	)

Total distributions	$	(0.415	)	$	—		$	(0.290	)	$	(0.147	)	$	(0.619	)

Net asset value — End of year	$	10.450		$	10.250		$	9.510		$	10.560		$	10.180

Total Return⁽²⁾		6.15	%⁽³⁾		7.78	%⁽³⁾		(7.40	)%⁽³⁾		5.25	%		7.27	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	758,795		$	789,497		$	122,402		$	123,985		$	307,915

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses⁽⁶⁾		1.44	%⁽³⁾		1.57	%⁽³⁾		1.45	%⁽³⁾		1.53	%		1.56	%

Net investment income		5.35	%		5.70	%		4.73	%		4.07	%		4.69	%

Portfolio Turnover of the Portfolio		80	%		71	%		75	%		76	%		97	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.15%, 0.18% and 0.10% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.22%, 0.07%, 0.04% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		10		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.930		$	9.270		$	10.330		$	9.970		$	9.900

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.468		$	0.453		$	0.399		$	0.347		$	0.383

Net realized and unrealized gain (loss)		0.056			0.207			(1.214	)		0.095			0.237

Total income (loss) from operations	$	0.524		$	0.660		$	(0.815	)	$	0.442		$	0.620

Less Distributions

From net investment income	$	(0.304	)	$	—		$	(0.245	)	$	(0.082	)	$	(0.550	)

Total distributions	$	(0.304	)	$	—		$	(0.245	)	$	(0.082	)	$	(0.550	)

Net asset value — End of year	$	10.150		$	9.930		$	9.270		$	10.330		$	9.970

Total Return⁽²⁾		5.29	%⁽³⁾		7.12	%⁽³⁾		(8.08	)%⁽³⁾		4.58	%		6.45	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	20,894		$	30,108		$	59,782		$	64,164		$	49,817

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses⁽⁶⁾		2.14	%⁽³⁾		2.29	%⁽³⁾		2.15	%⁽³⁾		2.24	%		2.26	%

Net investment income		4.69	%		4.80	%		4.03	%		3.43	%		3.96	%

Portfolio Turnover of the Portfolio		80	%		71	%		75	%		76	%		97	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

⁽⁴⁾

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.06% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		11		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.390		$	9.610		$	10.680		$	10.300		$	10.210

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.592		$	0.570		$	0.514		$	0.462		$	0.491

Net realized and unrealized gain (loss)		0.062			0.216			(1.250	)		0.098			0.247

Total income (loss) from operations	$	0.654		$	0.786		$	(0.736	)	$	0.560		$	0.738

Less Distributions

From net investment income	$	(0.434	)	$	(0.006	)	$	(0.334	)	$	(0.180	)	$	(0.648	)

Total distributions	$	(0.434	)	$	(0.006	)	$	(0.334	)	$	(0.180	)	$	(0.648	)

Net asset value — End of year	$	10.610		$	10.390		$	9.610		$	10.680		$	10.300

Total Return⁽²⁾		6.36	%⁽³⁾		8.18	%⁽³⁾		(7.12	)%⁽³⁾		5.53	%		7.62	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,293,211		$	2,075,104		$	3,731,477		$	3,379,555		$	1,407,915

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses⁽⁶⁾		1.14	%⁽³⁾		1.29	%⁽³⁾		1.15	%⁽³⁾		1.24	%		1.26	%

Net investment income		5.70	%		5.81	%		5.04	%		4.43	%		4.92	%

Portfolio Turnover of the Portfolio		80	%		71	%		75	%		76	%		97	%

⁽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⁾

⁽⁴⁾

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.06% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		12		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class R

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.120		$	9.410		$	10.440		$	10.070		$	10.010

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.526		$	0.515		$	0.451		$	0.398		$	0.435

Net realized and unrealized gain (loss)		0.064			0.195			(1.217	)		0.104			0.237

Total income (loss) from operations	$	0.590		$	0.710		$	(0.766	)	$	0.502		$	0.672

Less Distributions

From net investment income	$	(0.380	)	$	—		$	(0.264	)	$	(0.132	)	$	(0.612	)

Total distributions	$	(0.380	)	$	—		$	(0.264	)	$	(0.132	)	$	(0.612	)

Net asset value — End of year	$	10.330		$	10.120		$	9.410		$	10.440		$	10.070

Total Return⁽²⁾		5.97	%⁽³⁾		7.55	%⁽³⁾		(7.53	)%⁽³⁾		5.05	%		7.05	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,506		$	1,566		$	1,801		$	2,294		$	5,279

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses⁽⁶⁾		1.64	%⁽³⁾		1.79	%⁽³⁾		1.65	%⁽³⁾		1.74	%		1.76	%

Net investment income		5.18	%		5.35	%		4.50	%		3.91	%		4.46	%

Portfolio Turnover of the Portfolio		80	%		71	%		75	%		76	%		97	%

⁽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⁾

⁽⁴⁾

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.05% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


		13		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Financial Highlights — continued


	Class R6

	Year Ended October 31,									Period Ended October 31, 2017⁽¹⁾
	2020			2019			2018			Period Ended October 31, 2017⁽¹⁾

Net asset value — Beginning of period	$	10.410		$	9.640		$	10.690		$	10.530

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.576		$	0.579		$	0.534		$	0.179

Net realized and unrealized gain (loss)		0.079			0.207			(1.245	)		(0.019	)

Total income (loss) from operations	$	0.655		$	0.786		$	(0.711	)	$	0.160

Less Distributions

From net investment income	$	(0.445	)	$	(0.016	)	$	(0.339	)	$	—

Total distributions	$	(0.445	)	$	(0.016	)	$	(0.339	)	$	—

Net asset value — End of period	$	10.620		$	10.410		$	9.640		$	10.690

Total Return⁽³⁾		6.56	%⁽⁴⁾		8.07	%⁽⁴⁾		(6.88	)%⁽⁴⁾		1.52	%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	699,477		$	140,294		$	173,234		$	7,959

Ratios (as a percentage of average daily net assets):⁽⁶⁾

Expenses⁽⁷⁾		1.11	%⁽⁴⁾		1.26	%⁽⁴⁾		1.10	%⁽⁴⁾		1.20	%⁽⁸⁾

Net investment income		5.53	%		5.86	%		5.30	%		3.97	%⁽⁸⁾

Portfolio Turnover of the Portfolio		80	%		71	%		75	%		76	%⁽⁹⁾

⁽¹⁾	For the period from commencement of operations on May 31, 2017 to October 31, 2017.

⁽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⁾

⁽⁵⁾	Not annualized.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾	Includes interest expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.08% and 0.11% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and the period ended October 31, 2017, respectively.

⁽⁸⁾	Annualized.

⁽⁹⁾	For the Portfolio’s year ended October 31, 2017.


		14		See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Global Macro Absolute Return Advantage 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 offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I, 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 Fund invests all of its investable assets in interests in Global Macro Absolute Return Advantage Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (91.2% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

G Other — Investment transactions are accounted for on a trade date basis.


		15

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	123,760,842	$	2,074,626

During the year ended October 31, 2020, accumulated loss was increased by $30,975,879 and paid-in capital was increased by $30,975,879 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	137,101,197

Deferred capital losses	$	(186,997,497	)

Net unrealized depreciation	$	(123,904,364	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $186,997,497 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 October 31, 2020, $102,058,882 are short-term and $84,938,615 are long-term.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser and administration fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. 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 1.35%, 2.05%, 1.05%, 1.55% and 1.02% of the Fund’s average daily net assets for Class A, Class C, Class I, Class R and Class R6, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $3,169,790 of the Fund’s operating expenses for the year ended October 31, 2020. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Consolidated Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $522,607 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 $2,524 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).


		16

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Notes to Financial Statements — continued

4 Distribution Plans

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $193,488 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $3,445 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $64,496 and $3,445 for Class C and Class R shares, respectively.

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. Effective December 2, 2019, Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $800 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $181,408,709 and $612,595,052, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		16,323,345			79,735,722

Issued to shareholders electing to receive payments of distributions in Fund shares		3,045,761			—

Redemptions		(23,922,666	)		(15,676,420	)

Converted from Class C shares		143,133			74,538

Net increase (decrease)		(4,410,427	)		64,133,840


		17

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class C	2020			2019

Sales		82,532			217,557

Issued to shareholders electing to receive payments of distributions in Fund shares		78,569			—

Redemptions		(987,990	)		(3,554,914	)

Converted to Class A shares		(147,229	)		(76,622	)

Net decrease		(974,118	)		(3,413,979	)

	Year Ended October 31,
Class I	2020			2019

Sales		45,898,141			96,016,735

Issued to shareholders electing to receive payments of distributions in Fund shares		4,326,798			142,606

Redemptions		(128,093,023	)		(284,625,500	)

Net decrease		(77,868,084	)		(188,466,159	)

	Year Ended October 31,
Class R	2020			2019

Sales		44,409			22,204

Issued to shareholders electing to receive payments of distributions in Fund shares		5,584			—

Redemptions		(58,917	)		(58,927	)

Net decrease		(8,924	)		(36,723	)

	Year Ended October 31,
Class R6	2020			2019

Sales		68,115,804			4,920,002

Issued to shareholders electing to receive payments of distributions in Fund shares		1,356,376			11,092

Redemptions		(17,107,065	)		(9,422,409	)

Net increase (decrease)		52,365,115			(4,491,315	)

8 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement. The new investment advisory and administrative agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		18

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Macro Absolute Return Advantage Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Macro Absolute Return Advantage Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		19

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $748,617, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $2,434,865 and recognized foreign source income of $185,643,032.


		20

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments


Foreign Government Bonds — 60.1%
Security		Principal Amount (000’s omitted)		Value

Argentina — 0.4%

City of Buenos Aires, 7.50%, 6/1/27⁽¹⁾	USD		16,728	$	12,504,347

Total Argentina				$	12,504,347

Bahrain — 5.5%

CBB International Sukuk Programme Co., 6.25%, 11/14/24⁽¹⁾	USD		5,488	$	5,933,214

Kingdom of Bahrain, 5.45%, 9/16/32⁽¹⁾	USD		18,625		18,245,384

Kingdom of Bahrain, 5.625%, 9/30/31⁽¹⁾	USD		10,006		9,934,072

Kingdom of Bahrain, 6.00%, 9/19/44⁽¹⁾	USD		4,094		3,837,622

Kingdom of Bahrain, 6.75%, 9/20/29⁽¹⁾	USD		11,473		12,446,876

Kingdom of Bahrain, 7.00%, 1/26/26⁽¹⁾	USD		5,769		6,527,724

Kingdom of Bahrain, 7.00%, 10/12/28⁽¹⁾	USD		35,975		39,797,636

Kingdom of Bahrain, 7.375%, 5/14/30⁽¹⁾	USD		54,380		60,413,716

Kingdom of Bahrain, 7.50%, 9/20/47⁽¹⁾	USD		8,632		9,148,461

Total Bahrain				$	166,284,705

Barbados — 1.4%

Government of Barbados, 6.50%, 10/1/29⁽¹⁾	USD		43,780	$	42,575,758

Total Barbados				$	42,575,758

Belarus — 1.2%

Republic of Belarus, 5.875%, 2/24/26⁽¹⁾	USD		14,016	$	13,370,143

Republic of Belarus, 6.378%, 2/24/31⁽¹⁾	USD		24,910		23,597,492

Total Belarus				$	36,967,635

Benin — 0.8%

Benin Government International Bond, 5.75%, 3/26/26⁽¹⁾	EUR		21,263	$	23,817,724

Total Benin				$	23,817,724

Dominican Republic — 1.7%

Dominican Republic, 5.875%, 1/30/60⁽¹⁾	USD		39,033	$	37,471,680

Dominican Republic, 6.85%, 1/27/45⁽¹⁾	USD		4,546		4,892,860

Dominican Republic, 7.45%, 4/30/44⁽¹⁾	USD		6,949		7,967,028

Total Dominican Republic				$	50,331,568

Ecuador — 0.8%

Republic of Ecuador, 0.50% to 7/31/21, 7/31/30⁽¹⁾⁽²⁾	USD		17,630	$	11,812,570

Republic of Ecuador, 0.50% to 7/31/21, 7/31/40⁽¹⁾⁽²⁾	USD		25,058		12,529,286

Total Ecuador				$	24,341,856


Security		Principal Amount (000’s omitted)		Value

Egypt — 4.4%

Arab Republic of Egypt, 6.375%, 4/11/31⁽¹⁾	EUR		46,967	$	52,482,577

Arab Republic of Egypt, 8.15%, 11/20/59⁽¹⁾⁽³⁾	USD		20,369		19,285,369

Arab Republic of Egypt, 8.50%, 1/31/47⁽¹⁾⁽³⁾	USD		9,499		9,471,301

Arab Republic of Egypt, 8.70%, 3/1/49⁽¹⁾⁽³⁾	USD		43,230		43,681,581

Arab Republic of Egypt, 8.875%, 5/29/50⁽¹⁾	USD		7,864		7,970,439

Total Egypt				$	132,891,267

Gabon — 0.4%

Republic of Gabon, 6.625%, 2/6/31⁽¹⁾	USD		13,772	$	12,336,846

Total Gabon				$	12,336,846

Georgia — 1.2%

Georgia Treasury Bond, 7.00%, 5/30/24	GEL		51,500	$	15,346,362

Georgia Treasury Bond, 7.25%, 1/17/21	GEL		8,852		2,744,177

Georgia Treasury Bond, 7.375%, 9/27/23	GEL		12,110		3,670,492

Georgia Treasury Bond, 8.125%, 1/25/23	GEL		6,262		1,957,612

Georgia Treasury Bond, 9.375%, 4/9/22	GEL		43,335		13,747,013

Total Georgia				$	37,465,656

Iceland — 2.0%

Republic of Iceland, 3.50%, 8/5/21	ISK		2,531,376	$	18,241,338

Republic of Iceland, 6.50%, 1/24/31	ISK		4,650,242		42,984,457

Republic of Iceland, 8.00%, 6/12/25	ISK		32,541		286,395

Total Iceland				$	61,512,190

Ivory Coast — 0.7%

Ivory Coast Government International Bond, 5.25%, 3/22/30⁽¹⁾	EUR		19,942	$	22,483,863

Total Ivory Coast				$	22,483,863

Jordan — 1.0%

Jordan Government International Bond, 5.85%, 7/7/30⁽¹⁾	USD		2,343	$	2,364,592

Jordan Government International Bond, 7.375%, 10/10/47⁽¹⁾	USD		26,710		27,695,189

Total Jordan				$	30,059,781

Lebanon — 0.5%

Lebanese Republic, 6.25%, 11/4/24⁽¹⁾⁽⁴⁾	USD		10,470	$	1,557,412

Lebanese Republic, 6.25%, 6/12/25⁽¹⁾⁽⁴⁾	USD		7,800		1,164,150

Lebanese Republic, 6.40%, 5/26/23⁽⁴⁾	USD		10,470		1,575,159

Lebanese Republic, 6.65%, 4/22/24⁽¹⁾⁽⁴⁾	USD		29,480		4,237,750

Lebanese Republic, 6.65%, 2/26/30⁽¹⁾⁽⁴⁾	USD		132		19,536


		21		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount (000’s omitted)		Value

Lebanon (continued)

Lebanese Republic, 6.75%, 11/29/27⁽¹⁾⁽⁴⁾	USD		1,056	$	157,227

Lebanese Republic, 6.85%, 5/25/29⁽⁴⁾	USD		13,921		2,067,547

Lebanese Republic, 7.00%, 12/3/24⁽⁴⁾	USD		4,878		725,602

Lebanese Republic, 7.00%, 3/20/28⁽¹⁾⁽⁴⁾	USD		7,809		1,117,624

Lebanese Republic, 7.15%, 11/20/31⁽¹⁾⁽⁴⁾	USD		12,224		1,785,437

Lebanese Republic, 8.20%, 5/17/33⁽⁴⁾	USD		4,223		601,778

Lebanese Republic, 8.25%, 5/17/34⁽⁴⁾	USD		3,507		499,748

Total Lebanon				$	15,508,970

Mongolia — 0.1%

Mongolia Government International Bond, 5.125%, 4/7/26⁽¹⁾	USD		1,474	$	1,527,300

Total Mongolia				$	1,527,300

New Zealand — 5.9%

New Zealand Government Bond, 2.50%, 9/20/35⁽¹⁾⁽⁵⁾	NZD		90,651	$	87,223,051

New Zealand Government Bond, 2.50%, 9/20/40⁽¹⁾⁽⁵⁾	NZD		91,765		93,459,271

Total New Zealand				$	180,682,322

Oman — 0.3%

Oman Government International Bond, 5.625%, 1/17/28⁽¹⁾	USD		1,000	$	916,190

Oman Government International Bond, 6.00%, 8/1/29⁽¹⁾	USD		5,391		4,940,232

Oman Government International Bond, 6.75%, 1/17/48⁽¹⁾	USD		4,709		3,869,550

Total Oman				$	9,725,972

Romania — 4.7%

Romania Government International Bond, 3.375%, 1/28/50⁽¹⁾	EUR		50,724	$	61,639,124

Romania Government International Bond, 4.625%, 4/3/49⁽¹⁾⁽³⁾	EUR		55,702		80,582,417

Total Romania				$	142,221,541

Serbia — 7.8%

Serbia Treasury Bond, 4.50%, 1/11/26	RSD		4,442,590	$	47,653,840

Serbia Treasury Bond, 4.50%, 8/20/32	RSD		947,330		9,684,610

Serbia Treasury Bond, 5.875%, 2/8/28	RSD		15,546,220		179,768,567

Total Serbia				$	237,107,017

Suriname — 0.5%

Republic of Suriname, 9.25%, 10/26/26⁽¹⁾	USD		27,730	$	14,835,550

Total Suriname				$	14,835,550


Security		Principal Amount (000’s omitted)		Value

Thailand — 1.7%

Thailand Government Bond, 1.25%, 3/12/28⁽¹⁾⁽⁵⁾	THB		1,661,397	$	51,875,344

Total Thailand				$	51,875,344

Ukraine — 15.6%

Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40^(1)(6)(7)	USD		31,977	$	27,801,763

Ukraine Government International Bond, 10.00%, 8/23/23	UAH		1,717,893		58,558,320

Ukraine Government International Bond, 11.67%, 11/22/23	UAH		1,317,779		46,763,253

Ukraine Government International Bond, 15.84%, 2/26/25⁽³⁾	UAH		8,685,064		343,590,571

Total Ukraine				$	476,713,907

Uruguay — 1.5%

Republic of Uruguay, 3.875%, 7/2/40⁽⁵⁾	UYU		1,387,207	$	37,154,449

Republic of Uruguay, 4.375%, 12/15/28⁽⁵⁾	UYU		358,203		9,407,204

Total Uruguay				$	46,561,653

Total Foreign Government Bonds (identified cost $1,785,027,529)				$	1,830,332,772

Foreign Corporate Bonds — 5.4%
Security		Principal Amount (000’s omitted)		Value

Belarus — 0.1%

Eurotorg LLC Via Bonitron DAC, 9.00%, 10/22/25⁽¹⁾	USD		3,827	$	3,846,135

Total Belarus				$	3,846,135

Bulgaria — 0.4%

Eurohold Bulgaria AD, 6.50%, 12/7/22⁽¹⁾	EUR		10,090	$	11,132,080

Total Bulgaria				$	11,132,080

Georgia — 0.3%

Georgia Capital JSC, 6.125%, 3/9/24⁽¹⁾	USD		2,988	$	2,928,240

Georgia Capital JSC, 6.125%, 3/9/24⁽⁶⁾	USD		2,580		2,528,400

Silknet JSC, 11.00%, 4/2/24⁽¹⁾	USD		3,388		3,620,146

Total Georgia				$	9,076,786

Iceland — 2.1%

Almenna Leigufelagid EHF, 6.65%, 1/26/28⁽⁸⁾	ISK		4,540,000	$	35,326,462


		22		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount (000’s omitted)		Value

Iceland (continued)

Arion Banki HF, 6.00%, 4/12/24⁽¹⁾	ISK		1,720,000	$	13,520,425

Islandsbanki HF, 6.40%, 10/26/23	ISK		900,000		7,077,512

Landsbankinn HF, 5.00%, 11/23/23⁽¹⁾	ISK		1,020,000		7,746,071

WOW Air HF, 0.00%^(4)(8)(9)	EUR		121		0

WOW Air HF, 0.00% (3 mo. EURIBOR + 9.00%), 9/24/24⁽⁴⁾⁽⁸⁾	EUR		5,500		0

Total Iceland				$	63,670,470

Indonesia — 0.1%

Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20⁽¹⁾	IDR		27,880,000	$	1,881,051

Total Indonesia				$	1,881,051

Ireland — 0.7%

Aragvi Finance International DAC, 12.00%, 4/9/24⁽¹⁾	USD		21,357	$	22,371,458

Total Ireland				$	22,371,458

Mexico — 0.0%⁽¹¹⁾

Grupo Kaltex S.A. de CV, 8.875%, 4/11/22⁽¹⁾	USD		1,779	$	1,118,146

Total Mexico				$	1,118,146

Netherlands — 0.5%

Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25⁽¹⁾	USD		16,608	$	14,947,200

Total Netherlands				$	14,947,200

Paraguay — 0.2%

Frigorifico Concepcion S.A., 10.25%, 1/29/25⁽¹⁾	USD		6,760	$	6,591,000

Total Paraguay				$	6,591,000

United Kingdom — 0.2%

Ellaktor Value PLC, 6.375%, 12/15/24⁽¹⁾	EUR		6,410	$	6,450,112

Total United Kingdom				$	6,450,112

Uzbekistan — 0.8%

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22⁽¹⁾	UZS		256,000,000	$	24,583,994

Total Uzbekistan				$	24,583,994

Total Foreign Corporate Bonds (identified cost $181,381,568)				$	165,668,432


Sovereign Loans — 4.2%
Borrower	Principal Amount (000’s omitted)		Value

Ethiopia — 0.1%

Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 4.06%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021^(10)(12)	$	2,156	$	2,144,504

Total Ethiopia			$	2,144,504

Kenya — 1.1%

Government of Kenya, Term Loan, 6.81%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025⁽¹⁰⁾	$	29,835	$	29,710,529

Government of Kenya, Term Loan, 6.95%, (6 mo. USD LIBOR + 6.70%), Maturing October 24, 2024⁽¹⁰⁾		3,977		3,960,056

Total Kenya			$	33,670,585

Tanzania — 3.0%

Government of the United Republic of Tanzania, Term Loan, 5.61%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022⁽¹⁰⁾	$	29,029	$	29,447,860

Government of the United Republic of Tanzania, Term Loan, 5.78%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023⁽¹⁰⁾		62,871		63,922,136

Total Tanzania			$	93,369,996

Total Sovereign Loans (identified cost $127,513,897)			$	129,185,085

Senior Floating-Rate Loans — 0.1%
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Argentina — 0.1%

Desarrolladora Energética S.A., Term Loan, 9.50%, Maturing July 18, 2020^(4)(8)(14)	$	2,607	$	1,381,786

Total Argentina			$	1,381,786

Total Senior Floating-Rate Loans (identified cost $2,607,143)			$	1,381,786


		23		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Loan Participation Notes — 1.7%
Security		Principal Amount (000’s omitted)		Value

Uzbekistan — 1.7%

Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23^(1)(8)(15)	UZS		225,032,000	$	22,876,657

Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/26/23^(1)(8)(15)	UZS		290,568,000		29,293,072

Total Uzbekistan				$	52,169,729

Total Loan Participation Notes (identified cost $51,700,859)				$	52,169,729

Collateralized Mortgage Obligations — 0.3%
Security		Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.:

Interest Only:⁽¹⁶⁾

Series 2770, Class SH, 6.952%, (7.10% - 1 mo. USD LIBOR), 3/15/34⁽¹⁷⁾		$	1,203	$	303,428

Series 4791, Class JI, 4.00%, 5/15/48			26,291		2,754,911

				$	3,058,339

Federal National Mortgage Association:

Interest Only:⁽¹⁶⁾

Series 424, Class C8, 3.50%, 2/25/48		$	27,560	$	2,269,552

Series 2010-67, Class BI, 5.50%, 6/25/25			6		155

Series 2010-109, Class PS, 6.451%, (6.60% - 1 mo. USD LIBOR), 10/25/40⁽¹⁷⁾			2,793		591,203

Series 2018-21, Class IO, 3.00%, 4/25/48			27,311		2,332,542

Series 2018-58, Class BI, 4.00%, 8/25/48			4,248		422,214

				$	5,615,666

Total Collateralized Mortgage Obligations (identified cost $27,995,740)				$	8,674,005

U.S. Government Guaranteed Small Business Administration Loans^(18)(19) — 1.1%
Security		Principal Amount (000’s omitted)		Value

1.63%, 11/20/42		$	1,218	$	79,464

1.88%, 10/30/42 to 12/28/42			10,630		753,020

2.13%, 1/25/43			1,680		130,987


Security	Principal Amount (000’s omitted)		Value

2.38%, 11/30/42 to 3/1/43	$	6,080	$	594,115

2.391%, 11/15/32 to 4/10/43⁽²⁰⁾		51,464		4,329,723

2.63%, 10/27/42 to 3/20/43		9,856		992,794

2.857%, 4/12/27 to 3/10/43⁽²⁰⁾		97,793		10,103,414

2.88%, 10/27/42 to 2/13/43		10,320		1,187,902

3.047%, 2/2/27 to 12/17/43⁽²⁰⁾		104,961		11,475,663

3.13%, 10/12/42 to 2/15/43		5,589		753,621

3.38%, 12/18/42		660		96,553

3.63%, 10/27/42 to 3/28/43		23,571		3,580,406

Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $35,879,568)			$	34,077,662

Common Stocks — 4.7%
Security	Shares		Value

Argentina— 0.3%

Empresa Distribuidora Y Comercializadora Norte ADR⁽²¹⁾		68,659	$	227,948

IRSA Inversiones y Representaciones S.A. ADR⁽²¹⁾		250,411		919,008

Loma Negra Cia Industrial Argentina S.A. ADR		429,400		1,837,832

Pampa Energia S.A. ADR⁽²¹⁾		171,000		2,017,800

Telecom Argentina S.A. ADR⁽²¹⁾		272,100		1,744,161

Transportadora de Gas del Sur S.A. ADR⁽²¹⁾		313,291		1,510,063

YPF S.A. ADR⁽²¹⁾		567,000		1,825,740

Total Argentina			$	10,082,552

Belgium— 0.0%⁽¹¹⁾

KBC Group NV⁽²¹⁾		7,400	$	365,610

Total Belgium			$	365,610

Cyprus— 0.2%

Bank of Cyprus Holdings PLC⁽²¹⁾		8,424,416	$	4,457,795

Total Cyprus			$	4,457,795

France— 0.1%⁽¹¹⁾

BNP Paribas S.A.⁽²¹⁾		13,000	$	453,372

Credit Agricole S.A.⁽²¹⁾		51,500		407,392

Societe Generale S.A.⁽²¹⁾		25,500		346,492

Total France			$	1,207,256

Georgia— 0.1%

Georgia Capital PLC⁽²¹⁾		633,722	$	3,021,353

Total Georgia			$	3,021,353


		24		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Shares		Value

Germany— 0.0%⁽¹¹⁾

Deutsche Bank AG⁽²¹⁾		58,600	$	541,531

Total Germany			$	541,531

Greece— 0.3%

Alpha Bank AE⁽²¹⁾		1,784,700	$	908,192

Eurobank Ergasias Services and Holdings S.A.⁽²¹⁾		3,832,200		1,281,524

Hellenic Telecommunications Organization S.A.		121,285		1,608,446

JUMBO S.A.		94,787		1,328,566

National Bank of Greece S.A.⁽²¹⁾		1,111,000		1,170,035

OPAP S.A.		170,909		1,382,666

Piraeus Bank S.A.⁽²¹⁾		1,025,200		788,627

Total Greece			$	8,468,056

Iceland— 1.9%

Arion Banki HF^(6)(21)		27,795,230	$	16,485,813

Eik Fasteignafelag HF⁽²¹⁾		89,045,925		4,603,458

Eimskipafelag Islands HF⁽²¹⁾		7,239,370		9,613,962

Hagar HF⁽²¹⁾		27,817,695		10,720,128

Reginn HF⁽²¹⁾		37,885,938		4,316,811

Reitir Fasteignafelag HF		15,302,713		4,986,088

Siminn HF		148,207,338		7,828,134

Total Iceland			$	58,554,394

Italy— 0.0%⁽¹¹⁾

Intesa Sanpaolo SpA⁽²¹⁾		269,400	$	447,232

UniCredit SpA⁽²¹⁾		54,000		404,427

Total Italy			$	851,659

Mexico— 0.1%

Vista Oil & Gas SAB de CV ADR⁽²¹⁾		908,700	$	1,808,313

Total Mexico			$	1,808,313

Netherlands— 0.0%⁽¹¹⁾

ING Groep NV⁽²¹⁾		74,100	$	507,564

Total Netherlands			$	507,564

Serbia— 0.1%

Komercijalna Banka AD Beograd⁽²¹⁾		133,148	$	3,820,281

Total Serbia			$	3,820,281

Singapore— 0.5%

Yoma Strategic Holdings, Ltd.⁽²¹⁾		79,369,266	$	14,833,590

Total Singapore			$	14,833,590


Security	Shares		Value

Spain— 0.0%⁽¹¹⁾

Banco Bilbao Vizcaya Argentaria S.A.		133,000	$	383,725

Banco Santander S.A.⁽²¹⁾		195,000		390,498

Total Spain			$	774,223

Vietnam— 1.1%

Bank for Foreign Trade of Vietnam JSC		1,036,910	$	3,724,029

Bank for Investment and Development of Vietnam JSC		845,160		1,408,896

Binh Minh Plastics JSC		73,100		171,606

Coteccons Construction JSC		239,670		583,947

Ho Chi Minh City Infrastructure Investment JSC		1,400,400		992,940

Hoa Phat Group JSC		2,552,026		3,372,084

KIDO Group Corp.		55,900		82,990

Masan Group Corp.⁽²¹⁾		863,000		3,126,492

Mobile World Investment Corp.		372,000		1,797,683

PetroVietnam Nhon Trach 2 Power JSC		859,040		842,858

Refrigeration Electrical Engineering Corp.		703,160		1,359,852

SSI Securities Corp.		1,394,992		1,033,008

Viet Capital Securities JSC		806,139		1,286,696

Vietnam Dairy Products JSC		841,296		3,930,791

Vietnam Prosperity JSC Bank⁽²¹⁾		1,746,682		1,782,859

Vietnam Technological & Commercial Joint Stock Bank⁽²¹⁾		1,408,200		1,387,669

Vingroup JSC⁽²¹⁾		1,246,080		5,731,997

Total Vietnam			$	32,616,397

Total Common Stocks (identified cost $205,209,786)			$	141,910,574

Rights — 0.0%
Security	Shares		Value

Ho Chi Minh City Infrastructure Investment JSC, Exp. 11/2/20		1,400,400	$	0

Total Rights (identified cost $0)			$	0

Warrants — 0.0%
Security	Shares		Value

Almenna Leigufelagid EHF, Exp. 1/25/22, Strike ISK 10.95^(8)(21)		22,753,484	$	0

Total Warrants (identified cost $0)			$	0


		25		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Short-Term Investments — 16.2%

Foreign Government Securities — 4.0%
Security		Principal Amount (000’s omitted)		Value

Egypt — 3.7%

Egypt Treasury Bill, 0.00%, 1/12/21	EGP		336,325	$	20,931,809

Egypt Treasury Bill, 0.00%, 3/30/21	EGP		163,300		9,922,635

Egypt Treasury Bill, 0.00%, 4/6/21	EGP		397,350		24,085,189

Egypt Treasury Bill, 0.00%, 6/15/21	EGP		243,050		14,335,106

Egypt Treasury Bill, 0.00%, 7/6/21	EGP		503,900		29,581,590

Egypt Treasury Bill, 0.00%, 7/13/21	EGP		105,300		6,166,541

Egypt Treasury Bill, 0.00%, 10/12/21	EGP		111,325		6,325,084

Total Egypt				$	111,347,954

Georgia — 0.3%

Georgia Treasury Bill, 0.00%, 12/3/20	GEL		2,968	$	914,046

Georgia Treasury Bill, 0.00%, 1/14/21	GEL		8,533		2,600,925

Georgia Treasury Bill, 0.00%, 2/11/21	GEL		21,479		6,513,882

Georgia Treasury Bill, 0.00%, 4/8/21	GEL		1,686		505,072

Total Georgia				$	10,533,925

Total Foreign Government Securities (identified cost $121,031,058)				$	121,881,879

U.S. Treasury Obligations — 1.8%
Security		Principal Amount (000’s omitted)		Value

U.S. Treasury Bill, 0.00%, 11/5/20⁽¹³⁾		$	30,000	$	29,999,846

U.S. Treasury Bill, 0.00%, 11/19/20⁽¹³⁾			25,000		24,999,143

Total U.S. Treasury Obligations (identified cost $54,998,724)				$	54,998,989

Other — 10.4%
Description		Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²²⁾			316,280,512	$	316,280,512

Total Other (identified cost $316,280,512)				$	316,280,512

Total Short-Term Investments (identified cost $492,310,294)				$	493,161,380

Total Investments — 93.8% (identified cost $2,909,626,384)				$	2,856,561,425


Securities Sold Short — (0.5)%

Common Stocks — (0.5)%
Security	Shares			Value

Ashmore Group PLC		(3,562,400	)	$	(16,481,613	)

Total Common Stocks				$	(16,481,613	)

Total Securities Sold Short (proceeds $22,945,760)				$	(16,481,613	)

Other Assets, Less Liabilities — 6.7%				$	205,640,036

Net Assets — 100.0%				$	3,045,719,848

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

⁽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 October 31, 2020, the aggregate value of these securities is $1,166,210,065 or 38.3% of the Portfolio’s net assets.

⁽²⁾	Step coupon security. Interest rate represents the rate in effect at October 31, 2020.

⁽³⁾	Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

⁽⁴⁾	Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁵⁾	Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁶⁾

⁽⁷⁾	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.

⁽⁸⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽⁹⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹⁰⁾	Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽¹¹⁾	Amount is less than 0.05%.

⁽¹²⁾	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.


		26		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

⁽¹³⁾	Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽¹⁴⁾	Fixed-rate loan.

⁽¹⁵⁾	Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

⁽¹⁶⁾	Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽¹⁷⁾	Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at October 31, 2020.

⁽¹⁸⁾	Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹⁹⁾	Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro rata basis with all securities in the trust.

⁽²⁰⁾	The stated interest rate represents the weighted average fixed interest rate at October 31, 2020 of all interest only securities comprising the certificate.

⁽²¹⁾	Non-income producing security.

⁽²²⁾	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 October 31, 2020.

Forward Commodity Contracts⁽¹⁾

Settlement Date

Deliver

In Exchange For

Counterparty

Value/Unrealized
Appreciation
(Depreciation)

2/2/21

United States Dollar 29,686,437

Gold

15,300 Troy Ounces

Citibank, N.A.

(932,076

)

2/2/21

United States Dollar 11,617,500

Gold

6,000 Troy Ounces

Citibank, N.A.

(341,280

)

2/2/21

United States Dollar 29,381,630

Gold

15,300 Troy Ounces

Citibank, N.A.

(627,269

)

2/2/21

United States Dollar 11,962,100

Gold

6,100 Troy Ounces

Citibank, N.A.

(497,943

)

2/2/21

United States Dollar 30,059,145

Gold

15,300 Troy Ounces

Citibank, N.A.

(1,304,784

)

2/2/21

United States Dollar 18,124,000

Gold

9,200 Troy Ounces

Citibank, N.A.

(833,796

)

(4,537,148

)

⁽¹⁾	Non-deliverable contracts that are settled with the counterparty in cash.


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)

EUR	120,100,804	USD	139,899,422	11/3/20	$	(24,011	)

EUR	670,303,994	USD	780,803,607	11/3/20		(134,010	)

USD	786,529,686	EUR	670,303,994	11/3/20		5,860,089

USD	142,147,348	EUR	120,100,804	11/3/20		2,271,938

BRL	30,060,000	USD	5,208,081	11/4/20		30,724

BRL	30,060,000	USD	5,208,081	11/4/20		30,724

BRL	30,060,000	USD	5,334,107	11/4/20		(95,303	)

BRL	30,060,000	USD	5,334,107	11/4/20		(95,303	)

USD	5,235,702	BRL	30,060,000	11/4/20		(3,102	)


		27		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)

USD	5,235,702	BRL	30,060,000	11/4/20	$	(3,102	)

USD	5,208,081	BRL	30,060,000	11/4/20		(30,724	)

USD	5,208,081	BRL	30,060,000	11/4/20		(30,724	)

PEN	10,589,902	USD	2,946,386	11/5/20		(17,381	)

PEN	10,591,000	USD	2,946,692	11/5/20		(17,383	)

PEN	836,000	USD	232,358	11/5/20		(1,133	)

PEN	836,000	USD	232,358	11/5/20		(1,133	)

PEN	7,712,500	USD	2,144,863	11/5/20		(11,704	)

PEN	7,712,598	USD	2,144,891	11/5/20		(11,704	)

PEN	19,211,000	USD	5,342,473	11/5/20		(29,004	)

PEN	19,212,000	USD	5,342,751	11/5/20		(29,006	)

NZD	28,178,400	USD	18,685,207	11/9/20		(53,653	)

USD	2,280,327	NZD	3,400,047	11/9/20		32,216

RUB	608,350,000	USD	7,866,571	11/13/20		(217,513	)

RUB	608,349,000	USD	7,879,410	11/13/20		(230,365	)

RUB	730,019,000	USD	9,432,042	11/13/20		(253,185	)

RUB	790,856,000	USD	10,218,297	11/13/20		(274,509	)

RUB	804,116,000	USD	10,400,845	11/13/20		(290,332	)

USD	15,388,560	RUB	1,220,798,433	11/13/20		38,912

USD	656,867	RUB	51,000,000	11/13/20		15,621

USD	18,473,830	RUB	1,471,755,175	11/13/20		(31,210	)

USD	10,044,328	RUB	798,136,392	11/13/20		9,000

USD	8,651,721	NZD	13,188,800	11/16/20		(68,781	)

USD	19,577,991	NZD	29,844,954	11/16/20		(155,644	)

JPY	241,424,400	USD	2,269,496	11/19/20		36,878

NZD	911,229	USD	602,008	11/23/20		507

NZD	34,654	USD	22,895	11/23/20		19

JPY	10,414,057,390	USD	98,617,968	11/25/20		876,379

USD	55,187,547	JPY	5,827,804,962	11/25/20		(490,430	)

GBP	35,063,000	USD	45,055,955	11/30/20		375,738

GBP	14,435,765	USD	18,549,958	11/30/20		154,695

USD	32,896,000	GBP	25,600,000	11/30/20		(274,332	)

KRW	11,445,439,238	USD	9,655,187	12/1/20		409,330

KRW	10,890,745,562	USD	9,182,686	12/1/20		394,063

BRL	30,060,000	USD	5,231,033	12/2/20		507

BRL	30,060,000	USD	5,231,033	12/2/20		507

USD	921,266,587	EUR	790,404,798	12/2/20		133,254

USD	19,679,151	NZD	29,207,650	12/2/20		366,498

USD	8,535,615	NZD	12,668,496	12/2/20		158,964

USD	7,530	NZD	11,176	12/2/20		140

CHF	60,849,753	USD	66,178,585	12/7/20		250,279

NOK	291,820,100	USD	31,274,593	12/7/20		(711,614	)

JPY	4,173,320,938	USD	39,326,580	12/8/20		552,079


		28		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)

KRW	23,006,077,600	USD	19,386,109	12/10/20	$	846,276

KRW	43,336,500,000	USD	36,485,633	12/10/20		1,626,069

KRW	21,668,000,000	USD	18,250,887	12/10/20		804,744

CAD	11,164,478	USD	8,469,230	12/16/20		(87,545	)

COP	9,975,363,000	USD	2,588,032	12/16/20		(15,666	)

COP	9,975,463,000	USD	2,588,058	12/16/20		(15,666	)

COP	10,552,400,000	USD	2,737,115	12/16/20		(15,948	)

COP	10,552,500,000	USD	2,737,141	12/16/20		(15,948	)

USD	22,400,671	CLP	17,616,112,000	12/16/20		(377,230	)

USD	32,061,389	NZD	47,823,711	12/17/20		439,198

USD	140,288	ZAR	2,369,905	12/17/20		(4,590	)

USD	20,328,867	ZAR	347,400,000	12/17/20		(908,558	)

USD	34,673,328	ZAR	585,740,000	12/17/20		(1,134,412	)

USD	74,163,783	ZAR	1,310,904,200	12/17/20		(5,975,046	)

ZAR	241,669,900	USD	14,305,835	12/17/20		468,046

ZAR	82,429,100	USD	4,663,387	12/17/20		375,708

ZAR	91,566,000	USD	5,420,320	12/17/20		177,337

ZAR	91,566,000	USD	5,420,320	12/17/20		177,337

MXN	118,688,000	USD	5,568,677	12/18/20		(775	)

MXN	118,688,000	USD	5,568,677	12/18/20		(775	)

MXN	142,864,000	USD	6,702,982	12/18/20		(933	)

USD	6,702,982	MXN	142,864,000	12/18/20		933

IDR	77,788,206,500	USD	5,148,468	1/4/21		80,638

IDR	77,788,206,500	USD	5,148,468	1/4/21		80,638

INR	318,100,000	USD	4,270,068	1/5/21		(28,522	)

INR	318,100,000	USD	4,270,068	1/5/21		(28,522	)

INR	468,294,500	USD	6,285,242	1/5/21		(41,001	)

INR	468,294,500	USD	6,285,242	1/5/21		(41,001	)

JPY	3,397,295,144	USD	32,216,049	1/7/21		266,230

USD	52,497,053	NZD	78,952,435	1/7/21		291,345

PHP	11,012,420	USD	226,314	1/11/21		180

USD	20,559	PHP	1,000,400	1/11/21		(16	)

NZD	1,420,800	USD	931,714	1/13/21		7,761

USD	4,904	NZD	7,478	1/13/21		(41	)

USD	38,640,152	NZD	58,923,582	1/13/21		(321,880	)

KRW	6,862,662,816	USD	6,004,237	1/19/21		32,973

USD	33,901,415	NZD	50,876,289	1/19/21		260,493

USD	20,447,124	SGD	27,740,000	1/26/21		137,556

USD	14,897,737	SGD	20,211,313	1/26/21		100,223

USD	206,129	PHP	10,009,400	1/27/21		373

AUD	128,375,671	USD	91,445,842	1/28/21		(1,170,499	)

USD	31,716,869	NZD	47,397,000	1/28/21		376,557

					$	4,778,807


		29		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	790,404,798	USD	920,703,029	BNP Paribas		11/3/20	$	—	$	(158,022	)

MYR	22,939,223	USD	5,515,562	Morgan Stanley & Co. International PLC		11/3/20		5,310		—

MYR	22,939,223	USD	5,515,562	Morgan Stanley & Co. International PLC		11/3/20		5,310		—

MYR	22,939,223	USD	5,521,536	Morgan Stanley & Co. International PLC		11/3/20		—		(664	)

MYR	22,939,223	USD	5,521,536	Morgan Stanley & Co. International PLC		11/3/20		—		(664	)

USD	920,703,029	EUR	790,404,798	BNP Paribas		11/3/20		158,022		—

USD	5,515,562	MYR	22,939,223	Morgan Stanley & Co. International PLC		11/3/20		—		(5,310	)

USD	5,515,562	MYR	22,939,223	Morgan Stanley & Co. International PLC		11/3/20		—		(5,310	)

USD	5,504,973	MYR	22,939,223	Morgan Stanley & Co. International PLC		11/3/20		—		(15,899	)

USD	5,504,973	MYR	22,939,223	Morgan Stanley & Co. International PLC		11/3/20		—		(15,899	)

USD	2,216,825	CRC	1,315,442,000	Citibank, N.A.		11/5/20		54,598		—

USD	11,843,480	UAH	339,671,000	Bank of America, N.A.		11/6/20		—		(53,363	)

CNH	55,277,982	USD	8,077,679	Citibank, N.A.		11/9/20		173,813		—

CNH	26,676,249	USD	3,898,156	Citibank, N.A.		11/9/20		83,879		—

CNH	26,676,249	USD	3,898,156	Citibank, N.A.		11/9/20		83,879		—

EGP	141,130,000	USD	8,647,672	Citibank, N.A.		11/9/20		321,631		—

EGP	94,090,000	USD	5,765,319	Citibank, N.A.		11/9/20		214,428		—

EGP	205,349,000	USD	12,582,659	HSBC Bank USA, N.A.		11/9/20		467,984		—

EGP	193,874,000	USD	10,934,800	JPMorgan Chase Bank, N.A.		11/9/20		1,386,567		—

RUB	404,058,000	USD	5,193,548	Standard Chartered Bank		11/9/20		—		(110,872	)

RUB	404,058,000	USD	5,193,548	Standard Chartered Bank		11/9/20		—		(110,872	)

USD	16,725,754	CNH	117,100,000	Citibank, N.A.		11/9/20		—		(754,075	)

USD	26,859,193	CNH	188,025,899	Standard Chartered Bank		11/9/20		—		(1,207,935	)

USD	11,726,841	EGP	193,874,000	HSBC Bank USA, N.A.		11/9/20		—		(594,526	)

EGP	170,140,000	USD	10,404,525	Goldman Sachs International		11/10/20		404,481		—

EGP	318,893,000	USD	19,515,558	Goldman Sachs International		11/12/20		728,827		—

USD	5,542,765	UAH	156,416,830	BNP Paribas		11/13/20		76,525		—

USD	4,175,053	UAH	117,653,000	BNP Paribas		11/13/20		63,478		—

EGP	314,980,000	USD	19,312,078	HSBC Bank USA, N.A.		11/17/20		647,172		—

USD	4,186,209	UAH	119,600,000	Bank of America, N.A.		11/18/20		13,535		—

USD	8,625,287	CNH	58,060,000	Barclays Bank PLC		11/20/20		—		(34,635	)

EUR	1,893,845	USD	2,210,411	BNP Paribas		11/30/20		—		(3,431	)

EUR	726,204	USD	851,829	BNP Paribas		11/30/20		—		(5,553	)

EUR	2,942,278	USD	3,451,261	BNP Paribas		11/30/20		—		(22,498	)

EUR	790,404,798	USD	927,136,450	BNP Paribas		11/30/20		—		(6,043,684	)

USD	264,005,593	EUR	225,070,741	BNP Paribas		11/30/20		1,720,962		—

USD	132,836,084	EUR	113,245,766	BNP Paribas		11/30/20		865,913		—

USD	117,931,714	EUR	100,539,454	BNP Paribas		11/30/20		768,756		—

USD	91,096,703	EUR	77,662,000	BNP Paribas		11/30/20		593,828		—

USD	71,099,026	EUR	60,613,528	BNP Paribas		11/30/20		463,470		—

USD	70,821,477	EUR	60,376,911	BNP Paribas		11/30/20		461,661		—

USD	48,961,829	EUR	41,741,066	BNP Paribas		11/30/20		319,165		—

USD	25,869,523	EUR	22,054,354	BNP Paribas		11/30/20		168,635		—

USD	23,877,375	EUR	20,356,002	BNP Paribas		11/30/20		155,648		—

USD	19,747,565	EUR	16,835,246	BNP Paribas		11/30/20		128,728		—


		30		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	17,282,787	EUR	14,733,967	BNP Paribas		11/30/20	$	112,661	$	—

USD	12,077,794	EUR	10,296,593	BNP Paribas		11/30/20		78,731		—

USD	11,638,228	EUR	9,921,852	BNP Paribas		11/30/20		75,866		—

USD	7,518,862	EUR	6,410,000	BNP Paribas		11/30/20		49,013		—

USD	6,451,442	EUR	5,500,000	BNP Paribas		11/30/20		42,055		—

USD	2,288,888	EUR	1,951,329	BNP Paribas		11/30/20		14,920		—

USD	3,317,754	UAH	95,548,000	Goldman Sachs International		11/30/20		—		(2,544	)

USD	3,317,778	UAH	95,552,000	Goldman Sachs International		11/30/20		—		(2,659	)

KRW	33,083,265,000	USD	27,878,082	Australia and New Zealand Banking Group Limited		12/1/20		1,213,602		—

KRW	17,888,172,200	USD	15,393,421	Australia and New Zealand Banking Group Limited		12/1/20		336,497		—

MYR	14,144,299	USD	3,394,360	Goldman Sachs International		12/2/20		—		(2,371	)

MYR	14,144,299	USD	3,394,360	Goldman Sachs International		12/2/20		—		(2,371	)

MYR	7,496,478	USD	1,801,259	Goldman Sachs International		12/2/20		—		(3,505	)

MYR	7,496,478	USD	1,801,259	Goldman Sachs International		12/2/20		—		(3,505	)

USD	21,079,792	UAH	609,206,000	Bank of America, N.A.		12/7/20		—		(42,940	)

EGP	149,000,000	USD	9,186,190	Citibank, N.A.		12/8/20		188,292		—

USD	15,200,347	UAH	438,530,000	Goldman Sachs International		12/8/20		99		—

CNH	41,458,486	USD	6,048,625	Citibank, N.A.		12/9/20		126,553		—

CNH	20,007,187	USD	2,918,968	Citibank, N.A.		12/9/20		61,072		—

CNH	20,007,187	USD	2,918,968	Citibank, N.A.		12/9/20		61,072		—

KRW	11,972,349,015	USD	10,142,761	Australia and New Zealand Banking Group Limited		12/10/20		386,160		—

USD	5,685,880	ZAR	92,090,000	Standard Chartered Bank		12/14/20		54,196		—

EGP	430,165,000	USD	26,689,313	Citibank, N.A.		12/16/20		319,714		—

EGP	260,033,000	USD	16,138,588	Citibank, N.A.		12/16/20		188,259		—

USD	28,571,429	OMR	11,800,000	BNP Paribas		12/21/20		—		(2,051,723	)

EGP	163,263,000	USD	9,348,010	Citibank, N.A.		12/24/20		882,006		—

EGP	117,540,000	USD	7,264,524	Goldman Sachs International		12/24/20		100,501		—

EGP	88,500,000	USD	5,466,337	Goldman Sachs International		12/24/20		79,049		—

EGP	78,325,000	USD	4,851,347	Goldman Sachs International		12/24/20		56,476		—

USD	2,175,345	EGP	36,263,000	Goldman Sachs International		12/24/20		—		(96,885	)

USD	14,446,196	UAH	421,540,000	BNP Paribas		1/5/21		—		(39,466	)

CNH	55,277,981	USD	8,044,997	Bank of America, N.A.		1/11/21		168,515		—

CNH	26,676,250	USD	3,882,384	Bank of America, N.A.		1/11/21		81,323		—

CNH	26,676,250	USD	3,882,384	Bank of America, N.A.		1/11/21		81,323		—

CNH	55,277,981	USD	8,044,646	UBS AG		1/11/21		168,867		—

CNH	26,676,250	USD	3,882,215	UBS AG		1/11/21		81,492		—

CNH	26,676,250	USD	3,882,215	UBS AG		1/11/21		81,492		—

EGP	250,092,500	USD	15,500,000	Goldman Sachs International		1/11/21		90,603		—

EGP	48,450,000	USD	3,000,000	Goldman Sachs International		1/11/21		20,341		—

EGP	290,000,000	USD	18,034,826	HSBC Bank USA, N.A.		1/11/21		43,585		—

EGP	32,370,000	USD	2,000,000	HSBC Bank USA, N.A.		1/11/21		17,925		—

USD	9,696,712	UAH	283,144,000	Bank of America, N.A.		1/11/21		—		(15,133	)


		31		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	6,424,828	UAH	186,320,000	BNP Paribas		1/11/21	$	34,047	$	—

TRY	37,893,000	USD	4,651,483	Standard Chartered Bank		1/13/21		—		(287,687	)

TRY	99,490,000	USD	12,167,895	Standard Chartered Bank		1/13/21		—		(710,527	)

TRY	124,277,500	USD	15,208,652	Standard Chartered Bank		1/13/21		—		(896,731	)

TRY	124,220,000	USD	15,208,251	Standard Chartered Bank		1/13/21		—		(902,951	)

USD	1,692,979	CRC	1,028,400,000	Citibank, N.A.		1/13/21		7,119		—

USD	2,167,104	TRY	17,400,000	Citibank, N.A.		1/13/21		163,303		—

USD	15,208,441	TRY	129,728,000	Standard Chartered Bank		1/13/21		268,834		—

USD	15,208,564	TRY	130,527,500	Standard Chartered Bank		1/13/21		176,886		—

USD	12,562,391	TRY	108,225,000	Standard Chartered Bank		1/13/21		99,092		—

USD	7,747,763	UAH	225,150,000	Bank of America, N.A.		1/13/21		29,878		—

EGP	60,356,250	USD	3,750,000	HSBC Bank USA, N.A.		1/18/21		3,833		—

USD	1,713,604	CRC	1,041,100,000	Citibank, N.A.		1/20/21		7,871		—

CNH	10,651,064	USD	1,580,276	Goldman Sachs International		1/21/21		1,152		—

CNH	10,651,064	USD	1,580,276	Goldman Sachs International		1/21/21		1,152		—

USD	7,269,942	CNH	48,999,431	Goldman Sachs International		1/21/21		—		(5,300	)

USD	3,429,159	CRC	2,083,900,000	Citibank, N.A.		1/21/21		15,178		—

EGP	488,721,000	USD	30,483,144	HSBC Bank USA, N.A.		1/26/21		—		(167,783	)

THB	1,424,220,000	USD	45,452,863	Standard Chartered Bank		1/26/21		228,060		—

USD	56,131,167	THB	1,758,814,001	Standard Chartered Bank		1/26/21		—		(281,638	)

USD	2,828,051	CRC	1,727,600,000	Citibank, N.A.		1/28/21		—		(648	)

USD	4,976,645	UAH	145,965,000	Bank of America, N.A.		1/29/21		—		(2,292	)

USD	4,976,633	UAH	146,313,000	Bank of America, N.A.		1/29/21		—		(14,175	)

MYR	22,939,223	USD	5,495,741	Morgan Stanley & Co. International PLC		2/2/21		—		(1,906	)

MYR	22,939,223	USD	5,495,741	Morgan Stanley & Co. International PLC		2/2/21		—		(1,906	)

EGP	786,746,000	USD	45,938,690	Goldman Sachs International		2/8/21		2,662,512		—

USD	43,500,452	EGP	786,746,000	HSBC Bank USA, N.A.		2/8/21		—		(5,100,750	)

USD	12,311,703	UAH	362,949,000	Bank of America, N.A.		2/22/21		23,450		—

TRY	15,300,000	USD	2,021,581	Citibank, N.A.		2/26/21		—		(297,691	)

TRY	29,589,900	USD	3,958,602	Citibank, N.A.		2/26/21		—		(624,634	)

TRY	19,154,911	USD	2,562,496	Standard Chartered Bank		2/26/21		—		(404,264	)

TRY	122,354,400	USD	16,350,370	Standard Chartered Bank		2/26/21		—		(2,564,394	)

TRY	203,778,000	USD	27,250,334	Standard Chartered Bank		2/26/21		—		(4,290,157	)

TRY	203,750,000	USD	27,250,234	Standard Chartered Bank		2/26/21		—		(4,293,212	)

USD	21,734,832	TRY	151,656,000	Standard Chartered Bank		2/26/21		4,647,371		—

USD	17,388,063	TRY	121,031,800	Standard Chartered Bank		2/26/21		3,751,108		—

USD	17,388,173	TRY	121,062,200	Standard Chartered Bank		2/26/21		3,747,792		—

USD	10,867,504	TRY	76,002,500	Standard Chartered Bank		2/26/21		2,304,113		—

USD	10,102,502	TRY	76,610,000	Standard Chartered Bank		2/26/21		1,470,662		—

USD	3,517,498	TRY	25,530,000	Standard Chartered Bank		2/26/21		640,969		—

USD	2,840,198	TRY	21,000,000	Standard Chartered Bank		2/26/21		474,076		—

USD	93,722	TRY	745,211	Standard Chartered Bank		2/26/21		9,757		—

USD	41,519	TRY	289,500	Standard Chartered Bank		2/26/21		8,901		—

USD	1,387,729	EGP	24,202,000	Goldman Sachs International		3/8/21		—		(95,094	)


		32		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	2,947,190	EGP	51,399,000	Goldman Sachs International		3/8/21	$	—	$	(201,956	)

USD	2,947,190	EGP	51,399,000	Goldman Sachs International		3/8/21		—		(201,956	)

USD	15,116,251	BHD	5,726,036	Standard Chartered Bank		3/11/21		—		(47,651	)

USD	12,596,983	SAR	47,604,000	Standard Chartered Bank		3/11/21		—		(88,534	)

USD	13,934,265	OMR	5,681,000	BNP Paribas		3/15/21		—		(769,911	)

USD	20,203,166	BHD	7,651,000	Standard Chartered Bank		3/16/21		—		(57,383	)

USD	70,240,195	AED	258,800,000	BNP Paribas		4/5/21		—		(208,303	)

AED	400,000,000	USD	108,663,171	BNP Paribas		4/8/21		221,380		—

USD	40,013,843	AED	147,415,000	BNP Paribas		4/8/21		—		(114,197	)

USD	80,028,140	AED	294,751,643	BNP Paribas		4/8/21		—		(206,611	)

USD	70,473,173	AED	259,672,500	BNP Paribas		4/8/21		—		(212,636	)

USD	139,374,949	AED	513,540,937	BNP Paribas		4/12/21		—		(416,224	)

USD	146,852,095	AED	540,959,063	Morgan Stanley & Co. International PLC		4/12/21		—		(402,576	)

TRY	745,211	USD	90,252	Standard Chartered Bank		5/17/21		—		(9,549	)

TRY	24,673,000	USD	3,002,246	Standard Chartered Bank		5/17/21		—		(330,272	)

TRY	74,724,186	USD	9,074,048	Standard Chartered Bank		5/17/21		—		(981,755	)

TRY	74,749,500	USD	9,085,396	Standard Chartered Bank		5/17/21		—		(990,362	)

TRY	74,680,000	USD	9,085,231	Standard Chartered Bank		5/17/21		—		(997,723	)

TRY	74,683,000	USD	9,085,596	Standard Chartered Bank		5/17/21		—		(997,764	)

TRY	74,645,000	USD	9,086,500	Standard Chartered Bank		5/17/21		—		(1,002,783	)

TRY	74,567,500	USD	9,085,361	Standard Chartered Bank		5/17/21		—		(1,010,036	)

TRY	73,960,000	USD	9,086,068	Standard Chartered Bank		5/17/21		—		(1,076,533	)

TRY	149,100,000	USD	18,171,992	Standard Chartered Bank		5/17/21		—		(2,025,134	)

USD	27,894,973	TRY	223,634,000	Standard Chartered Bank		5/17/21		3,676,419		—

USD	15,022,295	TRY	115,376,332	Standard Chartered Bank		5/17/21		2,527,558		—

USD	13,947,518	TRY	112,682,000	Standard Chartered Bank		5/17/21		1,744,566		—

USD	8,368,540	TRY	66,080,500	Standard Chartered Bank		5/17/21		1,212,319		—

USD	5,579,001	TRY	43,572,000	Standard Chartered Bank		5/17/21		860,350		—

USD	5,579,028	TRY	43,628,000	Standard Chartered Bank		5/17/21		854,312		—

USD	5,578,968	TRY	43,767,000	Standard Chartered Bank		5/17/21		839,199		—

USD	5,579,007	TRY	44,222,000	Standard Chartered Bank		5/17/21		789,964		—

USD	460,958	TRY	3,565,565	Standard Chartered Bank		5/17/21		74,824		—

USD	6,119,316	GHS	41,183,000	ICBC Standard Bank plc		5/24/21		—		(353,138	)

USD	2,625,328	GHS	17,596,000	Standard Chartered Bank		5/24/21		—		(140,116	)

USD	1,300,599	GHS	8,688,000	JPMorgan Chase Bank, N.A.		5/28/21		—		(62,302	)

USD	1,097,978	GHS	7,329,000	JPMorgan Chase Bank, N.A.		6/2/21		—		(49,074	)

USD	3,571,810	GHS	24,074,000	Standard Chartered Bank		6/4/21		—		(192,494	)

USD	3,542,668	GHS	24,037,000	JPMorgan Chase Bank, N.A.		6/7/21		—		(210,645	)

USD	2,216,842	GHS	14,742,000	ICBC Standard Bank plc		6/14/21		—		(77,665	)

USD	1,288,576	GHS	8,685,000	Standard Chartered Bank		6/16/21		—		(61,951	)

USD	1,286,476	GHS	8,685,000	Standard Chartered Bank		6/18/21		—		(62,810	)

USD	1,772,761	GHS	11,975,000	ICBC Standard Bank plc		6/21/21		—		(85,093	)

USD	1,639,881	GHS	11,020,000	JPMorgan Chase Bank, N.A.		6/23/21		—		(68,243	)

USD	2,269,357	GHS	15,182,000	JPMorgan Chase Bank, N.A.		7/1/21		—		(75,289	)

USD	2,250,827	GHS	14,968,000	JPMorgan Chase Bank, N.A.		7/12/21		—		(49,216	)


		33		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	1,921,019	OMR	754,000	BNP Paribas		8/19/21	$	—	$	(18,173	)

USD	43,018,585	OMR	16,897,700	BNP Paribas		8/23/21		—		(431,160	)

USD	26,816,272	OMR	10,530,750	BNP Paribas		8/26/21		—		(257,675	)

KES	764,700,000	USD	6,460,252	Standard Chartered Bank		10/12/21		43,468		—

KES	509,790,000	USD	4,306,750	Standard Chartered Bank		10/12/21		28,978		—

USD	6,079,569	OMR	2,390,000	Standard Chartered Bank		10/12/21		—		(50,089	)

GEL	38,944,800	USD	11,242,725	Goldman Sachs International		10/21/21		—		(51,691	)

USD	18,442,153	OMR	7,245,000	Bank of America, N.A.		10/28/21		—		(123,851	)

USD	35,659,705	OMR	14,000,000	Credit Agricole Corporate and Investment Bank		10/28/21		—		(216,634	)

USD	47,974,561	OMR	18,858,800	Bank of America, N.A.		11/4/21		—		(335,809	)

USD	40,155,317	AED	148,012,500	BNP Paribas		1/31/22		—		(92,953	)

USD	43,217,150	AED	159,291,500	BNP Paribas		2/3/22		—		(97,371	)

USD	42,719,148	AED	157,394,000	BNP Paribas		2/22/22		—		(74,469	)

USD	19,404,125	OMR	7,620,000	Standard Chartered Bank		2/22/22		—		(19,968	)

USD	38,900,204	OMR	15,280,000	Standard Chartered Bank		2/22/22		—		(49,947	)

USD	12,633,111	BHD	4,816,500	Bank of America, N.A.		3/14/22		—		(61,853	)

USD	9,612,169	OMR	4,139,000	BNP Paribas		3/14/22		—		(929,106	)

USD	25,194,536	SAR	95,903,000	Standard Chartered Bank		3/14/22		—		(307,378	)

USD	60,660,554	SAR	230,838,000	Standard Chartered Bank		3/14/22		—		(722,414	)

USD	17,011,383	BHD	6,518,000	BNP Paribas		3/16/22		—		(167,724	)

USD	25,249,372	BHD	9,636,500	Standard Chartered Bank		3/16/22		—		(148,981	)

USD	12,624,854	BHD	4,866,250	Standard Chartered Bank		3/16/22		—		(200,834	)

USD	25,617,465	SAR	97,103,000	BNP Paribas		3/24/22		—		(201,439	)

USD	38,426,649	SAR	145,637,000	HSBC Bank USA, N.A.		3/24/22		—		(297,053	)

USD	45,976,495	SAR	174,090,000	Standard Chartered Bank		3/28/22		—		(311,119	)

OMR	7,500,000	USD	18,796,992	BNP Paribas		8/29/22		161,899		—

USD	23,292,293	OMR	9,293,625	BNP Paribas		8/29/22		—		(200,618	)

							$	49,610,817	$	(51,556,248	)


Futures Contracts

Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)

Commodity Futures

WTI Crude Oil		(211	)		Short		11/19/20	$	(7,551,690	)	$	1,058,887

Equity Futures

E-mini S&P 500 Index		97			Long		12/18/20		15,833,795			(632,702	)

TOPIX Index		195			Long		12/10/20		29,458,584			(687,974	)

MSCI Emerging Markets Index		(274	)		Short		12/18/20		(15,096,030	)		193,817


		34		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Futures Contracts (continued)

Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)

Interest Rate Futures

Australia 10-Year Bond		569			Long		12/15/20	$	59,798,215		$	636,433

Euro-Bobl		(239	)		Short		12/8/20		(37,819,600	)		(184,029	)

Euro-Bund		(122	)		Short		12/8/20		(25,028,679	)		(164,560	)

Euro-Buxl		(146	)		Short		12/8/20		(38,898,101	)		(1,384,819	)

U.S. 5-Year Treasury Note		(117	)		Short		12/31/20		(14,695,383	)		23,380

U.S. 10-Year Treasury Note		(442	)		Short		12/21/20		(61,092,688	)		450,222

U.S. 10-Year Ultra-Long Treasury Bond		(28	)		Short		12/21/20		(4,403,875	)		59,763

U.S. Long Treasury Bond		(207	)		Short		12/21/20		(35,701,031	)		746,007

U.S. Ultra-Long Treasury Bond		(185	)		Short		12/21/20		(39,775,000	)		712,469

											$	826,894

Centrally Cleared Inflation Swaps

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

EUR

56,810

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

0.62%
(pays upon termination)

3/15/28

(255,532

)

EUR

11,623

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.57%
(pays upon termination)

8/15/32

(1,552,865

)

EUR

11,653

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.59%
(pays upon termination)

8/15/32

(1,598,693

)

EUR

11,378

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.60%
(pays upon termination)

8/15/32

(1,601,913

)

EUR

11,446

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.64%
(pays upon termination)

10/15/32

(1,685,667

)

EUR

15,315

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.74%
(pays upon termination)

2/15/33

(2,617,065

)

EUR

11,623

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.77%
(pays upon termination)

8/15/42

2,917,169

EUR

11,653

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.78%
(pays upon termination)

8/15/42

2,940,736


		35		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

EUR

11,378

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.79%
(pays upon termination)

8/15/42

2,962,899

EUR

11,446

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.85%
(pays upon termination)

10/15/42

3,237,532

EUR

15,315

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.93%
(pays upon termination)

2/15/43

4,974,727

EUR

3,065

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.90%
(pays upon termination)

8/4/47

1,116,933

EUR

3,065

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.89%
(pays upon termination)

8/7/47

1,097,366

EUR

8,521

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.95%
(pays upon termination)

12/15/47

3,408,723

EUR

4,350

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.10%
(pays upon termination)

3/12/50

(425,509

)

USD

43,660

Pays

Return on CPI-U (NSA)
(pays upon termination)

Receives

1.00%
(pays upon termination)

3/12/27

(2,327,412

)

USD

36,500

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.17%
(pays upon termination)

10/26/27

(1,191,036

)

USD

14,000

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.23%
(pays upon termination)

1/17/28

(624,273

)

USD

14,682

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.35%
(pays upon termination)

2/6/28

(821,627

)

USD

27,996

Pays

Return on CPI-U (NSA)
(pays upon termination)

Receives

2.41%
(pays upon termination)

2/6/33

2,316,074

USD

27,996

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.42%
(pays upon termination)

2/6/43

(3,784,901

)

USD

4,128

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.16%
(pays upon termination)

8/4/47

(192,243

)

USD

4,128

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.15%
(pays upon termination)

8/7/47

(171,042

)

USD

5,209

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.13%
(pays upon termination)

8/22/47

(179,593

)

USD

5,178

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.15%
(pays upon termination)

8/25/47

(207,211

)

USD

5,163

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.15%
(pays upon termination)

9/1/47

(211,947

)

USD

4,498

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.22%
(pays upon termination)

10/5/47

(308,687

)


		36		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

USD

14,130

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.26%
(pays upon termination)

12/7/47

(1,286,071

)

USD

5,824

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.42%
(pays upon termination)

6/8/48

(956,863

)

2,972,009



CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted

HICP	–	Harmonised Indices of Consumer Prices

Inflation Swaps

Counterparty

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual
Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Bank of America, N.A.

87,363

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

1.97%
(pays upon termination)

6/23/27

(1,168,932

)

(1,168,932

)



CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted


Centrally Cleared Interest Rate Swaps

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

BRL	3,674,499	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.44% (pays upon termination)		1/3/22	$	(714,881	)	$	—	$	(714,881	)

BRL	2,244,640	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	2.92% (pays upon termination)		1/3/22		(1,200,971	)		—		(1,200,971	)

BRL	1,544,575	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.08% (pays upon termination)		1/3/22		(782,555	)		—		(782,555	)

BRL	463,519	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.42% (pays upon termination)		1/3/22		(67,310	)		—		(67,310	)

BRL	354,128	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	2.77% (pays upon termination)		1/3/22		(365,232	)		—		(365,232	)


		37		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

CAD	84,020	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.80% (pays semi-annually)		6/11/24	$	(3,191,633	)	$	—		$	(3,191,633	)

CAD	41,620	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.71% (pays semi-annually)		2/19/25		(1,463,068	)		—			(1,463,068	)

CAD	36,300	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.70% (pays semi-annually)		2/19/25		(1,268,412	)		—			(1,268,412	)

CAD	46,740	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	0.88% (pays semi-annually)		6/5/25		(303,975	)		—			(303,975	)

CAD	19,729	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.04% (pays semi-annually)		8/19/30		121,473			(211	)		121,262

CAD	12,950	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.03% (pays semi-annually)		8/19/30		84,543			(137	)		84,406

CLP	18,211,700	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.53% (pays semi-annually)		5/11/25		(475,493	)		—			(475,493	)

CLP	8,969,940	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.48% (pays semi-annually)		5/13/25		(203,698	)		—			(203,698	)

CLP	8,969,940	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.41% (pays semi-annually)		5/14/25		(165,095	)		—			(165,095	)

CLP	17,939,880	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.35% (pays semi-annually)		5/15/25		(296,451	)		—			(296,451	)

CLP	26,094,380	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.24% (pays semi-annually)		5/19/25		(218,906	)		—			(218,906	)

CNY	820,290	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.34% (pays quarterly)		7/27/22		(164,079	)		—			(164,079	)

CNY	793,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.34% (pays quarterly)		7/27/22		(158,620	)		—			(158,620	)

COP	86,746,200	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.84% (pays quarterly)		5/5/25		(890,083	)		—			(890,083	)

COP	15,180,600	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.85% (pays quarterly)		5/6/25		(185,434	)		—			(185,434	)

COP	100,029,200	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.70% (pays quarterly)		5/7/25		(927,890	)		—			(927,890	)


		38		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

COP	11,171,900	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.49% (pays quarterly)		5/13/25	$	(67,602	)	$	—		$	(67,602	)

COP	11,171,850	Receives	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.54% (pays quarterly)		5/14/25		(73,973	)		—			(73,973	)

COP	40,662,300	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.19% (pays quarterly)		6/4/25		88,048			—			88,048

COP	61,940,900	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.26% (pays quarterly)		6/5/25		179,035			—			179,035

COP	85,106,600	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.34% (pays quarterly)		6/8/25		322,501			—			322,501

COP	41,729,700	Pays	Colombia Overnight Interbank Reference Rate (pays quarterly)	3.44% (pays quarterly)		6/9/25		207,276			—			207,276

EUR	9,682	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)		7/23/29		(459,509	)		34,350			(425,159	)

EUR	5,493	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)		7/23/29		(262,767	)		54,637			(208,130	)

EUR	10,400	Receives	6-month EURIBOR (pays semi-annually)	(0.08)% (pays annually)		8/6/29		(284,871	)		(16	)		(284,887	)

EUR	5,660	Receives	6-month EURIBOR (pays semi-annually)	(0.16)% (pays annually)		9/12/29		(95,331	)		8			(95,323	)

EUR	3,520	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)		2/12/50		(535,142	)		(1	)		(535,143	)

EUR	3,472	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)		2/13/50		(543,455	)		—			(543,455	)

EUR	6,319	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)		2/17/50		(956,307	)		(2	)		(956,309	)

EUR	5,470	Receives	6-month EURIBOR (pays semi-annually)	0.35% (pays annually)		2/18/50		(796,508	)		(2	)		(796,510	)

EUR	30,400	Receives	6-month EURIBOR (pays semi-annually)	0.26% (pays annually)		2/25/50		(3,413,937	)		8			(3,413,929	)

EUR	4,758	Receives	6-month EURIBOR (pays semi-annually)	0.21% (pays annually)		2/26/50		(446,624	)		(57	)		(446,681	)

EUR	13,498	Receives	6-month EURIBOR (pays semi-annually)	0.12% (pays annually)		6/8/50		(857,464	)		(12	)		(857,476	)

GBP	46,520	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)		2/28/29		(5,675,252	)		—			(5,675,252	)

GBP	41,298	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)		2/28/29		(5,035,937	)		—			(5,035,937	)

KRW	32,813,000	Receives	3-month KRW Certificate of Deposit Rate (pays quarterly)	0.92% (pays quarterly)		7/27/30		524,509			—			524,509


		39		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

KRW	24,609,560	Receives	3-month KRW Certificate of Deposit Rate (pays quarterly)	0.92% (pays quarterly)		7/27/30	$	398,672		$	—	$	398,672

MXN	4,049,800	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.43% (pays monthly)		9/1/21		(37,285	)		—		(37,285	)

MXN	1,506,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.42% (pays monthly)		9/1/21		(19,863	)		—		(19,863	)

MXN	1,340,800	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.42% (pays monthly)		9/1/21		(17,677	)		—		(17,677	)

MXN	690,500	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.42% (pays monthly)		9/2/21		(8,936	)		—		(8,936	)

MXN	2,980,263	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.49% (pays monthly)		8/31/22		(123,723	)		—		(123,723	)

MXN	747,198	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	4.50% (pays monthly)		8/31/22		(29,080	)		—		(29,080	)

NZD	20,093	Pays	3-month NZD Bank Bill (pays quarterly)	4.96% (pays semi-annually)		4/29/24		2,296,657			—		2,296,657

NZD	11,875	Pays	3-month NZD Bank Bill (pays quarterly)	3.77% (pays semi-annually)		3/5/25		1,305,317			—		1,305,317

NZD	11,470	Pays	3-month NZD Bank Bill (pays quarterly)	4.05% (pays semi-annually)		6/16/25		1,503,629			—		1,503,629

NZD	94,000	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)		1/9/28		(13,221,337	)		—		(13,221,337	)

NZD	41,300	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)		1/9/28		(5,803,848	)		—		(5,803,848	)

SGD	52,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		2,455,760			—		2,455,760

SGD	35,480	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		1,675,584			—		1,675,584

SGD	35,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		1,652,916			—		1,652,916

SGD	26,430	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)		8/14/24		921,499			—		921,499

SGD	23,493	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)		8/14/24		808,821			—		808,821

SGD	44,090	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.07% (pays semi-annually)		3/31/25		938,968			—		938,968


		40		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

SGD	15,065	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.06% (pays semi-annually)		3/31/25	$	314,420		$	—	$	314,420

SGD	8,815	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.08% (pays semi-annually)		3/31/25		189,750			—		189,750

SGD	90,200	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	0.52% (pays semi-annually)		8/21/25		193,697			—		193,697

USD	2,481	Receives	3-month USD-LIBOR (pays quarterly)	2.22% (pays semi-annually)		3/28/24		(165,022	)		—		(165,022	)

USD	9,830	Receives	3-month USD-LIBOR (pays quarterly)	2.37% (pays semi-annually)		4/3/24		(705,835	)		—		(705,835	)

USD	228	Receives	3-month USD-LIBOR (pays quarterly)	1.75% (pays semi-annually)		7/5/24		(13,080	)		—		(13,080	)

USD	1,635	Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)		7/11/24		(99,621	)		—		(99,621	)

USD	650	Receives	3-month USD-LIBOR (pays quarterly)	1.80% (pays semi-annually)		7/22/24		(38,667	)		—		(38,667	)

USD	818	Receives	3-month USD-LIBOR (pays quarterly)	1.79% (pays semi-annually)		7/23/24		(48,160	)		—		(48,160	)

USD	1,420	Receives	3-month USD-LIBOR (pays quarterly)	1.40% (pays semi-annually)		8/23/24		(60,440	)		—		(60,440	)

USD	2,200	Receives	3-month USD-LIBOR (pays quarterly)	1.64% (pays semi-annually)		11/7/24		(129,238	)		—		(129,238	)

USD	1,446	Receives	3-month USD-LIBOR (pays quarterly)	1.55% (pays semi-annually)		11/27/24		(78,851	)		—		(78,851	)

USD	9,000	Receives	3-month USD-LIBOR (pays quarterly)	1.60% (pays semi-annually)		1/23/25		(504,388	)		—		(504,388	)

USD	5,590	Receives	3-month USD-LIBOR (pays quarterly)	1.59% (pays semi-annually)		1/23/25		(310,971	)		—		(310,971	)

USD	1,100	Receives	3-month USD-LIBOR (pays quarterly)	1.49% (pays semi-annually)		1/28/25		(56,058	)		—		(56,058	)

USD	2,978	Receives	3-month USD-LIBOR (pays quarterly)	1.46% (pays semi-annually)		1/30/25		(148,258	)		—		(148,258	)

USD	7,400	Receives	3-month USD-LIBOR (pays quarterly)	1.41% (pays semi-annually)		2/3/25		(346,063	)		—		(346,063	)

USD	742	Receives	3-month USD-LIBOR (pays quarterly)	1.44% (pays semi-annually)		2/18/25		(35,311	)		—		(35,311	)

USD	2,100	Receives	3-month USD-LIBOR (pays quarterly)	1.16% (pays semi-annually)		2/28/25		(73,965	)		—		(73,965	)

USD	700	Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)		3/5/25		(14,073	)		—		(14,073	)

USD	20,810	Pays	3-month USD-LIBOR (pays quarterly)	0.71% (pays semi-annually)		3/20/25		303,018			—		303,018

USD	6,240	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)		4/23/25		(17,755	)		—		(17,755	)


		41		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

USD	4,634	Receives	3-month USD-LIBOR (pays quarterly)	0.33% (pays semi-annually)		5/12/25	$	9,920		$	—	$	9,920

USD	1,800	Receives	3-month USD-LIBOR (pays quarterly)	0.33% (pays semi-annually)		5/18/25		4,067			—		4,067

USD	3,742	Receives	3-month USD-LIBOR (pays quarterly)	0.43% (pays semi-annually)		6/12/25		(7,463	)		—		(7,463	)

USD	14,000	Receives	3-month USD-LIBOR (pays quarterly)	0.39% (pays semi-annually)		6/19/25		(1,015	)		—		(1,015	)

USD	59,173	Receives	3-month USD-LIBOR (pays quarterly)	1.74% (pays semi-annually)		12/16/26		(4,633,419	)		—		(4,633,419	)

USD	59,130	Pays	3-month USD-LIBOR (pays quarterly)	0.84% (pays semi-annually)		3/20/27		1,005,286			—		1,005,286

USD	6,513	Receives	3-month USD-LIBOR (pays quarterly)	0.60% (pays semi-annually)		5/12/30		139,173			—		139,173

USD	4,370	Receives	3-month USD-LIBOR (pays quarterly)	0.67% (pays semi-annually)		5/26/30		68,522			—		68,522

USD	2,500	Receives	3-month USD-LIBOR (pays quarterly)	0.67% (pays semi-annually)		5/29/30		39,470			—		39,470

USD	2,975	Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)		6/1/30		39,249			—		39,249

USD	1,925	Receives	3-month USD-LIBOR (pays quarterly)	0.66% (pays semi-annually)		6/2/30		32,201			—		32,201

USD	26,160	Receives	3-month USD-LIBOR (pays quarterly)	0.76% (pays semi-annually)		6/5/30		194,424			—		194,424

USD	8,783	Receives	3-month USD-LIBOR (pays quarterly)	0.80% (pays semi-annually)		6/11/30		32,066			—		32,066

USD	1,170	Receives	3-month USD-LIBOR (pays quarterly)	0.77% (pays semi-annually)		6/12/30		6,780			—		6,780

USD	6,441	Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)		6/16/30		89,539			—		89,539

USD	2,341	Receives	3-month USD-LIBOR (pays quarterly)	0.74% (pays semi-annually)		6/18/30		22,116			—		22,116

USD	1,000	Receives	3-month USD-LIBOR (pays quarterly)	0.75% (pays semi-annually)		6/18/30		7,877			—		7,877

USD	20,406	Receives	3-month USD-LIBOR (pays quarterly)	0.72% (pays semi-annually)		6/19/30		222,230			—		222,230

USD	10,592	Receives	3-month USD-LIBOR (pays quarterly)	0.72% (pays semi-annually)		6/19/30		122,108			—		122,108

USD	3,200	Receives	3-month USD-LIBOR (pays quarterly)	0.68% (pays semi-annually)		6/23/30		50,336			—		50,336

USD	9,962	Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)		6/26/30		145,036			—		145,036

USD	8,152	Receives	3-month USD-LIBOR (pays quarterly)	0.67% (pays semi-annually)		6/26/30		132,840			—		132,840

USD	3,282	Receives	3-month USD-LIBOR (pays quarterly)	0.64% (pays semi-annually)		6/30/30		65,396			—		65,396

USD	1,000	Receives	3-month USD-LIBOR (pays quarterly)	0.63% (pays semi-annually)		6/30/30		20,681			—		20,681


		42		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

USD	6,830		Receives	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)		7/1/30	$	147,251		$	—	$	147,251

USD	4,718		Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)		9/9/49		(409,202	)		—		(409,202	)

USD	3,189		Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		9/12/49		(315,105	)		—		(315,105	)

USD	1,000		Receives	3-month USD-LIBOR (pays quarterly)	1.82% (pays semi-annually)		9/20/49		(130,838	)		—		(130,838	)

USD	2,190		Receives	3-month USD-LIBOR (pays quarterly)	1.97% (pays semi-annually)		11/15/49		(381,823	)		—		(381,823	)

USD	3,153		Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)		12/11/49		(520,189	)		—		(520,189	)

USD	1,561		Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)		1/9/50		(259,794	)		—		(259,794	)

USD	1,462		Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)		1/9/50		(240,252	)		—		(240,252	)

USD	6,414		Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)		3/11/50		(1,209,068	)		—		(1,209,068	)

USD	6,415		Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)		3/11/50		(1,138,844	)		—		(1,138,844	)

USD	9,720		Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)		3/20/50		(865,221	)		—		(865,221	)

USD	1,960		Receives	3-month USD-LIBOR (pays quarterly)	0.93% (pays semi-annually)		6/15/50		190,929			—		190,929

USD	1,100		Receives	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)		6/16/50		94,474			—		94,474

USD	9,369		Receives	3-month USD-LIBOR (pays quarterly)	1.03% (pays semi-annually)		6/19/50		654,650			—		654,650

USD	1,481		Receives	3-month USD-LIBOR (pays quarterly)	1.00% (pays semi-annually)		6/22/50		115,044			—		115,044

Total								$	(44,630,445	)	$	88,565	$	(44,541,880	)

Interest Rate Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating Rate

Annual Fixed Rate

Termination
Date

Value/
Unrealized
Appreciation
(Depreciation)

Bank of America, N.A.

THB

87,100

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.18%
(pays semi-annually)

2/22/29

267,408

Citibank, N.A.

THB

725,400

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.18%
(pays semi-annually)

2/22/29

2,232,012

Goldman Sachs International

THB

938,900

Pays

6-month THB Fixing Rate
(pays semi-annually)

2.19%
(pays semi-annually)

2/22/29

2,901,742

5,401,162


		43		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Credit Default Swaps — Sell Protection

Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Brazil	$	51,766	1.00% (pays quarterly)⁽¹⁾		12/20/25		2.15	%	$	(2,866,923	)	$	3,626,131		$	759,208

Chile		46,350	1.00% (pays quarterly)⁽¹⁾		12/20/25		0.57			1,068,295			(703,792	)		364,503

Colombia		48,757	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.26			(573,154	)		1,293,857			720,703

Mexico		48,754	1.00% (pays quarterly)⁽¹⁾		12/20/25		1.28			(626,825	)		1,422,183			795,358

Peru		46,643	1.00% (pays quarterly)⁽¹⁾		12/20/25		0.60			1,001,933			(375,430	)		626,503

South Africa		6,050	1.00% (pays quarterly)⁽¹⁾		6/20/21		0.90			10,936			115,004			125,940

Turkey		77,931	1.00% (pays quarterly)⁽¹⁾		6/20/21		3.90			(1,346,604	)		2,084,747			738,143

Turkey		14,870	1.00% (pays quarterly)⁽¹⁾		12/20/21		4.74			(605,419	)		663,803			58,384

Total	$	341,121							$	(3,937,761	)	$	8,126,503		$	4,188,742


Centrally Cleared Credit Default Swaps — Buy Protection

Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Malaysia	$	162,817	1.00% (pays quarterly)⁽¹⁾		12/20/25	$	(4,557,682	)	$	4,040,445		$	(517,237	)

Markit CDX Emerging Markets Index (CDX.EM.31.V2)		940	1.00% (pays quarterly)⁽¹⁾		6/20/24		15,457			(20,008	)		(4,551	)

Qatar		52,166	1.00% (pays quarterly)⁽¹⁾		12/20/22		(959,951	)		(8,115	)		(968,066	)

Qatar		23,815	1.00% (pays quarterly)⁽¹⁾		12/20/27		(506,847	)		(755,315	)		(1,262,162	)

Qatar		23,816	1.00% (pays quarterly)⁽¹⁾		12/20/27		(506,868	)		(755,437	)		(1,262,305	)

Qatar		57,454	1.00% (pays quarterly)⁽¹⁾		12/20/27		(1,222,768	)		(1,717,333	)		(2,940,101	)

Russia		138,897	1.00% (pays quarterly)⁽¹⁾		12/20/25		213,855			(918,213	)		(704,358	)

Saudi Arabia		47,234	1.00% (pays quarterly)⁽¹⁾		12/20/25		(329,603	)		283,064			(46,539	)

South Africa		10,560	1.00% (pays quarterly)⁽¹⁾		9/20/22		134,601			60,292			194,893


		44		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Credit Default Swaps — Buy Protection (continued)

Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

South Africa	$	41,600	1.00% (pays quarterly)⁽¹⁾		12/20/27	$	5,595,588	$	(4,088,941	)	$	1,506,647

Turkey		158,639	1.00% (pays quarterly)⁽¹⁾		12/20/25		31,085,311		(28,742,682	)		2,342,629

Total						$	28,961,093	$	(32,622,243	)	$	(3,661,150	)


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)

Vietnam		Barclays Bank PLC	$	6,200	1.00% (pays quarterly)⁽¹⁾	12/20/25		1.27	%	$	(76,310	)	$	81,256	$	4,946

Vietnam		Goldman Sachs International		5,900	1.00% (pays quarterly)⁽¹⁾	12/20/25		1.27			(72,618	)		78,039		5,421

Vietnam		Nomura International PLC		3,500	1.00% (pays quarterly)⁽¹⁾	12/20/25		1.27			(43,078	)		43,332		254

Total			$	15,600						$	(192,006	)	$	202,627	$	10,621


Credit Default Swaps — Buy Protection

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Dubai	Barclays Bank PLC	$	6,348	1.00% (pays quarterly)⁽¹⁾		12/20/24	$	69,621	$	(87,232	)	$	(17,611	)

Dubai	Barclays Bank PLC		9,572	1.00% (pays quarterly)⁽¹⁾		12/20/24		104,979		(131,648	)		(26,669	)

Egypt	Barclays Bank PLC		9,744	1.00% (pays quarterly)⁽¹⁾		12/20/24		1,039,444		(792,868	)		246,576

Egypt	JPMorgan Chase Bank, N.A.		9,097	1.00% (pays quarterly)⁽¹⁾		12/20/24		970,426		(738,710	)		231,716

Oman	Bank of America, N.A.		17,964	1.00% (pays quarterly)⁽¹⁾		6/20/22		829,853		(292,904	)		536,949

Oman	Bank of America, N.A.		14,372	1.00% (pays quarterly)⁽¹⁾		12/20/22		906,246		(330,367	)		575,879

Oman	Bank of America, N.A.		23,000	1.00% (pays quarterly)⁽¹⁾		6/20/26		4,121,677		(2,891,698	)		1,229,979


		45		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Credit Default Swaps — Buy Protection (continued)

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Qatar	Goldman Sachs International	$	1,360	1.00% (pays quarterly)⁽¹⁾		12/20/20	$	(3,281	)	$	(862	)	$	(4,143	)

Qatar	Goldman Sachs International		7,960	1.00% (pays quarterly)⁽¹⁾		12/20/20		(19,205	)		(3,433	)		(22,638	)

Qatar	Goldman Sachs International		1,730	1.00% (pays quarterly)⁽¹⁾		9/20/24		(45,910	)		575			(45,335	)

Qatar	Nomura International PLC		5,380	1.00% (pays quarterly)⁽¹⁾		9/20/24		(142,773	)		7,164			(135,609	)

Saudi Arabia	Barclays Bank PLC		86,688	1.00% (pays quarterly)⁽¹⁾		12/20/30		2,793,180			(2,937,308	)		(144,128	)

Saudi Arabia	Goldman Sachs International		12,269	1.00% (pays quarterly)⁽¹⁾		12/20/30		395,904			(386,667	)		9,237

Saudi Arabia	Goldman Sachs International		7,214	1.00% (pays quarterly)⁽¹⁾		12/20/30		232,385			(273,166	)		(40,781	)

South Africa	Bank of America, N.A.		5,000	1.00% (pays quarterly)⁽¹⁾		9/20/22		63,732			(70,569	)		(6,837	)

South Africa	Bank of America, N.A.		14,640	1.00% (pays quarterly)⁽¹⁾		9/20/22		186,606			(195,410	)		(8,804	)

South Africa	Bank of America, N.A.		7,500	1.00% (pays quarterly)⁽¹⁾		9/20/22		95,598			(139,492	)		(43,894	)

South Africa	BNP Paribas		2,940	1.00% (pays quarterly)⁽¹⁾		12/20/25		245,712			(253,068	)		(7,356	)

South Africa	BNP Paribas		15,990	1.00% (pays quarterly)⁽¹⁾		12/20/25		1,336,370			(1,530,256	)		(193,886	)

South Africa	Goldman Sachs International		3,070	1.00% (pays quarterly)⁽¹⁾		9/20/22		39,131			(55,231	)		(16,100	)

South Africa	Goldman Sachs International		15,000	1.00% (pays quarterly)⁽¹⁾		9/20/22		191,195			(278,612	)		(87,417	)

South Africa	Goldman Sachs International		21,329	1.00% (pays quarterly)⁽¹⁾		12/20/30		4,129,091			(4,345,180	)		(216,089	)

South Africa	Goldman Sachs International		15,240	1.00% (pays quarterly)⁽¹⁾		12/20/30		2,949,048			(3,182,784	)		(233,736	)

South Africa	Goldman Sachs International		21,330	1.00% (pays quarterly)⁽¹⁾		12/20/30		4,127,507			(4,587,984	)		(460,477	)

South Africa	Goldman Sachs International		19,501	1.00% (pays quarterly)⁽¹⁾		12/20/30		3,773,582			(4,295,541	)		(521,959	)

South Africa	HSBC Bank USA, N.A.		7,120	1.00% (pays quarterly)⁽¹⁾		12/20/22		118,137			(134,428	)		(16,291	)

South Africa	HSBC Bank USA, N.A.		58,700	1.00% (pays quarterly)⁽¹⁾		6/20/29		9,713,696			(6,405,375	)		3,308,321

Ukraine	Barclays Bank PLC		145,588	5.00% (pays quarterly)⁽¹⁾		12/20/25		5,551,794			(4,249,145	)		1,302,649

Ukraine	JPMorgan Chase Bank, N.A.		9,135	5.00% (pays quarterly)⁽¹⁾		12/20/25		348,350			(253,261	)		95,089

Total							$	44,122,095		$	(38,835,460	)	$	5,286,635


		46		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

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

***

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

Total Return Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio Receives

Portfolio Pays

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Citibank, N.A.

USD

63,700

Excess Return on Bloomberg Commodity 4 Month Forward Index
(pays upon termination)

Excess Return on Bloomberg Commodity Index + 0.24% (pays upon termination)

12/17/20

10,744

Citibank, N.A.

USD

54,700

Excess Return on Bloomberg Commodity 5 Month Forward Index
(pays upon termination)

Excess Return on Bloomberg Commodity Index + 0.25% (pays upon termination)

12/17/20

27,013

Citibank, N.A.

USD

50,000

Excess Return on Bloomberg Commodity 6 Month Forward Index
(pays upon termination)

Excess Return on Bloomberg Commodity Index + 0.26% (pays upon termination)

12/17/20

75,327

Citibank, N.A.

USD

29,606

Notional Amount (pays upon termination)

Value of 153 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

731,340

Citibank, N.A.

USD

11,706

Notional Amount (pays upon termination)

Value of 60 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

382,800

Citibank, N.A.

USD

29,912

Notional Amount (pays upon termination)

Value of 153 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

1,037,340

Citibank, N.A.

USD

30,248

Notional Amount (pays upon termination)

Value of 153 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

1,373,940

Citibank, N.A.

USD

12,035

Notional Amount (pays upon termination)

Value of 61 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

523,380

Citibank, N.A.

USD

18,234

Notional Amount (pays upon termination)

Value of 92 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

872,160

Goldman Sachs International

PEN

66,454

Total Return on Peru Government Bond, 6.95% due 8/12/31 (pays upon termination) plus Notional Amount at termination date

3-month USD-LIBOR plus 140 bp on $18,692,057 (pays upon termination) plus USD equivalent of Notional Amount at termination date

12/15/20

(324,318

)

Goldman Sachs International

PEN

94,933

Total Return on Peru Government Bond, 5.94% due 2/12/29 (pays upon termination) plus Notional Amount at termination date

3-month USD-LIBOR plus 140 bp on $26,590,387 (pays upon termination) plus USD equivalent of Notional Amount at termination date

12/16/20

200,682


		47		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Total Return Swaps (continued)

Counterparty

Notional Amount
(000’s omitted)

Portfolio Receives

Portfolio Pays

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Goldman Sachs International

PEN

66,453

Total Return on Peru Government Bond, 6.90% due 8/12/37 (pays upon termination) plus Notional Amount at termination date

3-month USD-LIBOR plus 140 bp on $18,562,291 (pays upon termination) plus USD equivalent of Notional Amount at termination date

12/17/20

(197,104

)

JPMorgan Chase Bank, N.A.

CNY

110,859

Total Return on Shenzhen Stock Exchange Composite Index (pays upon termination)

3-month USD-LIBOR minus 14.00% on $16,516,286 (pays quarterly)

4/16/21

(434,181

)

UBS AG

CNY

88,988

Total Return on Shenzhen Stock Exchange Composite Index (pays upon termination)

3-month USD-LIBOR minus 11.00% on $12,804,186 (pays upon termination)

2/12/21

199,933

4,479,056

Cross-Currency Swaps

Counterparty

Portfolio
Receives
Fixed Rate
on Notional
Amount
(000’s
omitted)

Portfolio
Pays
Floating Rate
on Notional
Amount
(000’s
omitted)

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Goldman Sachs International

CLF

597

CLP

17,170,562

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.62)%
(pays semi-annually)

5/8/25

846,838

Goldman Sachs International

CLF

299

CLP

8,586,125

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.74)%
(pays semi-annually)

5/13/25

352,343

Goldman Sachs International

CLF

299

CLP

8,586,153

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.86)%
(pays semi-annually)

5/14/25

282,030

Goldman Sachs International

CLF

598

CLP

17,172,249

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(0.93)%
(pays semi-annually)

5/15/25

476,362

Goldman Sachs International

CLF

860

CLP

24,696,839

6-month Sinacofi Chile Interbank Rate
(pays semi-annually)

(1.09)%
(pays semi-annually)

5/19/25

417,413

2,374,986


		48		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Abbreviations:



ADR	–	American Depositary Receipt

EURIBOR	–	Euro Interbank Offered Rate

GDP	–	Gross Domestic Product

LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:



AED	–	United Arab Emirates Dirham

AUD	–	Australian Dollar

BHD	–	Bahraini Dinar

BRL	–	Brazilian Real

CAD	–	Canadian Dollar

CHF	–	Swiss Franc

CLF	–	Chilean Unidad de Fomento

CLP	–	Chilean Peso

CNH	–	Yuan Renminbi Offshore

CNY	–	Yuan Renminbi

COP	–	Colombian Peso

CRC	–	Costa Rican Colon

EGP	–	Egyptian Pound

EUR	–	Euro

GBP	–	British Pound Sterling

GEL	–	Georgian Lari

GHS	–	Ghanaian Cedi

IDR	–	Indonesian Rupiah

INR	–	Indian Rupee

ISK	–	Icelandic Krona

JPY	–	Japanese Yen



KES	–	Kenyan Shilling

KRW	–	South Korean Won

MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit

NOK	–	Norwegian Krone

NZD	–	New Zealand Dollar

OMR	–	Omani Rial

PEN	–	Peruvian Sol

PHP	–	Philippine Peso

RSD	–	Serbian Dinar

RUB	–	Russian Ruble

SAR	–	Saudi Riyal

SGD	–	Singapore Dollar

THB	–	Thai Baht

TRY	–	New Turkish Lira

UAH	–	Ukrainian Hryvnia

USD	–	United States Dollar

UYU	–	Uruguayan Peso

UZS	–	Uzbekistani Som

ZAR	–	South African Rand


		49		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $2,593,345,872)	$	2,540,280,913

Affiliated investment, at value (identified cost, $316,280,512)		316,280,512

Cash		24,469,769

Deposits for derivatives collateral —

Futures contracts		1,723,870

Centrally cleared derivatives		163,801,754

OTC derivatives		18,235,596

Foreign currency, at value (identified cost, $22,721,303)		24,348,043

Interest and dividends receivable		54,074,139

Dividends receivable from affiliated investment		34,101

Receivable for investments sold		29,151,984

Receivable for variation margin on open centrally cleared derivatives		3,462,458

Receivable for open forward foreign currency exchange contracts		49,610,817

Receivable for open swap contracts		20,757,823

Receivable for closed swap contracts		335,121

Upfront payments on open non-centrally cleared swap contracts		38,843,199

Total assets	$	3,285,410,099

Liabilities

Cash collateral due to brokers	$	17,209,996

Payable for reverse repurchase agreements, including accrued interest of $298,672		129,156,898

Payable for investments purchased		11,522,018

Payable for securities sold short, at value (proceeds, $22,945,760)		16,481,613

Payable for variation margin on open futures contracts		152,210

Payable for open forward commodity contracts		4,537,148

Payable for open forward foreign currency exchange contracts		51,556,248

Payable for open swap contracts		4,374,295

Payable for closed swap contracts		373,376

Upfront receipts on open non-centrally cleared swap contracts		210,366

Payable to affiliates:

Investment adviser fee		2,407,460

Trustees’ fees		9,218

Other		251,836

Accrued foreign capital gains taxes		146,147

Accrued expenses		1,301,422

Total liabilities	$	239,690,251

Net Assets applicable to investors’ interest in Portfolio	$	3,045,719,848


		50		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income (net of foreign taxes, $1,163,896)	$	209,728,643

Dividends (net of foreign taxes, $232,377)		2,240,792

Dividends from affiliated investment		1,161,342

Total investment income	$	213,130,777

Expenses

Investment adviser fee	$	29,354,652

Trustees’ fees and expenses		108,500

Custodian fee		3,370,875

Legal and accounting services		169,898

Interest expense and fees		2,618,004

Dividend expense on securities sold short		220,960

Miscellaneous		115,409

Total expenses	$	35,958,298

Deduct —

Allocation of expenses to affiliate	$	1,161,983

Total expense reductions	$	1,161,983

Net expenses	$	34,796,315

Net investment income	$	178,334,462

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $1,275,848)	$	(17,421,580	)

Investment transactions — affiliated investment		77,371

Futures contracts		26,815,100

Swap contracts		27,999,966

Foreign currency transactions		(8,887,346	)

Forward foreign currency exchange contracts		20,125,247

Non-deliverable bond forward contracts		1,345,781

Net realized gain	$	50,054,539

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $99,174)	$	(117,310,295	)

Investments — affiliated investment		(17,234	)

Securities sold short		6,464,147

Futures contracts		(2,574,866	)

Swap contracts		64,466,184

Forward commodity contracts		(4,537,148	)

Foreign currency		(319,354	)

Forward foreign currency exchange contracts		6,202,205

Net change in unrealized appreciation (depreciation)	$	(47,626,361	)

Net realized and unrealized gain	$	2,428,178

Net increase in net assets from operations	$	180,762,640


		51		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	178,334,462		$	214,642,982

Net realized gain (loss)		50,054,539			(223,067,269	)

Net change in unrealized appreciation (depreciation)		(47,626,361	)		277,785,510

Net increase in net assets from operations	$	180,762,640		$	269,361,223

Capital transactions —

Contributions	$	204,435,055		$	370,424,184

Withdrawals		(670,755,810	)		(1,825,445,711	)

Net decrease in net assets from capital transactions	$	(466,320,755	)	$	(1,455,021,527	)

Net decrease in net assets	$	(285,558,115	)	$	(1,185,660,304	)

Net Assets

At beginning of year	$	3,331,277,963		$	4,516,938,267

At end of year	$	3,045,719,848		$	3,331,277,963


		52		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Consolidated Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses⁽¹⁾		1.11	%⁽²⁾		1.26	%⁽²⁾		1.11	%⁽²⁾		1.13	%		1.10	%

Net investment income		5.69	%		5.86	%		5.09	%		4.54	%		5.09	%

Portfolio Turnover		80	%		71	%		75	%		76	%		97	%

Total Return		6.57	%⁽²⁾		8.22	%⁽²⁾		(7.08	)%⁽²⁾		5.65	%		7.79	%⁽³⁾

Net assets, end of year (000’s omitted)	$	3,045,720		$	3,331,278		$	4,516,938		$	4,067,979		$	2,260,213

⁽¹⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.06% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽²⁾	The investment adviser reimbursed certain operating expenses (equal to 0.04%, 0.05% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾	During the year ended October 31, 2016, the investment adviser reimbursed the Portfolio for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement had no effect on total return for the year ended October 31, 2016.


		53		See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements

1 Significant Accounting Policies

Global Macro Absolute Return Advantage Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 91.2%, 8.4% and 0.4%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMAP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at October 31, 2020 were $7,573,310 or 0.2% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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

Derivatives. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. 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 Portfolio’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. Forward commodity contracts are generally valued at the price provided by the exchange on which they are traded or if unavailable, by a third party pricing service based on an interpolation of the forward rates. 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. Total return swaps are valued using valuations provided by a third party pricing service based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.


		54

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

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


		55

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

I Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio 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 Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities 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.


		56

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio 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 Portfolio 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 Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio 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 of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio 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 Portfolio 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. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. 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 5 and 9. The Portfolio 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 Portfolio 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.

R Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.


		57

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 1.00% of its respective average daily net assets up to $500 million, 0.95% from $500 million but less than $1 billion, 0.925% from $1 billion but less than $2.5 billion, 0.90% from $2.5 billion but less than $5 billion, and 0.88% of average daily net assets of $5 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $29,354,652 or 0.94% of the Portfolio’s consolidated average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $1,161,983 of the Portfolio’s operating expenses for the year ended October 31, 2020. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the year ended October 31, 2020 were as follows:


	Purchases		Sales

Investments (non-U.S. Government)	$	1,901,778,132	$	2,106,388,638

U.S. Government and Agency Securities		60,381,632		79,731,102

	$	1,962,159,764	$	2,186,119,740


		58

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

4 Federal Income Tax Basis of Investments



Aggregate cost	$	2,959,902,900

Gross unrealized appreciation	$	113,965,569

Gross unrealized depreciation		(249,485,917	)

Net unrealized depreciation	$	(135,520,348	)

5 Financial Instruments

The Portfolio 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, forward foreign currency exchange contracts, non-deliverable bond forward contracts, forward commodity contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Consolidated Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options, cross-currency swaps and total return swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, inflation swaps and cross-currency 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 Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $58,621,106. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $21,161,679 at October 31, 2020.

The OTC derivatives in which the Portfolio 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 Portfolio (and Subsidiary) 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 Portfolio 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 Portfolio (and Subsidiary) 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 Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.


		59

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

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 Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 9) at October 31, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity			Credit			Equity Price			Foreign Exchange			Interest Rate			Total

Not applicable	$	1,058,887	*	$	39,125,976	*	$	193,817	*	$	18,549,676	*	$	47,738,191	*	$	106,666,547

Receivable for open forward foreign currency exchange contracts		—			—			—			49,610,817			—			49,610,817

Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		5,034,044			44,333,264			199,933			200,682			7,776,148			57,544,071

Total Asset Derivatives	$	6,092,931		$	83,459,240		$	393,750		$	68,361,175		$	55,514,339		$	213,821,435

Derivatives not subject to master netting or similar agreements	$	1,058,887		$	39,125,976		$	193,817		$	18,549,676		$	47,738,191		$	106,666,547

Total Asset Derivatives subject to master netting or similar agreements	$	5,034,044		$	44,333,264		$	199,933		$	49,811,499		$	7,776,148		$	107,154,888

Not applicable	$	—		$	(14,102,644	)*	$	(1,320,676	)*	$	(13,770,869	)*	$	(88,501,761	)*	$	(117,695,950	)

Payable for open forward commodity contracts		(4,537,148	)		—			—			—			—			(4,537,148	)

Payable for open forward foreign currency exchange contracts		—			—			—			(51,556,248	)		—			(51,556,248	)

Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		—			(403,175	)		(434,181	)		(521,422	)		(1,168,932	)		(2,527,710	)

Total Liability Derivatives	$	(4,537,148	)	$	(14,505,819	)	$	(1,754,857	)	$	(65,848,539	)	$	(89,670,693	)	$	(176,317,056	)

Derivatives not subject to master netting or similar agreements	$	—		$	(14,102,644	)	$	(1,320,676	)	$	(13,770,869	)	$	(88,501,761	)	$	(117,695,950	)

Total Liability Derivatives subject to master netting or similar agreements	$	(4,537,148	)	$	(403,175	)	$	(434,181	)	$	(52,077,670	)	$	(1,168,932	)	$	(58,621,106	)

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


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Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued


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)			Total Cash Collateral Received

Australia and New Zealand Banking Group Limited	$	1,936,259		$	—		$	—		$	(1,936,259	)	$	—		$	2,150,000

Bank of America, N.A.		6,869,144			(1,818,348	)		(5,050,796	)		—			—			—

Barclays Bank PLC		9,559,018			(110,945	)		—			(9,448,073	)		—			9,540,000

BNP Paribas		8,317,445			(8,317,445	)		—			—			—			—

Citibank, N.A.		10,218,723			(6,214,196	)		—			(3,439,996	)		564,531			3,439,996

Goldman Sachs International		25,460,446			(1,332,273	)		(21,681,696	)		—			2,446,477			—

HSBC Bank USA, N.A.		11,012,332			(6,160,112	)		(4,852,220	)		—			—			—

JPMorgan Chase Bank, N.A.		2,705,343			(948,950	)		—			(1,756,393	)		—			2,080,000

Morgan Stanley & Co. International PLC		10,620			(10,620	)		—			—			—			—

Standard Chartered Bank		30,533,774			(27,944,820	)		—			—			2,588,954			—

UBS AG		531,784			—			(531,784	)		—			—			—

	$	107,154,888		$	(52,857,709	)	$	(32,116,496	)	$	(16,580,721	)	$	5,599,962		$	17,209,996

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)			Total Cash Collateral Pledged

Bank of America, N.A.	$	(1,818,348	)	$	1,818,348		$	—		$	—		$	—		$	—

Barclays Bank PLC		(110,945	)		110,945			—			—			—			—

BNP Paribas		(12,722,947	)		8,317,445			4,405,502			—			—			—

Citibank, N.A.		(6,214,196	)		6,214,196			—			—			—			1,025,600

Credit Agricole Corporate and Investment Bank		(216,634	)		—			216,634			—			—			—

Goldman Sachs International		(1,332,273	)		1,332,273			—			—			—			—

HSBC Bank USA, N.A.		(6,160,112	)		6,160,112			—			—			—			—

ICBC Standard Bank plc		(515,896	)		—			—			—			(515,896	)		—

JPMorgan Chase Bank, N.A.		(948,950	)		948,950			—			—			—			—

Morgan Stanley & Co. International PLC		(450,134	)		10,620			400,986			—			(38,528	)		—

Nomura International PLC		(185,851	)		—			185,851			—			—			—

Standard Chartered Bank		(27,944,820	)		27,944,820			—			—			—			—

	$	(58,621,106	)	$	52,857,709		$	5,208,973		$	—		$	(554,424	)	$	1,025,600

Total — Deposits for derivatives collateral — OTC derivatives																$	18,235,596

^(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.


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Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

Information with respect to reverse repurchase agreements at October 31, 2020 is included at Note 7.


Consolidated Statement of Operations Caption	Commodity			Credit		Equity Price			Foreign Exchange			Interest Rate			Total

Net realized gain (loss) —

Investment transactions	$	—		$	—	$	(6,535,555	)	$	(928,702	)	$	4,842,052		$	(2,622,205	)

Futures contracts		24,425,567			—		1,145,711			—			1,243,822			26,815,100

Swap contracts		13,484,817			21,747,063		8,809,974			(7,256,928	)		(8,784,960	)		27,999,966

Forward foreign currency exchange contracts		—			—		—			20,125,247			—			20,125,247

Non-deliverable bond forward contracts		—			—		—			—			1,345,781			1,345,781

Total	$	37,910,384		$	21,747,063	$	3,420,130		$	11,939,617		$	(1,353,305	)	$	73,663,889

Change in unrealized appreciation (depreciation) —

Investments	$	—		$	—	$	4,906,018		$	676,379		$	(5,711,069	)	$	(128,672	)

Futures contracts		1,194,717			—		(3,783,326	)		—			13,743			(2,574,866	)

Swap contracts		4,102,768			24,592,547		(797,686	)		6,200,435			30,368,120			64,466,184

Forward commodity contracts		(4,537,148	)		—		—			—			—			(4,537,148	)

Forward foreign currency exchange contracts		—			—		—			6,202,205			—			6,202,205

Total	$	760,337		$	24,592,547	$	325,006		$	13,079,019		$	24,670,794		$	63,427,703


Futures Contracts — Long		Futures Contracts — Short		Forward Commodity Contracts		Forward Foreign Currency Exchange Contracts*		Non-deliverable Bond Forward Contracts		Interest Rate Swaptions Purchased		Swap Contracts

	$97,961,000	$	152,229,000	$	25,565,000	$	8,296,568,000	$	14,284,000	$	56,572,000	$	5,264,567,000

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

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately $37,876,000 and 210 contracts, respectively.

6 Line of Credit


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Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

7 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of October 31, 2020 were as follows:


Counterparty	Trade Date		Maturity Date			Interest Rate Paid			Principal Amount		Value Including Accrued Interest

Barclays Bank PLC		9/22/2020		On Demand	⁽¹⁾		2.50	%	$	21,363,304	$	21,421,163

Barclays Bank PLC		9/22/2020		On Demand	⁽¹⁾		2.50	%		10,248,010		10,275,765

Barclays Bank PLC		10/15/2020		On Demand	⁽¹⁾		2.50	%		6,610,032		6,617,376

JPMorgan Chase Bank, N.A.		10/1/2020		On Demand	⁽¹⁾		1.50	%		7,397,942		7,406,265

JPMorgan Chase Bank, N.A.		10/6/2020		On Demand	⁽¹⁾		1.00	%		20,617,178		20,630,923

JPMorgan Chase Bank, N.A.		10/6/2020		On Demand	⁽¹⁾		1.15	%		13,738,609		13,749,142

Nomura International PLC		5/28/2020		On Demand	⁽¹⁾		1.75	%		13,545,648		13,648,369

Nomura International PLC		5/28/2020		On Demand	⁽¹⁾		1.75	%		8,521,250		8,585,869

Nomura International PLC		10/26/2020		On Demand	⁽¹⁾		1.55	%		26,816,253		26,822,026

Total									$	128,858,226	$	129,156,898

⁽¹⁾	Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

At October 31, 2020, the remaining contractual maturity of all open reverse repurchase agreements was overnight and continuous. The type of securities pledged as collateral for all open reverse repurchase agreements was sovereign debt.

For the year ended October 31, 2020, the average borrowings under settled reverse repurchase agreements and the average interest rate paid were approximately $120,223,000 and 2.02%, respectively. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at October 31, 2020. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2020.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

The following table presents the Portfolio’s reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Portfolio as of October 31, 2020.


Counterparty	Reverse Repurchase Agreements*			Assets Available for Offset		Securities Collateral Pledged^(a)		Net Amount^(b)

Barclays Bank PLC	$	(38,314,304	)	$	—	$	38,314,304	$	—

JPMorgan Chase Bank, N.A.		(41,786,330	)		—		41,786,330		—

Nomura International PLC		(49,056,264	)		—		49,056,264		—

	$	(129,156,898	)	$	—	$	129,156,898	$	—

*	Including accrued interest.

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

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


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Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

8 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $316,280,512, which represents 10.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	172,862,422	$	2,383,415,412	$	(2,240,057,459	)	$	77,371	$	(17,234	)	$	316,280,512	$	1,161,342		316,280,512

9 Fair Value Measurements

•

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)


		64

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Foreign Government Bonds	$	—		$	1,830,332,772		$	—	$	1,830,332,772

Foreign Corporate Bonds		—			130,341,970			35,326,462		165,668,432

Sovereign Loans		—			129,185,085			—		129,185,085

Senior Floating-Rate Loans		—			—			1,381,786		1,381,786

Loan Participation Notes		—			—			52,169,729		52,169,729

Collateralized Mortgage Obligations		—			8,674,005			—		8,674,005

U.S. Government Guaranteed Small Business Administration Loans		—			34,077,662			—		34,077,662

Common Stocks		11,890,865			130,019,709	*		—		141,910,574

Rights		—			0			—		0

Warrants		—			—			0		0

Short-Term Investments —

Foreign Government Securities		—			121,881,879			—		121,881,879

U.S. Treasury Obligations		—			54,998,989			—		54,998,989

Other		—			316,280,512			—		316,280,512

Total Investments	$	11,890,865		$	2,755,792,583		$	88,877,977	$	2,856,561,425

Forward Foreign Currency Exchange Contracts	$	—		$	68,160,493		$	—	$	68,160,493

Futures Contracts		3,880,978			—			—		3,880,978

Swap Contracts		—			141,779,964			—		141,779,964

Total	$	15,771,843		$	2,965,733,040		$	88,877,977	$	3,070,382,860

Liability Description

Securities Sold Short	$	—		$	(16,481,613	)	$	—	$	(16,481,613	)

Forward Commodity Contracts		—			(4,537,148	)		—		(4,537,148	)

Forward Foreign Currency Exchange Contracts		—			(65,327,117	)		—		(65,327,117	)

Futures Contracts		(2,366,110	)		(687,974	)		—		(3,054,084	)

Swap Contracts		—			(103,398,707	)		—		(103,398,707	)

Total	$	(2,366,110	)	$	(190,432,559	)	$	—	$	(192,798,669	)

*	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.


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Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Senior Floating- Rate Loans			Investments in Foreign Corporate Bonds			Investments in Loan Participation Notes		Investments in Credit Linked Notes			Investments in Warrants		Total

Balance as of October 31, 2019	$	35,366,583		$	16,752,410		$	—	$	2,306,101		$	0	$	54,425,094

Realized gains (losses)		(3,732,599	)		(3,591,825	)		—		(1,010,268	)		—		(8,334,692	)

Change in net unrealized appreciation (depreciation)		2,959,155			(2,938,552	)		373,332		333,631			—		727,566

Cost of purchases		1,629,464			42,654,506			51,796,397		—			—		96,080,367

Proceeds from sales		(35,818,496	)		(18,177,050	)		—		(1,629,464	)		—		(55,625,010	)

Accrued discount (premium)		977,679			—			—		—			—		977,679

Transfers to Level 3⁽¹⁾		—			626,973			—		—			—		626,973

Transfers from Level 3		—			—			—		—			—		—

Balance as of October 31, 2020	$	1,381,786		$	35,326,462		$	52,169,729	$	—		$	0	$	88,877,977

Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2020	$	(1,225,357	)	$	(5,611,898	)	$	373,332	$	—		$	—	$	(6,463,923	)

⁽¹⁾	Transferred into Level 3 as a result of the unavailability of significant observable valuation inputs.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2020:

Type of Investment

Fair Value
as of
October 31, 2020

Valuation Technique

Unobservable Inputs

Input

Impact to
Valuation from an
Increase to Input*

Senior Floating-Rate Loans

1,381,786

Estimated Recovery Value

Estimated Recovery Value Percentage

53.00

Increase

Foreign Corporate Bonds

35,326,462

Matrix Pricing

Credit Spread to Iceland Government Bond Yield

2.00

Decrease

Loan Participation Notes

52,169,729

Matrix Pricing

Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate

2.15

Decrease

Warrants

Price to Book Value Per Share

Price to Book Ratio

0.75

Increase

Included in foreign corporate bonds are securities valued at $0 based on their estimated recovery value percentage.

*	Represents the directional change in the fair value of the Level 3 investments that would result in an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

10 Risks and Uncertainties

Risks Associated with Foreign Investments


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Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

Pandemic Risk

11 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		67

Global Macro Absolute Return Advantage Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Macro Absolute Return Advantage Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Macro Absolute Return Advantage Portfolio and subsidiary (the “Portfolio”), including the consolidated portfolio of investments, as of October 31, 2020, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		68

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Liquidity Risk Management Program


		69

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Macro Absolute Return Advantage Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		70

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


		71

Eaton Vance

Global Macro Absolute Return Advantage Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		72

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		73

This Page Intentionally Left Blank

Investment Adviser of Global Macro Absolute Return Advantage Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Macro Absolute Return Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

4836 10.31.20

LOGO

Eaton Vance

Global Small-Cap Equity Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Global Small-Cap Equity Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			23
Federal Tax Information			24
Liquidity Risk Management Program			25
Management and Organization			26
Important Notices			29

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst equity performances in over a decade.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Global Small-Cap Equity Fund (the Fund) returned 2.98% for Class A shares at net asset value, outperforming its benchmark, the MSCI World Small Cap Index (the Index), which returned –0.01%.

Security selections drove the Fund’s outperformance in combination with beneficial sector allocations during the period.

The consumer discretionary sector was the top contributor to returns relative to the Index during the period, largely because of stock selections. In this sector, China MeiDong Auto Holdings, Ltd., a Hong Kong-listed Chinese auto dealer that sells premium and luxury car brands, performed well as demand recovered once the COVID-19

outbreak showed signs of being under control in China. In addition, consumption trends favored premium brands as prospective buyers sought to upgrade their cars during the period.

Games Workshop Group PLC, a tabletop gaming company based in the U.K. was another strong contributor in the consumer discretionary sector. Its stock price rose steadily with the advent of the COVID-19 pandemic. With stay-at-home mandates imposed worldwide to control the virus’ spread, sales of games skyrocketed as people sought to entertain themselves while being confined.

The stock price of National Vision Holdings, Inc. (National Vision), a discount optical retailer also in consumer discretionary, rose as the company reopened its stores within weeks of the onset of the COVID-19 pandemic. National Vision also benefited from extending and expanding its business partnership with Walmart, Inc. and projected strong earnings growth during the period.

An overweight exposure to the health care sector — the strongest performer within the Index — combined with beneficial stock selections also contributed significantly to relative returns.

DiaSorin SpA, a health care sector contributor based in Italy, makes diagnostic tests for immunity and analysis of individual genomes for the development of medical treatments. Its stock price rose sharply with the advent of the COVID-19 pandemic as demand for its products surged during the period.

Selections within the financials and real estate sectors also made important contributions to returns. Underweight exposure to the energy sector — the worst performing sector within the Index — further enhanced performance relative to the Index during the period.

Although security selections were overall positive — especially in the industrials, financials, and real estate sectors — several of the largest detractors came from these sectors. Adverse selections in these sectors were particularly consequential as these sectors were among the weakest performers within the Index amid the COVID-19-induced economic contraction. Selections within the information technology and consumer staples sectors also weighed on relative returns during the period.

In the industrials sector, Hexcel Corp. (Hexcel), a provider of carbon fiber and other materials for the aerospace industry, was one of the largest detractors to returns. Hexcel’s stock price, already hurt by problems with Boeing’s 737 MAX, was further weighed down by the spread of the COVID-19 pandemic and the resulting slowdown in airline travel. Investors also reacted negatively to Hexcel’s proposed merger with Woodward, Inc., a supplier of flight and engine controls to the aerospace industry.

Also in the industrials sector, Melrose Industries PLC, a London-based buyer and seller of underperforming businesses, further detracted during the period. Its stock price fell as sales in many of its businesses, including aerospace, automotive, and powder metallurgy, dropped sharply with the onset of the pandemic. By period-end, the stock was sold from the Fund.

The stock price of Euronet Worldwide, Inc., an electronic payments services company, fell steeply in March as the COVID-19 pandemic took hold and commerce all but halted as people were ordered to stay home to curb the virus’ spread.

National Retail Properties, Inc., a real estate investment trust that invests in properties that are leased to retail businesses, was also a significant detractor to returns relative to the Index during the period. Its stock price fell with the pandemic’s outbreak, when many retail businesses were closed to stem the spread of the virus.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Performance^2,3

Portfolio Managers Aidan M. Farrell of Eaton Vance Global Advisors Limited; Michael D. McLean, CFA and J. Griffith Noble, CFA, each of Eaton Vance Management


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		03/04/2002		03/04/2002		2.98	%		7.81	%		9.14	%
Class A with 5.75% Maximum Sales Charge		—		—		–2.96			6.54			8.49
Class C at NAV		03/04/2002		03/04/2002		2.25			7.01			8.33
Class C with 1% Maximum Sales Charge		—		—		1.27			7.01			8.33
Class I at NAV		10/01/2009		03/04/2002		3.18			8.08			9.41



MSCI World Small Cap Index		—		—		–0.01	%		6.75	%		8.31	%

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

Gross						1.93	%		2.68	%		1.68	%
Net						1.35			2.10			1.10

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$22,265

N.A.

Class I

$250,000

10/31/2010

$614,902

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Fund Profile

Common Stock Sector Allocation (% of net assets)

LOGO

Country Allocation (% of net assets)

LOGO

Top 10 Holdings (% of net assets)⁵



Terminix Global Holdings, Inc.	1.6	%

Valvoline, Inc.	1.6

National Vision Holdings, Inc.	1.4

RealPage, Inc.	1.3

ACI Worldwide, Inc.	1.3

EastGroup Properties, Inc.	1.3

CMS Energy Corp.	1.2

Mueller Water Products, Inc., Class A	1.2

CubeSmart	1.1

Bapcor, Ltd.	1.1

Total	13.1	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Endnotes and Additional Disclosures

MSCI World Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets. 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.

Prior to August 7, 2015, the Fund’s investment adviser employed an investment objective and strategy of seeking to achieve long-term after-tax returns by investing in value stocks of small-cap companies. From August 7, 2015 until March 1, 2018, the Fund’s investment adviser employed an investment objective and strategy of seeking long-term, after-tax returns by investing in stocks of global small-cap companies. Effective March 1, 2018, the Fund changed its investment objective and strategy to no longer seek after-tax returns. Performance prior to March 1, 2018 reflects the Fund’s performance under its former investment objectives and policies.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

MSCI World Index is an unmanaged index of equity securities in the developed markets. 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. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks.


		5

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,160.00	$	7.33	**		1.35	%
Class C	$	1,000.00	$	1,156.50	$	11.38	**		2.10	%
Class I	$	1,000.00	$	1,161.50	$	5.98	**		1.10	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.30	$	6.85	**		1.35	%
Class C	$	1,000.00	$	1,014.60	$	10.63	**		2.10	%
Class I	$	1,000.00	$	1,019.60	$	5.58	**		1.10	%

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


		6

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Portfolio of Investments


Common Stocks — 99.2%
Security	Shares		Value

Australia — 3.4%

Bapcor, Ltd.		63,164	$	340,440

Bravura Solutions, Ltd.		68,784		141,955

carsales.com, Ltd.		16,003		233,801

Northern Star Resources, Ltd.		7,505		79,282

OZ Minerals, Ltd.		6,814		71,182

Steadfast Group, Ltd.		39,684		99,497

Westgold Resources, Ltd.⁽¹⁾		59,792		108,786

			$	1,074,943

Austria — 0.7%

BAWAG Group AG⁽¹⁾⁽²⁾		6,268	$	230,193

			$	230,193

Belgium — 0.4%

VGP NV		955	$	124,445

			$	124,445

Canada — 2.8%

Boyd Group Services, Inc.		1,058	$	151,764

Granite Real Estate Investment Trust		2,480		139,050

Keyera Corp.		4,269		60,592

Killam Apartment Real Estate Investment Trust		9,947		119,531

Kirkland Lake Gold, Ltd.		2,476		112,807

Lundin Mining Corp.		6,513		39,353

Pan American Silver Corp.		2,077		66,006

Seven Generations Energy, Ltd., Class A⁽¹⁾		18,392		65,158

TMX Group, Ltd.		1,495		145,270

			$	899,531

China — 0.7%

China Meidong Auto Holdings, Ltd.		53,119	$	217,521

			$	217,521

France — 0.2%

Rubis SCA		2,218	$	72,927

			$	72,927

Germany — 0.8%

AIXTRON SE⁽¹⁾		10,618	$	119,572

Salzgitter AG⁽¹⁾		878		12,774

TeamViewer AG⁽¹⁾⁽²⁾		2,649		116,762

			$	249,108


Security	Shares		Value

Israel — 0.4%

Amot Investments, Ltd.		26,445	$	121,193

			$	121,193

Italy — 3.9%

Amplifon SpA⁽¹⁾		8,401	$	305,441

Banca Farmafactoring SpA⁽¹⁾⁽²⁾		47,989		221,402

DiaSorin SpA		867		190,331

FinecoBank Banca Fineco SpA⁽¹⁾		8,007		109,935

Interpump Group SpA		5,953		224,854

MARR SpA⁽¹⁾		5,724		77,491

Moncler SpA⁽¹⁾		2,601		104,070

			$	1,233,524

Japan — 12.1%

Chiba Bank, Ltd. (The)		18,000	$	92,975

FP Corp.		3,726		148,599

Fukuoka Financial Group, Inc.		4,049		67,729

Invesco Office J REIT, Inc.		929		115,249

Itochu Techno-Solutions Corp.		4,650		157,762

J. Front Retailing Co., Ltd.		20,996		159,994

Japan Hotel REIT Investment Corp.		296		143,342

Kewpie Corp.		5,597		114,548

Kose Corp.		1,295		165,081

Kuraray Co., Ltd.		14,713		136,080

Kyoritsu Maintenance Co., Ltd.		3,854		137,897

Lion Corp.		5,611		114,416

Makita Corp.		4,056		179,290

Mitsui Fudosan Logistics Park, Inc.		38		181,559

Miura Co., Ltd.		4,478		210,978

Morinaga & Co., Ltd.		2,800		106,387

Nabtesco Corp.		6,323		236,216

Nohmi Bosai, Ltd.		10,113		218,943

Nomura Co., Ltd.		13,662		88,224

OSG Corp.		9,020		135,129

Penta-Ocean Construction Co., Ltd.		40,009		253,704

Sankyu, Inc.		3,504		125,519

Ship Healthcare Holdings, Inc.		4,322		205,089

Sumco Corp.		10,225		155,950

Yamaha Corp.		3,610		171,133

			$	3,821,793

Luxembourg — 0.1%

APERAM S.A.		1,542	$	41,382

			$	41,382


		7		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Netherlands — 1.6%

Aalberts NV		6,372	$	213,775

IMCD NV		2,451		283,681

			$	497,456

New Zealand — 0.5%

Fisher & Paykel Healthcare Corp., Ltd.		7,252	$	167,771

			$	167,771

Norway — 0.6%

Entra ASA⁽²⁾		13,341	$	174,407

TGS NOPEC Geophysical Co. ASA		2,825		26,062

			$	200,469

Sweden — 2.4%

Addtech AB, Class B		24,661	$	272,531

Boliden AB		3,757		102,450

Bravida Holding AB⁽²⁾		11,754		135,523

Indutrade AB⁽¹⁾		4,838		244,943

			$	755,447

Switzerland — 1.0%

Belimo Holding AG		22	$	163,607

Galenica AG⁽²⁾		2,196		138,484

			$	302,091

United Kingdom — 9.5%

Abcam PLC		11,616	$	221,605

Avast PLC⁽²⁾		22,112		135,884

Cairn Energy PLC⁽¹⁾		28,906		51,967

Cranswick PLC		3,645		151,942

Dechra Pharmaceuticals PLC		6,103		276,086

Diploma PLC		9,970		287,091

First Derivatives PLC		2,958		112,460

Games Workshop Group PLC		1,960		263,495

Grainger PLC		30,248		109,583

Halma PLC		9,527		292,361

Howden Joinery Group PLC⁽¹⁾		22,369		184,675

Judges Scientific PLC		2,424		169,547

Lancashire Holdings, Ltd.		18,117		149,511

Nomad Foods, Ltd.⁽¹⁾		9,735		236,074

Spirax-Sarco Engineering PLC		1,119		163,590

St. James’s Place PLC		17,896		208,571

			$	3,014,442


Security	Shares		Value

United States — 58.1%

ACI Worldwide, Inc.⁽¹⁾		14,071	$	410,451

Addus HomeCare Corp.⁽¹⁾		2,117		206,556

Alliant Energy Corp.		6,002		331,791

Altair Engineering, Inc., Class A⁽¹⁾		7,836		337,183

Amedisys, Inc.⁽¹⁾		1,022		264,698

AMETEK, Inc.		2,387		234,403

Applied Industrial Technologies, Inc.		3,287		200,671

Asbury Automotive Group, Inc.⁽¹⁾		1,328		136,757

Autoliv, Inc.		1,442		109,304

AZEK Co., Inc. (The)⁽¹⁾		5,174		173,019

Balchem Corp.		1,876		187,506

Ball Corp.		2,735		243,415

Black Knight, Inc.⁽¹⁾		3,362		295,688

Brunswick Corp.		4,024		256,369

CBIZ, Inc.⁽¹⁾		10,671		241,912

CDK Global, Inc.		5,324		229,464

Chemed Corp.		531		253,988

Choice Hotels International, Inc.		1,303		113,817

CMS Energy Corp.		6,186		391,759

Cohen & Steers, Inc.		3,036		170,957

Columbia Sportswear Co.		962		71,756

Commerce Bancshares, Inc.		3,025		188,306

Community Bank System, Inc.		3,488		202,269

Cooper Cos., Inc. (The)		485		154,739

CubeSmart		10,642		361,083

Dana, Inc.		15,420		215,726

Deckers Outdoor Corp.⁽¹⁾		493		124,911

Diamondback Energy, Inc.		2,838		73,675

Dorman Products, Inc.⁽¹⁾		2,473		220,765

EastGroup Properties, Inc.		3,019		401,769

Emergent BioSolutions, Inc.⁽¹⁾		2,871		258,304

Envestnet, Inc.⁽¹⁾		4,025		308,879

Envista Holdings Corp.⁽¹⁾		6,783		179,207

Equity LifeStyle Properties, Inc.		3,897		230,663

Euronet Worldwide, Inc.⁽¹⁾		3,330		295,837

F5 Networks, Inc.⁽¹⁾		1,397		185,717

First American Financial Corp.		1,836		81,867

First Citizens BancShares, Inc., Class A		339		156,855

First Republic Bank		1,172		147,836

Five Below, Inc.⁽¹⁾		1,430		190,676

Flowers Foods, Inc.		6,022		141,999

Haemonetics Corp.⁽¹⁾		3,192		322,679

Healthcare Realty Trust, Inc.		9,401		261,348

Herman Miller, Inc.		5,290		161,186

Hexcel Corp.		4,023		134,690

Horace Mann Educators Corp.		317		10,750


		8		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

United States (continued)

ICU Medical, Inc.⁽¹⁾		1,334	$	237,172

Jazz Pharmaceuticals PLC⁽¹⁾		1,463		210,818

Kansas City Southern		801		141,088

Kirby Corp.⁽¹⁾		2,851		109,735

Landstar System, Inc.		2,087		260,249

LHC Group, Inc.⁽¹⁾		1,437		311,182

Ligand Pharmaceuticals, Inc.⁽¹⁾		1,452		119,717

Lithia Motors, Inc., Class A		1,126		258,496

Mercury Systems, Inc.⁽¹⁾		4,134		284,750

Middleby Corp.⁽¹⁾		1,989		197,985

Mueller Water Products, Inc., Class A		35,580		368,609

National Retail Properties, Inc.		6,848		219,205

National Vision Holdings, Inc.⁽¹⁾		10,686		430,966

nCino, Inc.⁽¹⁾		668		47,107

NIC, Inc.		12,297		275,699

ONE Gas, Inc.		3,029		209,122

PDC Energy, Inc.⁽¹⁾		3,730		44,462

Performance Food Group Co.⁽¹⁾		4,636		155,816

Polaris, Inc.		1,244		113,030

R1 RCM, Inc.⁽¹⁾		18,545		332,326

RealPage, Inc.⁽¹⁾		7,534		419,568

Rexford Industrial Realty, Inc.		7,315		339,855

RLI Corp.		2,765		239,726

Selective Insurance Group, Inc.		3,043		158,419

Silicon Laboratories, Inc.⁽¹⁾		1,742		178,485

South State Corp.		3,326		204,216

Stock Yards Bancorp, Inc.		5,256		200,884

Tandem Diabetes Care, Inc.⁽¹⁾		1,058		115,322

Teleflex, Inc.		1,035		329,368

Tempur Sealy International, Inc.⁽¹⁾		1,472		131,008

Terminix Global Holdings, Inc.⁽¹⁾		10,603		499,295

Tradeweb Markets, Inc., Class A		4,969		270,711

Trex Co., Inc.⁽¹⁾		2,220		154,379

Valvoline, Inc.		25,338		498,399

Visteon Corp.⁽¹⁾		2,050		183,783

W.R. Berkley Corp.		2,809		168,877

Woodward, Inc.		1,690		134,440

			$	18,427,469

Total Common Stocks (identified cost $25,677,453)			$	31,451,705


Exchange-Traded Funds — 0.8%
Security	Shares		Value

Equity Funds — 0.8%

iShares MSCI EAFE Small-Cap ETF		1,946	$	110,825

iShares Russell 2000 ETF		980		150,028

Total Exchange-Traded Funds (identified cost $267,895)			$	260,853

Short-Term Investments — 0.3%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽³⁾		112,053	$	112,053

Total Short-Term Investments (identified cost $112,053)			$	112,053

Total Investments — 100.3% (identified cost $26,057,401)			$	31,824,611

Other Assets, Less Liabilities — (0.3)%			$	(104,790	)

Net Assets — 100.0%			$	31,719,821

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

⁽¹⁾	Non-income producing security.

⁽²⁾

⁽³⁾	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 October 31, 2020.


		9		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Portfolio of Investments — continued


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Industrials		20.6	%	$	6,521,757

Health Care		15.1			4,800,883

Consumer Discretionary		14.0			4,451,209

Information Technology		14.0			4,435,727

Financials		11.1			3,526,756

Real Estate		9.6			3,042,282

Materials		5.8			1,848,021

Consumer Staples		4.0			1,263,754

Utilities		3.2			1,005,599

Energy		1.0			321,916

Exchange-Traded Funds		0.8			260,853

Communication Services		0.8			233,801

Short-Term Investments		0.3			112,053

Total Investments		100.3	%	$	31,824,611


		10		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $25,945,348)	$	31,712,558

Affiliated investment, at value (identified cost, $112,053)		112,053

Foreign currency, at value (identified cost, $2,522)		2,526

Dividends receivable		24,098

Dividends receivable from affiliated investment		31

Receivable for investments sold		169,918

Receivable for Fund shares sold		9,804

Tax reclaims receivable		18,248

Total assets	$	32,049,236

Liabilities

Payable for investments purchased	$	168,828

Payable for Fund shares redeemed		59,138

Payable to affiliates:

Investment adviser fee		21,031

Administration fee		4,206

Distribution and service fees		6,707

Trustees’ fees		179

Other		2,647

Accrued expenses		66,679

Total liabilities	$	329,415

Net Assets	$	31,719,821

Sources of Net Assets

Paid-in capital	$	25,882,962

Distributable earnings		5,836,859

Total	$	31,719,821

Class A Shares

Net Assets	$	21,164,440

Shares Outstanding		1,513,204

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	13.99

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	14.84

Class C Shares

Net Assets	$	2,201,694

Shares Outstanding		211,357

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	10.42

Class I Shares

Net Assets	$	8,353,687

Shares Outstanding		574,768

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.53

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

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


		11		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $18,768)	$	444,256

Dividends from affiliated investment		1,870

Total investment income	$	446,126

Expenses

Investment adviser fee	$	247,488

Administration fee		49,498

Distribution and service fees

Class A		55,440

Class C		26,757

Trustees’ fees and expenses		2,250

Custodian fee		54,981

Transfer and dividend disbursing agent fees		48,189

Legal and accounting services		41,372

Printing and postage		16,560

Registration fees		49,858

Miscellaneous		12,391

Total expenses	$	604,784

Deduct —

Allocation of expenses to affiliate	$	158,985

Total expense reductions	$	158,985

Net expenses	$	445,799

Net investment income	$	327

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	527,994

Investment transactions — affiliated investment		169

Foreign currency transactions		(2,812	)

Net realized gain	$	525,351

Change in unrealized appreciation (depreciation) —

Investments	$	(164,333	)

Foreign currency		62

Net change in unrealized appreciation (depreciation)	$	(164,271	)

Net realized and unrealized gain	$	361,080

Net increase in net assets from operations	$	361,407


		12		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	327		$	110,163

Net realized gain		525,351			1,355,884

Net change in unrealized appreciation (depreciation)		(164,271	)		2,675,453

Net increase in net assets from operations	$	361,407		$	4,141,500

Distributions to shareholders —

Class A	$	(841,717	)	$	(1,822,708	)

Class C		(128,085	)		(861,771	)

Class I		(337,724	)		(741,356	)

Total distributions to shareholders	$	(1,307,526	)	$	(3,425,835	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	1,233,259		$	1,890,773

Class C		134,447			235,182

Class I		4,041,690			2,332,595

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		781,960			1,707,909

Class C		110,863			811,148

Class I		333,341			741,356

Cost of shares redeemed

Class A		(4,976,643	)		(5,758,181	)

Class C		(704,670	)		(3,335,717	)

Class I		(4,900,134	)		(3,135,663	)

Net asset value of shares converted

Class A		419,063			2,954,243

Class C		(419,063	)		(2,954,243	)

Net decrease in net assets from Fund share transactions	$	(3,945,887	)	$	(4,510,598	)

Net decrease in net assets	$	(4,892,006	)	$	(3,794,933	)

Net Assets

At beginning of year	$	36,611,827		$	40,406,760

At end of year	$	31,719,821		$	36,611,827


		13		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	14.050		$	13.770		$	14.010		$	11.150		$	16.530

Income (Loss) From Operations

Net investment income⁽¹⁾	$	—	⁽²⁾	$	0.045		$	0.001		$	0.002		$	0.102

Net realized and unrealized gain (loss)		0.438			1.384			0.128			2.858			(0.164	)

Total income (loss) from operations	$	0.438		$	1.429		$	0.129		$	2.860		$	(0.062	)

Less Distributions

From net investment income	$	(0.071	)	$	(0.030	)	$	(0.072	)	$	—		$	—

From net realized gain		(0.427	)		(1.119	)		(0.297	)		—			(5.318	)

Total distributions	$	(0.498	)	$	(1.149	)	$	(0.369	)	$	—		$	(5.318	)

Net asset value — End of year	$	13.990		$	14.050		$	13.770		$	14.010		$	11.150

Total Return⁽³⁾⁽⁴⁾		2.98	%		12.20	%		0.84	%		25.65	%		(0.46	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	21,164		$	24,111		$	22,341		$	13,815		$	13,847

Ratios (as a percentage of average daily net assets):⁽⁵⁾

Expenses⁽⁴⁾		1.35	%		1.35	%		1.36	%		1.40	%		1.41	%

Net investment income		0.00	%⁽⁷⁾		0.34	%		0.01	%		0.02	%		0.92	%

Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			11	%⁽⁹⁾		59	%		92	%

Portfolio Turnover of the Fund		51	%		50	%		41	%^(9)(10)		—			—

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Amount is less than $0.0005.

⁽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⁾

The investment adviser of the Portfolio and/or the administrator of the Fund reimbursed certain operating expenses (equal to 0.48%, 0.58%, 0.62%, 0.80% and 0.77% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	Amount is less than 0.005%.

⁽⁸⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁹⁾	Not annualized.

⁽¹⁰⁾	For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period.


		14		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.590		$	10.690		$	10.970		$	8.790		$	14.230

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.076	)	$	(0.046	)	$	(0.087	)	$	(0.072	)	$	0.014

Net realized and unrealized gain (loss)		0.333			1.030			0.104			2.252			(0.136	)

Total income (loss) from operations	$	0.257		$	0.984		$	0.017		$	2.180		$	(0.122	)

Less Distributions

From net realized gain	$	(0.427	)	$	(1.084	)	$	(0.297	)	$	—		$	(5.318	)

Total distributions	$	(0.427	)	$	(1.084	)	$	(0.297	)	$	—		$	(5.318	)

Net asset value — End of year	$	10.420		$	10.590		$	10.690		$	10.970		$	8.790

Total Return⁽²⁾⁽³⁾		2.25	%		11.32	%		0.06	%		24.80	%		(1.24	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	2,202		$	3,227		$	8,988		$	4,965		$	4,717

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		2.10	%		2.10	%		2.11	%		2.15	%		2.16	%

Net investment income (loss)		(0.75	)%		(0.45	)%		(0.76	)%		(0.72	)%		0.16	%

Portfolio Turnover of the Portfolio⁽⁵⁾		—			—			11	%⁽⁶⁾		59	%		92	%

Portfolio Turnover of the Fund		51	%		50	%		41	%⁽⁶⁾⁽⁷⁾		—			—

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Not annualized.

⁽⁷⁾	For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities.


		15		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	14.580		$	14.240		$	14.480		$	11.490		$	16.840

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.034		$	0.079		$	0.040		$	0.036		$	0.108

Net realized and unrealized gain (loss)		0.450			1.442			0.123			2.954			(0.140	)

Total income (loss) from operations	$	0.484		$	1.521		$	0.163		$	2.990		$	(0.032	)

Less Distributions

From net investment income	$	(0.107	)	$	(0.062	)	$	(0.106	)	$	—		$	—

From net realized gain		(0.427	)		(1.119	)		(0.297	)		—			(5.318	)

Total distributions	$	(0.534	)	$	(1.181	)	$	(0.403	)	$	—		$	(5.318	)

Net asset value — End of year	$	14.530		$	14.580		$	14.240		$	14.480		$	11.490

Total Return⁽²⁾⁽³⁾		3.18	%		12.51	%		1.05	%		26.02	%		(0.19	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	8,354		$	9,273		$	9,078		$	5,259		$	3,138

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.10	%		1.10	%		1.11	%		1.15	%		1.16	%

Net investment income		0.24	%		0.57	%		0.27	%		0.27	%		0.94	%

Portfolio Turnover of the Portfolio⁽⁵⁾		—			—			11	%⁽⁶⁾		59	%		92	%

Portfolio Turnover of the Fund		51	%		50	%		41	%⁽⁶⁾⁽⁷⁾		—			—

⁽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⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Not annualized.

⁽⁷⁾	For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities.


		16		See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Global Small-Cap 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 total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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 October 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition, 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.


		17

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Notes to Financial Statements — continued

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

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

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

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	186,893	$	618,049

Long-term capital gains	$	1,120,633	$	2,807,786

During the year ended October 31, 2020, distributable earnings was decreased by $61,641 and paid-in capital was increased by $61,641 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	34,357

Undistributed long-term capital gains	$	367,397

Net unrealized appreciation	$	5,435,105


		18

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	26,390,700

Gross unrealized appreciation	$	7,170,441

Gross unrealized depreciation		(1,736,530	)

Net unrealized appreciation	$	5,433,911

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced.

For the year ended October 31, 2020, the investment adviser fee amounted to $247,488 or 0.75% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. EVAIL uses the portfolio management, research and other resources of its affiliate, Eaton Vance Global Advisors Limited (EVGA), in rendering investment advisory services to the Fund. EVGA has entered into a Memorandum of Understanding with EVAIL pursuant to which EVGA is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $49,498. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (related to ordinary operating expenses only) exceed 1.35%, 2.10% and 1.10% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $158,985 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $10,287 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 $958 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A 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 or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans


		19

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Notes to Financial Statements — continued

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $100 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $16,806,527 and $22,038,458, respectively, for the year ended October 31, 2020.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		91,767			141,581

Issued to shareholders electing to receive payments of distributions in Fund shares		53,817			147,999

Redemptions		(383,238	)		(429,622	)

Converted from Class C shares		34,621			233,929

Net increase (decrease)		(203,033	)		93,887

	Year Ended October 31,
Class C	2020			2019

Sales		13,138			24,009

Issued to shareholders electing to receive payments of distributions in Fund shares		10,180			92,597

Redemptions		(70,348	)		(344,074	)

Converted to Class A shares		(46,277	)		(308,635	)

Net decrease		(93,307	)		(536,103	)

	Year Ended October 31,
Class I	2020			2019

Sales		309,691			166,593

Issued to shareholders electing to receive payments of distributions in Fund shares		22,120			62,038

Redemptions		(393,157	)		(229,898	)

Net decrease		(61,346	)		(1,267	)


		20

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Notes to Financial Statements — continued

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2020.

9 Investments in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $112,053, which represents 0.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 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	$	71,542	$	9,837,625	$	(9,797,283	)	$	169	$	—	$	112,053	$	1,870		112,053

10 Fair Value Measurements

•

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)

At October 31, 2020, 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	$	—	$	5,282,028		$	—	$	5,282,028

Developed Europe		236,074		6,485,410			—		6,721,484

Developed Middle East		—		121,193			—		121,193

North America		19,327,000		—			—		19,327,000

Total Common Stocks	$	19,563,074	$	11,888,631	*	$	—	$	31,451,705

Exchange-Traded Funds	$	260,853	$	—		$	—	$	260,853

Short-Term Investments		—		112,053			—		112,053

Total Investments	$	19,823,927	$	12,000,684		$	—	$	31,824,611

*	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.


		21

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Notes to Financial Statements — continued

11 Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

12 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		22

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Small-Cap Equity Fund (one of the funds constituting Eaton Vance Mutual Funds Trust) (the “Fund”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		23

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $358,278, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2020 ordinary income dividends, 79.70% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $427,392 or, if subsequently determined to be different, the net capital gain of such year.


		24

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Liquidity Risk Management Program


		25

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		26

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		27

Eaton Vance

Global Small-Cap Equity Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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


		28

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		29

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

1300 10.31.20

LOGO

Eaton Vance

Government Opportunities Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Government Opportunities Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			29
Federal Tax Information			30
Liquidity Risk Management Program			31
Management and Organization			32
Important Notices			35

Eaton Vance

Government Opportunities Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period ended October 31, 2020, was dominated by the outbreak of the novel coronavirus, which turned into a global pandemic that ended the longest-ever U.S. economic expansion and led to a dramatic decline in economic activity across the globe.

The first three months of the period were relatively uneventful for capital markets. The initial signs of trouble appeared in late January 2020 as coronavirus headlines rattled investor nerves across the globe and the stock market plunged over 30% by mid-March, accompanied by a squeeze in the credit markets. Spreads in credit markets reached their widest levels in over a decade, with securitized product markets seeing the sharpest declines as commercial mortgage-backed securities and asset-backed securities were hit hard during the pandemic.

Globally, central banks acted swiftly and at an unprecedented scale to support markets and the global economy. The U.S. Federal Reserve (the Fed), cut its benchmark federal funds rate to a range of 0.00%-0.25%. In addition, the Fed went back to its global financial crisis playbook and began a new quantitative easing program, increasing its balance sheet by roughly $2 trillion from March to May.

In addition, the economy and markets were supported by the CARES Act, the largest economic stimulus package in U.S. history, which amounted to nearly 10% of U.S. gross domestic product. The bill provided, in part, $1,200 checks to many individuals, increased unemployment benefits, and provided forgivable loans to small businesses, including a reprise from the 2008 financial crises of the Fed’s Term Asset-Backed Securities Loan program designed to create liquidity in the asset-backed securities market.

Despite second and third waves of the pandemic, the U.S. economy began to recover sooner than expected. Positive developments on COVID-19 vaccines gave investors confidence that despite short-term economic challenges, unemployment and other key economic indicators might recover more robustly to pre-COVID-19 levels during the second half of 2021.

The stock market hit new highs in the second half of 2020. In the bond market, investors showed a willingness for additional risk in search of yield. Credit spreads in the corporate bond market reversed most of their March widening by the end of year and yields in investment-grade corporate bonds hit all-time lows amid an uneven economic recovery.

In the Treasury bond market, it was a tale of two halves. As the Fed cut its rate to near zero percent in March, interest rates plummeted across the Treasury curve and hit record lows. The Fed indicated it would likely keep rates low for the next year or two. The 10-year Treasury yield eventually bottomed around 0.50%, roughly 90 basis points (bps) below its 2016 low. As the labor market improved and credit spreads reversed their widening trend, the Treasury curve steepened during the last three months of the period.

The Fed also transitioned from allowing approximately $20 billion in agency mortgage-backed securities (MBS) to roll off its balance sheet per month at the beginning of the period, to purchasing over $1 trillion in

agency MBS since March 2020 in an attempt to stabilize the mortgage market. In response to the Fed’s actions, the MBS market heated up and average 30-year mortgage rates fell by nearly 100 bps. As mortgage rates approached record lows, current and prospective homeowners took advantage. Despite the Fed’s support, faster prepayments and higher supply caused MBS spreads versus Treasurys to widen by about 10 bps during the period — about 30 bps higher than long-term averages.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Government Opportunities Fund (the Fund) returned 4.40% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg Barclays U.S. Intermediate Government Bond Index (the Index), which returned 5.28%.

As calendar year 2019 came to a close, there was little expectation from the bond market that the Fed would need to continue with further rate cuts. As the COVID-19 pandemic took hold and the U.S. economy contracted at a magnitude not seen since the Great Depression, expectations suddenly shifted and the Fed acted in an aggressive manor, cutting the federal funds rate to near zero percent and promising that its monetary policy would be supportive for years to come. In response, Treasury yields hit record lows across the curve during the period.

The main detractor from Fund performance relative to the Index during the period was the Fund’s shorter duration, which hurt relative performance as Treasury yields fell to record lows. Investments in floating-rate agency MBS also detracted from relative performance as interest rates fell and bond coupons reset lower.

During the period, fixed-rate agency MBS spreads versus U.S. Treasurys also widened as the MBS market saw record supply month after month. As interest rates fell, an increasing number of homeowners sought to refinance their mortgages, resulting in faster prepayments and wider yield spreads.

Fixed-rate agency MBS held by the Fund also underperformed the Index due to shorter durations, which were unable to keep up with the longer duration Treasury index as yields fell. Agency credit risk transfer bonds contributed to Fund performance relative to the Index as the Fund invested in the sector after dislocations caused spreads in the sector to reach all-time highs during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Government Opportunities Fund

October 31, 2020

Performance^2,3

Portfolio Managers Andrew Szczurowski, CFA and Alexander Payne, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years

Class A at NAV		08/24/1984		08/24/1984			4.40	%		1.75	%		1.48	%
Class A with 2.25% Maximum Sales Charge		—		—			2.05			1.30			1.24
Class C at NAV		11/01/1993		08/24/1984			3.63			0.99			0.73
Class C with 1% Maximum Sales Charge		—		—			2.63			0.99			0.73
Class I at NAV		04/03/2009		08/24/1984			4.66			2.00			1.73
Class R at NAV		08/12/2005		08/24/1984			4.15			1.49			1.21



Bloomberg Barclays U.S. Intermediate Government Bond Index		—		—			5.28	%		2.75	%		2.24	%

% Total Annual Operating Expense Ratios⁴			Class A			Class C			Class I			Class R

Gross				1.26	%		2.01	%		1.01	%		1.51	%
Net				1.12			1.87			0.87			1.37

Growth of $10,000

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

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Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$10,754

N.A.

Class I

$250,000

10/31/2010

$296,762

N.A.

Class R

$10,000

10/31/2010

$11,282

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Government Opportunities Fund

October 31, 2020

Fund Profile

Asset Allocation (% of total investments)⁵

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Government Opportunities Fund

October 31, 2020

Endnotes and Additional Disclosures

Bloomberg Barclays U.S. Intermediate Government Bond Index is an unmanaged index of U.S. government bonds with maturities from one year up to (but not including) 10 years. 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.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Other represents any investment type less than 1% of total investments.

Fund profile subject to change due to active management.

Additional Information

Credit Risk Transfer securities (CRT) are mortgage-related bonds issued by U.S. housing agencies Fannie Mae and Freddie Mac. CRTs issued by Fannie Mae are called CAS (Connecticut Avenue Securities), and the ones issued by Freddie Mac are called STACR (Structured Agency Credit Risk).


		5

Eaton Vance

Government Opportunities Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,014.90	$	5.32	**		1.05	%
Class C	$	1,000.00	$	1,011.10	$	9.10	**		1.80	%
Class I	$	1,000.00	$	1,014.50	$	4.05	**		0.80	%
Class R	$	1,000.00	$	1,012.00	$	6.57	**		1.30	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.90	$	5.33	**		1.05	%
Class C	$	1,000.00	$	1,016.10	$	9.12	**		1.80	%
Class I	$	1,000.00	$	1,021.10	$	4.06	**		0.80	%
Class R	$	1,000.00	$	1,018.60	$	6.60	**		1.30	%

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


		6

Eaton Vance

Government Opportunities Fund

October 31, 2020

Portfolio of Investments


Collateralized Mortgage Obligations — 53.6%
Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.:

Series 30, Class I, 7.50%, 4/25/24	$	23	$	25,172

Series 1822, Class Z, 6.90%, 3/15/26		183		202,523

Series 1829, Class ZB, 6.50%, 3/15/26		39		41,796

Series 1896, Class Z, 6.00%, 9/15/26		71		77,133

Series 2075, Class PH, 6.50%, 8/15/28		44		49,657

Series 2091, Class ZC, 6.00%, 11/15/28		144		160,818

Series 2102, Class Z, 6.00%, 12/15/28		39		44,461

Series 2115, Class K, 6.00%, 1/15/29		339		375,260

Series 2142, Class Z, 6.50%, 4/15/29		96		109,659

Series 4039, Class ME, 2.00%, 12/15/40		293		296,473

Series 4107, Class SA, 2.486%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42⁽¹⁾		1,452		1,406,560

Series 4107, Class SB, 2.486%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42⁽¹⁾		722		699,240

Series 4107, Class SC, 2.486%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42⁽¹⁾		1,731		1,676,777

Series 4107, Class SD, 2.486%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42⁽¹⁾		1,293		1,252,479

Series 4204, Class AF, 1.149%, (1 mo. USD LIBOR + 1.00%), 5/15/43⁽²⁾		2,532		2,503,293

Series 4212, Class NS, 5.222%, (5.40% - 1 mo. USD LIBOR x 1.20), 6/15/43⁽¹⁾		1,446		1,442,775

Series 4250, Class ZA, 4.50%, 9/15/43		639		637,511

Series 4259, Class UE, 2.50%, 5/15/43		1,356		1,382,841

Series 4337, Class YT, 3.50%, 4/15/49		2,851		2,855,040

Series 4584, Class PM, 3.00%, 5/15/46		1,289		1,298,755

Series 4623, Class SK, 3.465%, (3.57% - 1 mo. USD LIBOR x 0.71), 10/15/46⁽¹⁾		905		895,987

Series 4631, Class KQ, 5.702%, (6.00% - 1 mo. USD LIBOR x 2.00), 10/15/46⁽¹⁾		392		399,625

Series 4637, Class SK, 4.731%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44⁽¹⁾		267		260,840

Series 4639, Class KF, 1.449%, (1 mo. USD LIBOR + 1.30%), 12/15/44⁽²⁾		3,968		3,961,737

Series 4754, Class FJ, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/15/44⁽²⁾		4,445		4,343,718

Series 4776, Class C, 4.50%, 3/15/43		691		693,897

Series 4845, Class EA, 4.50%, 6/15/43		175		174,933

Series 4846, Class EA, 4.50%, 8/15/43		169		169,775

Series 4859, Class GA, 4.50%, 10/15/43		424		425,316

Series 4927, Class ZQ, 3.50%, 9/25/49		585		585,082

Series 4938, Class KZ, 2.50%, 12/25/49		603		586,110

Series 4954, Class ZL, 3.50%, 2/25/50		565		565,137

Series 4980, Class UZ, 3.00%, 6/25/50		775		775,034

Series 4980, Class ZP, 2.50%, 7/25/49		2,038		2,041,247

Series 4990, Class TZ, 2.50%, 7/25/50		2,017		2,005,244


Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.: (continued)

Series 4992, Class KZ, 2.75%, 7/25/50	$	868	$	870,043

Series 4999, Class C, 2.00%, 6/25/50		1,338		1,333,905

Series 5000, Class ZP, 3.00%, 7/25/50		1,858		1,867,402

Series 5003, Class AZ, 2.50%, 8/25/50		1,908		1,912,848

Series 5003, Class BZ, 2.50%, 8/25/50		1,916		1,900,025

Series 5003, Class PZ, 2.50%, 8/25/50		970		960,974

Series 5020, Class EZ, 2.00%, 10/25/50		1,981		1,956,946

Series 5020, Class TZ, 2.50%, 9/25/50		1,645		1,649,248

Series 5020, Class ZD, 2.00%, 10/25/50		961		957,943

Series 5021, Class CZ, 2.00%, 10/25/50		2,988		2,950,938

Series 5021, Class NZ, 2.00%, 10/25/50		1,998		1,976,112

Series 5023, Class WZ, 2.50%, 9/25/50		1,840		1,839,422

Series 5028, Class AZ, 2.00%, 10/25/50		2,985		2,958,936

Series 5028, Class TZ, 2.00%, 10/25/50		1,999		1,986,822

Series 5028, Class ZT, 2.00%, 10/25/50		2,989		2,961,016

Series 5031, Class Z, 2.50%, 10/25/50		3,000		3,006,152

Series 5034, Class GZ, 2.50%, 11/25/50		2,000		2,001,959

Series 5034, Class KZ, 2.50%, 11/25/50		2,000		2,003,846

Series 5035, Class AZ, 2.00%, 11/25/50		3,000		2,967,783

Series 5035, Class ZK, 2.50%, 11/25/50		4,000		3,973,748

Series 5035, Class ZT, 2.00%, 10/25/50		3,000		2,976,750

Series 5036, Class ZA, 2.50%, 11/25/50		4,000		4,019,724

Series 5038, Class CZ, 2.00%, 11/25/50		1,000		988,941

Series 5039, Class ZJ, 2.00%, 11/25/50		1,000		988,910

Series 5040, Class TZ, 2.50%, 11/25/50		2,000		2,007,204

Interest Only:⁽³⁾

Series 362, Class C12, 4.00%, 12/15/47		4,593		650,299

Series 4676, Class DI, 4.00%, 7/15/44		2,313		55,719

Series 4693, Class EI, 3.50%, 8/15/42		3,502		51,105

Series 4700, Class WI, 3.50%, 1/15/44		1,470		19,488

Series 4749, Class IL, 4.00%, 12/15/47		2,433		278,625

Series 4756, Class KI, 4.00%, 1/15/48		2,729		288,183

Series 4767, Class IM, 4.00%, 5/15/45		1,882		43,618

Series 4768, Class IO, 4.00%, 3/15/48		1,951		222,210

Series 4772, Class PI, 4.00%, 1/15/48		2,893		316,952

Series 4791, Class JI, 4.00%, 5/15/48		4,402		461,263

Series 4966, Class SY, 5.902%, (6.05% - 1 mo. USD LIBOR), 4/25/50⁽¹⁾		5,833		869,194

Series 5008, Class IE, 2.00%, 9/25/50		11,915		1,129,027

Series 5010, Class I, 2.00%, 9/25/50		4,956		467,587

Series 5010, Class IN, 2.00%, 9/25/50		4,972		505,877

Series 5010, Class NI, 2.00%, 9/25/50		3,978		412,619

Series 5016, Class UI, 2.00%, 9/25/50		3,972		376,342

Series 5017, Class DI, 2.00%, 9/25/50		6,950		658,599

Series 5022, Class AI, 2.00%, 10/25/50		4,987		486,337

Series 5024, Class CI, 2.00%, 10/25/50		10,952		1,123,436


		7		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)			Value

Federal Home Loan Mortgage Corp.: (continued)

Interest Only:⁽³⁾ (continued)

Series 5025, Class GI, 2.00%, 10/25/50	$	1,595		$	155,498

Series 5028, Class TI, 2.00%, 10/25/50		1,900			188,437

Series 5038, Class DI, 2.00%, 11/25/50		10,000			1,041,732

Principal Only:⁽⁴⁾

Series 246, Class PO, 0.00%, 5/15/37		2,303			2,283,675

Series 3435, Class PO, 0.00%, 4/15/38		2,175			2,040,996

Series 4239, Class OU, 0.00%, 7/15/43		823			736,068

				$	102,302,388

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:

Series 2020-DNA4, Class M2, 3.899%, (1 mo. USD LIBOR + 3.75%), 8/25/50⁽²⁾⁽⁵⁾	$	10,000		$	10,126,991

Series 2020-HQA4, Class M2, 3.299%, (1 mo. USD LIBOR + 3.15%), 9/25/50⁽²⁾⁽⁵⁾		7,500			7,557,742

				$	17,684,733

Federal National Mortgage Association:

Series G92-44, Class ZQ, 8.00%, 7/25/22	$	0	⁽⁶⁾	$	214

Series 1993-16, Class Z, 7.50%, 2/25/23		24			25,368

Series 1993-39, Class Z, 7.50%, 4/25/23		75			79,635

Series 1993-45, Class Z, 7.00%, 4/25/23		73			76,895

Series 1993-149, Class M, 7.00%, 8/25/23		35			38,136

Series 1993-178, Class PK, 6.50%, 9/25/23		76			80,304

Series 1994-40, Class Z, 6.50%, 3/25/24		94			100,716

Series 1994-42, Class K, 6.50%, 4/25/24		381			410,729

Series 1994-82, Class Z, 8.00%, 5/25/24		113			122,930

Series 2000-49, Class A, 8.00%, 3/18/27		148			166,423

Series 2001-81, Class HE, 6.50%, 1/25/32		344			400,749

Series 2002-1, Class G, 7.00%, 7/25/23		44			46,733

Series 2012-35, Class GE, 3.00%, 5/25/40		446			447,057

Series 2012-133, Class WS, 3.668%, (3.79% - 1 mo. USD LIBOR x 0.83), 12/25/42⁽¹⁾		911			909,598

Series 2012-134, Class ZT, 2.00%, 12/25/42		2,210			2,136,817

Series 2013-6, Class TY, 1.50%, 2/25/43		795			781,279

Series 2013-52, Class MD, 1.25%, 6/25/43		1,814			1,793,084

Series 2013-58, Class KS, 5.701%, (5.93% - 1 mo. USD LIBOR x 1.50), 6/25/43⁽¹⁾		2,668			2,662,178

Series 2013-58, Class SC, 5.776%, (6.00% - 1 mo. USD LIBOR x 1.50), 6/25/43⁽¹⁾		1,618			1,650,317

Series 2013-122, Class ES, 1.149%, (1 mo. USD LIBOR + 1.00%), 7/25/43⁽²⁾		809			826,402

Series 2016-60, Class ZJ, 3.00%, 9/25/46		162			161,716

Series 2016-89, Class ZH, 3.00%, 12/25/46		1,059			1,063,448

Series 2017-75, Class Z, 3.00%, 9/25/57		1,370			1,369,368

Series 2018-18, Class QD, 4.50%, 5/25/45		1,738			1,781,187

Series 2019-1, Class FH, 1.149%, (1 mo. USD LIBOR + 1.00%), 2/25/49⁽²⁾		214			213,880


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

Series 2019-44, Class MZ, 3.00%, 3/25/49	$	429	$	440,197

Series 2019-57, Class UZ, 3.50%, 10/25/49		330		329,617

Series 2019-67, Class EZ, 3.00%, 11/25/49		260		260,140

Series 2019-71, Class AZ, 3.50%, 11/25/49		172		172,074

Series 2019-71, Class DZ, 3.50%, 11/25/49		162		161,918

Series 2020-9, Class ZC, 3.50%, 2/25/50		311		310,646

Series 2020-23, Class CZ, 3.00%, 2/25/50		782		781,493

Series 2020-23, Class ZC, 3.00%, 2/25/50		2,135		2,138,773

Series 2020-24, Class BZ, 3.00%, 4/25/50		1,365		1,368,086

Series 2020-25, Class Z, 3.00%, 4/25/50		626		626,924

Series 2020-32, Class ZA, 3.50%, 5/25/50		2,311		2,312,092

Series 2020-36, Class ZN, 2.50%, 6/25/50		1,106		1,105,906

Series 2020-40, Class KZ, 3.50%, 6/25/50		380		380,136

Series 2020-41, Class Z, 2.50%, 6/25/50		489		488,306

Series 2020-41, Class ZC, 3.00%, 6/25/50		363		363,521

Series 2020-45, Class HZ, 2.50%, 7/25/50		1,926		1,898,268

Series 2020-45, Class JZ, 2.50%, 7/25/50		980		967,640

Series 2020-45, Class MA, 3.081%, (3.20% - 1 mo. USD LIBOR x 0.80), 6/25/43⁽¹⁾		1,044		1,018,569

Series 2020-45, Class NZ, 2.50%, 7/25/50		1,810		1,815,977

Series 2020-46, Class KZ, 2.50%, 7/25/50		2,336		2,341,338

Series 2020-46, Class QZ, 2.50%, 3/15/48		704		704,656

Series 2020-46, Class ZJ, 3.00%, 7/25/50		1,046		1,050,811

Series 2020-56, Class Z, 3.00%, 8/25/50		705		704,988

Series 2020-56, Class ZA, 2.50%, 8/25/50		380		380,225

Series 2020-62, Class Z, 2.00%, 9/25/50		2,758		2,737,235

Series 2020-70, Class JZ, 2.50%, 10/25/50		2,971		2,972,416

Series 2020-79, Class TZ, 2.50%, 11/25/50		2,000		2,004,430

Interest Only:⁽³⁾

Series 2017-66, Class TI, 0.05%, (6.05% - 1 mo. USD LIBOR, 0.05% cap), 10/25/42⁽¹⁾		30,227		72,213

Series 2018-21, Class IO, 3.00%, 4/25/48		8,127		694,075

Series 2019-1, Class SA, 5.251%, (5.40% - 1 mo. USD LIBOR), 2/25/49⁽¹⁾		7,085		1,011,617

Series 2020-23, Class SP, 5.901%, (6.05% - 1 mo. USD LIBOR), 2/25/50⁽¹⁾		5,785		918,959

Series 2020-45, Class HI, 2.50%, 7/25/50		5,139		568,508

Series 2020-45, Class IJ, 2.50%, 7/25/50		9,379		991,233

Series 2020-72, Class DI, 2.00%, 10/25/50		4,991		518,366

Series 2020-72, Class IA, 2.00%, 10/25/50		3,732		381,855

Series 2020-73, Class NI, 2.00%, 10/25/50		5,984		590,619

Principal Only:⁽⁴⁾

Series 379, Class 1, 0.00%, 5/25/37		1,582		1,513,923

Series 2014-9, Class DO, 0.00%, 2/25/43		922		834,179

Series 2014-17, Class PO, 0.00%, 4/25/44		2,113		1,905,750

			$	57,182,842


		8		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Government National Mortgage Association:

Series 2011-156, Class GA, 2.00%, 12/16/41	$	325	$	318,567

Series 2016-101, Class ZU, 3.00%, 7/20/46		111		111,834

Series 2016-168, Class JS, 4.298%, (4.46% - 1 mo. USD LIBOR x 1.12), 11/20/46⁽¹⁾		1,593		1,637,085

Series 2017-137, Class AF, 0.651%, (1 mo. USD LIBOR + 0.50%), 9/20/47⁽²⁾		2,823		2,840,073

Series 2019-97, Class ZC, 3.50%, 8/20/49		112		111,934

Series 2019-108, Class KZ, 3.50%, 8/20/49		851		854,543

Series 2019-110, Class Z, 3.50%, 9/20/49		990		990,591

Series 2019-110, Class ZD, 3.50%, 9/20/49		109		109,190

Series 2019-123, Class PZ, 3.50%, 10/20/49		805		806,013

Series 2019-126, Class ZA, 3.50%, 10/20/49		76		76,176

Series 2019-143, Class KZ, 3.50%, 11/20/49		560		560,569

Series 2019-151, Class EZ, 3.50%, 12/20/49		7		7,003

Series 2019-152, Class BZ, 4.00%, 12/20/49		37		36,497

Series 2019-152, Class NU, 3.50%, 12/20/49		11		11,084

Series 2020-15, Class PZ, 3.50%, 2/20/50		582		582,110

Series 2020-16, Class UZ, 3.50%, 2/20/50		1,252		1,252,898

Series 2020-17, Class EZ, 3.50%, 2/20/50		860		859,792

Series 2020-21, Class GZ, 3.50%, 2/20/50		826		828,922

Series 2020-21, Class LZ, 3.50%, 2/20/50		54		54,093

Series 2020-30, Class MZ, 3.00%, 3/20/50		252		252,246

Series 2020-31, Class ZH, 3.00%, 3/20/50		1,771		1,772,579

Series 2020-32, Class KS, 3.50%, 3/20/50		1,526		1,531,347

Series 2020-33, Class PZ, 3.00%, 3/20/50		2,605		2,610,217

Series 2020-34, Class DZ, 3.00%, 3/20/50		571		571,097

Series 2020-47, Class ZD, 3.00%, 4/20/50		1,461		1,460,888

Series 2020-47, Class ZL, 3.50%, 4/20/50		1,738		1,748,569

Series 2020-51, Class ZC, 3.00%, 4/20/50		857		858,650

Series 2020-55, Class NZ, 3.00%, 4/20/50		1,493		1,498,451

Series 2020-61, Class AZ, 3.00%, 5/20/50		1,201		1,202,375

Series 2020-61, Class CS, 2.50%, 5/20/50		977		975,187

Series 2020-61, Class ZA, 3.00%, 5/20/50		1,983		1,977,994

Series 2020-61, Class ZD, 2.50%, 5/20/50		651		649,737

Series 2020-63, Class UZ, 3.00%, 5/20/50		756		757,677

Series 2020-84, Class BZ, 2.50%, 6/20/50		3,140		3,101,295

Series 2020-85, Class AZ, 3.00%, 6/20/50		780		780,861

Series 2020-85, Class CS, 2.50%, 6/20/50		1,991		2,010,385

Series 2020-85, Class ZA, 3.00%, 6/20/50		1,240		1,240,619

Series 2020-97, Class XZ, 2.50%, 7/20/50		3,258		3,254,665

Series 2020-97, Class ZB, 3.00%, 7/20/50		946		949,142

Series 2020-122, Class ZE, 3.00%, 8/20/50		2,954		2,959,984

Series 2020-122, Class ZG, 3.00%, 8/20/50		259		259,007

Series 2020-134, Class QY, 2.00%, 9/20/50		1,000		999,280

Series 2020-134, Class ZA, 3.50%, 9/20/50		1,734		1,735,312

Series 2020-134, Class ZD, 2.00%, 9/20/50		3,931		3,922,179

Series 2020-140, Class KZ, 4.50%, 9/20/50		497		501,161

Series 2020-140, Class PZ, 4.50%, 9/20/50		1,266		1,270,918


Security	Principal Amount (000’s omitted)		Value

Government National Mortgage Association: (continued)

Series 2020-144, Class EZ, 2.50%, 9/20/50	$	1,971	$	1,974,463

Series 2020-153, Class TZ, 2.50%, 10/20/50		2,000		2,009,236

Interest Only:⁽³⁾

Series 2013-66, Class IE, 0.05%, (6.75% - 1 mo. USD LIBOR, 0.05% cap), 7/20/42⁽¹⁾		11,837		32,456

Series 2014-94, Class IC, 0.10%, (6.40% - 1 mo. USD LIBOR, 0.10% cap), 9/20/35⁽¹⁾		18,340		79,551

Series 2014-100, Class VI, 0.15%, (6.60% - 1 mo. USD LIBOR, 0.15% cap), 5/20/40⁽¹⁾		7,810		46,048

Series 2014-139, Class BI, 0.25%, (6.65% - 1 mo. USD LIBOR, 0.25% cap), 11/20/37⁽¹⁾		8,617		73,712

Series 2018-127, Class SG, 6.099%, (6.25% - 1 mo. USD LIBOR), 9/20/48⁽¹⁾		8,731		1,179,303

Series 2019-27, Class SA, 5.899%, (6.05% - 1 mo. USD LIBOR), 2/20/49⁽¹⁾		8,611		1,300,867

Series 2019-38, Class SQ, 5.899%, (6.05% - 1 mo. USD LIBOR), 3/20/49⁽¹⁾		6,578		1,074,125

Series 2019-43, Class BS, 5.899%, (6.05% - 1 mo. USD LIBOR), 4/20/49⁽¹⁾		11,250		1,625,887

Series 2020-32, Class KI, 3.50%, 3/20/50		9,667		1,007,748

Series 2020-65, Class MI, 2.50%, 12/20/49		4,699		332,793

Series 2020-97, Class MI, 2.50%, 3/20/50		2,965		323,759

Series 2020-146, Class IQ, 2.00%, 10/20/50		15,000		1,537,062

			$	65,497,806

Total Collateralized Mortgage Obligations (identified cost $248,838,869)			$	242,667,769

Mortgage Pass-Throughs — 49.7%
Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.:

2.50%, with various maturities to 2050	$	4,965	$	5,204,661

2.815%, (COF + 1.25%), with maturity at 2035⁽⁷⁾		1,776		1,820,156

2.842%, (COF + 1.25%), with maturity at 2034⁽⁷⁾		494		508,603

3.00%, with various maturities to 2050		4,343		4,598,519

3.50%, with maturity at 2050		3,180		3,416,973

3.531%, (1 yr. CMT + 2.25%), with maturity at 2038⁽⁷⁾		877		916,614

3.586%, (1 yr. CMT + 2.23%), with maturity at 2036⁽⁷⁾		1,035		1,091,623

4.50%, with maturity at 2035		1,039		1,139,899

5.50%, with maturity at 2032		89		99,200

6.00%, with maturity at 2033		124		146,081

6.50%, with various maturities to 2028		607		636,958

6.87%, with maturity at 2024		15		15,311

7.00%, with various maturities to 2025		419		438,052


		9		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.: (continued)

7.09%, with maturity at 2023	$	63	$	66,805

7.25%, with maturity at 2022		19		19,153

7.31%, with maturity at 2027		8		8,386

7.50%, with various maturities to 2024		91		94,225

7.78%, with maturity at 2022		1		1,435

8.00%, with various maturities to 2026		59		60,361

8.50%, with various maturities to 2025		17		17,304

9.00%, with various maturities to 2027		12		12,452

9.50%, with various maturities to 2026		15		14,944

			$	20,327,715

Federal National Mortgage Association:

1.50%, 30-Year, TBA⁽⁸⁾	$	36,000	$	36,185,940

1.779%, (COF + 1.25%), with various maturities to 2044⁽⁷⁾		727		737,568

1.886%, (COF + 1.25%), with maturity at 2035⁽⁷⁾		360		364,896

1.903%, (COF + 1.25%), with maturity at 2025⁽⁷⁾		207		208,497

1.932%, (COF + 1.25%), with various maturities to 2033⁽⁷⁾		671		679,657

2.00%, 30-Year, TBA⁽⁸⁾		19,000		19,549,667

2.50%, with various maturities to 2050		17,917		18,700,166

2.751%, (COF + 1.25%), with maturity at 2036⁽⁷⁾		306		313,660

3.00%, with various maturities to 2050		15,201		16,017,873

3.058%, (1 yr. CMT + 2.11%), with maturity at 2040⁽⁷⁾		352		366,973

3.117%, (COF + 2.38%), with maturity at 2027⁽⁷⁾		231		233,985

3.124%, (COF + 1.25%), with maturity at 2036⁽⁷⁾		223		230,110

3.368%, (COF + 1.25%), with maturity at 2034⁽⁷⁾		816		846,471

3.401%, (COF + 1.25%), with maturity at 2035⁽⁷⁾		740		761,932

3.50%, with various maturities to 2050		4,545		4,867,286

3.612%, (COF + 1.79%), with maturity at 2036⁽⁷⁾		4,278		4,487,278

3.719%, (COF + 1.25%), with maturity at 2034⁽⁷⁾		689		706,028

3.767%, (COF + 1.73%), with maturity at 2035⁽⁷⁾		936		983,907

3.957%, (COF + 1.25%), with maturity at 2036⁽⁷⁾		62		65,584

4.376%, (COF + 1.87%), with maturity at 2034⁽⁷⁾		1,362		1,413,818

4.50%, with various maturities to 2049		6,358		6,874,416

5.00%, with maturity at 2027		50		54,657

5.50%, with maturity at 2030		95		104,126

6.00%, with various maturities to 2032		383		428,635

6.422%, with maturity at 2025⁽⁹⁾		39		41,840

6.445%, (COF + 1.75%), with maturity at 2021⁽⁷⁾		1		1,290

7.00%, with various maturities to 2024		249		261,911

7.50%, with maturity at 2026		20		20,942

7.875%, with maturity at 2021		6		6,331

8.016%, with maturity at 2030⁽⁹⁾		2		2,603

8.25%, with maturity at 2025		21		21,610

8.50%, with maturity at 2021⁽⁹⁾		1		508

8.50%, with maturity at 2037		191		216,874


Security	Principal Amount (000’s omitted)			Value

Federal National Mortgage Association: (continued)

9.00%, with various maturities to 2026	$	27		$	29,548

9.50%, with various maturities to 2030		11			12,684

9.506%, with maturity at 2025⁽⁹⁾		0	⁽⁶⁾		3

9.949%, with maturity at 2023⁽⁹⁾		0	⁽⁶⁾		285

				$	115,799,559

Government National Mortgage Association:

2.50%, with maturity at 2050	$	25,000		$	26,222,510

2.50%, with maturity at 2050⁽¹⁰⁾		10,000			10,497,350

3.00%, with various maturities to 2050		40,667			42,785,114

3.125%, (1 yr. CMT + 1.50%), with various maturities to 2027⁽⁷⁾		157			161,577

3.50%, with maturity at 2050		1,592			1,729,453

4.00%, with various maturities to 2049		4,022			4,297,215

4.50%, with various maturities to 2049		3,128			3,403,604

7.50%, with maturity at 2025		106			112,154

9.50%, with various maturities to 2025		9			9,358

				$	89,218,335

Total Mortgage Pass-Throughs (identified cost $224,861,443)				$	225,345,609

U.S. Government Guaranteed Small Business Administration Pools & Loans — 1.0%^(11)(12)
Security	Principal Amount (000’s omitted)			Value

0.16%, 7/15/37 to 5/15/42	$	574		$	3,422

0.23%, 4/15/37 to 12/15/37		1,599			11,732

0.41%, 6/15/42 to 7/15/42		225			3,883

0.48%, 3/15/37 to 12/15/37		2,940			45,473

0.66%, 5/15/42 to 7/15/42		212			5,895

0.73%, 3/15/37 to 10/15/42		2,206			55,074

0.91%, 5/15/42		652			25,069

0.98%, 9/15/37 to 11/15/37		3,220			105,410

1.23%, 8/15/37 to 12/15/37		2,185			89,724

1.86%, 9/15/42 to 1/15/43		10,009			788,731

1.89%, 11/15/42		1,493			119,293

2.11%, 10/15/42 to 12/15/42		3,977			355,403

2.36%, 9/15/42 to 1/15/43		12,046			1,215,047

2.61%, 1/15/43		3,588			404,157

2.86%, 11/15/42 to 2/15/43		8,691			1,072,194

3.11%, 12/15/42		2,918			392,573

Total U.S. Government Guaranteed Small Business Administration Pools & Loans (identified cost $5,906,694)				$	4,693,080


		10		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Portfolio of Investments — continued


Asset-Backed Securities — 1.6%
Security	Principal Amount (000’s omitted)			Value

NRZ Excess Spread-Collateralized Notes:

Series 2018-PLS1, Class D, 4.374%, 1/25/23⁽⁵⁾	$	2,956		$	2,927,247

PNMAC GMSR Issuer Trust:

Series 2018-GT1, Class A, 2.999%, (1 mo. USD LIBOR + 2.85%), 2/25/23⁽²⁾⁽⁵⁾		4,000			3,939,014

Series 2018-GT2, Class A, 2.799%, (1 mo. USD LIBOR + 2.65%), 8/25/25⁽²⁾⁽⁵⁾		430			416,169

Total Asset-Backed Securities (identified cost $7,458,294)				$	7,282,430

Short-Term Investments — 6.7%
Description	Units			Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹³⁾		30,202,236		$	30,202,236

Total Short-Term Investments (identified cost $30,202,236)				$	30,202,236

Total Investments — 112.6% (identified cost $517,267,536)				$	510,191,124

TBA Sale Commitments — (4.5)%
Mortgage Pass-Throughs — (4.5)%
Security	Principal Amount (000’s omitted)			Value

Federal National Mortgage Association, 2.00%, 30-Year, TBA ⁽⁸⁾	$	(20,000	)	$	(20,578,597	)

Total Mortgage Pass-Throughs (identified cost $20,585,937)				$	(20,578,597	)

Total TBA Sale Commitments (identified cost $20,585,937)				$	(20,578,597	)

Other Assets, Less Liabilities — (8.1)%				$	(36,599,253	)

Net Assets — 100.0%				$	453,013,274

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

⁽¹⁾

Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at October 31, 2020.

⁽²⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽³⁾

Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽⁴⁾

Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁵⁾

⁽⁶⁾

Principal amount is less than $500.

⁽⁷⁾

⁽⁸⁾

TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement.

⁽⁹⁾

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽¹⁰⁾	When-issued security.

⁽¹¹⁾	Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹²⁾	Securities comprise a trust that is wholly-owned by the Fund and may only be sold on a pro rata basis with all securities in the trust.

⁽¹³⁾	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 October 31, 2020.


		11		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Portfolio of Investments — continued


Futures Contracts

Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/Unrealized Depreciation

Interest Rate Futures

U.S. 10-Year Treasury Note		69		Long		12/21/20	$	9,537,094	$	(44,743	)

									$	(44,743	)

Abbreviations:



CMT	–	Constant Maturity Treasury

COF	–	Cost of Funds 11th District

LIBOR	–	London Interbank Offered Rate

TBA	–	To Be Announced

Currency Abbreviations:



USD	–	United States Dollar


		12		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $487,065,300)	$	479,988,888

Affiliated investment, at value (identified cost, $30,202,236)		30,202,236

Deposits for derivatives collateral - financial futures contracts		106,950

Interest receivable		1,585,068

Dividends receivable from affiliated investment		3,604

Receivable for investments sold		4,832,850

Receivable for TBA sale commitments		20,585,937

Receivable for Fund shares sold		6,677,124

Total assets	$	543,982,657

Liabilities

Payable for investments purchased	$	2,005,764

Payable for when-issued securities/forward purchase commitments		66,323,543

TBA sale commitments, at value (proceeds receivable, $20,585,937)		20,578,597

Payable for Fund shares redeemed		1,459,484

Payable for variation margin on open financial futures contracts		12,906

Distributions payable		62,673

Due to custodian		2,156

Payable to affiliates:

Investment adviser fee		232,094

Distribution and service fees		77,468

Trustees’ fees		1,760

Other		16,868

Accrued expenses		196,070

Total liabilities	$	90,969,383

Net Assets	$	453,013,274

Sources of Net Assets

Paid-in capital	$	511,637,793

Accumulated loss		(58,624,519	)

Total	$	453,013,274

Class A Shares

Net Assets	$	158,552,213

Shares Outstanding		25,661,289

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	6.18

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	6.32

Class C Shares

Net Assets	$	24,969,392

Shares Outstanding		4,046,868

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	6.17

Class I Shares

Net Assets	$	213,868,831

Shares Outstanding		34,641,258

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	6.17

Class R Shares

Net Assets	$	55,622,838

Shares Outstanding		9,038,220

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	6.15

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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


		13		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest	$	7,959,400

Dividends from affiliated investment		59,899

Total investment income	$	8,019,299

Expenses

Investment adviser fee	$	2,293,744

Distribution and service fees

Class A		365,373

Class C		279,673

Class R		204,290

Trustees’ fees and expenses		18,557

Custodian fee		103,904

Transfer and dividend disbursing agent fees		343,088

Legal and accounting services		100,115

Printing and postage		41,450

Registration fees		80,279

Interest expense and fees		108,516

Miscellaneous		23,086

Total expenses	$	3,962,075

Deduct —

Allocation of expenses to affiliate	$	103,218

Total expense reductions	$	103,218

Net expenses	$	3,858,857

Net investment income	$	4,160,442

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	8,839,267

Investment transactions — affiliated investment		(2,211	)

Written options		(2,338,681	)

Financial futures contracts		5,891,198

Net realized gain	$	12,389,573

Change in unrealized appreciation (depreciation) —

Investments and TBA sale commitments	$	(1,756,943	)

Financial futures contracts		45,056

Net change in unrealized appreciation (depreciation)	$	(1,711,887	)

Net realized and unrealized gain	$	10,677,686

Net increase in net assets from operations	$	14,838,128


		14		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	4,160,442		$	7,051,558

Net realized gain (loss)		12,389,573			(881,214	)

Net change in unrealized appreciation (depreciation)		(1,711,887	)		1,965,585

Net increase in net assets from operations	$	14,838,128		$	8,135,929

Distributions to shareholders —

Class A	$	(3,638,138	)	$	(4,391,682	)

Class B		—			(6,359	)

Class C		(502,022	)		(923,656	)

Class I		(3,695,541	)		(4,037,723	)

Class R		(867,375	)		(815,123	)

Total distributions to shareholders	$	(8,703,076	)	$	(10,174,543	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	37,232,098		$	16,905,244

Class B		—			1,122

Class C		12,038,956			14,409,884

Class I		203,993,333			80,127,941

Class R		43,039,559			11,548,352

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		3,217,915			3,810,918

Class B		—			6,183

Class C		459,432			847,531

Class I		3,006,308			2,962,358

Class R		849,161			764,373

Cost of shares redeemed

Class A		(30,322,293	)		(34,978,122	)

Class B		—			(119,454	)

Class C		(11,097,844	)		(11,406,776	)

Class I		(114,017,258	)		(60,235,429	)

Class R		(17,569,064	)		(9,845,947	)

Net asset value of shares converted⁽¹⁾

Class A		6,836,183			20,973,249

Class B		—			(377,371	)

Class C		(6,836,183	)		(20,595,878	)

Net increase in net assets from Fund share transactions	$	130,830,303		$	14,798,178

Net increase in net assets	$	136,965,355		$	12,759,564

Net Assets

At beginning of year	$	316,047,919		$	303,288,355

At end of year	$	453,013,274		$	316,047,919

⁽¹⁾	Includes the conversion of Class B to Class A shares at the close of business on August 15, 2019 upon the termination of Class B.


		15		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	6.070		$	6.100		$	6.280		$	6.430		$	6.630

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.073		$	0.134		$	0.142		$	0.109		$	0.105

Net realized and unrealized gain (loss)		0.191			0.029			(0.116	)		(0.040	)		(0.091	)

Total income from operations	$	0.264		$	0.163		$	0.026		$	0.069		$	0.014

Less Distributions

From net investment income	$	(0.154	)	$	(0.193	)	$	(0.206	)	$	(0.219	)	$	(0.214	)

Total distributions	$	(0.154	)	$	(0.193	)	$	(0.206	)	$	(0.219	)	$	(0.214	)

Net asset value — End of year	$	6.180		$	6.070		$	6.100		$	6.280		$	6.430

Total Return⁽²⁾		4.40	%⁽³⁾		2.71	%		0.42	%		1.08	%		0.21	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	158,552		$	138,956		$	133,062		$	157,117		$	299,052

Ratios (as a percentage of average daily net assets):

Expenses		1.11	%⁽³⁾⁽⁴⁾		1.26	%⁽⁴⁾		1.19	%⁽⁵⁾		1.19	%⁽⁵⁾		1.19	%⁽⁵⁾

Net investment income		1.20	%		2.21	%		2.30	%⁽⁵⁾		1.72	%⁽⁵⁾		1.61	%⁽⁵⁾

Portfolio Turnover of the Portfolio		—			—			62	%⁽⁶⁾		12	%⁽⁶⁾		15	%⁽⁶⁾

Portfolio Turnover of the Fund		180	%⁽⁸⁾		90	%		1	%⁽⁷⁾		—			—

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	The investment adviser reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the year ended October 31, 2020). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes interest expense, including on reverse repurchase agreements, of 0.03% and 0.07% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

⁽⁸⁾	Includes the effect of To Be Announced (TBA) transactions.

References to Portfolio herein are to Government Obligations Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on October 5, 2018 and which had the same investment objective and policies as the Fund during such period.


		16		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	6.060		$	6.090		$	6.270		$	6.420		$	6.620

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.030		$	0.090		$	0.096		$	0.062		$	0.057

Net realized and unrealized gain (loss)		0.188			0.027			(0.117	)		(0.041	)		(0.092	)

Total income (loss) from operations	$	0.218		$	0.117		$	(0.021	)	$	0.021		$	(0.035	)

Less Distributions

From net investment income	$	(0.108	)	$	(0.147	)	$	(0.159	)	$	(0.171	)	$	(0.165	)

Total distributions	$	(0.108	)	$	(0.147	)	$	(0.159	)	$	(0.171	)	$	(0.165	)

Net asset value — End of year	$	6.170		$	6.060		$	6.090		$	6.270		$	6.420

Total Return⁽²⁾		3.63	%⁽³⁾		1.95	%		(0.33	)%		0.32	%		(0.54	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	24,969		$	29,940		$	46,902		$	62,647		$	97,657

Ratios (as a percentage of average daily net assets):

Expenses		1.86	%⁽³⁾⁽⁴⁾		1.99	%⁽⁴⁾		1.94	%⁽⁵⁾		1.94	%⁽⁵⁾		1.95	%⁽⁵⁾

Net investment income		0.49	%		1.47	%		1.55	%⁽⁵⁾		0.97	%⁽⁵⁾		0.87	%⁽⁵⁾

Portfolio Turnover of the Portfolio		—			—			62	%⁽⁶⁾		12	%⁽⁶⁾		15	%⁽⁶⁾

Portfolio Turnover of the Fund		180	%⁽⁸⁾		90	%		1	%⁽⁷⁾		—			—

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	The investment adviser reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the year ended October 31, 2020). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes interest expense, including on reverse repurchase agreements, of 0.03% and 0.07% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

⁽⁸⁾	Includes the effect of To Be Announced (TBA) transactions.


		17		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	6.060		$	6.100		$	6.280		$	6.430		$	6.620

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.085		$	0.149		$	0.157		$	0.125		$	0.121

Net realized and unrealized gain (loss)		0.194			0.019			(0.116	)		(0.041	)		(0.081	)

Total income from operations	$	0.279		$	0.168		$	0.041		$	0.084		$	0.040

Less Distributions

From net investment income	$	(0.169	)	$	(0.208	)	$	(0.221	)	$	(0.234	)	$	(0.230	)

Total distributions	$	(0.169	)	$	(0.208	)	$	(0.221	)	$	(0.234	)	$	(0.230	)

Net asset value — End of year	$	6.170		$	6.060		$	6.100		$	6.280		$	6.430

Total Return⁽²⁾		4.66	%⁽³⁾		2.80	%		0.67	%		1.32	%		0.61	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	213,869		$	118,479		$	96,457		$	99,404		$	93,592

Ratios (as a percentage of average daily net assets):

Expenses		0.85	%⁽³⁾⁽⁴⁾		1.01	%⁽⁴⁾		0.94	%⁽⁵⁾		0.94	%⁽⁵⁾		0.94	%⁽⁵⁾

Net investment income		1.39	%		2.44	%		2.54	%⁽⁵⁾		1.97	%⁽⁵⁾		1.86	%⁽⁵⁾

Portfolio Turnover of the Portfolio		—			—			62	%⁽⁶⁾		12	%⁽⁶⁾		15	%⁽⁶⁾

Portfolio Turnover of the Fund		180	%⁽⁸⁾		90	%		1	%⁽⁷⁾		—			—

⁽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 reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the year ended October 31, 2020). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes interest expense, including on reverse repurchase agreements, of 0.03% and 0.07% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

⁽⁸⁾	Includes the effect of To Be Announced (TBA) transactions.


		18		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Financial Highlights — continued


	Class R

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	6.040		$	6.080		$	6.260		$	6.410		$	6.600

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.052		$	0.118		$	0.126		$	0.092		$	0.088

Net realized and unrealized gain (loss)		0.196			0.019			(0.117	)		(0.041	)		(0.081	)

Total income from operations	$	0.248		$	0.137		$	0.009		$	0.051		$	0.007

Less Distributions

From net investment income	$	(0.138	)	$	(0.177	)	$	(0.189	)	$	(0.201	)	$	(0.197	)

Total distributions	$	(0.138	)	$	(0.177	)	$	(0.189	)	$	(0.201	)	$	(0.197	)

Net asset value — End of year	$	6.150		$	6.040		$	6.080		$	6.260		$	6.410

Total Return⁽²⁾		4.15	%⁽³⁾		2.46	%		(0.00	)%⁽⁴⁾		0.81	%		0.10	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	55,623		$	28,673		$	26,376		$	28,593		$	30,908

Ratios (as a percentage of average daily net assets):

Expenses		1.34	%⁽³⁾⁽⁵⁾		1.51	%⁽⁵⁾		1.44	%⁽⁶⁾		1.44	%⁽⁶⁾		1.44	%⁽⁶⁾

Net investment income		0.85	%		1.95	%		2.04	%⁽⁶⁾		1.46	%⁽⁶⁾		1.36	%⁽⁶⁾

Portfolio Turnover of the Portfolio		—			—			62	%⁽⁷⁾		12	%⁽⁷⁾		15	%⁽⁷⁾

Portfolio Turnover of the Fund		180	%⁽⁹⁾		90	%		1	%⁽⁸⁾		—			—

⁽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 reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the year ended October 31, 2020). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Less than (0.005)%.

⁽⁵⁾	Includes interest expense, including on reverse repurchase agreements, of 0.03% and 0.07% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁶⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾	For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

⁽⁹⁾	Includes the effect of To Be Announced (TBA) transactions.


		19		See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Government Opportunities 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 provide a high current return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R 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 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. Net investment income, other than class specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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.


		20

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

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 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.

I 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.

J Purchased Options — Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Fund’s policies on investment valuations discussed above. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Fund had purchased expires on the stipulated expiration date, the Fund will realize a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option on a security, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

L Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a


		21

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

M Forward Sale Commitments — The Fund may enter into forward sale commitments to sell generic U.S. government agency MBS to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as a liability and are subsequently valued at approximately the current market value of the underlying security in accordance with the Fund’s policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price established when the Fund entered into the commitment.

N Stripped Mortgage-Backed Securities — The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	8,703,076	$	10,174,543

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	62,861

Deferred capital losses	$	(48,552,298	)

Net unrealized depreciation	$	(10,072,409	)

Distributions payable	$	(62,673	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $48,552,298 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 October 31, 2020, $48,552,298 are long-term.


		22

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	499,684,936

Gross unrealized appreciation	$	3,329,460

Gross unrealized depreciation		(13,401,869	)

Net unrealized depreciation	$	(10,072,409	)

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory and fee reduction agreements between the Fund and BMR, the fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million, 0.625% from $500 million but less than $1 billion, 0.600% from $1 billion but less than $1.5 billion, 0.5625% from $1.5 billion but less than $2 billion, 0.5000% from $2 billion but less than $2.5 billion and 0.4375% of average daily net assets of $2.5 billion or more, and is payable monthly. For the year ended October 31, 2020, the Fund’s investment adviser fee amounted to $2,293,744 or 0.65% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Effective March 1, 2020, 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 1.05%, 1.80%, 0.80% and 1.30% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $103,218 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $17,887 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 $2,644 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4).

4 Distribution Plans

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $209,755 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $102,145 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $69,918 and $102,145 for Class C and Class R shares, respectively.

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


		23

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

5 Contingent Deferred Sales Charges

Effective December 2, 2019, 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). A CDSC of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $3,000 and $6,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and TBA transactions, for the year ended October 31, 2020 were as follows:


	Purchases		Sales

Investments (non-U.S. Government)	$	10,480,469	$	8,455,307

U.S. Government and Agency Securities		778,677,101		674,701,557

	$	789,157,570	$	683,156,864

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		6,067,432			2,781,963

Issued to shareholders electing to receive payments of distributions in Fund shares		525,445			625,805

Redemptions		(4,956,555	)		(5,742,114	)

Converted from Class B shares		—			62,077

Converted from Class C shares		1,116,784			3,376,341

Net increase		2,753,106			1,104,072

	Year Ended October 31,
Class B	2020			2019⁽¹⁾

Sales		—			184

Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,014

Redemptions		—			(19,571	)

Converted to Class A shares		—			(62,091	)

Net decrease		—			(80,464	)


		24

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class C	2020			2019

Sales		1,962,030			2,369,867

Issued to shareholders electing to receive payments of distributions in Fund shares		75,246			139,341

Redemptions		(1,814,787	)		(1,881,781	)

Converted to Class A shares		(1,118,131	)		(3,381,466	)

Net decrease		(895,642	)		(2,754,039	)

	Year Ended October 31,
Class I	2020			2019

Sales		33,178,862			13,150,798

Issued to shareholders electing to receive payments of distributions in Fund shares		490,436			486,853

Redemptions		(18,570,563	)		(9,907,425	)

Net increase		15,098,735			3,730,226

	Year Ended October 31,
Class R	2020			2019

Sales		7,026,509			1,903,538

Issued to shareholders electing to receive payments of distributions in Fund shares		138,968			126,038

Redemptions		(2,873,086	)		(1,623,059	)

Net increase		4,292,391			406,517

⁽¹⁾	At the close of business on August 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8 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 futures contracts and 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and options on futures contracts to enhance total return, to change the overall duration of the Fund and to hedge against fluctuations in securities prices due to changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at October 31, 2020 was as follows:


	Fair Value
Derivative	Asset Derivative		Liability Derivative

Futures contracts	$	—	$	(44,743	)⁽¹⁾

⁽¹⁾	Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.


		25

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

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 interest rate risk for the year ended October 31, 2020 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Purchased options	$	4,081,586	⁽¹⁾	$	—

Written options	$	(2,338,681	)⁽²⁾	$	—

Futures contracts	$	5,891,198	⁽³⁾	$	45,056	⁽⁴⁾

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Investment transactions.

⁽²⁾	Statement of Operations location: Net realized gain (loss) – Written options.

⁽³⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽⁴⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the year ended October 31, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

The average number of purchased options contracts and written options contracts outstanding during the year ended October 31, 2020, which is indicative of the volume of these derivative types, were 53 and 38 contracts, respectively.

9 Line of Credit

10 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At October 31, 2020, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $2,156. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at October 31, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 13) at October 31, 2020. The Fund’s average overdraft advances during the year ended October 31, 2020 were not significant.

11 Reverse Repurchase Agreements

There were no open reverse repurchase agreements outstanding as of October 31, 2020.

For the year ended October 31, 2020, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $5,719,592 and 1.54%, respectively.


		26

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

12 Investments in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $30,202,236, which represents 6.7% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 were as follows:


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	9,556	$	438,897,791	$	(408,702,900	)	$	(2,211	)	$	—	$	30,202,236	$	59,899		30,202,236

13 Fair Value Measurements

•

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)

At October 31, 2020, 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

Collateralized Mortgage Obligations	$	—		$	242,667,769		$	—	$	242,667,769

Mortgage Pass-Throughs		—			225,345,609			—		225,345,609

U.S. Government Guaranteed Small Business Administration Pools & Loans		—			4,693,080			—		4,693,080

Asset-Backed Securities		—			7,282,430			—		7,282,430

Short-Term Investments		—			30,202,236			—		30,202,236

Total Investments	$	—		$	510,191,124		$	—	$	510,191,124

Liability Description

Futures Contracts	$	(44,743	)	$	—		$	—	$	(44,743	)

TBA Sale Commitments		—			(20,578,597	)		—		(20,578,597	)

Total	$	(44,743	)	$	(20,578,597	)	$	—	$	(20,623,340	)

14 Risks and Uncertainties

Pandemic Risk


		27

Eaton Vance

Government Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

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.

15 Additional Information


		28

Eaton Vance

Government Opportunities Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Government Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Government Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		29

Eaton Vance

Government Opportunities Fund

October 31, 2020

Federal Tax Information (Unaudited)


		30

Eaton Vance

Government Opportunities Fund

October 31, 2020

Liquidity Risk Management Program


		31

Eaton Vance

Government Opportunities Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013 - 2020).


		32

Eaton Vance

Government Opportunities Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		33

Eaton Vance

Government Opportunities Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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


		34

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		35

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

140 10.31.20

LOGO

Eaton Vance

High Income Opportunities Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

High Income Opportunities Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			17 and 41
Federal Tax Information			18
Liquidity Risk Management Program			42
Management and Organization			43
Important Notices			46

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended October 31, 2020, the U.S. high yield market took a roller-coaster ride largely driven by the COVID-19 pandemic.

At the end of 2019, perceived progress toward a U.S.-China trade deal lifted markets. This was followed by the fastest sell-off in the history of the high yield asset class in early 2020 as the market responded to a potential global recession brought on by COVID-19.

In the final week of February, the S&P 500^® Index lost 11.49% and the average yield spread on the ICE BofA U.S. High Yield Index widened 1.50%. The intense sell-off persisted for the first three weeks of March.

Saudi Arabia’s announcement in early March that it planned to increase oil production, coupled with sharply lower energy demand expectations due to a potential recession, caused the price of oil to sink to $20 per barrel in the quarter, sending shockwaves through the energy sector, the largest sector within the ICE BofA U.S. High Yield Index. The ICE BofA U.S. High Yield Index returned –13.12% in the first quarter of 2020.

At the end of March, in response to quantitative easing by global central banks and the passing of a record $2-trillion U.S. fiscal stimulus package, the high yield market began to revive. The U.S. Federal Reserve and European Central Bank followed up with unprecedented support for global financial markets, increasing investor appetites for risk.

U.S. and global investors responded to historically elevated yield spreads, the readiness of central banks to intervene and, later during the period, indications of modest economic improvement by adding exposure to issuers with elevated debt. Companies relying on the high yield market for capital began issuing high yield debt at a record rate.

The rebound of the high yield market extended into July, then cooled. The dimming outlook for additional near-term U.S. stimulus, renewed pandemic-driven shutdowns, trepidation regarding the then-approaching U.S. election, and elevated U.S. jobless claims pointed to a slower and more protracted global economic recovery than previously hoped.

For the period as a whole, the ICE BofA U.S. High Yield Index returned 2.54%; and the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.19%.

High yield issuance during the period totaled $485.4 billion. The trailing 12-month par-weighted default rate, which began the period at 2.54%, ended at 6.34%.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance High Income Opportunities Fund (the Fund) returned 1.26% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the ICE BofA U.S. High Yield Index (the Index), which returned 2.54%.

The Fund’s sector allocation was a leading source of underperformance relative to the Index during the period. While the Fund’s underweight exposure to the struggling energy sector for much of the period was beneficial, on balance, periods of overweight exposure detracted from returns. An overweight exposure to the entertainment and film industry — the worst-performing subsector within the Index — weighed on relative returns. Credit selections within entertainment and film further weakened relative performance during the period.

Credit selections overall contributed to relative performance during the period. Selections were beneficial within telecommunications and energy, and further contributed to relative performance in services, technology, diversified financial services, and aerospace. The Fund’s overweight exposure to health care was an additional contributor to returns relative to the Index during the period.

Security selections within credit rating categories detracted from relative performance overall while allocation among credit ratings contributed to returns. Selections within BB rated, B rated, and not rated securities were particularly challenging during the period. Underweight exposure to BB rated credits, the best performing within the Index, further detracted from performance during the period.

Meanwhile, a small allocation to non-rated securities and an underweight exposure to bonds rated CCC or lower were positive contributors. A higher quality bias within CCC rated bonds also benefited relative performance during the period.

The Fund’s shorter duration positioning relative to the Index detracted from relative performance. However, favorable overall security selections by duration sector partially mitigated this effect. While the Fund’s overweight exposure to bonds with durations between 0-2 years detracted, it was more than offset by strong credit selections within the sector. Underweight exposure to the 2-5 year duration sector also detracted, but again was offset by favorable security selections within the sector during the period.

An underweight exposure to bonds with durations of more than 10 years and a small allocation to cash weighed on performance relative to the Index during the period.

Meanwhile, an overweight exposure to the below 1-year duration sector was beneficial, but security selections within the sector diminished the positive impact during the period. Selections within the 5-10 year duration sector had a negative impact on relative performance during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Performance^2,3

Portfolio Managers Kelley G. Baccei, Stephen C. Concannon, CFA and Jeffrey D. Mueller


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		03/11/2004		08/19/1986		1.26	%		4.71	%		5.83	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.56			3.69			5.31
Class C at NAV		06/08/1994		08/19/1986		0.45			3.91			5.03
Class C with 1% Maximum Sales Charge		—		—		–0.50			3.91			5.03
Class I at NAV		10/01/2009		08/19/1986		1.52			4.96			6.09



ICE BofA U.S. High Yield Index		—		—		2.54	%		6.13	%		6.07	%
ICE BofA U.S. High Yield Constrained Index		—		—		2.44			6.11			6.06

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						0.91	%		1.67	%		0.66	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$16,346

N.A.

Class I

$250,000

10/31/2010

$451,683

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Fund Profile⁵

Credit Quality (% of bonds, loans and commercial mortgage-backed securities)⁶

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Endnotes and Additional Disclosures

ICE BofA U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE BofA U.S. High Yield Constrained Index is an unmanaged index of below-investment grade U.S. corporate bonds, with issuer exposure capped at 2%. 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. 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.

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

⁵	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶

Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. For purposes of ratings restrictions, the average of Moody’s, S&P and Fitch is used. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the

liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Additional Information


		5

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,096.70	$	4.90		0.93	%
Class C	$	1,000.00	$	1,089.60	$	8.82		1.68	%
Class I	$	1,000.00	$	1,097.90	$	3.59		0.68	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.50	$	4.72		0.93	%
Class C	$	1,000.00	$	1,016.70	$	8.52		1.68	%
Class I	$	1,000.00	$	1,021.70	$	3.46		0.68	%


		6

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in High Income Opportunities Portfolio, at value (identified cost, $786,086,351)	$	800,896,928

Receivable for Fund shares sold		1,174,407

Total assets	$	802,071,335

Liabilities

Payable for Fund shares redeemed	$	2,241,314

Distributions payable		380,898

Payable to affiliates:

Distribution and service fees		81,401

Trustees’ fees		42

Accrued expenses		260,978

Total liabilities	$	2,964,633

Net Assets	$	799,106,702

Sources of Net Assets

Paid-in capital	$	827,582,947

Accumulated loss		(28,476,245	)

Total	$	799,106,702

Class A Shares

Net Assets	$	226,927,283

Shares Outstanding		53,899,465

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	4.21

Maximum Offering Price Per Share

(100 ÷ 95.25 of net asset value per share)	$	4.42

Class C Shares

Net Assets	$	37,679,501

Shares Outstanding		8,943,872

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	4.21

Class I Shares

Net Assets	$	534,499,918

Shares Outstanding		126,803,955

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	4.22

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

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


		7		See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income allocated from Portfolio (net of foreign taxes, $542)	$	47,399,073

Dividends allocated from Portfolio (net of foreign taxes, $336)		381,724

Expenses allocated from Portfolio		(4,187,210	)

Total investment income from Portfolio	$	43,593,587

Expenses

Distribution and service fees

Class A	$	604,379

Class C		460,166

Trustees’ fees and expenses		500

Custodian fee		52,146

Transfer and dividend disbursing agent fees		951,054

Legal and accounting services		45,545

Printing and postage		201,085

Registration fees		153,172

Miscellaneous		15,932

Total expenses	$	2,483,979

Net investment income	$	41,109,608

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	(23,540,542	)

Securities sold short		5,076

Foreign currency transactions		62,562

Forward foreign currency exchange contracts		(1,204,260	)

Net realized loss	$	(24,677,164	)

Change in unrealized appreciation (depreciation) —

Investments	$	(9,204,640	)

Securities sold short		(9,017	)

Foreign currency		1,538

Forward foreign currency exchange contracts		336,454

Net change in unrealized appreciation (depreciation)	$	(8,875,665	)

Net realized and unrealized loss	$	(33,552,829	)

Net increase in net assets from operations	$	7,556,779


		8		See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	41,109,608		$	49,427,978

Net realized loss		(24,677,164	)		(13,177,709	)

Net change in unrealized appreciation (depreciation)		(8,875,665	)		28,977,443

Net increase in net assets from operations	$	7,556,779		$	65,227,712

Distributions to shareholders —

Class A	$	(11,853,213	)	$	(15,346,891	)

Class B		—			(40,883	)

Class C		(1,940,705	)		(3,115,735	)

Class I		(27,494,134	)		(33,212,248	)

Total distributions to shareholders	$	(41,288,052	)	$	(51,715,757	)

Tax return of capital to shareholders —

Class A	$	(1,799,209	)	$	—

Class C		(289,715	)		—

Class I		(4,264,493	)		—

Total tax return of capital to shareholders	$	(6,353,417	)	$	—

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	37,657,684		$	48,746,646

Class B		—			863

Class C		6,178,847			6,567,210

Class I		284,140,301			182,195,169

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		11,206,293			12,587,804

Class B		—			37,158

Class C		1,977,520			2,753,565

Class I		29,608,076			30,729,634

Cost of shares redeemed

Class A		(82,801,112	)		(113,508,177	)

Class B		—			(166,838	)

Class C		(19,983,525	)		(21,529,861	)

Class I		(303,676,284	)		(285,736,940	)

Net asset value of shares converted⁽¹⁾

Class A		3,166,236			29,880,153

Class B		—			(1,501,049	)

Class C		(3,166,236	)		(28,379,104	)

Net decrease in net assets from Fund share transactions	$	(35,692,200	)	$	(137,323,767	)

Net decrease in net assets	$	(75,776,890	)	$	(123,811,812	)

Net Assets

At beginning of year	$	874,883,592		$	998,695,404

At end of year	$	799,106,702		$	874,883,592

⁽¹⁾	Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.


		9		See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Financial Highlights


	Class A
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	4.400		$	4.330		$	4.560		$	4.460		$	4.400

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.206		$	0.227		$	0.233		$	0.239		$	0.228

Net realized and unrealized gain (loss)		(0.157	)		0.081			(0.225	)		0.099			0.082

Total income from operations	$	0.049		$	0.308		$	0.008		$	0.338		$	0.310

Less Distributions

From net investment income	$	(0.207	)	$	(0.238	)	$	(0.238	)	$	(0.238	)	$	(0.250	)

Tax return of capital		(0.032	)		—			—			—			—

Total distributions	$	(0.239	)	$	(0.238	)	$	(0.238	)	$	(0.238	)	$	(0.250	)

Net asset value — End of year	$	4.210		$	4.400		$	4.330		$	4.560		$	4.460

Total Return⁽²⁾		1.26	%		7.31	%		0.17	%		7.73	%		7.35	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	226,927		$	269,795		$	287,457		$	375,201		$	506,430

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		0.93	%		0.91	%		0.87	%		0.85	%		0.86	%

Net investment income		4.87	%		5.22	%		5.24	%		5.28	%		5.23	%

Portfolio Turnover of the Portfolio		67	%		32	%		39	%		42	%		39	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Financial Highlights — continued


	Class C
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	4.400		$	4.330		$	4.560		$	4.460		$	4.400

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.174		$	0.195		$	0.200		$	0.205		$	0.195

Net realized and unrealized gain (loss)		(0.159	)		0.080			(0.225	)		0.099			0.081

Total income (loss) from operations	$	0.015		$	0.275		$	(0.025	)	$	0.304		$	0.276

Less Distributions

From net investment income	$	(0.178	)	$	(0.205	)	$	(0.205	)	$	(0.204	)	$	(0.216	)

Tax return of capital		(0.027	)		—			—			—			—

Total distributions	$	(0.205	)	$	(0.205	)	$	(0.205	)	$	(0.204	)	$	(0.216	)

Net asset value — End of year	$	4.210		$	4.400		$	4.330		$	4.560		$	4.460

Total Return⁽²⁾		0.45	%		6.49	%		(0.58	)%		6.94	%		6.54	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	37,680		$	55,246		$	95,312		$	120,884		$	136,908

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.68	%		1.67	%		1.63	%		1.60	%		1.61	%

Net investment income		4.12	%		4.50	%		4.49	%		4.52	%		4.50	%

Portfolio Turnover of the Portfolio		67	%		32	%		39	%		42	%		39	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Financial Highlights — continued


	Class I
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	4.410		$	4.340		$	4.570		$	4.470		$	4.410

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.216		$	0.238		$	0.245		$	0.250		$	0.238

Net realized and unrealized gain (loss)		(0.156	)		0.081			(0.226	)		0.099			0.083

Total income from operations	$	0.060		$	0.319		$	0.019		$	0.349		$	0.321

Less Distributions

From net investment income	$	(0.217	)	$	(0.249	)	$	(0.249	)	$	(0.249	)	$	(0.261	)

Tax return of capital		(0.033	)		—			—			—			—

Total distributions	$	(0.250	)	$	(0.249	)	$	(0.249	)	$	(0.249	)	$	(0.261	)

Net asset value — End of year	$	4.220		$	4.410		$	4.340		$	4.570		$	4.470

Total Return⁽²⁾		1.52	%		7.57	%		0.42	%		7.98	%		7.62	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	534,500		$	549,842		$	614,306		$	825,887		$	839,724

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		0.68	%		0.66	%		0.62	%		0.59	%		0.61	%

Net investment income		5.10	%		5.47	%		5.49	%		5.51	%		5.45	%

Portfolio Turnover of the Portfolio		67	%		32	%		39	%		42	%		39	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		12		See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance High Income Opportunities 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 offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in High Income Opportunities Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objectives and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (84.3% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		13

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	41,288,052	$	51,715,757

Tax return of capital	$	6,353,417	$	—

During the year ended October 31, 2020, accumulated loss was increased by $2,374 and paid-in capital was increased by $2,374 due to the Fund’s investment in the Portfolio. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(48,652,083	)

Net unrealized appreciation	$	20,556,736

Distributions payable	$	(380,898	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $48,652,083 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 October 31, 2020, $13,623,004 are short-term and $35,029,079 are long-term.

3 Transactions with Affiliates

Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., serves as the administrator of the Fund, but receives no compensation. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $19,076 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 $13,517 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

4 Distribution Plans

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 Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $115,042 for Class C shares.

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


		14

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued

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. Class A shares may be subject to a 1% 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. Class C shares are subject to a 1% CDSC if redeemed within 12 months of purchase. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $2,000 and $5,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $138,237,106 and $224,161,053, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		8,915,015			11,204,031

Issued to shareholders electing to receive payments of distributions in Fund shares		2,662,729			2,890,924

Redemptions		(19,736,853	)		(26,093,012	)

Converted from Class B shares		—			343,869

Converted from Class C shares		768,273			6,599,765

Net decrease		(7,390,836	)		(5,054,423	)


	Year Ended October 31,
Class B	2020			2019⁽¹⁾

Sales		—			200

Issued to shareholders electing to receive payments of distributions in Fund shares		—			8,593

Redemptions		—			(38,971	)

Converted to Class A shares		—			(343,316	)

Net decrease		—			(373,494	)


	Year Ended October 31,
Class C	2020			2019

Sales		1,491,917			1,505,234

Issued to shareholders electing to receive payments of distributions in Fund shares		469,561			634,701

Redemptions		(4,797,319	)		(4,988,204	)

Converted to Class A shares		(768,173	)		(6,598,446	)

Net decrease		(3,604,014	)		(9,446,715	)


		15

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class I	2020			2019

Sales		68,713,272			41,865,771

Issued to shareholders electing to receive payments of distributions in Fund shares		7,024,290			7,052,357

Redemptions		(73,677,140	)		(65,771,874	)

Net increase (decrease)		2,060,422			(16,853,746	)

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8 Risks and Uncertainties

Pandemic Risk


		16

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance High Income Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Income Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		17

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Federal Tax Information (Unaudited)


		18

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments


Corporate Bonds & Notes — 90.6%


Security		Principal Amount* (000’s omitted)		Value


Aerospace — 2.7%

Bombardier, Inc., 6.00%, 10/15/22⁽¹⁾			2,313	$	2,106,276

Bombardier, Inc., 6.125%, 1/15/23⁽¹⁾			2,599		2,244,886

Bombardier, Inc., 7.875%, 4/15/27⁽¹⁾			1,099		802,270

Howmet Aerospace, Inc., 6.875%, 5/1/25			2,637		2,936,959

Moog, Inc., 4.25%, 12/15/27⁽¹⁾			1,596		1,639,890

Rolls-Royce PLC, 5.75%, 10/15/27⁽¹⁾			2,691		2,728,001

Science Applications International Corp., 4.875%, 4/1/28⁽¹⁾			597		626,420

Spirit AeroSystems, Inc., 7.50%, 4/15/25⁽¹⁾			1,166		1,178,255

TransDigm UK Holdings PLC, 6.875%, 5/15/26			1,585		1,582,028

TransDigm, Inc., 5.50%, 11/15/27			3,504		3,422,882

TransDigm, Inc., 6.25%, 3/15/26⁽¹⁾			4,436		4,630,097

TransDigm, Inc., 7.50%, 3/15/27			1,705		1,763,294

				$	25,661,258

Air Transportation — 0.8%

Delta Air Lines, Inc., 7.375%, 1/15/26			1,088	$	1,125,680

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, 10/20/25⁽¹⁾			1,055		1,071,593

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28⁽¹⁾			1,059		1,083,120

Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27⁽¹⁾			3,827		3,992,040

				$	7,272,433

Automotive & Auto Parts — 4.5%

Clarios Global, L.P., 6.75%, 5/15/25⁽¹⁾			725	$	767,898

Clarios Global, L.P./Clarios US Finance Co., 4.375%, 5/15/26⁽²⁾	EUR		2,308		2,704,947

Clarios Global, L.P./Clarios US Finance Co., 8.50%, 5/15/27⁽¹⁾			5,557		5,805,954

Ford Motor Co., 4.75%, 1/15/43			349		323,916

Ford Motor Co., 7.45%, 7/16/31			1,573		1,876,786

Ford Motor Co., 8.50%, 4/21/23			3,716		4,107,462

Ford Motor Co., 9.00%, 4/22/25			4,459		5,250,628

Ford Motor Co., 9.625%, 4/22/30			1,866		2,508,100

Ford Motor Credit Co., LLC, 1.503%, (3 mo. USD LIBOR + 1.27%), 3/28/22⁽³⁾			383		369,774

Ford Motor Credit Co., LLC, 1.515%, (3 mo. USD LIBOR + 1.24%), 2/15/23⁽³⁾			539		507,942

Ford Motor Credit Co., LLC, 3.087%, 1/9/23			538		533,629

Ford Motor Credit Co., LLC, 3.339%, 3/28/22			859		857,926

Ford Motor Credit Co., LLC, 3.37%, 11/17/23			2,378		2,360,165

Ford Motor Credit Co., LLC, 3.813%, 10/12/21			702		706,826

Ford Motor Credit Co., LLC, 3.815%, 11/2/27			3,494		3,382,629


Security	Principal Amount* (000’s omitted)		Value


Automotive & Auto Parts (continued)

Ford Motor Credit Co., LLC, 4.125%, 8/17/27		4,746	$	4,680,742

Ford Motor Credit Co., LLC, 4.25%, 9/20/22		778		790,290

Ford Motor Credit Co., LLC, 4.375%, 8/6/23		507		516,557

Ford Motor Credit Co., LLC, 5.125%, 6/16/25		1,780		1,857,501

Ford Motor Credit Co., LLC, 5.584%, 3/18/24		403		424,081

Ford Motor Credit Co., LLC, 5.596%, 1/7/22		1,608		1,650,612

Navistar International Corp., 9.50%, 5/1/25⁽¹⁾		883		980,130

			$	42,964,495

Banking & Thrifts — 1.0%

CIT Group, Inc., 5.00%, 8/1/23		2,150	$	2,320,656

CIT Group, Inc., 6.125%, 3/9/28		1,420		1,730,355

JPMorgan Chase & Co., Series HH, 4.60% to 2/1/25⁽⁴⁾⁽⁵⁾		2,800		2,764,300

JPMorgan Chase & Co., Series S, 6.75% to 2/1/24⁽⁴⁾⁽⁵⁾		2,405		2,630,298

			$	9,445,609

Broadcasting — 3.2%

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽¹⁾		3,619	$	2,114,853

iHeartCommunications, Inc., 6.375%, 5/1/26		171		177,934

iHeartCommunications, Inc., 8.375%, 5/1/27		1,621		1,584,275

Netflix, Inc., 4.875%, 4/15/28		640		720,851

Netflix, Inc., 4.875%, 6/15/30⁽¹⁾		1,236		1,412,903

Netflix, Inc., 5.875%, 2/15/25		2,155		2,441,884

Netflix, Inc., 5.875%, 11/15/28		4,030		4,822,218

Nexstar Broadcasting, Inc., 5.625%, 7/15/27⁽¹⁾		2,357		2,460,861

Scripps Escrow, Inc., 5.875%, 7/15/27⁽¹⁾		1,917		1,866,679

Sinclair Television Group, Inc., 5.50%, 3/1/30⁽¹⁾		276		259,934

Sirius XM Radio, Inc., 4.125%, 7/1/30⁽¹⁾		3,608		3,713,570

Sirius XM Radio, Inc., 4.625%, 7/15/24⁽¹⁾		2,963		3,059,149

Sirius XM Radio, Inc., 5.00%, 8/1/27⁽¹⁾		2,980		3,125,916

TEGNA, Inc., 4.625%, 3/15/28⁽¹⁾		626		621,618

TEGNA, Inc., 4.75%, 3/15/26⁽¹⁾		689		708,809

TEGNA, Inc., 5.00%, 9/15/29		1,346		1,364,090

			$	30,455,544

Building Materials — 2.0%

Builders FirstSource, Inc., 5.00%, 3/1/30⁽¹⁾		855	$	903,094

Builders FirstSource, Inc., 6.75%, 6/1/27⁽¹⁾		1,452		1,559,085

Cornerstone Building Brands, Inc., 6.125%, 1/15/29⁽¹⁾		335		342,847

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽¹⁾		1,488		1,474,630

Masonite International Corp., 5.375%, 2/1/28⁽¹⁾		1,059		1,124,330

Specialty Building Products Holdings, LLC/SBP Finance Corp., 6.375%, 9/30/26⁽¹⁾		685		699,556


		19		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value


Building Materials (continued)

SRM Escrow Issuer, LLC, 6.00%, 11/1/28⁽¹⁾⁽⁶⁾			2,231	$	2,231,000

Standard Industries, Inc., 2.25%, 11/21/26⁽¹⁾	EUR		3,990		4,588,380

Standard Industries, Inc., 4.375%, 7/15/30⁽¹⁾			1,831		1,888,741

Standard Industries, Inc., 5.00%, 2/15/27⁽¹⁾			690		712,856

WESCO Distribution, Inc., 7.125%, 6/15/25⁽¹⁾			1,522		1,641,972

WESCO Distribution, Inc., 7.25%, 6/15/28⁽¹⁾			771		845,089

White Cap Buyer, LLC, 6.875%, 10/15/28⁽¹⁾			836		858,468

				$	18,870,048

Cable & Satellite TV — 5.3%

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30⁽¹⁾			5,232	$	5,441,306

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30⁽¹⁾			3,055		3,217,221

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28⁽¹⁾			1,895		1,997,330

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 5/1/25⁽¹⁾			3,855		3,963,904

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29⁽¹⁾			1,113		1,206,091

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 2/15/26⁽¹⁾			2,725		2,828,305

CSC Holdings, LLC, 3.375%, 2/15/31⁽¹⁾			1,435		1,381,919

CSC Holdings, LLC, 4.125%, 12/1/30⁽¹⁾			3,336		3,395,314

CSC Holdings, LLC, 4.625%, 12/1/30⁽¹⁾			2,431		2,433,711

CSC Holdings, LLC, 5.25%, 6/1/24			385		411,709

CSC Holdings, LLC, 5.50%, 5/15/26⁽¹⁾			4,205		4,373,200

CSC Holdings, LLC, 5.75%, 1/15/30⁽¹⁾			4,531		4,849,529

CSC Holdings, LLC, 5.875%, 9/15/22			1,410		1,490,194

CSC Holdings, LLC, 6.50%, 2/1/29⁽¹⁾			1,001		1,112,507

CSC Holdings, LLC, 7.50%, 4/1/28⁽¹⁾			1,273		1,395,526

DISH DBS Corp., 5.875%, 11/15/24			420		423,150

Virgin Media Finance PLC, 5.00%, 7/15/30⁽¹⁾			1,445		1,439,581

Virgin Media Secured Finance PLC, 5.50%, 8/15/26⁽¹⁾			1,446		1,507,057

Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28⁽²⁾	GBP		2,044		2,644,691

VTR Comunicaciones SpA, 5.125%, 1/15/28⁽¹⁾			935		987,921

VTR Finance N.V., 6.375%, 7/15/28⁽¹⁾			776		827,410

Ziggo B.V., 4.875%, 1/15/30⁽¹⁾			886		920,333

Ziggo B.V., 5.50%, 1/15/27⁽¹⁾			2,440		2,536,002

				$	50,783,911

Capital Goods — 0.6%

BWX Technologies, Inc., 4.125%, 6/30/28⁽¹⁾			1,501	$	1,520,701

BWX Technologies, Inc., 5.375%, 7/15/26⁽¹⁾			2,875		2,990,546


Security		Principal Amount* (000’s omitted)		Value


Capital Goods (continued)

Colfax Corp., 6.00%, 2/15/24⁽¹⁾			880	$	917,585

				$	5,428,832

Chemicals — 1.4%

Compass Minerals International, Inc., 6.75%, 12/1/27⁽¹⁾			1,716	$	1,864,280

GCP Applied Technologies, Inc., 5.50%, 4/15/26⁽¹⁾			739		760,106

HB Fuller Co., 4.25%, 10/15/28			650		660,156

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽¹⁾			3,622		3,671,114

OCI N.V., 5.25%, 11/1/24⁽¹⁾			937		959,840

SPCM S.A., 4.875%, 9/15/25⁽¹⁾			1,185		1,220,609

Valvoline, Inc., 4.25%, 2/15/30⁽¹⁾			1,326		1,354,509

W.R. Grace & Co., 4.875%, 6/15/27⁽¹⁾			2,491		2,598,138

				$	13,088,752

Consumer Products — 0.9%

Edgewell Personal Care Co., 5.50%, 6/1/28⁽¹⁾			1,606	$	1,690,098

Energizer Holdings, Inc., 4.375%, 3/31/29⁽¹⁾			1,097		1,109,067

Prestige Brands, Inc., 5.125%, 1/15/28⁽¹⁾			605		629,578

Spectrum Brands, Inc., 5.00%, 10/1/29⁽¹⁾			712		756,500

Spectrum Brands, Inc., 5.50%, 7/15/30⁽¹⁾			1,094		1,172,632

Spectrum Brands, Inc., 5.75%, 7/15/25			3,275		3,373,250

				$	8,731,125

Containers — 1.6%

ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27⁽²⁾⁽⁷⁾	EUR		4,629	$	5,230,087

ARD Finance S.A., 6.50%, (6.50% cash or 7.25% PIK), 6/30/27⁽¹⁾⁽⁷⁾			410		417,175

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26			1,415		1,507,682

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26			1,695		1,764,597

Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC, 6.00%, 9/15/28⁽¹⁾			1,281		1,305,819

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23⁽¹⁾			10		10,130

Silgan Holdings, Inc., 2.25%, 6/1/28	EUR		1,503		1,712,311

Trivium Packaging Finance B.V., 5.50%, 8/15/26⁽¹⁾			1,429		1,499,557

Trivium Packaging Finance B.V., 8.50%, 8/15/27⁽¹⁾			1,574		1,687,289

				$	15,134,647

Diversified Financial Services — 1.9%

AG Issuer, LLC, 6.25%, 3/1/28⁽¹⁾			1,871	$	1,828,902


		20		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value


Diversified Financial Services (continued)

Cargo Aircraft Management, Inc., 4.75%, 2/1/28⁽¹⁾		1,198	$	1,219,714

Freedom Mortgage Corp., 7.625%, 5/1/26⁽¹⁾		184		182,850

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27		2,726		2,829,401

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22		2,576		2,588,172

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26		2,993		3,112,241

MSCI, Inc., 3.625%, 9/1/30⁽¹⁾		867		892,334

PRA Group, Inc., 7.375%, 9/1/25⁽¹⁾		2,133		2,241,516

Quicken Loans, LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/1/29⁽¹⁾		1,858		1,833,614

United Shore Financial Services, LLC, 5.50%, 11/15/25⁽¹⁾⁽⁶⁾		957		969,872

			$	17,698,616

Diversified Media — 0.8%

Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27⁽¹⁾		1,320	$	1,282,050

Nielsen Finance, LLC/Nielsen Finance Co., 5.625%, 10/1/28⁽¹⁾		692		717,518

Nielsen Finance, LLC/Nielsen Finance Co., 5.875%, 10/1/30⁽¹⁾		692		728,762

Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25⁽¹⁾		1,219		1,246,427

Terrier Media Buyer, Inc., 8.875%, 12/15/27⁽¹⁾		3,397		3,478,936

			$	7,453,693

Energy — 10.8%

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27⁽¹⁾		2,542	$	2,292,566

Apache Corp., 4.25%, 1/15/30		2,100		1,859,812

Apache Corp., 4.375%, 10/15/28		770		708,862

Apache Corp., 4.625%, 11/15/25		950		903,688

Apache Corp., 4.875%, 11/15/27		1,195		1,123,300

Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28⁽¹⁾		1,272		1,230,660

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26⁽¹⁾		4,047		3,587,665

Buckeye Partners, L.P., 4.50%, 3/1/28⁽¹⁾		1,537		1,463,032

Cenovus Energy, Inc., 3.80%, 9/15/23		573		582,282

Cenovus Energy, Inc., 5.40%, 6/15/47		943		930,049

Cenovus Energy, Inc., 6.75%, 11/15/39		2,256		2,504,150

Centennial Resource Production, LLC, 5.375%, 1/15/26⁽¹⁾		1,460		540,200

Centennial Resource Production, LLC, 6.875%, 4/1/27⁽¹⁾		3,731		1,381,981

Cheniere Energy Partners, L.P., 4.50%, 10/1/29		1,896		1,935,835


Security	Principal Amount* (000’s omitted)		Value


Energy (continued)

Cheniere Energy Partners, L.P., 5.625%, 10/1/26		2,670	$	2,741,289

Cheniere Energy, Inc., 4.625%, 10/15/28⁽¹⁾		1,741		1,799,759

Continental Resources, Inc., 4.375%, 1/15/28		1,867		1,681,626

Continental Resources, Inc., 4.90%, 6/1/44		73		60,727

Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27⁽¹⁾		957		840,366

CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽¹⁾		5,227		5,149,928

CVR Energy, Inc., 5.75%, 2/15/28⁽¹⁾		2,152		1,474,120

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26⁽¹⁾		2,250		2,265,469

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28⁽¹⁾		1,055		1,096,145

Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23⁽⁴⁾⁽⁵⁾		1,630		1,096,085

EnLink Midstream, LLC, 5.375%, 6/1/29		1,207		1,035,606

EQM Midstream Partners, L.P., 6.00%, 7/1/25⁽¹⁾		1,116		1,145,295

EQM Midstream Partners, L.P., 6.50%, 7/1/27⁽¹⁾		1,121		1,177,285

EQT Corp., 5.00%, 1/15/29⁽⁶⁾		489		489,000

EQT Corp., 7.875%, 2/1/25		614		683,932

EQT Corp., 8.75%, 2/1/30		900		1,119,375

Extraction Oil & Gas, Inc., 5.625%, 2/1/26⁽¹⁾⁽⁸⁾		4,036		994,632

Extraction Oil & Gas, Inc., 7.375%, 5/15/24⁽¹⁾⁽⁸⁾		1,512		372,489

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽¹⁾		5,592		3,131,520

Laredo Petroleum, Inc., 9.50%, 1/15/25		694		324,750

Laredo Petroleum, Inc., 10.125%, 1/15/28		1,045		454,053

Matador Resources Co., 5.875%, 9/15/26		3,065		2,471,156

MEG Energy Corp., 7.125%, 2/1/27⁽¹⁾		1,728		1,559,053

Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26⁽¹⁾		2,160		1,080,000

Nabors Industries, Ltd., 7.25%, 1/15/26⁽¹⁾		1,037		406,374

Nabors Industries, Ltd., 7.50%, 1/15/28⁽¹⁾		1,118		428,334

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽¹⁾		5,811		5,070,097

Newfield Exploration Co., 5.375%, 1/1/26		1,003		943,658

Newfield Exploration Co., 5.625%, 7/1/24		364		352,438

Nine Energy Service, Inc., 8.75%, 11/1/23⁽¹⁾		1,057		316,112

Occidental Petroleum Corp., 2.70%, 8/15/22		455		421,444

Occidental Petroleum Corp., 2.90%, 8/15/24		147		122,598

Occidental Petroleum Corp., 3.125%, 2/15/22		24		22,860

Occidental Petroleum Corp., 3.40%, 4/15/26		718		562,951

Occidental Petroleum Corp., 3.45%, 7/15/24		370		300,625

Occidental Petroleum Corp., 3.50%, 8/15/29		897		648,585

Occidental Petroleum Corp., 4.20%, 3/15/48		1,470		975,051

Occidental Petroleum Corp., 4.40%, 8/15/49		1,192		800,875

Occidental Petroleum Corp., 4.625%, 6/15/45		792		536,580

Occidental Petroleum Corp., 6.20%, 3/15/40		736		599,325


		21		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value


Energy (continued)

Occidental Petroleum Corp., 6.375%, 9/1/28		873	$	765,512

Occidental Petroleum Corp., 6.625%, 9/1/30		2,386		2,094,431

Occidental Petroleum Corp., 8.50%, 7/15/27		3,109		2,974,924

Occidental Petroleum Corp., 8.875%, 7/15/30		2,667		2,615,327

Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25⁽¹⁾		2,625		2,688,984

Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27⁽¹⁾		2,055		2,189,089

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽⁴⁾⁽⁵⁾		4,896		3,029,400

Precision Drilling Corp., 5.25%, 11/15/24		477		310,348

Precision Drilling Corp., 7.125%, 1/15/26⁽¹⁾		1,095		693,748

Precision Drilling Corp., 7.75%, 12/15/23		407		302,452

Seven Generations Energy, Ltd., 5.375%, 9/30/25⁽¹⁾		3,860		3,687,670

Seven Generations Energy, Ltd., 6.875%, 6/30/23⁽¹⁾		950		953,463

Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25⁽¹⁾		4,056		1,353,690

Southwestern Energy Co., 7.50%, 4/1/26		147		149,837

Southwestern Energy Co., 7.75%, 10/1/27		147		152,053

Southwestern Energy Co., 8.375%, 9/15/28		1,583		1,657,203

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		2,105		2,151,047

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27		1,087		1,141,350

Tervita Corp., 7.625%, 12/1/21⁽¹⁾		2,135		2,054,937

Transocean Guardian, Ltd., 5.875%, 1/15/24⁽¹⁾		1,759		1,077,326

Transocean Poseidon, Ltd., 6.875%, 2/1/27⁽¹⁾		556		418,390

Transocean, Inc., 11.50%, 1/30/27⁽¹⁾		415		137,977

Western Midstream Operating, L.P., 4.50%, 3/1/28		224		208,320

Western Midstream Operating, L.P., 4.75%, 8/15/28		224		210,000

Western Midstream Operating, L.P., 5.05%, 2/1/30		1,803		1,712,850

			$	102,525,977

Entertainment & Film — 0.4%

AMC Entertainment Holdings, Inc., 10.50%, 4/15/25⁽¹⁾		1,966	$	1,064,098

Cinemark USA, Inc., 4.875%, 6/1/23		1,945		1,634,315

Live Nation Entertainment, Inc., 4.75%, 10/15/27⁽¹⁾		1,759		1,621,033

			$	4,319,446

Environmental — 1.5%

Clean Harbors, Inc., 4.875%, 7/15/27⁽¹⁾		1,029	$	1,077,044

Clean Harbors, Inc., 5.125%, 7/15/29⁽¹⁾		617		672,447

Covanta Holding Corp., 5.00%, 9/1/30		1,326		1,357,492

Covanta Holding Corp., 5.875%, 7/1/25		2,225		2,308,671

GFL Environmental, Inc., 3.75%, 8/1/25⁽¹⁾		1,223		1,225,293

GFL Environmental, Inc., 7.00%, 6/1/26⁽¹⁾		1,671		1,745,151


Security	Principal Amount* (000’s omitted)		Value


Environmental (continued)

GFL Environmental, Inc., 8.50%, 5/1/27⁽¹⁾		5,207	$	5,685,393

Waste Pro USA, Inc., 5.50%, 2/15/26⁽¹⁾		359		363,633

			$	14,435,124

Food & Drug Retail — 0.7%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30⁽¹⁾		1,744	$	1,854,047

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28⁽¹⁾		1,807		1,913,956

Fresh Market, Inc. (The), 9.75%, 5/1/23⁽¹⁾		876		839,869

Murphy Oil USA, Inc., 4.75%, 9/15/29		1,277		1,340,614

Murphy Oil USA, Inc., 5.625%, 5/1/27		1,190		1,253,736

			$	7,202,222

Food, Beverage & Tobacco — 2.8%

Central Garden & Pet Co., 4.125%, 10/15/30		460	$	466,037

Central Garden & Pet Co., 5.125%, 2/1/28		1,851		1,964,022

Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28⁽¹⁾		644		647,735

Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25⁽¹⁾		1,760		1,868,328

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30⁽¹⁾		1,904		2,072,980

Kraft Heinz Foods Co., 3.875%, 5/15/27⁽¹⁾		1,801		1,906,120

Kraft Heinz Foods Co., 4.25%, 3/1/31⁽¹⁾		1,801		1,955,131

Kraft Heinz Foods Co., 4.375%, 6/1/46		5,079		5,201,152

Kraft Heinz Foods Co., 5.50%, 6/1/50⁽¹⁾		1,801		2,051,806

Performance Food Group, Inc., 5.50%, 10/15/27⁽¹⁾		1,612		1,655,250

Performance Food Group, Inc., 6.875%, 5/1/25⁽¹⁾		890		945,069

Post Holdings, Inc., 4.625%, 4/15/30⁽¹⁾		882		906,255

Post Holdings, Inc., 5.00%, 8/15/26⁽¹⁾		1,507		1,565,374

United Natural Foods, Inc., 6.75%, 10/15/28⁽¹⁾		549		556,549

US Foods, Inc., 5.875%, 6/15/24⁽¹⁾		2,481		2,476,348

			$	26,238,156

Gaming — 2.8%

Caesars Entertainment, Inc., 6.25%, 7/1/25⁽¹⁾		4,001	$	4,113,028

Caesars Entertainment, Inc., 8.125%, 7/1/27⁽¹⁾		3,234		3,379,530

Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25⁽¹⁾		3,679		3,504,008

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽¹⁾		3,355		2,813,654

Golden Nugget, Inc., 6.75%, 10/15/24⁽¹⁾		2,736		2,320,183

MGM Resorts International, 4.75%, 10/15/28		2,475		2,423,953

MGM Resorts International, 7.75%, 3/15/22		2,585		2,719,937


		22		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value


Gaming (continued)

Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27⁽¹⁾		1,205	$	1,255,616

Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26⁽¹⁾		3,323		3,519,057

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27⁽¹⁾		754		698,525

			$	26,747,491

Healthcare — 10.7%

Acadia Healthcare Co., Inc., 5.00%, 4/15/29⁽¹⁾		1,618	$	1,671,070

Acadia Healthcare Co., Inc., 5.50%, 7/1/28⁽¹⁾		1,552		1,616,990

AdaptHealth, LLC, 6.125%, 8/1/28⁽¹⁾		1,065		1,108,931

AMN Healthcare, Inc., 4.00%, 4/15/29⁽¹⁾		1,560		1,558,050

Avantor Funding, Inc., 4.625%, 7/15/28⁽¹⁾		2,538		2,633,048

Bausch Health Americas, Inc., 8.50%, 1/31/27⁽¹⁾		5,152		5,640,590

Bausch Health Americas, Inc., 9.25%, 4/1/26⁽¹⁾		1,420		1,567,396

Bausch Health Cos., Inc., 5.25%, 1/30/30⁽¹⁾		1,096		1,078,048

Bausch Health Cos., Inc., 5.75%, 8/15/27⁽¹⁾		760		816,525

Bausch Health Cos., Inc., 5.875%, 5/15/23⁽¹⁾		63		62,892

Bausch Health Cos., Inc., 6.25%, 2/15/29⁽¹⁾		2,268		2,340,576

Bausch Health Cos., Inc., 7.00%, 3/15/24⁽¹⁾		2,626		2,723,819

Bausch Health Cos., Inc., 7.25%, 5/30/29⁽¹⁾		1,015		1,094,490

Bausch Health Cos., Inc., 9.00%, 12/15/25⁽¹⁾		3,615		3,959,148

Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽¹⁾		1,340		1,371,570

Catalent Pharma Solutions, Inc., 5.00%, 7/15/27⁽¹⁾		689		719,447

Centene Corp., 3.00%, 10/15/30		3,896		4,050,683

Centene Corp., 3.375%, 2/15/30		5,243		5,453,952

Centene Corp., 4.25%, 12/15/27		1,716		1,810,063

Centene Corp., 4.625%, 12/15/29		3,002		3,272,270

Centene Corp., 4.75%, 1/15/25		2,686		2,763,222

Centene Corp., 5.375%, 8/15/26⁽¹⁾		1,427		1,512,620

Charles River Laboratories International, Inc., 4.25%, 5/1/28⁽¹⁾		853		892,827

Charles River Laboratories International, Inc., 5.50%, 4/1/26⁽¹⁾		1,175		1,230,078

CHS/Community Health Systems, Inc., 6.25%, 3/31/23		242		240,185

DaVita, Inc., 3.75%, 2/15/31⁽¹⁾		1,467		1,412,904

Emergent BioSolutions, Inc., 3.875%, 8/15/28⁽¹⁾		1,745		1,756,997

Encompass Health Corp., 4.50%, 2/1/28		1,623		1,664,890

Encompass Health Corp., 4.625%, 4/1/31		1,202		1,239,563

Encompass Health Corp., 4.75%, 2/1/30		1,793		1,870,655

HCA, Inc., 5.00%, 3/15/24		1,435		1,608,027

HCA, Inc., 5.375%, 9/1/26		3,410		3,838,381

HCA, Inc., 5.625%, 9/1/28		2,205		2,570,424

HCA, Inc., 5.875%, 2/15/26		5,010		5,667,562


Security		Principal Amount* (000’s omitted)		Value


Healthcare (continued)

HCA, Inc., 5.875%, 2/1/29			2,038	$	2,401,161

Jaguar Holding Co., II/PPD Development, L.P., 4.625%, 6/15/25⁽¹⁾			1,735		1,795,066

Jaguar Holding Co., II/PPD Development, L.P., 5.00%, 6/15/28⁽¹⁾			1,540		1,607,082

Legacy LifePoint Health, LLC, 6.75%, 4/15/25⁽¹⁾			1,143		1,211,580

Molina Healthcare, Inc., 4.375%, 6/15/28⁽¹⁾			1,869		1,917,594

MPH Acquisition Holdings, LLC, 5.75%, 11/1/28⁽¹⁾			6,452		6,331,025

Prime Healthcare Services, Inc., 7.25%, 11/1/25⁽¹⁾			949		957,588

Providence Service Corp. (The), 5.875%, 11/15/25⁽¹⁾⁽⁶⁾			1,534		1,563,721

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26⁽¹⁾			2,069		2,234,520

Teleflex, Inc., 4.25%, 6/1/28⁽¹⁾			346		362,003

Teleflex, Inc., 4.625%, 11/15/27			2,310		2,441,300

Tenet Healthcare Corp., 4.625%, 9/1/24⁽¹⁾			476		487,757

Tenet Healthcare Corp., 4.625%, 6/15/28⁽¹⁾			576		585,360

Tenet Healthcare Corp., 5.125%, 11/1/27⁽¹⁾			2,855		2,946,931

Tenet Healthcare Corp., 6.125%, 10/1/28⁽¹⁾			422		410,659

Varex Imaging Corp., 7.875%, 10/15/27⁽¹⁾			835		851,700

Verscend Escrow Corp., 9.75%, 8/15/26⁽¹⁾			568		611,665

				$	101,534,605

Homebuilders & Real Estate — 5.6%

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽¹⁾			2,962	$	2,464,014

Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.875%, 2/15/30⁽¹⁾			298		283,565

Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 9/15/27⁽¹⁾			603		619,025

Consus Real Estate AG, 9.625%, 5/15/24⁽²⁾	EUR		2,663		3,310,812

Ellaktor Value PLC, 6.375%, 12/15/24⁽²⁾	EUR		3,038		3,057,011

Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽¹⁾			1,749		1,752,279

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽¹⁾			5,478		5,573,865

HAT Holdings I, LLC/HAT Holdings II, LLC, 3.75%, 9/15/30⁽¹⁾			1,425		1,430,344

HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25⁽¹⁾			1,287		1,367,437

Iron Mountain, Inc., 4.50%, 2/15/31⁽¹⁾			1,077		1,073,575

M/I Homes, Inc., 4.95%, 2/1/28			1,537		1,595,598

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			2,890		3,047,722

Pike Corp., 5.50%, 9/1/28⁽¹⁾			1,410		1,445,546

Service Properties Trust, 5.00%, 8/15/22			1,515		1,499,850

Service Properties Trust, 7.50%, 9/15/25			1,571		1,648,112


		23		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value


Homebuilders & Real Estate (continued)

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28⁽¹⁾			2,382	$	2,410,286

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 4/1/29⁽¹⁾			684		695,970

Taylor Morrison Communities, Inc., 5.125%, 8/1/30⁽¹⁾			1,066		1,159,334

Taylor Morrison Communities, Inc., 5.75%, 1/15/28⁽¹⁾			1,071		1,192,157

Taylor Morrison Communities, Inc., 5.875%, 6/15/27⁽¹⁾			1,493		1,653,169

TRI Pointe Group Inc., 5.70%, 6/15/28			488		542,900

VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27⁽¹⁾			1,859		1,866,845

VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30⁽¹⁾			1,859		1,884,561

VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26⁽¹⁾			2,822		2,873,995

VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29⁽¹⁾			2,688		2,797,402

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽²⁾	EUR		4,500		4,663,637

Vivion Investments S.a.r.l., 3.50%, 11/1/25⁽²⁾	EUR		300		308,431

Weekley Homes, LLC/Weekley Finance Corp., 4.875%, 9/15/28⁽¹⁾			619		628,483

				$	52,845,925

Insurance — 1.6%

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27⁽¹⁾			5,292	$	5,565,543

AmWINS Group, Inc., 7.75%, 7/1/26⁽¹⁾			1,644		1,760,823

Hub International, Ltd., 7.00%, 5/1/26⁽¹⁾			3,723		3,819,817

NFP Corp., 6.875%, 8/15/28⁽¹⁾			2,560		2,486,400

USI, Inc., 6.875%, 5/1/25⁽¹⁾			1,774		1,810,571

				$	15,443,154

Leisure — 1.2%

Carnival Corp., 11.50%, 4/1/23⁽¹⁾			830	$	918,358

NCL Corp, Ltd., 3.625%, 12/15/24⁽¹⁾			1,755		1,232,141

NCL Corp, Ltd., 10.25%, 2/1/26⁽¹⁾			1,475		1,519,250

Powdr Corp., 6.00%, 8/1/25⁽¹⁾			1,615		1,634,461

Viking Cruises, Ltd., 5.875%, 9/15/27⁽¹⁾			5,967		4,665,448

Viking Cruises, Ltd., 6.25%, 5/15/25⁽¹⁾			1,820		1,426,234

				$	11,395,892

Metals & Mining — 3.1%

Arconic Corp., 6.125%, 2/15/28⁽¹⁾			2,096	$	2,212,349

Cleveland-Cliffs, Inc., 6.75%, 3/15/26⁽¹⁾			4,172		4,385,815

Cleveland-Cliffs, Inc., 9.875%, 10/17/25⁽¹⁾			701		802,645

Constellium SE, 5.875%, 2/15/26⁽¹⁾			1,392		1,408,530


Security	Principal Amount* (000’s omitted)		Value


Metals & Mining (continued)

Eldorado Gold Corp., 9.50%, 6/1/24⁽¹⁾		1,041	$	1,130,136

First Quantum Minerals, Ltd., 6.875%, 3/1/26⁽¹⁾		448		445,480

First Quantum Minerals, Ltd., 7.50%, 4/1/25⁽¹⁾		2,736		2,751,390

Freeport-McMoRan, Inc., 4.55%, 11/14/24		1,685		1,814,534

Freeport-McMoRan, Inc., 5.45%, 3/15/43		2,787		3,185,346

Hudbay Minerals, Inc., 6.125%, 4/1/29⁽¹⁾		1,435		1,470,875

New Gold, Inc., 6.375%, 5/15/25⁽¹⁾		2,589		2,671,524

New Gold, Inc., 7.50%, 7/15/27⁽¹⁾		2,567		2,781,666

Novelis Corp., 4.75%, 1/30/30⁽¹⁾		1,795		1,823,702

Novelis Corp., 5.875%, 9/30/26⁽¹⁾		2,118		2,188,169

			$	29,072,161

Paper — 0.5%

Boise Cascade Co., 4.875%, 7/1/30⁽¹⁾		1,097	$	1,174,668

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26⁽¹⁾		3,340		3,529,962

			$	4,704,630

Railroad — 0.3%

Watco Cos., LLC/Watco Finance Corp., 6.50%, 6/15/27⁽¹⁾		3,004	$	3,122,282

			$	3,122,282

Restaurant — 0.9%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.00%, 10/15/30⁽¹⁾		4,103	$	4,082,485

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽¹⁾		444		453,546

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25⁽¹⁾		581		619,979

Dave & Buster’s, Inc., 7.625%, 11/1/25⁽¹⁾		1,908		1,876,995

IRB Holding Corp., 7.00%, 6/15/25⁽¹⁾		679		724,840

Yum! Brands, Inc., 7.75%, 4/1/25⁽¹⁾		476		523,457

			$	8,281,302

Services — 2.2%

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽¹⁾		1,121	$	1,174,247

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27⁽¹⁾		1,408		1,504,110

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.25%, 3/15/25⁽¹⁾		1,050		991,594

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27⁽¹⁾		1,050		988,969

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27⁽¹⁾		852		809,932


		24		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value


Services (continued)

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 6.375%, 4/1/24⁽¹⁾		350	$	341,469

Cars.com, Inc., 6.375%, 11/1/28⁽¹⁾		1,078		1,075,305

Gartner, Inc., 3.75%, 10/1/30⁽¹⁾		1,023		1,047,399

Gartner, Inc., 4.50%, 7/1/28⁽¹⁾		1,449		1,514,509

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽¹⁾		2,936		2,910,310

Korn Ferry, 4.625%, 12/15/27⁽¹⁾		599		612,478

Sabre GLBL, Inc., 9.25%, 4/15/25⁽¹⁾		760		838,850

ServiceMaster Co., LLC (The), 7.45%, 8/15/27		5,185		5,799,734

TMS International Holding Corp., 7.25%, 8/15/25⁽¹⁾		1,249		1,195,917

Univar Solutions USA, Inc., 5.125%, 12/1/27⁽¹⁾		611		634,224

			$	21,439,047

Steel — 1.2%

Allegheny Ludlum, LLC, 6.95%, 12/15/25		1,821	$	1,827,638

Allegheny Technologies, Inc., 5.875%, 12/1/27		625		589,453

Allegheny Technologies, Inc., 7.875%, 8/15/23		530		536,389

Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29⁽¹⁾		2,244		2,315,527

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽¹⁾		4,440		4,417,800

Joseph T. Ryerson & Son, Inc., 8.50%, 8/1/28⁽¹⁾		1,647		1,767,931

			$	11,454,738

Super Retail — 2.4%

Academy, Ltd., 6.00%, 11/15/27⁽¹⁾⁽⁶⁾		317	$	317,608

Asbury Automotive Group, Inc., 4.50%, 3/1/28⁽¹⁾		500		509,687

Asbury Automotive Group, Inc., 4.75%, 3/1/30⁽¹⁾		660		682,275

Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25⁽¹⁾		1,576		1,653,815

Group 1 Automotive, Inc., 4.00%, 8/15/28⁽¹⁾		1,400		1,403,500

Ken Garff Automotive, LLC, 4.875%, 9/15/28⁽¹⁾		1,462		1,451,327

L Brands, Inc., 6.625%, 10/1/30⁽¹⁾		1,371		1,442,121

L Brands, Inc., 6.75%, 7/1/36		381		385,601

L Brands, Inc., 6.875%, 7/1/25⁽¹⁾		717		769,692

L Brands, Inc., 6.875%, 11/1/35		2,242		2,279,834

L Brands, Inc., 7.60%, 7/15/37		426		410,025

L Brands, Inc., 9.375%, 7/1/25⁽¹⁾		502		582,947

Lithia Motors, Inc., 4.375%, 1/15/31⁽¹⁾		510		527,531

PVH Corp., 7.75%, 11/15/23		3,385		3,932,412

Sonic Automotive, Inc., 6.125%, 3/15/27		4,675		4,832,758

William Carter Co. (The), 5.50%, 5/15/25⁽¹⁾		499		524,886

William Carter Co. (The), 5.625%, 3/15/27⁽¹⁾		1,510		1,587,387

			$	23,293,406


Security		Principal Amount* (000’s omitted)		Value


Technology — 3.9%

Black Knight InfoServ, LLC, 3.625%, 9/1/28⁽¹⁾			1,186	$	1,202,307

Booz Allen Hamilton, Inc., 3.875%, 9/1/28⁽¹⁾			2,114		2,149,674

CDK Global, Inc., 5.25%, 5/15/29⁽¹⁾			984		1,056,462

Dell International, LLC/EMC Corp., 6.10%, 7/15/27⁽¹⁾			1,588		1,888,499

Dell International, LLC/EMC Corp., 7.125%, 6/15/24⁽¹⁾			2,834		2,939,652

EIG Investors Corp., 10.875%, 2/1/24			4,750		4,946,674

Entegris, Inc., 4.375%, 4/15/28⁽¹⁾			1,481		1,543,942

Entegris, Inc., 4.625%, 2/10/26⁽¹⁾			1,137		1,169,689

Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27⁽¹⁾			2,305		2,418,809

LogMeIn, Inc., 5.50%, 9/1/27⁽¹⁾			1,045		1,060,675

ON Semiconductor Corp., 3.875%, 9/1/28⁽¹⁾			2,432		2,477,600

Open Text Corp., 3.875%, 2/15/28⁽¹⁾			1,693		1,722,627

Open Text Holdings, Inc., 4.125%, 2/15/30⁽¹⁾			1,481		1,539,263

Presidio Holdings, Inc., 4.875%, 2/1/27⁽¹⁾			412		423,651

Presidio Holdings, Inc., 8.25%, 2/1/28⁽¹⁾			1,818		1,932,761

Riverbed Technology, Inc., 8.875%, 3/1/23⁽¹⁾			3,329		2,280,365

Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26⁽¹⁾			3,172		3,288,967

Sensata Technologies, Inc., 3.75%, 2/15/31⁽¹⁾			560		555,100

Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc., 4.625%, 11/1/26⁽¹⁾			363		368,899

SS&C Technologies, Inc., 5.50%, 9/30/27⁽¹⁾			961		1,022,581

Switch, Ltd., 3.75%, 9/15/28⁽¹⁾			832		834,600

				$	36,822,797

Telecommunications — 7.5%

Altice Financing S.A., 2.25%, 1/15/25⁽²⁾	EUR		2,933	$	3,193,884

Altice Financing S.A., 7.50%, 5/15/26⁽¹⁾			1,705		1,781,725

Altice Finco S.A., 4.75%, 1/15/28⁽²⁾	EUR		1,369		1,443,192

Altice France Holding S.A., 6.00%, 2/15/28⁽¹⁾			1,207		1,159,927

Altice France Holding S.A., 10.50%, 5/15/27⁽¹⁾			1,614		1,782,461

Altice France S.A., 5.50%, 1/15/28⁽¹⁾			1,478		1,499,246

Altice France S.A., 7.375%, 5/1/26⁽¹⁾			3,518		3,675,606

Altice France S.A., 8.125%, 2/1/27⁽¹⁾			4,715		5,132,961

CenturyLink, Inc., 6.75%, 12/1/23			1,804		1,965,233

CenturyLink, Inc., 7.50%, 4/1/24			359		396,591

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽¹⁾			4,539		4,578,716

DKT Finance ApS, 9.375%, 6/17/23⁽¹⁾			201		205,292

Frontier California, Inc., Series F, 6.75%, 5/15/27⁽⁸⁾			895		876,823

Hughes Satellite Systems Corp., 5.25%, 8/1/26			2,793		3,003,411

LCPR Senior Secured Financing DAC, 6.75%, 10/15/27⁽¹⁾			1,337		1,422,234

Level 3 Financing, Inc., 4.25%, 7/1/28⁽¹⁾			3,656		3,677,936

Level 3 Financing, Inc., 5.25%, 3/15/26			2,180		2,253,357


		25		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value


Telecommunications (continued)

Level 3 Financing, Inc., 5.375%, 1/15/24		2,215	$	2,239,044

Sprint Corp., 7.125%, 6/15/24		2,270		2,613,814

Sprint Corp., 7.25%, 9/15/21		2,545		2,654,002

Sprint Corp., 7.625%, 2/15/25		3,285		3,882,459

Sprint Corp., 7.625%, 3/1/26		1,199		1,460,964

Sprint Corp., 7.875%, 9/15/23		5,496		6,282,615

T-Mobile USA, Inc., 4.75%, 2/1/28		1,095		1,174,548

T-Mobile USA, Inc., 6.50%, 1/15/26		6,587		6,871,888

Telecom Italia Capital S.A., 6.00%, 9/30/34		2,080		2,425,280

Telecom Italia SpA, 5.303%, 5/30/24⁽¹⁾		1,080		1,170,153

ViaSat, Inc., 5.625%, 4/15/27⁽¹⁾		1,494		1,567,766

VMED O2 UK Financing I PLC, 4.25%, 1/31/31⁽¹⁾		737		738,843

			$	71,129,971

Transport Excluding Air & Rail — 0.5%

XPO Logistics, Inc., 6.125%, 9/1/23⁽¹⁾		1,310	$	1,328,831

XPO Logistics, Inc., 6.50%, 6/15/22⁽¹⁾		3,203		3,220,825

			$	4,549,656

Utility — 3.3%

AES Corp. (The), 5.125%, 9/1/27		968	$	1,040,503

AES Corp. (The), 5.50%, 4/15/25		263		270,649

AES Corp. (The), 6.00%, 5/15/26		5,810		6,098,728

Calpine Corp., 4.50%, 2/15/28⁽¹⁾		1,810		1,844,390

Calpine Corp., 4.625%, 2/1/29⁽¹⁾		1,060		1,071,882

Calpine Corp., 5.00%, 2/1/31⁽¹⁾		420		429,429

Calpine Corp., 5.125%, 3/15/28⁽¹⁾		2,554		2,637,056

Clearway Energy Operating, LLC, 4.75%, 3/15/28⁽¹⁾		693		729,167

Drax Finco PLC, 6.625%, 11/1/25⁽¹⁾		1,493		1,565,784

NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽¹⁾		1,485		1,557,394

NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27⁽¹⁾		1,602		1,754,190

NRG Energy, Inc., 5.25%, 6/15/29⁽¹⁾		1,247		1,354,323

NRG Energy, Inc., 7.25%, 5/15/26		2,324		2,459,931

Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28⁽¹⁾		1,065		1,112,398

TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽¹⁾		1,410		1,437,319

TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽¹⁾		2,981		3,278,206

Vistra Operations Co., LLC, 5.00%, 7/31/27⁽¹⁾		2,344		2,451,824

			$	31,093,173

Total Corporate Bonds & Notes (identified cost $861,791,952)			$	860,640,118


Senior Floating-Rate Loans — 3.9%⁽⁹⁾
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value


Building Materials — 0.1%

Hillman Group, Inc. (The), Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing 5/31/25	$	1,190	$	1,163,611

			$	1,163,611

Diversified Media — 0.1%

Nielsen Finance, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 6/4/25	$	621	$	620,880

			$	620,880

Food, Beverage & Tobacco — 0.5%

BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24	$	898	$	902,077

HLF Financing S.a.r.l., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25		3,695		3,640,567

			$	4,542,644

Gaming — 0.8%

Lago Resort & Casino, LLC, Term Loan, 10.50%, (3 mo. USD LIBOR + 9.50%, Floor 1.00%), Maturing 3/7/22	$	944	$	825,985

Playtika Holding Corp., Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing 12/10/24		5,245		5,258,965

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25⁽¹⁰⁾		111		105,063

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25		1,529		1,449,862

			$	7,639,875

Healthcare — 0.4%

Envision Healthcare Corporation, Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing 10/10/25	$	1,776	$	1,278,355

RegionalCare Hospital Partners Holdings, Inc., Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing 11/16/25		2,089		2,031,612

			$	3,309,967

Insurance — 1.2%

Asurion, LLC, Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	11,752	$	11,783,642

			$	11,783,642


		26		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value


Services — 0.2%

AlixPartners, LLP, Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 4/4/24	$	2,148	$	2,084,446

			$	2,084,446

Technology — 0.3%

EIG Investors Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 2/9/23	$	3,255	$	3,234,929

			$	3,234,929

Telecommunications — 0.3%

Intelsat Jackson Holdings S.A., DIP Loan, 5.05%, (6 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing 7/13/22⁽¹⁰⁾	$	1,012	$	1,031,443

Intelsat Jackson Holdings S.A., Term Loan, 8.63%, Maturing 1/2/24⁽¹¹⁾		1,640		1,659,816

			$	2,691,259

Total Senior Floating-Rate Loans (identified cost $37,535,884)			$	37,071,253

Convertible Bonds — 0.3%
Security	Principal Amount (000’s omitted)		Value

Air Transportation — 0.2%

Air Transport Services Group, Inc., 1.125%, 10/15/24	$	1,568	$	1,743,668

			$	1,743,668

Entertainment & Film — 0.1%

Cinemark Holdings, Inc., 4.50%, 8/15/25⁽¹⁾	$	460	$	399,354

			$	399,354

Leisure — 0.0%⁽¹²⁾

Royal Caribbean Cruises, Ltd., 4.25%, 6/15/23⁽¹⁾	$	277	$	288,342

			$	288,342

Total Convertible Bonds (identified cost $2,162,237)			$	2,431,364


Commercial Mortgage-Backed Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value


Commercial Mortgage-Backed Securities — 0.2%

BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.843%, 11/5/32^(1)(13)	$	3,190	$	2,412,006

			$	2,412,006

Total Commercial Mortgage-Backed Securities (identified cost $3,027,425)			$	2,412,006

Common Stocks — 1.4%
Security	Shares		Value

Building Materials — 0.2%

AZEK Co., Inc. (The)⁽¹⁵⁾		60,458	$	2,021,716

			$	2,021,716

Consumer Products — 0.1%

HF Holdings, Inc.^(14)(15)(16)		13,600	$	776,832

			$	776,832

Energy — 0.2%

Ascent CNR Corp., Class A^(14)(15)(16)		6,273,462	$	1,317,427

EP Energy Corp.⁽¹⁵⁾		18,579		538,791

Nine Point Energy Holdings, Inc.^(14)(15)(16)		31,737		0

			$	1,856,218

Environmental — 0.1%

GFL Environmental, Inc.		65,500	$	1,253,670

			$	1,253,670

Gaming — 0.0%

New Cotai Participation Corp., Class B^(14)(15)(16)		7	$	0

			$	0

Healthcare — 0.5%

Acadia Healthcare Co., Inc.⁽¹⁵⁾		40,000	$	1,426,000

Bausch Health Cos., Inc.⁽¹⁵⁾		110,000		1,815,000

Elanco Animal Health, Inc.⁽¹⁵⁾		30,000		930,300

			$	4,171,300


		27		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value


Utility — 0.3%

NextEra Energy Partners, L.P.		45,000	$	2,826,000

			$	2,826,000

Total Common Stocks (identified cost $14,393,532)			$	12,905,736

Preferred Stocks — 0.3%
Security	Shares		Value

Building Materials — 0.3%

WESCO International, Inc., Series A, 10.625% to 6/22/25⁽⁵⁾		114,488	$	3,317,862

			$	3,317,862

Total Preferred Stocks (identified cost $3,167,329)			$	3,317,862

Convertible Preferred Stocks — 0.3%
Security	Shares		Value

Energy — 0.0%

Nine Point Energy Holdings, Inc., Series A, 12.00%^{(7)(14)(15)(16)}		591	$	0

			$	0

Environmental — 0.2%

GFL Environmental, Inc., 6.00%		28,467	$	1,413,102

			$	1,413,102

Healthcare — 0.1%

Becton Dickinson and Co., Series B, 6.00%		24,000	$	1,249,920

			$	1,249,920

Total Convertible Preferred Stocks (identified cost $3,269,418)			$	2,663,022

Miscellaneous — 1.1%
Security	Shares		Value

Cable & Satellite TV — 0.0%

ACC Claims Holdings, LLC⁽¹⁴⁾		8,415,190	$	0

			$	0

Security

Shares

Value

Gaming — 1.1%

PGP Investors, LLC, Membership
Interests^(14)(15)(16)

30,326

10,398,945

10,398,945

Total Miscellaneous
(identified cost $2,419,333)

10,398,945

Short-Term Investments — 1.0%

Description

Units

Value

Eaton Vance Cash Reserves Fund, LLC,
0.12%⁽¹⁷⁾

9,344,574

Total Short-Term Investments
(identified cost $9,344,574)

9,344,574

Total Investments — 99.1%
(identified cost $937,111,684)

941,184,880

Less Unfunded Loan Commitments — (0.1)%

(616,792

)

Net Investments — 99.0%
(identified cost $936,494,892)

940,568,088

Other Assets, Less Liabilities — 1.0%

9,183,181

Net Assets — 100.0%

949,751,269

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⁾

⁽²⁾

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 October 31, 2020, the aggregate value of these securities is $26,556,692 or 2.8% of the Portfolio’s net assets.

⁽³⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽⁴⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁵⁾

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

⁽⁶⁾

When-issued security.

⁽⁷⁾

Represents a payment-in-kind security which may pay interest/dividends in additional principal/shares at the issuer’s discretion.

⁽⁸⁾

Issuer is in default with respect to interest and/or principal payments.


		28		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Portfolio of Investments — continued

⁽⁹⁾

⁽¹⁰⁾	Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan

that is unfunded. At October 31, 2020, the total value of unfunded loan commitments is $620,784. See Note 1F for description.

⁽¹¹⁾	Fixed-rate loan.

⁽¹²⁾	Amount is less than 0.05%.

⁽¹³⁾	Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽¹⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽¹⁵⁾	Non-income producing security.

⁽¹⁶⁾	Restricted security (see Note 5).

⁽¹⁷⁾	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 October 31, 2020.


Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	7,885,971	EUR	6,698,649	Bank of America, N.A.		1/29/21	$	67,889	$	—

USD	7,768,053	EUR	6,598,600	Citibank, N.A.		1/29/21		66,739		—

USD	7,885,639	EUR	6,698,606	Goldman Sachs International		1/29/21		67,607		—

USD	7,845,703	EUR	6,665,227	State Street Bank and Trust Company		1/29/21		66,627		—

USD	1,356,573	GBP	1,044,334	Bank of America, N.A.		1/29/21		2,771		—

USD	1,356,535	GBP	1,044,304	Bank of America, N.A.		1/29/21		2,770		—

							$	274,403	$	—

Abbreviations:


DIP	–	Debtor In Possession
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:


EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar


		29		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $927,150,318)	$	931,223,514

Affiliated investment, at value (identified cost, $9,344,574)		9,344,574

Cash		157,062

Deposits for derivatives collateral — forward foreign currency exchange contracts		150,000

Foreign currency, at value (identified cost, $1,119)		1,119

Interest receivable		13,605,223

Dividends receivable from affiliated investment		842

Receivable for investments sold		3,869,204

Receivable for open forward foreign currency exchange contracts		274,403

Tax reclaims receivable		66

Total assets	$	958,626,007

Liabilities

Cash collateral due to broker	$	150,000

Payable for investments purchased		2,600,746

Payable for when-issued securities		5,548,520

Payable to affiliates:

Investment adviser fee		377,105

Trustees’ fees		4,436

Accrued expenses		193,931

Total liabilities	$	8,874,738

Net Assets applicable to investors’ interest in Portfolio	$	949,751,269


		30		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income (net of foreign taxes, $639)	$	57,185,351

Dividends (net of foreign taxes, $426)		210,284

Dividends from affiliated investment		254,380

Total investment income	$	57,650,015

Expenses

Investment adviser fee	$	4,592,323

Trustees’ fees and expenses		53,220

Custodian fee		230,053

Legal and accounting services		109,212

Miscellaneous		68,867

Total expenses	$	5,053,675

Net investment income	$	52,596,340

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(28,295,356	)

Investment transactions — affiliated investment		11,791

Securities sold short		6,099

Foreign currency transactions		69,189

Forward foreign currency exchange contracts		(1,370,347	)

Net realized loss	$	(29,578,624	)

Change in unrealized appreciation (depreciation) —

Investments	$	(15,445,015	)

Investments — affiliated investment		(3,621	)

Securities sold short		(11,200	)

Foreign currency		4,759

Forward foreign currency exchange contracts		373,319

Net change in unrealized appreciation (depreciation)	$	(15,081,758	)

Net realized and unrealized loss	$	(44,660,382	)

Net increase in net assets from operations	$	7,935,958


		31		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	52,596,340		$	66,438,899

Net realized loss		(29,578,624	)		(17,220,384	)

Net change in unrealized appreciation (depreciation)		(15,081,758	)		34,522,869

Net increase in net assets from operations	$	7,935,958		$	83,741,384

Capital transactions —

Contributions	$	151,186,545		$	55,460,769

Withdrawals		(298,370,453	)		(423,305,095	)

Net decrease in net assets from capital transactions	$	(147,183,908	)	$	(367,844,326	)

Net decrease in net assets	$	(139,247,950	)	$	(284,102,942	)

Net Assets

At beginning of year	$	1,088,999,219		$	1,373,102,161

At end of year	$	949,751,269		$	1,088,999,219


		32		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.51	%		0.50	%		0.48	%		0.48	%		0.48	%

Net investment income		5.26	%		5.61	%		5.61	%		5.61	%		5.61	%

Portfolio Turnover		67	%		32	%		39	%		42	%		39	%

Total Return		1.69	%		7.74	%		0.59	%		8.13	%		7.74	%

Net assets, end of year (000’s omitted)	$	949,751		$	1,088,999		$	1,373,102		$	1,764,899		$	1,876,636


		33		See Notes to Financial Statements.

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

High Income Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Portfolio also seeks growth of capital as a secondary investment objective. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance High Income Opportunities Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 84.3% and 15.7%, respectively, in the Portfolio.

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


		34

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and dividends have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.


		35

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

L Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest payable on securities sold short is recorded as an expense.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.30% of the Portfolio’s average daily net assets up to $500 million, 0.275% from $500 million up to $1 billion, 0.25% from $1 billion up to $1.5 billion, 0.225% from $1.5 billion up to $2 billion and at reduced rates on daily net assets of $2 billion or more; plus 3.00% of the Portfolio’s daily gross income (i.e., income other than gains from the sale of securities) when daily net assets are less than $500 million, 2.75% when daily net assets are $500 million but less than $1 billion, 2.50% when daily net assets are $1 billion but less than $1.5 billion, 2.25% when daily net assets are $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $4,592,323 or 0.46% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd., an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

During the year ended October 31, 2020, BMR reimbursed the Portfolio $14,582 for a net realized loss due to a trading error. The amount of the reimbursement had an inpact on total return of less than 0.01%.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, securities sold short and principal repayments on Senior Loans, aggregated $643,509,434 and $710,123,204, respectively, for the year ended October 31, 2020.


		36

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

4 Federal Income Tax Basis of Investments



Aggregate cost	$	940,455,895

Gross unrealized appreciation	$	41,870,670

Gross unrealized depreciation		(41,758,477	)

Net unrealized appreciation	$	112,193

5 Restricted Securities

At October 31, 2020, the Portfolio owned the following securities (representing 1.3% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.


Description	Date of Acquisition		Shares		Cost		Value

Common Stocks

Ascent CNR Corp., Class A		4/25/16, 11/16/16		6,273,462	$	0	$	1,317,427

HF Holdings, Inc.		10/27/09		13,600		730,450		776,832

New Cotai Participation Corp., Class B		4/12/13		7		216,125		0

Nine Point Energy Holdings, Inc.		7/15/14, 10/21/14		31,737		1,460,742		0

Total Common Stocks					$	2,407,317	$	2,094,259

Convertible Preferred Stocks

Nine Point Energy Holdings, Inc., Series A, 12.00%		5/26/17		591	$	591,000	$	0

Total Convertible Preferred Stocks					$	591,000	$	0

Miscellaneous

PGP Investors, LLC, Membership Interests		10/23/12, 2/18/15, 4/23/18		30,326	$	2,419,333	$	10,398,945

Total Miscellaneous					$	2,419,333	$	10,398,945

Total Restricted Securities					$	5,417,650	$	12,493,204

6 Financial Instruments

The Portfolio 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 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 Portfolio 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective.

Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.


		37

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Forward foreign currency exchange contracts	$	274,403	⁽¹⁾	$	—

Total Derivatives subject to master netting or similar agreements	$	274,403		$	—

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of October 31, 2020.


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)

Bank of America, N.A.	$	73,430	$	—	$	—	$	(73,430	)	$	—

Citibank, N.A.		66,739		—		—		—			66,739

Goldman Sachs International		67,607		—		—		—			67,607

State Street Bank and Trust Company		66,627		—		—		—			66,627

	$	274,403	$	—	$	—	$	(73,430	)	$	200,973

^(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 receivable from the counterparty in the event of default.


		38

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

7 Line of Credit

8 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $9,344,574, which represents 1.0 % of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$33,802,709	$	450,238,726	$	(474,705,031	)	$	11,791	$	(3,621	)	$	9,344,574	$	254,380		9,344,574

9 Fair Value Measurements

•

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)


		39

High Income Opportunities Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2		Level 3*		Total

Corporate Bonds & Notes	$	—	$	860,640,118	$	—	$	860,640,118

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		36,454,461		—		36,454,461

Convertible Bonds		—		2,431,364		—		2,431,364

Commercial Mortgage-Backed Securities		—		2,412,006		—		2,412,006

Common Stocks		10,272,686		538,791		2,094,259		12,905,736

Preferred Stocks		3,317,862		—		—		3,317,862

Convertible Preferred Stocks		2,663,022		—		0		2,663,022

Miscellaneous		—		—		10,398,945		10,398,945

Short-Term Investments		—		9,344,574		—		9,344,574

Total Investments	$	16,253,570	$	911,821,314	$	12,493,204	$	940,568,088

Forward Foreign Currency Exchange Contracts	$	—	$	274,403	$	—	$	274,403

Total	$	16,253,570	$	912,095,717	$	12,493,204	$	940,842,491

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

10 Risks and Uncertainties

Credit Risk

The Portfolio primarily invests in lower rated and comparable quality unrated high yield securities. These investments have different risks than investments in debt securities rated investment grade. Risk of loss upon default by the borrower is significantly greater with respect to such debt than with other debt securities because these securities are generally unsecured and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers.

Pandemic Risk

11 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		40

High Income Opportunities Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of High Income Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of High Income Opportunities Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers, and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		41

High Income Opportunities Portfolio

October 31, 2020

Liquidity Risk Management Program


		42

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and High Income Opportunities Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).



Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		43

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith⁽³⁾ 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		44

Eaton Vance

High Income Opportunities Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		45

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		46

This Page Intentionally Left Blank

Investment Adviser of High Income Opportunities Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser of High Income Opportunities Portfolio

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Administrator of Eaton Vance High Income Opportunities Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

446 10.31.20

LOGO

Eaton Vance

Multi-Asset Credit Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Multi-Asset Credit Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			4
Fund Profile			5
Endnotes and Additional Disclosures			6
Fund Expenses			7
Financial Statements			8
Report of Independent Registered Public Accounting Firm			39
Federal Tax Information			40
Liquidity Risk Management Program			41
Management and Organization			42
Important Notices			45

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For fixed-income investors in so-called “risk asset classes” — including senior loans and securitized, high yield, and emerging market debt — the 12-month period ended October 31, 2020, felt like three distinct periods: before the coronavirus pandemic, during the depths of the pandemic downturn, and the rally that followed.

From November 2019 through January 2020, risk asset classes performed well, buoyed by strong economic conditions across the globe, including better-than-expected U.S. employment reports and cautious optimism about a détente in U.S.-China trade relations.

In February and March 2020, however, the novel coronavirus turned into a global pandemic, ending the longest-ever period of U.S. economic expansion and triggering a global economic slowdown. Credit markets along with equity markets fell in value amid unprecedented volatility, and riskier asset classes experienced some of the worst declines. Asset prices tumbled as business revenues plummeted and government tax receipts fell.

In response, governments across the globe stepped in with stimulus programs to shore up credit markets. In March 2020, the U.S. Federal Reserve (the Fed) announced two emergency rate cuts — lowering the federal funds rate to 0.00%-0.25% — along with a corporate bond purchase program. The European Central Bank increased its own bond buying program. At its July meeting, the Fed provided additional reassurances that it would maintain rates close to zero percent for the foreseeable future and use all tools at its disposal to support the U.S. economy. Taken together, these moves helped calm credit markets and initiated a fixed-income rally that began in April and, for many asset classes, lasted through the end of the period.

Midway through August, however, the fixed-income rally moderated as investors grew concerned about a resurgence of COVID-19 and the consequences for the nascent global economic recovery. For the rest of the period, senior loan and U.S. high yield bond returns remained in positive territory, while prices declined modestly for U.S. investment-grade debt and emerging market debt.

For the period as a whole, the S&P/LSTA Leveraged Loan Index, a broad measure of the loan market, returned 1.72%; while the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. fixed-income market, returned 6.19%. The ICE BofA Developed Markets High Yield ex-Subordinated Financials Index–USD Hedged, a broad measure of the high yield asset class, returned 2.22%; and the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified returned 0.98% during the period.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Multi-Asset Credit Fund (the Fund) returned -0.66% for Class A shares at net asset value (NAV), underperforming its benchmark, the S&P/ LSTA Leveraged Loan Index (the Primary Index), which returned 1.72%; and underperforming its blended benchmark consisting of 50% S&P/LSTA

Leveraged Loan Index and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index–USD Hedged (the Blended Index), which returned 1.98%.

The Blended Index is more representative of the Fund’s investment strategy and holdings than the Primary Index. The Fund seeks total return by investing across multiple areas of the credit markets.

Security selections within the Fund’s high yield corporate bond and senior loan allocations detracted from performance versus the Blended Index during the period, as did its allocation to commercial mortgage-backed securities (CMBS), which are not represented in the Blended Index.

Within its high yield corporate bond allocation, the Fund had an overweight exposure to the energy sector, relative to the Blended Index. When the COVID-19 downturn occurred, that overweight position hurt relative performance because energy company assets suffered deep declines as global trade and travel came to a near halt and fuel demand plummeted.

For the period as a whole, the Fund’s senior loan allocation underperformed the Primary Index and detracted from returns relative to the Blended Index. In contrast with the Fund’s high yield allocation, the Fund’s allocation to senior loans was positioned more defensively going into the pandemic decline, with underweight exposure, relative to the Primary Index, to energy companies and lower rated CCC loans. As a result, the Fund’s senior loan allocation outperformed the Primary Index going into the pandemic downturn, but underperformed during the subsequent rally, when riskier assets were among the strongest performers.

The Fund’s small allocation to CMBS, which are securitized debt backed by mortgages on commercial real estate, detracted from performance versus the Blended Index as well. As the pandemic crushed brick-and-mortar business traffic and decreased occupancy in office buildings, many commercial mortgages went unpaid and prices of CMBS declined.

On the positive side, contributors to Fund performance versus the Blended Index included allocations to Credit Risk Transfers (CRTs), which are not represented in the Blended Index, along with overweight allocations to cash and investment-grade corporate bonds.

CRTs are mortgage-backed securities issued but not backed by government agencies, in contrast to securities backed by mortgage lenders Fannie Mae and Freddie Mac. The Fund exited its CRT position in early March 2020 when prices were still relatively high. In late March and early April, the Fund purchased a new allocation at much lower prices near the market bottom. After the Fund’s CRTs rallied back, they were sold at a profit in May and June 2020.

With regard to cash, the Fund reduced its risk exposure by adding to its cash allocation in February and March, mitigating the impact of falling asset prices. The Blended Benchmark has only a minimal cash allocation and was, thus, more exposed to the market downturn during that time.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Management’s Discussion of Fund Performance¹ — continued

The Fund’s overweight allocation to investment-grade corporate bonds also helped performance versus the Blended Index. Securities in that allocation had longer duration, or sensitivity to interest rate changes, than the Blended Index as a whole and, thus, benefited more from falling interest rates — and corresponding rising asset prices — than the Blended Index.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Performance^2,3

Portfolio Managers Justin H. Bourgette, CFA, John Redding and Kelley G. Baccei of Eaton Vance Management; Jeffrey D. Mueller of Eaton Vance Advisers International Ltd.


% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Since Inception

Class A at NAV		10/31/2011		10/31/2011			–0.66	%		4.29	%		3.55	%
Class A with 4.75% Maximum Sales Charge		—		—			–5.41			3.28			2.99

Class C at NAV		10/31/2011		10/31/2011			–1.40			3.61			2.83
Class C with 1% Maximum Sales Charge		—		—			–2.35			3.61			2.83

Class I at NAV		10/31/2011		10/31/2011			–0.40			4.65			3.87
Class R6 at NAV		09/03/2019		10/31/2011			–0.47			4.64			3.87



S&P/LSTA Leveraged Loan Index		—		—			1.72	%		4.09	%		4.22	%
ICE BofA Developed Markets High Yield ex-Subordinated Financials Index – Hedged USD		—		—			2.22			6.11			6.41
Blended Index		—		—			1.98			5.11			5.32

% Total Annual Operating Expense Ratios⁴			Class A			Class C			Class I			Class R6

				0.96	%		1.71	%		0.71	%		0.66	%

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2011

$12,858

N.A.

Class I

$250,000

10/31/2011

$352,028

N.A.

Class R6

$1,000,000

10/31/2011

$1,407,392

N.A.

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Fund Profile

Asset Allocation (% of total investments)⁵

LOGO

Credit Quality (% total investments, excluding common stocks and short-term investments)⁶

LOGO

See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Endnotes and Additional Disclosures

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors 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 Developed Markets High Yield ex-Subordinated Financials Index – Hedged USD is an unmanaged index of global developed market below investment grade corporate bonds, USD hedged. 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/LSTA Leveraged Loan Index and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index – Hedged USD, 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.

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 Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

Effective September 15, 2018, the Fund changed its investment strategy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in credit-related investments. Prior to September 15, 2018, the Fund was a “fund-of-funds” and invested primarily among other investment companies managed by Eaton Vance and its affiliates that invested in various asset classes.

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

⁵	Other represents any investment type less than 1% of total investments.

⁶

Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Additional Information

Risk asset is a term broadly used to describe any security that is not a risk-free asset like a high-quality U.S. government bond. A risk market refers to these assets.

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved.


		6

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,082.60	$	5.18		0.99	%
Class C	$	1,000.00	$	1,078.50	$	9.09		1.74	%
Class I	$	1,000.00	$	1,083.80	$	3.88		0.74	%
Class R6	$	1,000.00	$	1,083.00	$	3.61		0.69	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	5.03		0.99	%
Class C	$	1,000.00	$	1,016.40	$	8.82		1.74	%
Class I	$	1,000.00	$	1,021.40	$	3.76		0.74	%
Class R6	$	1,000.00	$	1,021.70	$	3.51		0.69	%


		7

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments


Corporate Bonds & Notes — 47.7%
Security		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 1.2%

Bombardier, Inc., 6.125%, 1/15/23⁽¹⁾			746	$	644,357

Bombardier, Inc., 7.875%, 4/15/27⁽¹⁾			272		198,560

Howmet Aerospace, Inc., 6.875%, 5/1/25			397		442,159

Moog, Inc., 4.25%, 12/15/27⁽¹⁾			95		97,613

Rolls-Royce PLC, 5.75%, 10/15/27⁽¹⁾			574		581,892

Rolls-Royce PLC, 5.75%, 10/15/27⁽²⁾	GBP		317		412,047

Spirit AeroSystems, Inc., 7.50%, 4/15/25⁽¹⁾			166		167,745

TransDigm, Inc., 5.50%, 11/15/27			1,017		993,456

TransDigm, Inc., 6.375%, 6/15/26			579		578,464

TransDigm, Inc., 7.50%, 3/15/27			541		559,497

				$	4,675,790

Air Transport — 0.3%

Delta Air Lines, Inc., 7.375%, 1/15/26			200	$	206,927

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, 10/20/25⁽¹⁾			216		219,397

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28⁽¹⁾			217		221,942

Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27⁽¹⁾			703		733,317

				$	1,381,583

Automotive — 1.1%

Clarios Global, L.P./Clarios US Finance Co., 8.50%, 5/15/27⁽¹⁾			2,245	$	2,345,576

Clarios Global, L.P., 6.75%, 5/15/25⁽¹⁾			120		127,100

Fiat Chrysler Automobiles N.V., 4.50%, 7/7/28⁽²⁾	EUR		541		733,093

Ford Motor Co., 4.75%, 1/15/43			439		407,447

Ford Motor Co., 8.50%, 4/21/23			294		324,972

Ford Motor Co., 9.625%, 4/22/30			280		376,349

Navistar International Corp., 9.50%, 5/1/25⁽¹⁾			133		147,630

				$	4,462,167

Beverage and Tobacco — 0.2%

Primo Water Corp. Co., 3.875%, 10/31/28⁽²⁾	EUR		778	$	896,973

				$	896,973

Brokerage / Securities Dealers / Investment Houses — 0.1%

Alliance Data Systems Corp., 4.75%, 12/15/24⁽¹⁾			459	$	430,026

				$	430,026

Building and Development — 2.7%

AT Securities B.V., 5.25% to 7/21/23^(2)(3)(4)			1,500	$	1,502,081

Boise Cascade Co., 4.875%, 7/1/30⁽¹⁾			203		217,372


Security		Principal Amount* (000’s omitted)		Value

Building and Development (continued)

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽¹⁾			1,010	$	840,194

Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.875%, 2/15/30⁽¹⁾			163		155,104

Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 9/15/27⁽¹⁾			110		112,923

Builders FirstSource, Inc., 5.00%, 3/1/30⁽¹⁾			110		116,188

Builders FirstSource, Inc., 6.75%, 6/1/27⁽¹⁾			532		571,235

Cornerstone Building Brands, Inc., 6.125%, 1/15/29⁽¹⁾			69		70,616

Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽¹⁾			1,069		1,071,004

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽¹⁾			796		809,930

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽¹⁾			605		599,564

HT Troplast GmbH, 9.25%, 7/15/25⁽²⁾	EUR		1,705		2,121,054

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28⁽¹⁾			304		307,610

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 4/1/29⁽¹⁾			140		142,450

SRM Escrow Issuer, LLC, 6.00%, 11/1/28⁽¹⁾⁽⁵⁾			482		482,000

Standard Industries, Inc., 4.375%, 7/15/30⁽¹⁾			334		344,533

Standard Industries, Inc., 4.75%, 1/15/28⁽¹⁾			1,000		1,046,250

Standard Industries, Inc., 5.00%, 2/15/27⁽¹⁾			123		127,074

Taylor Morrison Communities, Inc., 5.125%, 8/1/30⁽¹⁾			197		214,248

Taylor Morrison Communities, Inc., 5.875%, 6/15/27⁽¹⁾			24		26,575

				$	10,878,005

Business Equipment and Services — 1.1%

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽¹⁾			173	$	181,218

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27⁽¹⁾			473		505,287

EIG Investors Corp., 10.875%, 2/1/24			1,230		1,280,928

Pike Corp., 5.50%, 9/1/28⁽¹⁾			280		287,059

ServiceMaster Co., LLC (The), 7.45%, 8/15/27			1,736		1,941,820

				$	4,196,312

Cable and Satellite Television — 2.7%

Altice France S.A., 5.875%, 2/1/27⁽²⁾	EUR		1,000	$	1,219,447

Altice France S.A., 8.125%, 2/1/27⁽¹⁾			1,000		1,088,645

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30⁽¹⁾			350		364,002

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32⁽¹⁾			165		170,569

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30⁽¹⁾			1,803		1,898,739


		8		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Cable and Satellite Television (continued)

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28⁽¹⁾			400	$	421,600

CSC Holdings, LLC, 3.375%, 2/15/31⁽¹⁾			266		256,161

CSC Holdings, LLC, 4.625%, 12/1/30⁽¹⁾			272		272,303

CSC Holdings, LLC, 5.75%, 1/15/30⁽¹⁾			2,139		2,289,372

DISH DBS Corp., 5.00%, 3/15/23			250		251,250

Radiate Holdco, LLC/Radiate Finance, Inc., 6.50%, 9/15/28⁽¹⁾			370		382,025

TEGNA, Inc., 4.625%, 3/15/28⁽¹⁾			89		88,377

TEGNA, Inc., 4.75%, 3/15/26⁽¹⁾			140		144,025

Virgin Media Secured Finance PLC, 5.00%, 4/15/27⁽²⁾	GBP		905		1,216,246

Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28⁽²⁾	GBP		530		685,756

				$	10,748,517

Capital Goods — 0.1%

BWX Technologies, Inc., 4.125%, 6/30/28⁽¹⁾			276	$	279,622

				$	279,622

Chemicals and Plastics — 1.2%

HB Fuller Co., 4.25%, 10/15/28			137	$	139,141

K+S AG, 2.625%, 4/6/23⁽²⁾	EUR		325		355,785

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽¹⁾			108		109,464

OCI N.V., 3.125%, 11/1/24⁽²⁾	EUR		680		782,454

OCI N.V., 3.625%, 10/15/25⁽²⁾	EUR		1,500		1,742,765

Synthomer PLC, 3.875%, 7/1/25⁽²⁾	EUR		983		1,170,207

Valvoline, Inc., 4.25%, 2/15/30⁽¹⁾			169		172,634

W.R. Grace & Co., 4.875%, 6/15/27⁽¹⁾			432		450,580

				$	4,923,030

Clothing / Textiles — 0.6%

Hanesbrands Finance Luxembourg SCA, 3.50%, 6/15/24⁽²⁾	EUR		1,000	$	1,208,478

PrestigeBidCo GmbH, 6.25%, 12/15/23⁽²⁾	EUR		1,100		1,305,323

William Carter Co. (The), 5.50%, 5/15/25⁽¹⁾			83		87,306

				$	2,601,107

Commercial Services — 1.6%

AMN Healthcare, Inc., 4.00%, 4/15/29⁽¹⁾			328	$	327,590

AMN Healthcare, Inc., 4.625%, 10/1/27⁽¹⁾			138		141,364

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.25%, 3/15/25⁽¹⁾			195		184,153

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27⁽¹⁾			195		183,666


Security		Principal Amount* (000’s omitted)		Value

Commercial Services (continued)

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27⁽¹⁾			156	$	148,297

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 6.375%, 4/1/24⁽¹⁾			65		63,416

Ellaktor Value PLC, 6.375%, 12/15/24⁽²⁾	EUR		2,620		2,636,395

Intertrust Group B.V., 3.375%, 11/15/25⁽²⁾	EUR		500		584,523

Nielsen Finance, LLC/Nielsen Finance Co., 5.625%, 10/1/28⁽¹⁾			142		147,236

Nielsen Finance, LLC/Nielsen Finance Co., 5.875%, 10/1/30⁽¹⁾			142		149,544

Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc., 4.625%, 11/1/26⁽¹⁾			77		78,251

Verisure Holding AB, 3.50%, 5/15/23⁽²⁾	EUR		300		350,364

Verisure Holding AB, 5.00%, (3 mo. EURIBOR + 5.00%), 4/15/25⁽²⁾⁽⁶⁾	EUR		1,000		1,186,394

Verisure Midholding AB, 5.75%, 12/1/23⁽²⁾	EUR		100		116,081

Verscend Escrow Corp., 9.75%, 8/15/26⁽¹⁾			112		120,610

				$	6,417,884

Computers — 0.4%

Booz Allen Hamilton, Inc., 3.875%, 9/1/28⁽¹⁾			1,555	$	1,581,241

Presidio Holdings, Inc., 8.25%, 2/1/28⁽¹⁾			204		216,877

				$	1,798,118

Conglomerates — 0.1%

Spectrum Brands, Inc., 5.50%, 7/15/30⁽¹⁾			200	$	214,375

				$	214,375

Consumer Products — 0.0%⁽⁷⁾

Central Garden & Pet Co., 4.125%, 10/15/30			96	$	97,260

				$	97,260

Cosmetics / Toiletries — 0.1%

Edgewell Personal Care Co., 5.50%, 6/1/28⁽¹⁾			304	$	319,919

				$	319,919

Distribution & Wholesale — 1.1%

Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22⁽²⁾⁽⁶⁾	EUR		2,001	$	2,291,168

Parts Europe S.A., 6.50%, 7/16/25⁽²⁾	EUR		1,500		1,717,876

Performance Food Group, Inc., 6.875%, 5/1/25⁽¹⁾			434		460,854

				$	4,469,898


		9		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Diversified Financial Services — 2.5%

Cabot Financial Luxembourg S.A., 7.50%, 10/1/23⁽²⁾	GBP		1,390	$	1,827,756

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽¹⁾			1,514		1,500,753

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26⁽²⁾			260		257,725

Lincoln Financing S.a.r.l., 3.625%, 4/1/24⁽²⁾	EUR		1,467		1,631,657

PRA Group, Inc., 7.375%, 9/1/25⁽¹⁾			407		427,706

Quicken Loans, LLC/Quicken Loans Co-Issuer, Inc., 3.625%, 3/1/29⁽¹⁾			377		372,052

United Shore Financial Services, LLC, 5.50%, 11/15/25⁽¹⁾⁽⁵⁾			206		208,771

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽²⁾	EUR		3,700		3,834,546

Vivion Investments S.a.r.l., 3.50%, 11/1/25⁽²⁾	EUR		100		102,810

				$	10,163,776

Drugs — 1.6%

AdaptHealth, LLC, 6.125%, 8/1/28⁽¹⁾			195	$	203,044

Bausch Health Americas, Inc., 8.50%, 1/31/27⁽¹⁾			33		36,129

Bausch Health Companies, Inc., 5.00%, 1/30/28⁽¹⁾			230		227,615

Bausch Health Companies, Inc., 5.25%, 1/30/30⁽¹⁾			345		339,349

Bausch Health Companies, Inc., 6.125%, 4/15/25⁽¹⁾			920		946,680

Bausch Health Companies, Inc., 6.25%, 2/15/29⁽¹⁾			375		387,000

Bausch Health Companies, Inc., 7.00%, 1/15/28⁽¹⁾			1,862		1,976,867

Bausch Health Companies, Inc., 7.25%, 5/30/29⁽¹⁾			12		12,940

Bausch Health Companies, Inc., 9.00%, 12/15/25⁽¹⁾			131		143,471

Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽¹⁾			400		409,424

Catalent Pharma Solutions, Inc., 5.00%, 7/15/27⁽¹⁾			575		600,409

Jaguar Holding Co., II/PPD Development, L.P., 4.625%, 6/15/25⁽¹⁾			331		342,459

Jaguar Holding Co., II/PPD Development, L.P., 5.00%, 6/15/28⁽¹⁾			293		305,763

Nidda Healthcare Holding GmbH, 3.50%, 9/30/24⁽²⁾	EUR		352		400,733

				$	6,331,883

Ecological Services and Equipment — 0.5%

GFL Environmental, Inc., 3.75%, 8/1/25⁽¹⁾			234	$	234,439

GFL Environmental, Inc., 4.25%, 6/1/25⁽¹⁾			313		319,847

GFL Environmental, Inc., 7.00%, 6/1/26⁽¹⁾			105		109,659

GFL Environmental, Inc., 8.50%, 5/1/27⁽¹⁾			1,080		1,179,225

				$	1,843,170

Electric Utilities — 0.6%

Clearway Energy Operating, LLC, 4.75%, 3/15/28⁽¹⁾			131	$	137,837

Drax Finco PLC, 6.625%, 11/1/25⁽¹⁾			1,450		1,520,687


Security		Principal Amount* (000’s omitted)		Value

Electric Utilities (continued)

Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28⁽¹⁾			306	$	319,619

WESCO Distribution, Inc., 7.125%, 6/15/25⁽¹⁾			300		323,648

WESCO Distribution, Inc., 7.25%, 6/15/28⁽¹⁾			267		292,657

				$	2,594,448

Electronics / Electrical — 0.4%

Dell, Inc., 7.10%, 4/15/28			385	$	488,950

Entegris, Inc., 4.375%, 4/15/28⁽¹⁾			236		246,030

Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27⁽¹⁾			460		482,712

Open Text Corp., 3.875%, 2/15/28⁽¹⁾			215		218,763

Open Text Holdings, Inc., 4.125%, 2/15/30⁽¹⁾			188		195,396

				$	1,631,851

Energy — 0.3%

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26⁽¹⁾			1,080	$	1,141,425

				$	1,141,425

Entertainment — 1.3%

Colt Merger Sub, Inc., 6.25%, 7/1/25⁽¹⁾			731	$	751,468

Colt Merger Sub, Inc., 8.125%, 7/1/27⁽¹⁾			589		615,505

CPUK Finance, Ltd., 4.25%, 2/28/47⁽²⁾	GBP		586		746,310

CPUK Finance, Ltd., 4.875%, 2/28/47⁽²⁾	GBP		624		739,060

Pinewood Finance Co., Ltd., 3.25%, 9/30/25⁽²⁾	GBP		1,600		2,062,568

Powdr Corp., 6.00%, 8/1/25⁽¹⁾			300		303,615

				$	5,218,526

Financial Intermediaries — 1.5%

FCE Bank PLC, 1.134%, 2/10/22⁽²⁾	EUR		205	$	235,244

FCE Bank PLC, 1.615%, 5/11/23⁽²⁾	EUR		600		681,722

FCE Bank PLC, 1.875%, 6/24/21⁽²⁾	EUR		870		1,008,476

Ford Motor Credit Co., LLC, 3.087%, 1/9/23			400		396,750

Ford Motor Credit Co., LLC, 3.096%, 5/4/23			305		301,569

Ford Motor Credit Co., LLC, 3.37%, 11/17/23			452		448,610

Ford Motor Credit Co., LLC, 3.813%, 10/12/21			200		201,375

Ford Motor Credit Co., LLC, 3.815%, 11/2/27			641		620,568

Ford Motor Credit Co., LLC, 4.125%, 8/17/27			842		830,423

Ford Motor Credit Co., LLC, 5.125%, 6/16/25			273		284,886

Ford Motor Credit Co., LLC, 5.596%, 1/7/22			200		205,300

Freedom Mortgage Corp., 7.625%, 5/1/26⁽¹⁾			39		38,756

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27			355		368,466


		10		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Financial Intermediaries (continued)

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			197	$	204,848

JPMorgan Chase & Co., 4.60% to 2/1/25⁽³⁾⁽⁴⁾			386		381,079

				$	6,208,072

Food Products — 0.7%

Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28⁽¹⁾			137	$	137,795

Kraft Heinz Foods Co., 3.875%, 5/15/27⁽¹⁾			299		316,452

Kraft Heinz Foods Co., 4.25%, 3/1/31⁽¹⁾			299		324,589

Kraft Heinz Foods Co., 4.375%, 6/1/46			1,576		1,613,903

Kraft Heinz Foods Co., 5.50%, 6/1/50⁽¹⁾			299		340,638

Post Holdings, Inc., 4.625%, 4/15/30⁽¹⁾			168		172,620

United Natural Foods, Inc., 6.75%, 10/15/28⁽¹⁾			117		118,609

				$	3,024,606

Food Service — 0.6%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.00%, 10/15/30⁽¹⁾			430	$	427,850

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25⁽¹⁾			684		729,890

IRB Holding Corp., 7.00%, 6/15/25⁽¹⁾			121		129,169

US Foods, Inc., 5.875%, 6/15/24⁽¹⁾			510		509,044

Yum! Brands, Inc., 3.625%, 3/15/31			355		349,231

Yum! Brands, Inc., 7.75%, 4/1/25⁽¹⁾			65		71,480

				$	2,216,664

Food / Drug Retailers — 0.6%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30⁽¹⁾			950	$	1,009,945

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.75%, 3/15/25			422		436,462

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28⁽¹⁾			609		645,047

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 7.50%, 3/15/26⁽¹⁾			300		332,962

Fresh Market, Inc. (The), 9.75%, 5/1/23⁽¹⁾			185		177,370

				$	2,601,786

Health Care — 3.0%

Acadia Healthcare Co., Inc., 5.00%, 4/15/29⁽¹⁾			338	$	349,086

Acadia Healthcare Co., Inc., 5.50%, 7/1/28⁽¹⁾			285		296,934

Avantor Funding, Inc., 2.625%, 11/1/25⁽²⁾⁽⁵⁾	EUR		1,294		1,507,057

Centene Corp., 3.00%, 10/15/30			584		607,187

Centene Corp., 3.375%, 2/15/30			327		340,157


Security		Principal Amount* (000’s omitted)		Value

Health Care (continued)

Centene Corp., 4.25%, 12/15/27			54	$	56,960

Centene Corp., 4.625%, 12/15/29			1,035		1,128,181

CHS/Community Health Systems, Inc., 6.25%, 3/31/23			51		50,618

DaVita, Inc., 3.75%, 2/15/31⁽¹⁾			279		268,712

Emergent BioSolutions, Inc., 3.875%, 8/15/28⁽¹⁾			325		327,234

Encompass Health Corp., 4.50%, 2/1/28			641		657,544

Encompass Health Corp., 4.625%, 4/1/31			251		258,844

Encompass Health Corp., 4.75%, 2/1/30			119		124,154

Grifols S.A., 2.25%, 11/15/27⁽²⁾	EUR		840		966,982

HCA, Inc., 5.875%, 2/1/29			1,019		1,200,581

HCA, Inc., 7.69%, 6/15/25			200		239,229

LifePoint Health, Inc., 4.375%, 2/15/27⁽¹⁾			191		189,512

LifePoint Health, Inc., 6.75%, 4/15/25⁽¹⁾			165		174,900

Molina Healthcare, Inc., 4.375%, 6/15/28⁽¹⁾			367		376,542

MPH Acquisition Holdings, LLC, 5.75%, 11/1/28⁽¹⁾			1,381		1,355,106

Prime Healthcare Services, Inc., 7.25%, 11/1/25⁽¹⁾			204		205,846

Providence Service Corp. (The), 5.875%, 11/15/25⁽¹⁾⁽⁵⁾			330		336,394

Teleflex, Inc., 4.875%, 6/1/26			670		699,185

Tenet Healthcare Corp., 4.625%, 6/15/28⁽¹⁾			110		111,788

Tenet Healthcare Corp., 6.125%, 10/1/28⁽¹⁾			88		85,635

Varex Imaging Corp., 7.875%, 10/15/27⁽¹⁾			175		178,500

				$	12,092,868

Homebuilders / Real Estate — 0.0%⁽⁷⁾

M/I Homes, Inc., 4.95%, 2/1/28			110	$	114,194

				$	114,194

Insurance — 1.2%

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27⁽¹⁾			1,045	$	1,099,016

AmWINS Group, Inc., 7.75%, 7/1/26⁽¹⁾			294		314,892

Galaxy Finco, Ltd., 9.25%, 7/31/27⁽²⁾	GBP		1,100		1,454,263

GTCR AP Finance, Inc., 8.00%, 5/15/27⁽¹⁾			1,501		1,602,317

NFP Corp., 6.875%, 8/15/28⁽¹⁾			475		461,344

				$	4,931,832

Internet Software & Services — 1.2%

Adevinta ASA, 2.625%, 11/15/25⁽²⁾⁽⁵⁾	EUR		1,730	$	2,014,341

ANGI Group, LLC, 3.875%, 8/15/28⁽¹⁾			134		132,744

Cars.com, Inc., 6.375%, 11/1/28⁽¹⁾			231		230,423

Expedia Group, Inc., 6.25%, 5/1/25⁽¹⁾			119		130,975

Expedia Group, Inc., 7.00%, 5/1/25⁽¹⁾			60		64,294

Netflix, Inc., 3.00%, 6/15/25⁽²⁾	EUR		855		1,038,550

Netflix, Inc., 4.875%, 4/15/28			50		56,317


		11		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Internet Software & Services (continued)

Netflix, Inc., 5.375%, 11/15/29⁽¹⁾			811	$	950,897

Riverbed Technology, Inc., 8.875%, 3/1/23⁽¹⁾			70		47,950

Science Applications International Corp., 4.875%, 4/1/28⁽¹⁾			77		80,795

				$	4,747,286

Leisure Goods / Activities / Movies — 0.4%

AMC Entertainment Holdings, Inc., 10.50%, 4/15/25⁽¹⁾			295	$	159,668

NCL Corp, Ltd., 3.625%, 12/15/24⁽¹⁾			226		158,669

NCL Corp, Ltd., 10.25%, 2/1/26⁽¹⁾			270		278,100

Sabre GLBL, Inc., 9.25%, 4/15/25⁽¹⁾			109		120,309

Viking Cruises, Ltd., 5.875%, 9/15/27⁽¹⁾			1,223		956,233

				$	1,672,979

Lodging and Casinos — 0.7%

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽¹⁾			1,062	$	890,641

MGM Resorts International, 4.75%, 10/15/28			521		510,255

Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27⁽¹⁾			254		264,669

VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27⁽¹⁾			256		257,080

VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30⁽¹⁾			256		259,520

VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26⁽¹⁾			90		91,658

VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29⁽¹⁾			467		486,007

				$	2,759,830

Media — 0.4%

Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25⁽¹⁾			202	$	206,545

Tele Columbus AG, 3.875%, 5/2/25⁽²⁾	EUR		1,160		1,275,967

VTR Finance N.V., 6.375%, 7/15/28⁽¹⁾			200		213,250

				$	1,695,762

Metals / Mining — 1.0%

Arconic Corp., 6.125%, 2/15/28⁽¹⁾			409	$	431,703

Cleveland-Cliffs, Inc., 6.75%, 3/15/26⁽¹⁾			1,064		1,118,530

Cleveland-Cliffs, Inc., 9.875%, 10/17/25⁽¹⁾			100		114,500

Compass Minerals International, Inc., 6.75%, 12/1/27⁽¹⁾			504		547,551

Freeport-McMoRan, Inc., 5.45%, 3/15/43			1,100		1,257,223

Hudbay Minerals, Inc., 6.125%, 4/1/29⁽¹⁾			293		300,325


Security	Principal Amount* (000’s omitted)		Value

Metals / Mining (continued)

Joseph T Ryerson & Son, Inc., 8.50%, 8/1/28⁽¹⁾		301	$	323,101

			$	4,092,933

Nonferrous Metals / Minerals — 0.3%

Eldorado Gold Corp., 9.50%, 6/1/24⁽¹⁾		621	$	674,173

New Gold, Inc., 6.375%, 5/15/25⁽¹⁾		135		139,303

New Gold, Inc., 7.50%, 7/15/27⁽¹⁾		473		512,555

			$	1,326,031

Oil and Gas — 3.4%

Apache Corp., 4.25%, 1/15/30		549	$	486,208

Apache Corp., 4.375%, 10/15/28		186		171,232

Apache Corp., 4.625%, 11/15/25		175		166,469

Apache Corp., 4.875%, 11/15/27		215		202,100

Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28⁽¹⁾		213		206,078

Cenovus Energy, Inc., 3.80%, 9/15/23		389		395,302

Cenovus Energy, Inc., 6.75%, 11/15/39		341		378,509

Centennial Resource Production, LLC, 6.875%, 4/1/27⁽¹⁾		530		196,315

Continental Resources, Inc., 4.375%, 1/15/28		357		321,553

Continental Resources, Inc., 4.90%, 6/1/44		13		10,814

CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽¹⁾		941		927,125

CVR Energy, Inc., 5.75%, 2/15/28⁽¹⁾		297		203,445

EQT Corp., 5.00%, 1/15/29⁽⁵⁾		106		106,000

EQT Corp., 7.875%, 2/1/25		230		256,196

EQT Corp., 8.75%, 2/1/30		155		192,781

Extraction Oil & Gas, Inc., 5.625%, 2/1/26⁽¹⁾⁽⁸⁾		1,500		369,660

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽¹⁾		1,163		651,280

Ithaca Energy North Sea PLC, 9.375%, 7/15/24⁽¹⁾		1,450		1,265,110

Laredo Petroleum, Inc., 9.50%, 1/15/25		96		44,922

Laredo Petroleum, Inc., 10.125%, 1/15/28		145		63,003

MEG Energy Corp., 7.125%, 2/1/27⁽¹⁾		239		215,633

Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26⁽¹⁾		50		25,000

Nabors Industries, Ltd., 7.25%, 1/15/26⁽¹⁾		149		58,389

Nabors Industries, Ltd., 7.50%, 1/15/28⁽¹⁾		161		61,683

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽¹⁾		2,028		1,769,430

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽²⁾		250		218,125

Newfield Exploration Co., 5.375%, 1/1/26		213		200,398

Newfield Exploration Co., 5.625%, 7/1/24		79		76,491

Occidental Petroleum Corp., 2.70%, 8/15/22		71		65,764

Occidental Petroleum Corp., 2.90%, 8/15/24		25		20,850

Occidental Petroleum Corp., 3.125%, 2/15/22		4		3,810


		12		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

Occidental Petroleum Corp., 3.40%, 4/15/26			136	$	106,631

Occidental Petroleum Corp., 3.45%, 7/15/24			61		49,563

Occidental Petroleum Corp., 3.50%, 8/15/29			175		126,536

Occidental Petroleum Corp., 4.20%, 3/15/48			271		179,754

Occidental Petroleum Corp., 4.40%, 8/15/49			217		145,797

Occidental Petroleum Corp., 4.625%, 6/15/45			145		98,238

Occidental Petroleum Corp., 6.20%, 3/15/40			141		114,816

Occidental Petroleum Corp., 6.375%, 9/1/28			167		146,438

Occidental Petroleum Corp., 6.625%, 9/1/30			1,030		904,134

Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25⁽¹⁾			420		430,237

Precision Drilling Corp., 5.25%, 11/15/24			87		56,604

Precision Drilling Corp., 7.125%, 1/15/26⁽¹⁾			200		126,712

Precision Drilling Corp., 7.75%, 12/15/23			27		20,064

Seven Generations Energy, Ltd., 5.375%, 9/30/25⁽¹⁾			1,435		1,370,934

Southwestern Energy Co., 7.50%, 4/1/26			31		31,598

Southwestern Energy Co., 7.75%, 10/1/27			31		32,066

Southwestern Energy Co., 8.375%, 9/15/28			319		333,953

Transocean, Inc., 11.50%, 1/30/27⁽¹⁾			34		11,304

				$	13,615,054

Packaging & Containers — 1.1%

ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27⁽²⁾⁽⁹⁾	EUR		193	$	218,061

CANPACK S.A./Eastern PA Land Investment Holding, LLC, 2.375%, 11/1/27⁽²⁾	EUR		1,040		1,216,999

Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC, 6.00%, 9/15/28⁽¹⁾			263		268,096

Silgan Holdings, Inc., 2.25%, 6/1/28	EUR		1,000		1,139,262

Trivium Packaging Finance B.V., 3.75%, 8/15/26⁽²⁾	EUR		1,210		1,397,507

				$	4,239,925

Pharmaceuticals — 0.4%

Cheplapharm Arzneimittel GmbH, 4.375%, 1/15/28⁽²⁾	EUR		1,338	$	1,548,023

				$	1,548,023

Pipelines — 0.7%

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.375%, 9/15/24			335	$	314,129

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27⁽¹⁾			501		451,839

Cheniere Energy, Inc., 4.625%, 10/15/28⁽¹⁾			356		368,015

EnLink Midstream, LLC, 5.375%, 6/1/29			236		202,488

EQM Midstream Partners, L.P., 6.00%, 7/1/25⁽¹⁾			204		209,355

EQM Midstream Partners, L.P., 6.50%, 7/1/27⁽¹⁾			205		215,293


Security		Principal Amount* (000’s omitted)		Value

Pipelines (continued)

Plains All American Pipeline, L.P., 6.125% to 11/15/22⁽³⁾⁽⁴⁾			146	$	90,338

Western Midstream Operating, L.P., 4.50%, 3/1/28			38		35,340

Western Midstream Operating, L.P., 4.75%, 8/15/28			38		35,625

Western Midstream Operating, L.P., 5.05%, 2/1/30			879		835,050

				$	2,757,472

Radio and Television — 0.5%

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽¹⁾			871	$	508,991

iHeartCommunications, Inc., 8.375%, 5/1/27			326		318,753

Sirius XM Radio, Inc., 5.50%, 7/1/29⁽¹⁾			450		490,646

Terrier Media Buyer, Inc., 8.875%, 12/15/27⁽¹⁾			844		864,357

				$	2,182,747

Real Estate Investment Trusts (REITs) — 1.2%

ADLER Group S.A., 3.25%, 8/5/25⁽²⁾	EUR		1,800	$	2,072,786

Consus Real Estate AG, 9.625%, 5/15/24⁽²⁾	EUR		1,350		1,678,406

HAT Holdings I, LLC/HAT Holdings II, LLC, 3.75%, 9/15/30⁽¹⁾			283		284,061

HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25⁽¹⁾			161		171,063

Service Properties Trust, 5.00%, 8/15/22			455		450,450

Service Properties Trust, 7.50%, 9/15/25			290		304,235

				$	4,961,001

Retail — 0.2%

Group 1 Automotive, Inc., 4.00%, 8/15/28⁽¹⁾			260	$	260,650

Ken Garff Automotive, LLC, 4.875%, 9/15/28⁽¹⁾			304		301,781

Specialty Building Products Holdings, LLC/SBP Finance Corp., 6.375%, 9/30/26⁽¹⁾			140		142,975

				$	705,406

Retailers (Except Food and Drug) — 0.6%

Academy, Ltd., 6.00%, 11/15/27⁽¹⁾⁽⁵⁾			68	$	68,130

Asbury Automotive Group, Inc., 4.50%, 3/1/28⁽¹⁾			85		86,647

Asbury Automotive Group, Inc., 4.75%, 3/1/30⁽¹⁾			111		114,746

Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25⁽¹⁾			224		235,060

Dave & Buster’s, Inc., 7.625%, 11/1/25⁽¹⁾			408		401,370

L Brands, Inc., 6.625%, 10/1/30⁽¹⁾			280		294,525

L Brands, Inc., 6.75%, 7/1/36			46		46,556

L Brands, Inc., 6.875%, 7/1/25⁽¹⁾			133		142,774

L Brands, Inc., 6.875%, 11/1/35			488		496,235


		13		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) (continued)

L Brands, Inc., 7.60%, 7/15/37			55	$	52,938

L Brands, Inc., 9.375%, 7/1/25⁽¹⁾			93		107,996

White Cap Buyer, LLC, 6.875%, 10/15/28⁽¹⁾			177		181,757

				$	2,228,734

Semiconductors & Semiconductor Equipment — 0.1%

ON Semiconductor Corp., 3.875%, 9/1/28⁽¹⁾			484	$	493,075

				$	493,075

Software and Services — 0.2%

Black Knight InfoServ, LLC, 3.625%, 9/1/28⁽¹⁾			226	$	229,108

Gartner, Inc., 3.75%, 10/1/30⁽¹⁾			209		213,985

Gartner, Inc., 4.50%, 7/1/28⁽¹⁾			264		275,935

LogMeIn, Inc., 5.50%, 9/1/27⁽¹⁾			199		201,985

				$	921,013

Steel — 0.8%

Allegheny Ludlum, LLC, 6.95%, 12/15/25			328	$	329,195

Allegheny Technologies, Inc., 5.875%, 12/1/27			574		541,354

Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29⁽¹⁾			454		468,471

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽¹⁾			1,760		1,751,200

				$	3,090,220

Surface Transport — 0.4%

Anglian Water Osprey Financing PLC, 4.00%, 3/8/26⁽²⁾	GBP		1,200	$	1,533,846

XPO Logistics, Inc., 6.25%, 5/1/25⁽¹⁾			251		267,238

				$	1,801,084

Technology — 0.2%

Dell International, LLC/EMC Corp., 6.10%, 7/15/27⁽¹⁾			229	$	272,334

Dell International, LLC/EMC Corp., 7.125%, 6/15/24⁽¹⁾			647		671,120

				$	943,454

Telecommunications — 3.2%

Altice Financing S.A., 2.25%, 1/15/25⁽²⁾	EUR		423	$	460,625

Altice Finco S.A., 4.75%, 1/15/28⁽²⁾	EUR		1,175		1,238,679

Altice France Holding S.A., 8.00%, 5/15/27⁽¹⁾	EUR		750		918,800

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽¹⁾			462		466,043

Hughes Satellite Systems Corp., 6.625%, 8/1/26			783		850,874

PLT VII Finance S.a.r.l., 4.625%, 1/5/26⁽²⁾	EUR		770		901,264

Qwest Corp., 7.25%, 9/15/25			283		325,717


Security		Principal Amount* (000’s omitted)		Value

Telecommunications (continued)

Sprint Corp., 7.625%, 2/15/25			405	$	478,659

Sprint Corp., 7.625%, 3/1/26			214		260,756

Sprint Corp., 7.875%, 9/15/23			623		712,167

Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26⁽²⁾	EUR		1,280		1,475,910

Switch, Ltd., 3.75%, 9/15/28⁽¹⁾			170		170,531

T-Mobile USA, Inc., 6.50%, 1/15/26			750		782,438

Telecom Italia SpA, 2.75%, 4/15/25⁽²⁾	EUR		1,400		1,691,364

Telecom Italia SpA, 3.00%, 9/30/25⁽²⁾	EUR		535		652,701

Vmed O2 UK Financing I PLC, 3.25%, 1/31/31⁽²⁾	EUR		1,350		1,542,797

VTR Comunicaciones SpA, 5.125%, 1/15/28⁽¹⁾			200		211,320

				$	13,140,645

Transportation — 0.9%

Cargo Aircraft Management, Inc., 4.75%, 2/1/28⁽¹⁾			166	$	169,009

Getlink SE, 3.50%, 10/30/25⁽²⁾	EUR		1,268		1,483,985

JSL Europe S.A., 7.75%, 7/26/24⁽¹⁾			1,441		1,480,267

Watco Cos., LLC/Watco Finance Corp., 6.50%, 6/15/27⁽¹⁾			553		574,774

				$	3,708,035

Utilities — 0.4%

Calpine Corp., 4.50%, 2/15/28⁽¹⁾			468	$	476,892

Calpine Corp., 5.00%, 2/1/31⁽¹⁾			265		270,949

Calpine Corp., 5.125%, 3/15/28⁽¹⁾			704		726,894

				$	1,474,735

Total Corporate Bonds & Notes (identified cost $191,257,465)				$	193,011,131

Senior Floating-Rate Loans — 35.1%⁽¹⁰⁾
Borrower / Tranche Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 1.2%

Dynasty Acquisition Co., Inc., Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing 4/6/26			1,035	$	929,997

Dynasty Acquisition Co., Inc., Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing 4/6/26			556		499,998

TransDigm, Inc., Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing 12/9/25			3,713		3,500,768

				$	4,930,763


		14		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Borrower / Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive — 0.0%⁽⁷⁾

Dayco Products, LLC, Term Loan, 4.51%, (3 mo. USD LIBOR + 4.25%), Maturing 5/19/23			98	$	62,220

Garrett LX III S.a.r.l., Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing 9/27/25	EUR		61		69,632

				$	131,852

Building and Development — 1.2%

Core & Main L.P., Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 8/1/24			1,379	$	1,344,461

Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 8/21/25			2,279		2,186,618

Quikrete Holdings, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 2/1/27			199		194,985

Werner FinCo L.P., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 7/24/24			1,189		1,150,153

WireCo WorldGroup, Inc., Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 9/30/23			97		85,261

				$	4,961,478

Business Equipment and Services — 3.5%

AlixPartners, LLP, Term Loan, 2.64%, (1 mo. USD LIBOR + 2.50%), Maturing 4/4/24			2,723	$	2,643,216

Allied Universal Holdco, LLC, Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing 7/10/26			3,177		3,116,346

Hillman Group, Inc. (The), Term Loan, 4.15%, (1 mo. USD LIBOR + 4.00%), Maturing 5/31/25			14		13,486

IG Investment Holdings, LLC, Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 5/23/25			98		96,207

Iron Mountain, Inc., Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing 1/2/26			2,054		1,982,046

Pike Corporation, Term Loan, 3.28%, (1 mo. USD LIBOR + 3.00%), Maturing 7/24/26			125		123,347

Presidio, Inc., Term Loan, 3.72%, (3 mo. USD LIBOR + 3.50%), Maturing 1/22/27			2,494		2,445,434

Sabre GLBL, Inc., Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing 2/22/24			995		941,825

Spin Holdco, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing 11/14/22			2,776		2,710,029

				$	14,071,936

Cable and Satellite Television — 2.3%

Altice France S.A., Term Loan, 4.24%, (3 mo. USD LIBOR + 4.00%), Maturing 8/14/26			3,462	$	3,369,571


Borrower / Tranche Description		Principal Amount* (000’s omitted)		Value

Cable and Satellite Television (continued)

Telenet Financing USD, LLC, Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing 4/30/28			2,525	$	2,442,544

Virgin Media Bristol, LLC, Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 1/31/28			3,800		3,676,762

				$	9,488,877

Chemicals and Plastics — 0.9%

Axalta Coating Systems US Holdings, Inc., Term Loan, 1.97%, (3 mo. USD LIBOR + 1.75%), Maturing 6/1/24			988	$	961,226

Ferro Corporation, Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing 2/14/24			99		97,969

Ferro Corporation, Term Loan, 2.47%, (3 mo. USD LIBOR + 2.25%), Maturing 2/14/24			97		95,885

H.B. Fuller Company, Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing 10/20/24			165		162,834

Messer Industries GmbH, Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing 3/1/26	EUR		75		86,257

PQ Corporation, Term Loan, 2.46%, (3 mo. USD LIBOR + 2.25%), Maturing 2/7/27			82		79,709

Starfruit Finco B.V., Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing 10/1/25			198		192,370

Starfruit Finco B.V., Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing 10/1/25	EUR		75		85,680

Tronox Finance, LLC, Term Loan, 3.18%, (USD LIBOR + 3.00%), Maturing 9/23/24⁽¹¹⁾			585		574,201

Univar, Inc., Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing 7/1/24			1,512		1,482,818

				$	3,818,949

Cosmetics / Toiletries — 0.7%

Kronos Acquisition Holdings, Inc., Term Loan, 5.00%, (3 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 5/15/23			2,695	$	2,676,301

				$	2,676,301

Drugs — 1.5%

Bausch Health Companies, Inc., Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing 6/2/25			3,023	$	2,957,232

Horizon Therapeutics USA, Inc., Term Loan, 2.19%, (1 mo. USD LIBOR + 2.00%), Maturing 5/22/26			51		50,144

Jaguar Holding Company II, Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing 8/18/22			2,869		2,853,105

				$	5,860,481


		15		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Borrower / Tranche Description	Principal Amount* (000’s omitted)		Value

Ecological Services and Equipment — 0.3%

GFL Environmental, Inc., Term Loan, 4.00%, (3 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing 5/30/25		1,234	$	1,224,861

			$	1,224,861

Electronics / Electrical — 6.6%

Applied Systems, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing 9/19/24		3,318	$	3,306,591

Avast Software B.V., Term Loan, 3.25%, (3 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing 9/29/23		13		13,442

Banff Merger Sub, Inc., Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing 10/2/25		2,770		2,693,217

Electro Rent Corporation, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 1/31/24		1,985		1,957,249

Epicor Software Corporation, Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing 7/30/27		3,030		3,024,410

Finastra USA, Inc., Term Loan 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing 6/13/24⁽¹¹⁾		995		941,417

Go Daddy Operating Company, LLC, Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing 2/15/24		147		143,661

Hyland Software, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.50%, Floor 0.75%), Maturing 7/1/24		3,312		3,271,349

Informatica, LLC, Term Loan, 3.40%, (1 mo. USD LIBOR + 3.25%), Maturing 2/25/27		2,363		2,288,687

MA FinanceCo., LLC, Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 6/21/24		51		48,243

Seattle Spinco, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 6/21/24		344		325,796

SolarWinds Holdings, Inc., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 2/5/24		1,686		1,658,109

Tibco Software, Inc., Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing 6/30/26		2,838		2,761,493

Uber Technologies, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing 7/13/23		246		241,993

Uber Technologies, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 4/4/25		985		974,053

Ultimate Software Group, Inc. (The), Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing 5/4/26		2,482		2,442,116

Ultimate Software Group, Inc. (The), Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), Maturing 5/4/26		750		746,615

			$	26,838,441


Borrower / Tranche Description	Principal Amount* (000’s omitted)		Value

Financial Intermediaries — 0.2%

BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24		233	$	233,678

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25		416		394,292

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25⁽¹²⁾		30		28,572

			$	656,542

Food Products — 2.0%

HLF Financing S.a.r.l., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25		2,623	$	2,585,002

JBS USA LUX S.A., Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing 5/1/26		2,889		2,829,398

Nomad Foods Europe Midco Limited, Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing 5/15/24		2,623		2,568,304

			$	7,982,704

Food Service — 0.6%

1011778 B.C. Unlimited Liability Company, Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing 11/19/26		2,407	$	2,317,058

			$	2,317,058

Health Care — 2.2%

ADMI Corp., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 4/30/25		545	$	526,894

Avantor Funding, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing 11/21/24		2,247		2,233,406

Change Healthcare Holdings, LLC, Term Loan, 3.50%, (USD LIBOR + 2.50%, Floor 1.00%), Maturing 3/1/24⁽¹¹⁾		2,396		2,343,564

CHG Healthcare Services, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing 6/7/23		98		95,572

MPH Acquisition Holdings, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 6/7/23		2,326		2,300,043

National Mentor Holdings, Inc., Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26		142		139,654

National Mentor Holdings, Inc., Term Loan, 4.40%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26		6		6,375

Ortho-Clinical Diagnostics S.A., Term Loan, 3.39%, (1 mo. USD LIBOR + 3.25%), Maturing 6/30/25		387		375,258


		16		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Borrower / Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)

RegionalCare Hospital Partners Holdings, Inc., Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing 11/16/25		125	$	121,829

U.S. Anesthesia Partners, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing 6/23/24		575		539,988

			$	8,682,583

Industrial Equipment — 2.7%

Apex Tool Group, LLC, Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing 8/1/24		2,050	$	1,949,187

DexKo Global, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 7/24/24		1,090		1,066,022

EWT Holdings III Corp., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 12/20/24		1,858		1,824,648

Filtration Group Corporation, Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing 3/29/25		2,175		2,119,552

Gardner Denver, Inc., Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing 3/1/27		194		187,722

Gates Global, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 4/1/24		98		96,069

Ingersoll-Rand Services Company, Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing 3/1/27		995		963,906

LTI Holdings, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.50%), Maturing 9/6/25		995		928,388

Robertshaw US Holding Corp., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 2/28/25		1,932		1,781,893

			$	10,917,387

Insurance — 2.4%

AmWINS Group, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 1/25/24		2,623	$	2,594,123

Asurion, LLC, Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing 8/4/22		1,272		1,254,099

Asurion, LLC, Term Loan, 3.15%, (1 mo. USD LIBOR + 3.00%), Maturing 11/3/23		497		488,749

Asurion, LLC, Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25		1,152		1,154,846

Hub International Limited, Term Loan, 3.21%, (3 mo. USD LIBOR + 3.00%), Maturing 4/25/25		2,716		2,617,250

USI, Inc., Term Loan 3.22%, (3 mo. USD LIBOR + 3.00%), Maturing 5/16/24		1,486		1,434,898

			$	9,543,965


Borrower / Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies — 1.6%

Bombardier Recreational Products, Inc., Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 5/24/27			998	$	1,006,228

Crown Finance US, Inc., Term Loan, 2.77%, (6 mo. USD LIBOR + 2.50%), Maturing 2/28/25			2,789		1,592,361

Crown Finance US, Inc., Term Loan, 3.02%, (6 mo. USD LIBOR + 2.75%), Maturing 9/30/26			248		138,352

Delta 2 (LUX) S.a.r.l., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing 2/1/24			2,250		2,170,548

Lindblad Expeditions, Inc., Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%, Floor 0.75%), 4.25 cash, 1.25% PIK, Maturing 3/27/25			78		72,939

Lindblad Expeditions, Inc., Term Loan, 5.75%, (1 mo. USD LIBOR + 5.00%, Floor 0.75%), 4.50% cash, 1.25% PIK, Maturing 3/27/25			20		18,235

Playtika Holding Corp., Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing 12/10/24			1,373		1,377,233

SRAM, LLC, Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing 3/15/24⁽¹¹⁾			190		189,527

Vue International Bidco PLC, Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), Maturing 7/3/26	EUR		42		36,154

				$	6,601,577

Lodging and Casinos — 0.6%

CityCenter Holdings, LLC, Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing 4/18/24			147	$	138,199

Four Seasons Hotels Limited, Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing 11/30/23			98		94,336

Golden Nugget, Inc., Term Loan, 3.25%, (2 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing 10/4/23			2,407		2,132,769

				$	2,365,304

Oil and Gas — 0.8%

CITGO Petroleum Corporation, Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 3/28/24			1,576	$	1,481,898

Prairie ECI Acquiror L.P., Term Loan, 4.90%, (1 mo. USD LIBOR + 4.75%), Maturing 3/11/26			1,875		1,687,500

PSC Industrial Holdings Corp., Term Loan, 4.75%, (6 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 10/11/24			196		185,910

				$	3,355,308

Publishing — 0.5%

Getty Images, Inc. Term Loan, 4.69%, (1 mo. USD LIBOR + 4.50%), Maturing 2/19/26			2,156	$	2,018,901

				$	2,018,901


		17		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Borrower / Tranche Description		Principal Amount* (000’s omitted)		Value

Radio and Television — 0.2%

Sinclair Television Group, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 9/30/26			995	$	966,784

				$	966,784

Retailers (Except Food and Drug) — 0.9%

BJ’s Wholesale Club, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing 2/3/24			1,358	$	1,339,560

Hoya Midco, LLC, Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 6/30/24			197		168,298

PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 3/11/22			2,141		2,126,607

				$	3,634,465

Steel — 0.1%

Zekelman Industries, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 2.00%), Maturing 1/24/27			498	$	484,207

				$	484,207

Telecommunications — 1.5%

CenturyLink, Inc., Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing 3/15/27			2,757	$	2,658,937

eircom Finco S.a.r.l., Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing 5/15/26	EUR		76		87,699

Ziggo Financing Partnership, Term Loan, 2.65%, (1 mo. USD LIBOR + 2.50%), Maturing 4/30/28			3,350		3,221,119

				$	5,967,755

Utilities — 0.6%

Brookfield WEC Holdings, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing 8/1/25			296	$	289,986

Calpine Corporation, Term Loan, 2.40%, (1 mo. USD LIBOR + 2.25%), Maturing 1/15/24			2,366		2,312,708

				$	2,602,694

Total Senior Floating-Rate Loans (identified cost $145,006,024)				$	142,101,173

Asset-Backed Securities — 5.5%
Security		Principal Amount (000’s omitted)		Value

Allegany Park CLO, Ltd.

Series 2019-1A, Class E, 6.993%, (3 mo. USD LIBOR + 6.78%), 1/20/33⁽¹⁾⁽⁶⁾		$	1,000	$	924,932


Security	Principal Amount (000’s omitted)		Value

Ares LII CLO, Ltd.

Series 2019-52A, Class D, 4.166%, (3 mo. USD LIBOR + 3.95%), 4/22/31⁽¹⁾⁽⁶⁾	$	1,750	$	1,722,734

Series 2019-52A, Class E, 6.766%, (3 mo. USD LIBOR + 6.55%), 4/22/31⁽¹⁾⁽⁶⁾		250		231,316

Bardot CLO, Ltd.

Series 2019-2A, Class E, 7.166%, (3 mo. USD LIBOR + 6.95%), 10/22/32⁽¹⁾⁽⁶⁾		500		476,188

Benefit Street Partners CLO XIX, Ltd.

Series 2019-19A, Class D, 4.037%, (3 mo. USD LIBOR + 3.80%), 1/15/33⁽¹⁾⁽⁶⁾		1,000		943,604

Series 2019-19A, Class E, 7.257%, (3 mo. USD LIBOR + 7.02%), 1/15/33⁽¹⁾⁽⁶⁾		1,000		948,532

Benefit Street Partners CLO XVIII, Ltd.

Series 2019-18A, Class E, 7.137%, (3 mo. USD LIBOR + 6.90%), 10/15/32⁽¹⁾⁽⁶⁾		500		468,300

BlueMountain CLO XXVI, Ltd.

Series 2019-26A, Class E, 7.918%, (3 mo. USD LIBOR + 7.70%), 10/20/32⁽¹⁾⁽⁶⁾		500		489,136

BlueMountain CLO, Ltd.

Series 2018-1A, Class E, 6.164%, (3 mo. USD LIBOR + 5.95%), 7/30/30⁽¹⁾⁽⁶⁾		250		199,492

Carlyle Global Market Strategies CLO, Ltd.

Series 2014-3RA, Class C, 3.167%, (3 mo. USD LIBOR + 2.95%), 7/27/31⁽¹⁾⁽⁶⁾		2,725		2,329,948

Series 2014-4RA, Class C, 3.137%, (3 mo. USD LIBOR + 2.90%), 7/15/30⁽¹⁾⁽⁶⁾		2,000		1,736,581

Series 2014-4RA, Class D, 5.887%, (3 mo. USD LIBOR + 5.65%), 7/15/30⁽¹⁾⁽⁶⁾		250		188,840

Series 2015-5A, Class DR, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/20/32⁽¹⁾⁽⁶⁾		250		195,828

Coinstar Funding, LLC

Series 2017-1A, Class A2, 5.216%, 4/25/47⁽¹⁾		63		59,737

Foundation Finance Trust

Series 2017-1A, Class A, 3.30%, 7/15/33⁽¹⁾		26		26,929

Kayne CLO 5, Ltd.

Series 2019-5A, Class E, 6.915%, (3 mo. USD LIBOR + 6.70%), 7/24/32⁽¹⁾⁽⁶⁾		500		476,502

Madison Park Funding XXXVI, Ltd.

Series 2019-36A, Class D, 3.987%, (3 mo. USD LIBOR + 3.75%), 1/15/33⁽¹⁾⁽⁶⁾		1,000		985,307

Series 2019-36A, Class E, 7.487%, (3 mo. USD LIBOR + 7.25%), 1/15/33⁽¹⁾⁽⁶⁾		1,000		974,346

Neuberger Berman CLO XXII, Ltd.

Series 2016-22A, Class ER, 6.278%, (3 mo. USD LIBOR + 6.06%), 10/17/30⁽¹⁾⁽⁶⁾		250		224,849

NRZ Excess Spread-Collateralized Notes

Series 2018-PLS1, Class A, 3.193%, 1/25/23⁽¹⁾		92		92,629


		18		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Oaktree CLO, Ltd.

Series 2019-3A, Class D, 4.178%, (3 mo. USD LIBOR + 3.96%), 7/20/31⁽¹⁾⁽⁶⁾	$	2,500	$	2,351,046

Series 2019-3A, Class E, 6.988%, (3 mo. USD LIBOR + 6.77%), 7/20/31⁽¹⁾⁽⁶⁾		1,000		828,452

Palmer Square CLO, Ltd.

Series 2013-2A, Class DRR, 6.068%, (3 mo. USD LIBOR + 5.85%), 10/17/31⁽¹⁾⁽⁶⁾		250		222,368

Series 2019-1A, Class D, 7.265%, (3 mo. USD LIBOR + 7.00%), 11/14/32⁽¹⁾⁽⁶⁾		500		488,902

Pnmac Gmsr Issuer Trust

Series 2018-GT2, Class A, 2.799%, (1 mo. USD LIBOR + 2.65%), 8/25/25⁽¹⁾⁽⁶⁾		117		113,237

Regatta XII Funding, Ltd.

Series 2019-1A, Class E, 7.087%, (3 mo. USD LIBOR + 6.85%), 10/15/32⁽¹⁾⁽⁶⁾		400		379,314

Regatta XIV Funding, Ltd.

Series 2018-3A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽¹⁾⁽⁶⁾		1,000		868,828

Regatta XV Funding, Ltd.

Series 2018-4A, Class D, 6.715%, (3 mo. USD LIBOR + 6.50%), 10/25/31⁽¹⁾⁽⁶⁾		250		223,839

Southwick Park CLO, LLC

Series 2019-4A, Class D, 4.068%, (3 mo. USD LIBOR + 3.85%), 7/20/32⁽¹⁾⁽⁶⁾		3,000		2,974,330

Voya CLO, Ltd.

Series 2016-3A, Class DR, 6.298%, (3 mo. USD LIBOR + 6.08%), 10/18/31⁽¹⁾⁽⁶⁾		250		205,770

Total Asset-Backed Securities (identified cost $23,742,080)			$	22,351,816

Collateralized Mortgage Obligations — 1.6%
Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:

Series 2020-DNA4, Class M2, 3.899%, (1 mo. USD LIBOR + 3.75%), 8/25/50⁽¹⁾⁽⁶⁾	$	2,333	$	2,362,964

Series 2020-HQA4, Class M2, 3.299%, (1 mo. USD LIBOR + 3.15%), 9/25/50⁽¹⁾⁽⁶⁾		4,170		4,202,105

Total Collateralized Mortgage Obligations (identified cost $6,503,333)			$	6,565,069


Commercial Mortgage-Backed Securities — 0.9%
Security	Principal Amount (000’s omitted)		Value

BAMLL Commercial Mortgage Securities Trust

Series 2019-BPR, Class ENM, 3.719%, 11/5/32^(1)(13)	$	600	$	453,669

Citigroup Commercial Mortgage Trust

Series 2017-MDRB, Class C, 2.648%, (1 mo. USD LIBOR + 2.50%), 7/15/30⁽¹⁾⁽⁶⁾		100		94,980

COMM Mortgage Trust

Series 2015-CR22, Class D, 4.107%, 3/10/48^(1)(13)		100		93,135

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2011-C5, Class D, 5.424%, 8/15/46^(1)(13)		150		121,424

Series 2014-DSTY, Class B, 3.771%, 6/10/27⁽¹⁾		150		47,082

Natixis Commercial Mortgage Securities Trust

Series 2018-FL1, Class C, 2.352%, (1 mo. USD LIBOR + 2.20%), 6/15/35⁽¹⁾⁽⁶⁾		100		91,495

RETL Trust

Series 2019-RVP, Class C, 2.248%, (1 mo. USD LIBOR + 2.10%), 3/15/36⁽¹⁾⁽⁶⁾		410		378,761

Wells Fargo Commercial Mortgage Trust

Series 2015-LC22, Class C, 4.536%, 9/15/58⁽¹³⁾		100		99,650

Series 2016-C35, Class D, 3.142%, 7/15/48⁽¹⁾		1,700		1,264,010

WF-RBS Commercial Mortgage Trust

Series 2014-C24, Class D, 3.692%, 11/15/47⁽¹⁾		2,025		828,410

Total Commercial Mortgage-Backed Securities (identified cost $4,162,057)			$	3,472,616

Foreign Government Bonds — 1.8%
Security	Principal Amount (000’s omitted)		Value

Egypt — 0.6%

Arab Republic of Egypt, 7.053%, 1/15/32⁽²⁾	$	2,500	$	2,450,135

Total Egypt			$	2,450,135

Jordan — 0.5%

Jordan Government International Bond, 7.375%, 10/10/47⁽²⁾	$	2,100	$	2,177,458

Total Jordan			$	2,177,458

Ukraine — 0.7%

Ukraine Government International Bond, 9.75%, 11/1/28⁽²⁾	$	2,550	$	2,787,354

Total Ukraine			$	2,787,354

Total Foreign Government Bonds (identified cost $7,653,095)			$	7,414,947


		19		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued


Common Stocks — 0.0%⁽⁷⁾
Security	Shares		Value

Oil and Gas — 0.0%

Sable Permian Resources, LLC^(14)(15)(16)		11,719,991	$	0

			$	0

Radio and Television — 0.0%⁽⁷⁾

Clear Channel Outdoor Holdings, Inc.^(15)(16)		401	$	359

iHeartMedia, Inc., Class A^(15)(16)		84		690

Total Common Stocks (identified cost $11,462,635)			$	1,049

Convertible Bonds — 0.0%⁽⁷⁾
Security	Principal Amount (000’s omitted)		Value

Cinemark Holdings, Inc., 4.50%, 8/15/25⁽¹⁾	$	90	$	78,134

Total Convertible Bonds (identified cost $90,000)			$	78,134

Preferred Stocks — 0.2%
Security	Shares		Value

Distribution & Wholesale — 0.2%

WESCO International, Inc., Series A, 10.625%		21,576	$	625,272

Total Preferred Stocks (identified cost $596,558)			$	625,272

Warrants — 0.0%⁽⁷⁾
Security	Shares		Value

iHeartMedia, Inc., Exp. 5/1/39^(15)(16)		427	$	3,510

Sable Permian Resources, LLC, Exp. 5/2/22^(14)(15)(16)		1,938,645		0

Total Warrants (identified cost $7,076)			$	3,510


Short-Term Investments — 4.4%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹⁷⁾		17,738,064	$	17,738,064

Total Short-Term Investments (identified cost $17,738,064)			$	17,738,064

Total Investments — 97.2% (identified cost $408,218,387)			$	393,362,781

Less Unfunded Loan Commitments — (0.0)%⁽⁷⁾			$	(30,135	)

Net Investments — 97.2% (identified cost $408,188,252)			$	393,332,646

Other Assets, Less Liabilities — 2.8%			$	11,441,210

Net Assets — 100.0%			$	404,773,856

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⁾

⁽²⁾

⁽³⁾

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

⁽⁴⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁵⁾

When-issued security.

⁽⁶⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽⁷⁾

Amount is less than 0.05% or (0.05)%, as applicable.

⁽⁸⁾

Issuer is in default with respect to interest and/or principal payments.

⁽⁹⁾

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽¹⁰⁾


		20		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Portfolio of Investments — continued

rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹¹⁾

⁽¹²⁾

⁽¹³⁾	Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽¹⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

⁽¹⁵⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁶⁾	Non-income producing security.

⁽¹⁷⁾	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 October 31, 2020.


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	3,143,928	EUR	2,659,688	State Street Bank and Trust Company		11/30/20	$	44,479	$	—

EUR	1,294,000	USD	1,510,264	Bank of America, N.A.		1/29/21		—		(19	)

EUR	1,007,042	USD	1,176,760	Bank of America, N.A.		1/29/21		—		(1,428	)

EUR	1,228,967	USD	1,455,258	Bank of America, N.A.		1/29/21		—		(20,914	)

USD	13,946,046	EUR	11,846,311	Bank of America, N.A.		1/29/21		120,058		—

USD	3,649,864	EUR	3,070,793	Bank of America, N.A.		1/29/21		65,901		—

USD	1,506,857	EUR	1,268,000	Bank of America, N.A.		1/29/21		26,957		—

USD	13,737,514	EUR	11,669,379	Citibank, N.A.		1/29/21		118,026		—

USD	13,945,460	EUR	11,846,236	Goldman Sachs International		1/29/21		119,560		—

USD	13,874,835	EUR	11,787,207	State Street Bank and Trust Company		1/29/21		117,828		—

USD	5,380,276	GBP	4,141,911	Bank of America, N.A.		1/29/21		10,988		—

USD	5,380,430	GBP	4,142,029	Bank of America, N.A.		1/29/21		10,988		—

							$	634,785	$	(22,361	)

Abbreviations:



EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PIK	–	Payment In Kind

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		21		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $390,450,188)	$	375,594,582

Affiliated investment, at value (identified cost, $17,738,064)		17,738,064

Cash		53,498,283

Deposits for derivatives collateral — forward foreign currency exchange contracts		230,000

Foreign currency, at value (identified cost, $1,610,037)		1,609,931

Interest receivable		3,297,494

Dividends receivable from affiliated investment		2,401

Receivable for investments sold		13,925,710

Receivable for Fund shares sold		500,605

Receivable for open forward foreign currency exchange contracts		634,785

Tax reclaims receivable		31,928

Receivable from affiliates		57,627

Total assets	$	467,121,410

Liabilities

Cash collateral due to broker	$	230,000

Payable for investments purchased		1,766,472

Payable for when-issued securities		6,302,251

Payable for Fund shares redeemed		1,877,799

Payable for open forward foreign currency exchange contracts		22,361

Distributions payable		89,130

Payable to affiliates:

Investment adviser and administration fee		192,241

Distribution and service fees		43,250

Trustees’ fees		1,857

Accrued expenses		234,281

Other liabilities		51,587,912

Total liabilities	$	62,347,554

Net Assets	$	404,773,856

Sources of Net Assets

Paid-in capital	$	633,796,649

Accumulated loss		(229,022,793	)

Total	$	404,773,856

Class A Shares

Net Assets	$	63,023,469

Shares Outstanding		6,173,077

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.21

Maximum Offering Price Per Share

(100 ÷ 95.25 of net asset value per share)	$	10.72

Class C Shares

Net Assets	$	34,272,873

Shares Outstanding		3,354,032

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	10.22

Class I Shares

Net Assets	$	304,388,850

Shares Outstanding		29,738,401

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.24

Class R6 Shares

Net Assets	$	3,088,664

Shares Outstanding		301,808

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.23

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

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


		22		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest income (net of foreign taxes, $2,260)	$	17,018,178

Dividends (net of foreign taxes, $15,403)		169,956

Dividends from affiliated investment		237,201

Total investment income	$	17,425,335

Expenses

Investment adviser and administration fee	$	1,869,523

Distribution and service fees

Class A		123,558

Class C		403,423

Trustees’ fees and expenses		19,920

Custodian fee		149,138

Transfer and dividend disbursing agent fees		187,836

Legal and accounting services		96,109

Printing and postage		99,731

Registration fees		97,579

Miscellaneous		41,491

Total expenses	$	3,088,308

Deduct —

Allocation of expenses to affiliates	$	50,706

Total expense reductions	$	50,706

Net expenses	$	3,037,602

Net investment income	$	14,387,733

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(1,802,421	)

Investment transactions — affiliated investment		6,424

Swap contracts		(244,361	)

Foreign currency transactions		60,763

Forward foreign currency exchange contracts		(2,322,115	)

Net realized loss	$	(4,301,710	)

Change in unrealized appreciation (depreciation) —

Investments	$	(7,609,691	)

Investments — affiliated investment		(1,016	)

Foreign currency		(80,014	)

Forward foreign currency exchange contracts		650,340

Net change in unrealized appreciation (depreciation)	$	(7,040,381	)

Net realized and unrealized loss	$	(11,342,091	)

Net increase in net assets from operations	$	3,045,642


		23		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	14,387,733		$	1,768,358

Net realized gain (loss)		(4,301,710	)		424,181

Net change in unrealized appreciation (depreciation)		(7,040,381	)		233,457

Net increase in net assets from operations	$	3,045,642		$	2,425,996

Distributions to shareholders —

Class A	$	(2,182,301	)	$	(65,398	)

Class C		(1,489,679	)		(21,758	)

Class I		(11,549,478	)		(1,708,455	)

Class R6		(86,927	)		(72	)⁽¹⁾

Total distributions to shareholders	$	(15,308,385	)	$	(1,795,683	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	27,645,321		$	3,328,992

Class C		3,318,985			952,100

Class I		243,586,808			59,281,817

Class R6		2,954,799			10,000	⁽¹⁾

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		1,688,794			63,031

Class C		1,270,848			21,696

Class I		11,146,623			1,708,425

Class R6		86,848			72	⁽¹⁾

Cost of shares redeemed

Class A		(17,905,187	)		(741,754	)

Class C		(22,544,513	)		(210,795	)

Class I		(146,092,195	)		(10,733,691	)

Class R6		(1,009,246	)		—	⁽¹⁾

Net asset value of shares converted

Class A		1,595,203			195,807

Class C		(1,595,203	)		(195,807	)

Issued in connection with tax-free reorganization (see Note 13)

Class A		49,265,322			—

Class C		56,076,812			—

Class I		132,888,445			—

Class R6		968,404			—

Net increase in net assets from Fund share transactions	$	343,346,868		$	53,679,893

Net increase in net assets	$	331,084,125		$	54,310,206

Net Assets

At beginning of year	$	73,689,731		$	19,379,525

At end of year	$	404,773,856		$	73,689,731

⁽¹⁾	For the period from the commencement of operations, September 3, 2019, to October, 31, 2019.


		24		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Financial Highlights


	Class A
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.760		$	10.620		$	10.830		$	10.030		$	9.870

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.423		$	0.496		$	0.216		$	0.142		$	0.162

Net realized and unrealized gain (loss)		(0.500	)		0.148			(0.118	)		0.860			0.332

Total income (loss) from operations	$	(0.077	)	$	0.644		$	0.098		$	1.002		$	0.494

Less Distributions

From net investment income	$	(0.473	)	$	(0.504	)	$	(0.308	)	$	(0.202	)	$	(0.163	)

From net realized gain		—			—			—			—			(0.072	)

Tax return of capital		—			—			—			—			(0.099	)

Total distributions	$	(0.473	)	$	(0.504	)	$	(0.308	)	$	(0.202	)	$	(0.334	)

Net asset value — End of year	$	10.210		$	10.760		$	10.620		$	10.830		$	10.030

Total Return⁽²⁾⁽³⁾		(0.66	)%		6.22	%		0.89	%		10.12	%		5.26	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	63,023		$	3,888		$	1,032		$	25,477		$	31,341

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		0.99	%		1.00	%		1.08	%⁽⁵⁾⁽⁶⁾		1.08	%⁽⁵⁾⁽⁶⁾		1.17	%⁽⁵⁾⁽⁶⁾

Net investment income		4.13	%		4.64	%		2.00	%		1.37	%		1.65	%

Portfolio Turnover		93	%		96	%		113	%⁽⁷⁾		55	%⁽⁷⁾		49	%⁽⁷⁾

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

The investment adviser and administrator (and sub-adviser, if applicable) reimbursed certain operating expenses (equal to 0.01%, 0.70%, 0.22%, 0.14% and 0.20% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolios.

⁽⁵⁾	Excludes expenses incurred by the Fund as a result of its investments in Affiliated Investment Funds (equal to 0.26%, 0.27% and 0.18% of average daily net assets for the years ended October 31, 2018, 2017 and 2016, respectively).

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short, of less than 0.005% of average daily net assets for each of the years ended October 31, 2018, 2017 and 2016.

⁽⁷⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

References to Portfolios herein are to Massachusetts business trusts managed by Eaton Vance Management or its affiliates in which the Fund invested a substantial portion of its investable assets during the year ended October 31, 2018 and fiscal years prior thereto.


		25		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Financial Highlights — continued


	Class C
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.770		$	10.620		$	10.790		$	9.990		$	9.830

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.353		$	0.411		$	0.159		$	0.057		$	0.087

Net realized and unrealized gain (loss)		(0.508	)		0.154			(0.090	)		0.866			0.336

Total income (loss) from operations	$	(0.155	)	$	0.565		$	0.069		$	0.923		$	0.423

Less Distributions

From net investment income	$	(0.395	)	$	(0.415	)	$	(0.239	)	$	(0.123	)	$	(0.121	)

From net realized gain		—			—			—			—			(0.072	)

Tax return of capital		—			—			—			—			(0.070	)

Total distributions	$	(0.395	)	$	(0.415	)	$	(0.239	)	$	(0.123	)	$	(0.263	)

Net asset value — End of year	$	10.220		$	10.770		$	10.620		$	10.790		$	9.990

Total Return⁽²⁾⁽³⁾		(1.40	)%		5.43	%		0.63	%		9.33	%		4.42	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	34,273		$	1,259		$	693		$	1,366		$	1,526

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.74	%		1.75	%		1.82	%⁽⁵⁾⁽⁶⁾		1.83	%⁽⁵⁾⁽⁶⁾		1.92	%⁽⁵⁾⁽⁶⁾

Net investment income		3.45	%		3.85	%		1.48	%		0.56	%		0.89	%

Portfolio Turnover		93	%		96	%		113	%⁽⁷⁾		55	%⁽⁷⁾		49	%⁽⁷⁾

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

The investment adviser and administrator (and sub-adviser, if applicable) reimbursed certain operating expenses (equal to 0.01%, 0.70%, 0.28%, 0.14% and 0.20% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolios.

⁽⁵⁾	Excludes expenses incurred by the Fund as a result of its investments in Affiliated Investment Funds (equal to 0.26%, 0.27% and 0.18% of average daily net assets for the years ended October 31, 2018, 2017 and 2016, respectively).

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short, of less than 0.005% of average daily net assets for each of the years ended October 31, 2018, 2017 and 2016.

⁽⁷⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		26		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Financial Highlights — continued


	Class I
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.790		$	10.650		$	10.820		$	10.020		$	9.860

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.449		$	0.526		$	0.278		$	0.153		$	0.236

Net realized and unrealized gain (loss)		(0.499	)		0.146			(0.093	)		0.875			0.284

Total income (loss) from operations	$	(0.050	)	$	0.672		$	0.185		$	1.028		$	0.520

Less Distributions

From net investment income	$	(0.500	)	$	(0.532	)	$	(0.355	)	$	(0.228	)	$	(0.179	)

From net realized gain		—			—			—			—			(0.072	)

Tax return of capital		—			—			—			—			(0.109	)

Total distributions	$	(0.500	)	$	(0.532	)	$	(0.355	)	$	(0.228	)	$	(0.360	)

Net asset value — End of year	$	10.240		$	10.790		$	10.650		$	10.820		$	10.020

Total Return⁽²⁾⁽³⁾		(0.40	)%		6.48	%		1.72	%		10.41	%		5.43	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	304,389		$	68,533		$	17,654		$	12,883		$	11,812

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		0.74	%		0.75	%		0.81	%⁽⁵⁾⁽⁶⁾		0.83	%⁽⁵⁾⁽⁶⁾		0.92	%⁽⁵⁾⁽⁶⁾

Net investment income		4.38	%		4.90	%		2.59	%		1.47	%		2.41	%

Portfolio Turnover		93	%		96	%		113	%⁽⁷⁾		55	%⁽⁷⁾		49	%⁽⁷⁾

⁽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 and administrator (and sub-adviser, if applicable) reimbursed certain operating expenses (equal to 0.01%, 0.70%, 0.33%, 0.14% and 0.20% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolios.

⁽⁵⁾	Excludes expenses incurred by the Fund as a result of its investments in Affiliated Investment Funds (equal to 0.26%, 0.27% and 0.18% of average daily net assets for the years ended October 31, 2018, 2017 and 2016, respectively).

⁽⁶⁾	Includes interest and dividend expense, including on securities sold short, of less than 0.005% of average daily net assets for each of the years ended October 31, 2018, 2017 and 2016.

⁽⁷⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		27		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Financial Highlights — continued


	Class R6
	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾

Net asset value — Beginning of period	$	10.790		$	10.820

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.443		$	0.059

Net realized and unrealized loss		(0.501	)		(0.011	)

Total income (loss) from operations	$	(0.058	)	$	0.048

Less Distributions

From net investment income	$	(0.502	)	$	(0.078	)

Total distributions	$	(0.502	)	$	(0.078	)

Net asset value — End of period	$	10.230		$	10.790

Total Return⁽³⁾⁽⁴⁾		(0.47	)%		0.44	%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	3,089		$	10

Ratios (as a percentage of average daily net assets):

Expenses⁽⁴⁾		0.69	%		0.75	%⁽⁶⁾

Net investment income		4.34	%		3.40	%⁽⁶⁾

Portfolio Turnover		93	%		96	%⁽⁷⁾

⁽¹⁾	For the period from the commencement of operations, September 3, 2019, to October, 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 and sub-adviser reimbursed certain operating expenses (equal to 0.01% and 0.68% of average daily net assets for the year ended October 31, 2020 and the period ended October 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

⁽⁷⁾	For the year ended October 31, 2019.


		28		See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Multi-Asset Credit 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 to seek total return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. 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.

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Derivatives. 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.


		29

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

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.

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

G 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 are disclosed in the accompanying Portfolio of Investments. At October 31, 2020, the Fund had sufficient cash and/or securities to cover these commitments.

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

I Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, 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.


		30

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

K Credit Default Swaps — Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), 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. 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 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. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. 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. 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. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount equal to a certain percentage of the notional amount (initial margin), which is subject to adjustment. 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.

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

2 Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains (if any) are made annually. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	15,308,385	$	1,795,683


		31

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

During the year ended October 31, 2020, accumulated loss was increased by $381,209 and paid-in capital was increased by $381,209 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	193,263

Deferred capital losses	$	(211,233,069	)

Net unrealized depreciation	$	(17,893,857	)

Distributions payable	$	(89,130	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $211,233,069 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 October 31, 2020, $2,200,242 are short-term and $209,032,827 are long-term.

Deferred capital losses of $206,047,624 included in the amounts above are available to the Fund as a result of the reorganization on December 13, 2019 (see Note 13). Utilization of a portion of the Fund’s deferred capital losses may be limited in accordance with certain income tax regulations.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	411,250,222

Gross unrealized appreciation	$	7,915,028

Gross unrealized depreciation		(25,832,604	)

Net unrealized depreciation	$	(17,917,576	)

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM effective December 16, 2019, the fee is computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator and receives an advisory fee (“Investable Assets”) up to $1 billion, and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. Prior to December 16, 2019, the fee on Investable Assets was computed at an annual rate of 0.615% of the Fund’s average daily net assets up to $500 million and at reduced rates on Investable Assets of $500 million and over. For the year ended October 31, 2020, the investment adviser and administration fee paid by the Fund on Investable Assets amounted to $1,869,523 or 0.55% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and EVAIL have 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 acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.99%, 1.74%, 0.74% and 0.69% (1.00%, 1.75%, 0.75% and 0.75% prior to December 16, 2019) of the Fund’s average daily net assets for Class A, Class C, Class I, and Class R6, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM and EVAIL were allocated $50,706 in total of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $7,546 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 $9,196 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 5) and contingent deferred sales charges (see Note 6).


		32

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2020, 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 and including maturities, paydowns and principal repayments on Senior Loans, for the year ended October 31, 2020 were as follows:


	Purchases		Sales

Investments (non-U.S. Government)	$	404,064,470	$	257,430,207

U.S. Government and Agency Securities		33,421,276		35,389,953

	$	437,485,746	$	292,820,160

5 Distribution Plans

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

6 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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $3,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		2,705,317			308,976

Issued to shareholders electing to receive payments of distributions in Fund shares		165,554			5,904

Redemptions		(1,752,775	)		(69,352	)

Issued in connection with tax-free reorganization (see Note 13)		4,539,278			—

Converted from Class C shares		154,427			18,590

Net increase		5,811,801			264,118


		33

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued


	Year Ended October 31,
Class C	2020			2019

Sales		329,726			87,931

Issued to shareholders electing to receive payments of distributions in Fund shares		124,404			2,034

Redemptions		(2,224,762	)		(19,810	)

Issued in connection with tax-free reorganization (see Note 13)		5,162,109			—

Converted to Class A shares		(154,285	)		(18,590	)

Net increase		3,237,192			51,565

	Year Ended October 31,
Class I	2020			2019

Sales		24,517,251			5,531,971

Issued to shareholders electing to receive payments of distributions in Fund shares		1,089,222			159,376

Redemptions		(14,432,115	)		(997,550	)

Issued in connection with tax-free reorganization (see Note 13)		12,212,440			—

Net increase		23,386,798			4,693,797

Class R6	Year Ended October 31, 2020			Period Ended October 31, 2019⁽¹⁾

Sales		301,127			924

Issued to shareholders electing to receive payments of distributions in Fund shares		8,514			7

Redemptions		(97,770	)		—

Issued in connection with tax-free reorganization (see Note 13)		89,006			—

Net increase		300,877			931

⁽¹⁾	For the period from the commencement of operations, September 3, 2019, to October, 31, 2019.

At October 31, 2020, an Eaton Vance collective investment trust and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 25.5% of the value of the outstanding shares of the Fund.

8 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 and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, 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: During the year ended October 31, 2020, the Fund entered into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: The Fund engages in forward foreign currency exchange contracts to hedge against fluctuations in currency exchange rates.


		34

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

payment by the Fund for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit related contingent features in a net liability position was $22,361. At October 31, 2020, there were no assets pledged by the Fund for such liability.

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

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 12) at October 31, 2020.


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Forward foreign currency exchange contracts	$	634,785	⁽¹⁾	$	(22,361	)⁽²⁾

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Fund’s derivative assets and liabilities at fair value by type, 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 October 31, 2020.


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)

Bank of America, N.A.	$	234,892	$	(22,361	)	$	—		$	(212,531	)	$	—

Citibank, N.A.		118,026		—			—			—			118,026

Goldman Sachs International		119,560		—			—			—			119,560

State Street Bank and Trust Company		162,307		—			(162,307	)		—			—

	$	634,785	$	(22,361	)	$	(162,307	)	$	(212,531	)	$	237,586


		35

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — 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)

Bank of America, N.A.	$	(22,361	)	$	22,361	$	—	$	—	$	—

^(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.


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Credit	Credit default swaps	$	(244,361	)	$	—

Foreign exchange	Forward foreign currency exchange contracts		(2,322,115	)		650,340

Total		$	(2,566,476	)	$	650,340

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Swap contracts and Forward foreign currency exchange contracts, respectively.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amounts of derivative contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

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

9 Line of Credit

10 Cash Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund in connection with the sale of certain securities, including certain foreign currency transactions, on a contractual settlement basis. Simultaneously with making a cash advance, the Fund grants to SSBT a security interest and a lien on any and all assets held by it for the account of the Fund. Cash advances are repayable on demand by SSBT. At October 31, 2020, the Fund owed SSBT $51,587,912 pursuant to the foregoing arrangement, which is included in other liabilities on the Statement of Assets and Liabilities. The Fund repaid the amount subsequent to year end. Based on the short-term nature of the agreement, the carrying value of other liabilities approximated its fair value at October 31, 2020. If measured at fair value, other liabilities would have been considered as Level 2 in the fair value hierarchy (see Note 12) at October 31, 2020.


		36

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

11 Investments in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $17,738,064, which represents 4.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 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	$	8,204,172	$	603,193,395	$	(593,664,911	)	$	6,424	$	(1,016	)	$	17,738,064	$	237,201		17,738,064

12 Fair Value Measurements

•

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)

At October 31, 2020, 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

Corporate Bonds & Notes	$	—	$	193,011,131		$	—	$	193,011,131

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		142,071,038			—		142,071,038

Asset-Backed Securities		—		22,351,816			—		22,351,816

Collateralized Mortgage Obligations		—		6,565,069			—		6,565,069

Commercial Mortgage-Backed Securities		—		3,472,616			—		3,472,616

Foreign Government Bonds		—		7,414,947			—		7,414,947

Common Stocks		1,049		—			0		1,049

Convertible Bonds		—		78,134			—		78,134

Preferred Stocks		625,272		—			—		625,272

Warrants		3,510		—			0		3,510

Short-Term Investments		—		17,738,064			—		17,738,064

Total Investments	$	629,831	$	392,702,815		$	0	$	393,332,646

Forward Foreign Currency Exchange Contracts	$	—	$	634,785		$	—	$	634,785

Total	$	629,831	$	393,337,600		$	0	$	393,967,431

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(22,361	)	$	—	$	(22,361	)

Total	$	—	$	(22,361	)	$	—	$	(22,361	)

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


		37

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Notes to Financial Statements — continued

13 Reorganization

At the close of business on December 13, 2019, the Fund acquired the net assets of Eaton Vance Multisector Income Fund (Multisector Income Fund) pursuant to an Agreement and Plan of Reorganization approved by shareholders of Multisector Income Fund. The purpose of the transaction was to combine two funds managed by EVM with substantially similar investment objectives and policies. The reorganization was accomplished by a tax-free exchange of 4,386,415 shares of Class A of the Fund (valued at $47,606,278) for the 4,547,826 shares of Class A of Multisector Income Fund, 5,162,109 shares of Class C of the Fund (valued at $56,076,812) for the 5,370,501 shares of Class C of Multisector Income Fund, 12,212,440 shares of Class I of the Fund (valued at $132,888,445) for the 12,694,327 shares of Class I of Multisector Income Fund, 152,863 shares of Class A of the Fund (valued at $1,659,044) for the 158,727 shares of Class R of Multisector Income Fund and 89,006 shares of Class R6 of the Fund (valued at $968,404) for the 92,471 shares of Class R6 of Multisector Income Fund, each outstanding on December 13, 2019.

The investment portfolio of Multisector Income Fund, with a fair value of $169,177,982 and identified cost of $176,544,264 and cash were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the identified cost of the investments received from Multisector Income Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $95,039,766. The net assets of Multisector Income Fund at that date of $239,198,983, including $206,134,234 of accumulated net realized losses and $7,329,068 of unrealized depreciation, were combined with those of the Fund, resulting in combined net assets of $334,238,749.

Assuming the acquisition had been completed on November 1, 2019, the beginning of the Fund’s annual reporting period, the Fund’s pro forma results of operations for the year ended October 31, 2020 are as follows:



Net investment income	$	15,350,798

Net realized and unrealized loss	$	(11,304,651	)

Net increase in net assets from operations	$	4,046,147

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of Multisector Income Fund that have been included in the Fund’s Statement of Operations since December 13, 2019.

14 Risks and Uncertainties

Pandemic Risk

15 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement and a new sub-advisory agreement. The new investment advisory and administrative agreement and new sub-advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		38

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Multi-Asset Credit Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Multi-Asset Credit Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers, and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 17, 2020

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


		39

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Federal Tax Information (Unaudited)


		40

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Liquidity Risk Management Program


		41

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		42

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		43

Eaton Vance

Multi-Asset Credit Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		44

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		45

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

5796 10.31.20

LOGO

Parametric

Tax-Managed International Equity Fund

Annual Report

October 31, 2020

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

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

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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.

Annual Report October 31, 2020

Parametric

Tax-Managed International Equity Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			16 and 37
Federal Tax Information			17
Liquidity Risk Management Program			38
Management and Organization			39
Important Notices			42

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Developed equity markets outside the U.S., as measured by the MSCI EAFE Index (the Index), delivered disappointing returns during the 12-month period ended October 31, 2020. Returns were broadly negative, with two-thirds of member countries experiencing declines. Year-end results were marred by the COVID-19 pandemic, which introduced excess volatility into capital markets and sent share prices tumbling in mid-March.

In addition, recessionary conditions in Japan, post-Brexit trade negotiations, and secular declines in legacy industries that dominate Western European economies caused metaphorical heartburn for investors in developed markets. The largest gains were seen in smaller Index countries, with Denmark and New Zealand up 33% and 23%, respectively. The largest Index constituents — Japan and the U.K. — had mixed results versus the Index. In the U.K., Brexit became official on January 31, 2020. Uncertainty surrounding a trade deal with the European Union, the U.K.’s largest trading partner, weighed heavily on local markets. COVID-19’s impact in Japan was far more modest compared to Index peers, resulting in equities finishing virtually flat at period-end. The retirement announcement by Japan’s Prime Minister Shinzo Abe may have caused investor consternation had it not been for the brisk announcement of his successor, Yoshihide Suga, an ally and long-time associate of Abe. The weakening of the U.S. dollar against most developed market currencies provided additional tailwinds for U.S. dollar-based investors during the period.

In Denmark, multinational pharmaceutical companies bolstered health care sector results by riding the tailwinds of COVID-19 prevention and treatment sentiment, which aided Index-leading country returns during the period.

Fund Performance

For the 12-month period ended October 31, 2020, Parametric Tax-Managed International Equity Fund (the Fund) returned -5.41% for Investor Class shares at net asset value (NAV), outperforming its benchmark, the Index, which returned -6.86%.

Factors contributing to the Fund’s performance relative to the Index included an underweight exposure to the U.K., as country performance notably lagged the Index during the period. Application of the beta filter in the U.K. contributed to relative returns both in aggregate and within 10 of the 11 sectors within the Index. Additionally, sector diversification within Australia contributed to returns during the period, due primarily to an overweight position in information technology and an underweight position in financials.

Factors detracting from Fund performance relative to the Index included an underweight exposure to Japan, which outperformed the Index as its largest constituent. In addition, an overweight exposure to Spain weighed on relative results as the country was among the hardest hit in Europe by the global pandemic. Finally, sector allocations within Portugal detracted from returns relative to the Index during the period, partially due to underweight positions in the financials and communication services sectors.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Performance^2,3

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		One Year			Five Years			Ten Years

Investor Class at NAV		04/22/1998		04/22/1998		–5.41	%		3.78	%		3.70	%
Class C at NAV		04/22/1998		04/22/1998		–6.11			3.02			2.94
Class C with 1% Maximum Sales Charge		—		—		–7.03			3.02			2.94
Institutional Class at NAV		09/02/2008		04/22/1998		–5.19			4.04			3.97



MSCI EAFE Index		—		—		–6.86	%		2.84	%		3.82	%


% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Investor Class After Taxes on Distributions		04/22/1998		04/22/1998		–5.54	%		3.66	%		3.61	%
Investor Class After Taxes on Distributions and Sale of Fund Shares		—		—		–2.41			3.33			3.31
Class C After Taxes on Distributions		04/22/1998		04/22/1998		–6.98			3.01			2.91
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		–3.54			2.68			2.61
Institutional Class After Taxes on Distributions		09/02/2008		04/22/1998		–5.37			3.88			3.86
Institutional Class After Taxes on Distributions and Sale of Fund Shares		—		—		–2.22			3.56			3.57

% Total Annual Operating Expense Ratios⁴					Investor Class			Class C			Institutional Class

Gross						1.56	%		2.31	%		1.31	%
Net						1.05			1.80			0.80

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$13,363

N.A.

Institutional Class

$50,000

10/31/2010

$73,857

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Fund Profile⁵

Sector Allocation (% of net assets)⁶

LOGO

Geographic Allocation (% of common stocks)

LOGO

Top 10 Holdings (% of net assets)⁶


Nestle S.A.	1.3	%

Air Liquide S.A.	1.2

Sanofi	0.9

CSL, Ltd.	0.8

Cie Financiere Richemont S.A.	0.8

Unilever NV	0.7

SAP SE	0.7

Deutsche Telekom AG	0.7

ASML Holding NV	0.7

Woolworths Group, Ltd.	0.6

Total	8.4	%

See Endnotes and Additional Disclosures in this report.


		4

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Endnotes and Additional Disclosures

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.

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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		5

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	1,088.30	$	5.51	**		1.05	%
Class C	$	1,000.00	$	1,084.30	$	9.43	**		1.80	%
Institutional Class	$	1,000.00	$	1,089.60	$	4.20	**		0.80	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,019.90	$	5.33	**		1.05	%
Class C	$	1,000.00	$	1,016.10	$	9.12	**		1.80	%
Institutional Class	$	1,000.00	$	1,021.10	$	4.06	**		0.80	%

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


		6

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Tax-Managed International Equity Portfolio, at value (identified cost, $31,583,575)	$	30,428,957

Receivable for Fund shares sold		10,227

Receivable from affiliates		849

Total assets	$	30,440,033

Liabilities

Payable for Fund shares redeemed	$	64,308

Payable to affiliates:

Distribution and service fees		4,636

Trustees’ fees		43

Accrued expenses		48,061

Total liabilities	$	117,048

Net Assets	$	30,322,985

Sources of Net Assets

Paid-in capital	$	31,774,906

Accumulated loss		(1,451,921	)

Total	$	30,322,985

Investor Class Shares

Net Assets	$	18,165,497

Shares Outstanding		1,732,776

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.48

Class C Shares

Net Assets	$	597,971

Shares Outstanding		60,422

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	9.90

Institutional Class Shares

Net Assets	$	11,559,517

Shares Outstanding		1,104,831

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.46

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


		7		See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends allocated from Portfolio (net of foreign taxes, $119,228)	$	740,207

Non-cash dividends allocated from Portfolio		42,585

Securities lending income allocated from Portfolio, net		16,751

Expenses allocated from Portfolio		(228,313	)

Total investment income from Portfolio	$	571,230

Expenses

Distribution and service fees

Investor Class	$	48,283

Class C		13,823

Trustees’ fees and expenses		500

Custodian fee		20,484

Transfer and dividend disbursing agent fees		58,730

Legal and accounting services		23,541

Printing and postage		22,141

Registration fees		49,475

Miscellaneous		9,949

Total expenses	$	246,926

Deduct —

Allocation of expenses to affiliates	$	147,833

Total expense reductions	$	147,833

Net expenses	$	99,093

Net investment income	$	472,137

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	(270,997	)

Foreign currency transactions		(1,622	)

Net realized loss	$	(272,619	)

Change in unrealized appreciation (depreciation) —

Investments	$	(2,602,220	)

Foreign currency		10,609

Net change in unrealized appreciation (depreciation)	$	(2,591,611	)

Net realized and unrealized loss	$	(2,864,230	)

Net decrease in net assets from operations	$	(2,392,093	)


		8		See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	472,137		$	807,431

Net realized gain (loss)		(272,619	)		2,079,802

Net change in unrealized appreciation (depreciation)		(2,591,611	)		853,803

Net increase (decrease) in net assets from operations	$	(2,392,093	)	$	3,741,036

Distributions to shareholders —

Investor Class	$	(485,025	)	$	(286,290	)

Class C		(26,198	)		(52,485	)

Institutional Class		(349,344	)		(235,516	)

Total distributions to shareholders	$	(860,567	)	$	(574,291	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Investor Class	$	230,533		$	404,588

Class C		30,967			42,756

Institutional Class		4,882,260			4,526,537

Net asset value of shares issued to shareholders in payment of distributions declared

Investor Class		454,889			267,525

Class C		17,501			46,909

Institutional Class		324,944			210,900

Cost of shares redeemed

Investor Class		(3,151,613	)		(2,767,229	)

Class C		(589,850	)		(500,286	)

Institutional Class		(5,543,016	)		(4,500,027	)

Net asset value of shares converted

Investor Class		578,452			4,076,244

Class C		(578,452	)		(4,076,244	)

Net decrease in net assets from Fund share transactions	$	(3,343,385	)	$	(2,268,327	)

Net increase (decrease) in net assets	$	(6,596,045	)	$	898,418

Net Assets

At beginning of year	$	36,919,030		$	36,020,612

At end of year	$	30,322,985		$	36,919,030


		9		See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Financial Highlights


	Investor Class

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	11.330		$	10.370		$	11.310		$	9.460		$	9.590

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.147		$	0.242		$	0.179		$	0.204		$	0.156

Net realized and unrealized gain (loss)		(0.738	)		0.887			(0.848	)		1.810			(0.140	)

Total income (loss) from operations	$	(0.591	)	$	1.129		$	(0.669	)	$	2.014		$	0.016

Less Distributions

From net investment income	$	(0.259	)	$	(0.169	)	$	(0.271	)	$	(0.164	)	$	(0.146	)

Total distributions	$	(0.259	)	$	(0.169	)	$	(0.271	)	$	(0.164	)	$	(0.146	)

Net asset value — End of year	$	10.480		$	11.330		$	10.370		$	11.310		$	9.460

Total Return⁽²⁾⁽³⁾		(5.41	)%		11.16	%		(6.09	)%		21.69	%		0.21	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	18,165		$	21,757		$	17,824		$	21,885		$	19,851

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.05	%		1.05	%		1.05	%		1.11	%		1.50	%

Net investment income		1.37	%		2.26	%		1.59	%		2.00	%		1.67	%

Portfolio Turnover of the Portfolio		10	%		37	%		30	%		26	%		14	%

⁽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 administrator of the Fund and sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.45%, 0.51%, 0.41%, 0.34% and 0.22% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	10.690		$	9.770		$	10.670		$	8.930		$	9.060

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.062		$	0.119		$	0.086		$	0.121		$	0.080

Net realized and unrealized gain (loss)		(0.701	)		0.886			(0.794	)		1.713			(0.135	)

Total income (loss) from operations	$	(0.639	)	$	1.005		$	(0.708	)	$	1.834		$	(0.055	)

Less Distributions

From net investment income	$	(0.151	)	$	(0.085	)	$	(0.192	)	$	(0.094	)	$	(0.075	)

Total distributions	$	(0.151	)	$	(0.085	)	$	(0.192	)	$	(0.094	)	$	(0.075	)

Net asset value — End of year	$	9.900		$	10.690		$	9.770		$	10.670		$	8.930

Total Return⁽²⁾⁽³⁾		(6.11	)%		10.42	%		(6.78	)%		20.78	%		(0.60	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	598		$	1,862		$	6,186		$	8,026		$	7,653

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		1.80	%		1.80	%		1.80	%		1.86	%		2.25	%

Net investment income		0.62	%		1.20	%		0.81	%		1.26	%		0.91	%

Portfolio Turnover of the Portfolio		10	%		37	%		30	%		26	%		14	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Financial Highlights — continued


	Institutional Class

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	11.310		$	10.350		$	11.290		$	9.450		$	9.580

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.173		$	0.264		$	0.198		$	0.233		$	0.179

Net realized and unrealized gain (loss)		(0.736	)		0.895			(0.840	)		1.796			(0.137	)

Total income (loss) from operations	$	(0.563	)	$	1.159		$	(0.642	)	$	2.029		$	0.042

Less Distributions

From net investment income	$	(0.287	)	$	(0.199	)	$	(0.298	)	$	(0.189	)	$	(0.172	)

Total distributions	$	(0.287	)	$	(0.199	)	$	(0.298	)	$	(0.189	)	$	(0.172	)

Net asset value — End of year	$	10.460		$	11.310		$	10.350		$	11.290		$	9.450

Total Return⁽²⁾⁽³⁾		(5.19	)%		11.52	%		(5.88	)%		21.95	%		0.49	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	11,560		$	13,301		$	12,011		$	10,331		$	6,436

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		0.80	%		0.80	%		0.80	%		0.85	%		1.25	%

Net investment income		1.62	%		2.48	%		1.76	%		2.27	%		1.92	%

Portfolio Turnover of the Portfolio		10	%		37	%		30	%		26	%		14	%

⁽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 administrator of the Fund and sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.45%, 0.51%, 0.41%, 0.35% and 0.22% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		12		See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Parametric Tax-Managed 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 offers three classes of shares. Investor Class and Institutional Class 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 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed International Equity Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (50.7% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		13

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Notes to Financial Statements — continued

Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	860,567	$	574,291

During the year ended October 31, 2020, accumulated loss was increased by $47,725 and paid-in-capital was increased by $47,725 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	363,510

Deferred capital losses	$	(338,942	)

Net unrealized depreciation	$	(1,476,489	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $338,942 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 October 31, 2020, $113,207 are short-term and $225,735 are long-term.

3 Transactions with Affiliates

Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., serves as the administrator to the Fund, but receives no compensation. EVM and Parametric Portfolio Associates LLC (Parametric), the sub-adviser of the Portfolio and a wholly-owned indirect subsidiary of Eaton Vance Corp., have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.05%, 1.80% and 0.80% of the Fund’s average daily net assets for Investor Class, Class C and Institutional Class, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM and Parametric were allocated $147,833 in total of the Fund’s operating expenses for the year ended October 31, 2020. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $16,641 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).

4 Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended October 31, 2020 amounted to $48,283 for Investor Class shares.


		14

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Notes to Financial Statements — continued

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $3,048,596 and $7,291,206, respectively.

7 Shares of Beneficial Interest


	Year Ended October 31,
Investor Class	2020			2019

Sales		21,346			38,335

Issued to shareholders electing to receive payments of distributions in Fund shares		39,728			27,495

Redemptions		(301,673	)		(260,598	)

Converted from Class C shares		53,249			395,604

Net increase (decrease)		(187,350	)		200,836

	Year Ended October 31,
Class C	2020			2019

Sales		3,028			4,302

Issued to shareholders electing to receive payments of distributions in Fund shares		1,609			5,077

Redemptions		(62,157	)		(51,024	)

Converted to Investor Class shares		(56,268	)		(417,431	)

Net decrease		(113,788	)		(459,076	)

	Year Ended October 31,
Institutional Class	2020			2019

Sales		473,209			430,726

Issued to shareholders electing to receive payments of distributions in Fund shares		28,504			21,742

Redemptions		(572,975	)		(436,379	)

Net increase (decrease)		(71,262	)		16,089


		15

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Tax-Managed International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		16

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $616,875, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $70,987 and recognized foreign source income of $749,025.


		17

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments


Common Stocks — 99.1%
Security	Shares		Value

Australia — 9.3%

AGL Energy, Ltd.		18,091	$	158,559

Ampol, Ltd.		7,108		129,608

ASX, Ltd.		638		35,725

Atlas Arteria, Ltd.		10,339		40,953

Atlassian Corp. PLC, Class A⁽¹⁾		1,800		344,916

Aurizon Holdings, Ltd.		7,700		20,418

AusNet Services		95,565		134,344

BHP Group, Ltd.		8,972		215,073

Brambles, Ltd.		17,422		117,499

Charter Hall Group		4,698		40,734

Charter Hall Long Wale REIT		6,388		21,417

Coca-Cola Amatil, Ltd.		15,577		136,171

Commonwealth Bank of Australia		4,049		196,585

Computershare, Ltd.		10,972		93,766

Cromwell Property Group		28,090		17,287

CSL, Ltd.		2,517		509,585

Dexus		13,975		84,549

Domain Holdings Australia, Ltd.⁽²⁾		29,017		80,487

Domino’s Pizza Enterprises, Ltd.		933		55,571

GPT Group (The)		22,015		62,352

GWA Group, Ltd.⁽²⁾		11,241		20,833

Hansen Technologies, Ltd.		14,633		40,658

Harvey Norman Holdings, Ltd.⁽²⁾		17,000		53,180

IDP Education, Ltd.⁽²⁾		3,186		43,224

Inghams Group, Ltd.⁽²⁾		17,894		36,006

Integrated Research, Ltd.		9,777		24,145

IRESS, Ltd.⁽²⁾		3,720		24,071

James Hardie Industries PLC CDI		4,004		97,217

JB Hi-Fi, Ltd.⁽²⁾		3,464		115,751

Medibank Pvt, Ltd.		16,474		30,925

Mirvac Group		41,842		62,050

National Australia Bank, Ltd.		5,991		78,380

Newcrest Mining, Ltd.		2,354		48,816

NEXTDC, Ltd.⁽¹⁾		5,120		45,844

Northern Star Resources, Ltd.		3,606		38,093

Orica, Ltd.⁽²⁾		4,147		44,517

Qantas Airways, Ltd.⁽¹⁾		19,011		55,929

REA Group, Ltd.⁽²⁾		1,183		98,381

Rio Tinto, Ltd.		2,553		166,082

Santos, Ltd.		28,331		94,183

Scentre Group⁽²⁾		51,564		76,094

Shopping Centres Australasia Property Group		20,523		33,484

Sonic Healthcare, Ltd.		1,319		32,306

Spark Infrastructure Group		66,000		92,101

Suncorp Group, Ltd.		4,024		23,240


Security	Shares		Value

Australia (continued)

Sydney Airport		17,791	$	68,212

Tabcorp Holdings, Ltd.		26,454		61,125

Technology One, Ltd.		10,774		68,014

Telstra Corp., Ltd.		44,335		83,491

TPG Telecom, Ltd.⁽¹⁾		20,255		102,234

Transurban Group		15,294		144,829

Vocus Group, Ltd.⁽¹⁾		38,063		92,180

Washington H. Soul Pattinson & Co., Ltd.⁽²⁾		4,310		76,750

Wesfarmers, Ltd.		10,096		326,804

Westpac Banking Corp.		8,556		108,292

Woodside Petroleum, Ltd.		7,652		94,382

Woolworths Group, Ltd.		14,196		381,877

			$	5,579,299

Austria — 1.1%

ams AG⁽¹⁾		3,049	$	65,284

ANDRITZ AG		1,052		35,480

BAWAG Group AG⁽¹⁾⁽³⁾		822		30,188

CA Immobilien Anlagen AG		2,034		55,871

Erste Group Bank AG⁽¹⁾		2,269		46,640

IMMOFINANZ AG⁽¹⁾		1,276		17,112

Lenzing AG⁽¹⁾⁽²⁾		466		32,620

Oesterreichische Post AG⁽²⁾		768		24,390

OMV AG		2,994		69,210

S&T AG⁽¹⁾		1,191		21,550

Telekom Austria AG⁽²⁾		8,000		53,809

Verbund AG		2,140		123,423

Wienerberger AG		2,605		65,759

			$	641,336

Belgium — 2.1%

Ackermans & van Haaren NV⁽¹⁾		184	$	22,649

Ageas S.A./NV		1,164		46,873

Anheuser-Busch InBev S.A./NV		2,330		120,522

Barco NV		4,389		68,850

Befimmo S.A.		1,120		43,599

Bekaert S.A.		2,338		49,730

bpost S.A.⁽¹⁾		3,481		30,846

Cofinimmo S.A.		488		66,322

D’Ieteren S.A./NV		637		31,914

Econocom Group S.A./NV⁽¹⁾		10,730		23,608

Elia Group S.A./NV		938		90,724

Etablissements Franz Colruyt NV		478		28,276

Euronav S.A.⁽²⁾		5,526		40,378

Groupe Bruxelles Lambert S.A.		459		37,642

KBC Ancora⁽¹⁾		539		15,277


		18		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Belgium (continued)

Orange Belgium S.A.		3,259	$	54,311

Proximus SADP		5,756		111,898

Sofina S.A.		150		38,985

Solvay S.A.		1,005		81,656

Tessenderlo Group S.A.⁽¹⁾		1,340		45,613

UCB S.A.		1,564		154,479

Warehouses De Pauw CVA		2,032		68,079

			$	1,272,231

Denmark — 2.2%

ALK-Abello A/S⁽¹⁾		138	$	46,174

Bakkafrost P/F⁽¹⁾		532		30,434

Carlsberg A/S, Class B		904		114,465

Chr. Hansen Holding A/S		607		61,252

Drilling Co. of 1972 A/S (The)⁽¹⁾⁽²⁾		483		9,124

DSV PANALPINA A/S		558		90,531

Novo Nordisk A/S, Class B		2,404		153,293

Novozymes A/S, Class B		1,992		119,801

Orsted A/S⁽³⁾		1,200		190,451

Pandora A/S		1,743		138,271

Ringkjoebing Landbobank A/S		652		49,677

Rockwool International A/S, Class B		97		37,967

Royal Unibrew A/S⁽²⁾		227		22,135

SimCorp A/S		792		94,465

Sydbank A/S⁽¹⁾		1,310		22,403

Topdanmark A/S		972		38,063

Tryg A/S		1,584		43,960

Vestas Wind Systems A/S		342		58,675

			$	1,321,141

Finland — 2.2%

Citycon Oyj⁽²⁾		2,400	$	18,476

Elisa Oyj		2,351		115,595

Fortum Oyj		7,644		143,681

Huhtamaki Oyj		736		35,952

Kemira Oyj		2,727		33,689

Kesko Oyj, Class B		7,675		196,945

Kone Oyj, Class B		1,249		99,437

Neste Oyj		2,706		141,128

Nokia Oyj⁽¹⁾		23,544		79,371

Nordea Bank Abp⁽¹⁾		10,249		76,921

Orion Oyj, Class B⁽²⁾		2,432		104,089

Sampo Oyj, Class A		1,342		50,642

TietoEVRY Oyj		956		23,846

Tokmanni Group Corp.		7,427		117,943


Security	Shares		Value

Finland (continued)

UPM-Kymmene Oyj		2,265	$	64,007

Valmet Oyj⁽²⁾		1,377		32,865

			$	1,334,587

France — 8.6%

Air Liquide S.A.		4,818	$	704,576

Alstom S.A.⁽¹⁾		840		37,531

Altarea SCA		208		26,638

Alten S.A.⁽¹⁾		634		50,763

Atos SE⁽¹⁾		1,046		71,458

AXA S.A.		8,332		133,806

BNP Paribas S.A.⁽¹⁾		1,912		66,681

Bouygues S.A.		1,100		36,073

Cie Generale des Etablissements Michelin SCA		623		67,285

CNP Assurances⁽¹⁾		2,759		31,118

Covivio		1,309		77,952

Danone S.A.		2,873		159,351

Dassault Systemes SE		1,540		262,586

Devoteam S.A.⁽¹⁾		373		42,371

Engie S.A.⁽¹⁾		22,570		272,974

EssilorLuxottica S.A.⁽¹⁾		1,642		202,719

Eurazeo SE⁽¹⁾		634		28,833

Gecina S.A.		1,055		130,971

Getlink SE⁽¹⁾		2,197		29,550

Hermes International		100		93,110

Klepierre S.A.⁽²⁾		3,270		41,431

Legrand S.A.		560		41,451

LVMH Moet Hennessy Louis Vuitton SE		650		304,686

Orange S.A.		31,518		353,935

Pernod-Ricard S.A.		1,615		260,180

Safran S.A.⁽¹⁾		692		72,992

Sanofi		5,890		531,828

SCOR SE⁽¹⁾		1,880		45,656

Societe BIC S.A.		422		20,214

Suez S.A.		5,207		95,326

Teleperformance		177		53,132

Thales S.A.		600		39,096

TOTAL SE⁽²⁾		11,380		344,777

Veolia Environnement S.A.		5,261		97,921

Vinci S.A.		1,159		91,544

Vivendi S.A.		3,886		112,164

Wendel SE		356		30,809

Worldline S.A.⁽¹⁾⁽³⁾		1,187		87,925

			$	5,151,413


		19		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Germany — 8.9%

adidas AG⁽¹⁾		579	$	172,024

Allianz SE		1,358		239,218

Aroundtown S.A.⁽¹⁾		9,891		47,444

BASF SE		6,113		334,737

Bayer AG		2,172		102,063

Bayerische Motoren Werke AG		1,291		88,225

Beiersdorf AG		2,259		236,538

Continental AG		589		62,582

Delivery Hero SE⁽¹⁾⁽³⁾		754		86,555

Deutsche Boerse AG		570		83,992

Deutsche Lufthansa AG⁽¹⁾		2,863		24,493

Deutsche Telekom AG		26,429		401,688

Deutsche Wohnen SE		3,837		193,665

E.ON SE		27,081		282,026

Fraport AG Frankfurt Airport Services Worldwide⁽¹⁾		341		12,333

Fresenius SE & Co. KGaA		2,385		88,468

HeidelbergCement AG		818		46,784

Henkel AG & Co. KGaA		2,341		211,635

Hochtief AG		235		17,288

HUGO BOSS AG		915		20,978

Knorr-Bremse AG		346		40,076

KWS Saat SE and Co. KGaA		425		31,297

Merck KGaA		988		146,354

Metro AG		7,704		75,448

MTU Aero Engines AG		354		60,506

Muenchener Rueckversicherungs-Gesellschaft AG		660		154,689

Puma SE⁽¹⁾		927		81,152

QIAGEN NV⁽¹⁾		1,735		82,388

Rational AG		97		72,756

RWE AG		7,472		276,522

SAP SE		4,054		432,499

Siemens AG		2,649		310,770

Siemens Energy AG⁽¹⁾		1,324		28,990

Siemens Healthineers AG⁽³⁾		1,428		61,302

Symrise AG		1,413		174,238

TAG Immobilien AG		1,340		39,489

Telefonica Deutschland Holding AG⁽³⁾		39,958		100,785

Vonovia SE		4,578		292,367

Zalando SE⁽¹⁾⁽³⁾		1,079		100,481

			$	5,314,845

Hong Kong — 4.5%

AIA Group, Ltd.		24,000	$	228,412

Alibaba Health Information Technology, Ltd.⁽¹⁾		102,000		267,488

ASM Pacific Technology, Ltd.		3,600		36,304

Beijing Tong Ren Tang Chinese Medicine Co., Ltd.⁽²⁾		33,000		34,284


Security	Shares		Value

Hong Kong (continued)

BOC Hong Kong Holdings, Ltd.		7,000	$	19,442

Budweiser Brewing Co. APAC Ltd.⁽³⁾		48,200		142,147

Cafe de Coral Holdings, Ltd.		22,000		45,474

China Youzan, Ltd.⁽¹⁾		492,000		116,558

Chow Tai Fook Jewellery Group, Ltd.		63,400		81,028

CK Hutchison Holdings, Ltd.		22,000		132,879

CLP Holdings, Ltd.		15,000		138,218

Dairy Farm International Holdings, Ltd.⁽²⁾		13,400		50,475

Hang Lung Properties, Ltd.		14,000		34,083

Hang Seng Bank, Ltd.		2,400		36,974

Henderson Land Development Co., Ltd.		15,260		53,900

HK Electric Investments & HK Electric Investments, Ltd.		34,000		34,613

HKBN, Ltd.		35,000		60,631

HKT Trust and HKT, Ltd.		89,000		115,101

Hong Kong & China Gas Co., Ltd.		71,578		103,273

Hong Kong Exchanges & Clearing, Ltd.		2,200		105,421

Hongkong Land Holdings, Ltd.		8,100		29,736

Jardine Matheson Holdings, Ltd.		2,800		124,112

Jardine Strategic Holdings, Ltd.		1,800		38,974

Kerry Properties, Ltd.		10,000		24,535

Link REIT		9,000		68,687

MTR Corp., Ltd.		12,500		61,941

Nexteer Automotive Group, Ltd.⁽²⁾		48,000		40,085

NOVA Group Holdings, Ltd.		80,000		1,137

NWS Holdings, Ltd.		25,000		21,945

Power Assets Holdings, Ltd.		14,000		72,096

Sands China, Ltd.		24,000		84,230

Shangri-La Asia, Ltd.⁽¹⁾		48,000		37,768

SJM Holdings, Ltd.		36,000		37,379

Sun Hung Kai Properties, Ltd.		5,000		64,359

SUNeVision Holdings, Ltd.		42,000		36,862

Swire Pacific, Ltd., Class A		4,000		18,241

Town Health International Medical Group, Ltd.⁽¹⁾⁽⁴⁾		266,000		0

VSTECS Holdings, Ltd.		60,000		37,607

VTech Holdings, Ltd.		3,500		23,223

Wharf Real Estate Investment Co., Ltd.⁽²⁾		10,000		38,488

Yue Yuen Industrial Holdings, Ltd.		22,000		35,834

			$	2,733,944

Ireland — 2.4%

AIB Group PLC⁽¹⁾⁽²⁾		48,209	$	54,533

Bank of Ireland Group PLC⁽¹⁾		42,431		105,282

CRH PLC		6,065		212,225

Flutter Entertainment PLC⁽¹⁾		1,560		272,701

Grafton Group PLC⁽¹⁾		3,665		31,862

ICON PLC⁽¹⁾		980		176,694


		20		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Ireland (continued)

Irish Residential Properties REIT PLC⁽²⁾		42,500	$	67,586

Kerry Group PLC, Class A		1,947		233,060

Kingspan Group PLC⁽¹⁾		2,773		241,998

UDG Healthcare PLC		4,495		42,248

			$	1,438,189

Israel — 2.3%

Amot Investments, Ltd.		5,499	$	25,201

Azrieli Group, Ltd.		1,206		56,605

Bank Hapoalim B.M.		8,234		48,064

Bank Leumi Le-Israel B.M.		9,550		45,010

Bezeq The Israeli Telecommunication Corp., Ltd.⁽¹⁾		126,713		142,877

Check Point Software Technologies, Ltd.⁽¹⁾		385		43,721

Elbit Systems, Ltd.		637		71,779

Electra, Ltd.		173		75,173

Fattal Holdings 1998, Ltd.⁽¹⁾		817		49,183

First International Bank of Israel, Ltd.		1,152		25,466

ICL Group, Ltd		34,547		125,332

Kenon Holdings, Ltd.		2,504		60,730

Maytronics, Ltd.		4,367		66,589

Melisron, Ltd.		729		26,366

Mizrahi Tefahot Bank, Ltd.		1,469		28,646

Nice, Ltd.⁽¹⁾		490		111,440

Paz Oil Co., Ltd.		650		60,093

Reit 1, Ltd.		7,407		28,074

Shufersal, Ltd.		7,005		52,723

Strauss Group, Ltd.		3,028		87,255

Teva Pharmaceutical Industries, Ltd. ADR⁽¹⁾		15,917		138,796

			$	1,369,123

Italy — 4.4%

Assicurazioni Generali SpA		4,184	$	56,125

ASTM SpA⁽¹⁾		2,079		38,693

Atlantia SpA⁽¹⁾⁽²⁾		4,194		64,380

Autogrill SpA⁽¹⁾		2,584		9,686

Bio-On SpA⁽¹⁾⁽⁴⁾		2,850		0

Brunello Cucinelli SpA⁽¹⁾⁽²⁾		1,252		37,593

Cementir Holding NV		6,913		44,030

COSMO Pharmaceuticals NV⁽¹⁾⁽²⁾		417		33,714

Davide Campari-Milano NV		18,866		197,175

De’Longhi SpA⁽¹⁾		1,200		38,378

DiaSorin SpA		977		214,479

Enav SpA⁽³⁾		5,849		20,296

Enel SpA		29,175		231,956

Eni SpA		21,212		148,591


Security	Shares		Value

Italy (continued)

Ferrari NV		1,054	$	188,025

IMA Industria Macchine Automatiche SpA⁽¹⁾		484		38,078

Infrastrutture Wireless Italiane SpA⁽³⁾		25,801		278,693

Interpump Group SpA		778		29,386

Intesa Sanpaolo SpA⁽¹⁾		69,966		116,151

Italgas SpA		7,381		42,653

Italmobiliare SpA		1,360		43,940

Leonardo SpA⁽²⁾		4,673		22,281

Mediaset SpA⁽¹⁾		9,790		16,646

Mediobanca Banca di Credito Finanziario SpA		2,651		18,821

Poste Italiane SpA⁽³⁾		5,564		45,423

Prada SpA⁽¹⁾		6,900		27,310

RAI Way SpA⁽³⁾		4,122		25,108

Recordati Industria Chimica e Farmaceutica SpA		2,026		105,037

Reply SpA		996		107,007

Retelit SpA		14,503		36,755

Salvatore Ferragamo SpA⁽¹⁾		2,265		29,218

Saras SpA⁽¹⁾⁽²⁾		14,538		7,449

STMicroelectronics NV		7,572		231,000

Technogym SpA⁽¹⁾⁽³⁾		2,741		20,385

Terna Rete Elettrica Nazionale SpA		8,968		60,550

UnipolSai Assicurazioni SpA		10,716		24,888

			$	2,649,900

Japan — 13.6%

Activia Properties, Inc.		6	$	21,678

Aeon Mall Co., Ltd.		1,800		28,079

Air Water, Inc.⁽²⁾		2,000		28,576

Ajinomoto Co., Inc.		2,100		42,191

ANA Holdings, Inc.⁽¹⁾		1,100		23,992

Asahi Group Holdings, Ltd.		1,200		37,137

Asahi Kasei Corp.		6,000		51,993

Bandai Namco Holdings, Inc.		1,300		97,155

Bridgestone Corp.		900		29,335

Canon, Inc.		3,000		52,219

Central Japan Railway Co.⁽²⁾		200		24,184

Chubu Electric Power Co., Inc.		6,200		69,451

Chugai Pharmaceutical Co., Ltd.		2,700		104,220

Chugoku Electric Power Co., Inc. (The)		4,500		56,537

Citizen Watch Co., Ltd.		8,200		21,724

Daicel Corp.		3,400		24,265

Daido Steel Co., Ltd.		700		22,925

Daiichi Sankyo Co., Ltd.		3,600		95,017

Daikin Industries, Ltd.		500		93,567

Daiwa House REIT Investment Corp.		23		53,205

Daiwa Securities Group, Inc.		7,000		28,363


		21		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Japan (continued)

Dentsu Group, Inc.		1,000	$	28,828

East Japan Railway Co.		600		31,376

ENEOS Holdings, Inc.		37,400		126,198

Fast Retailing Co., Ltd.		100		69,754

Frontier Real Estate Investment Corp.		8		26,783

FUJIFILM Holdings Corp.		1,700		86,687

GLP J-REIT		28		43,166

Hankyu Hanshin Holdings, Inc.		1,000		30,533

Hirose Electric Co., Ltd.		315		43,969

Hitachi, Ltd.		1,900		64,038

Hulic Co., Ltd.		4,000		37,052

Inpex Corp.		11,000		52,166

ITOCHU Corp.		1,500		36,028

Iwatani Corp.		1,000		45,373

Japan Airlines Co., Ltd.⁽¹⁾		900		15,719

Japan Exchange Group, Inc.		2,100		51,268

Japan Hotel REIT Investment Corp.		63		30,508

Japan Post Bank Co., Ltd.⁽²⁾		4,800		38,283

Japan Post Holdings Co., Ltd.		5,300		36,366

Japan Prime Realty Investment Corp.		11		29,728

Japan Real Estate Investment Corp.		11		53,908

Japan Retail Fund Investment Corp.		31		44,684

Japan Tobacco, Inc.		3,200		60,247

JFE Holdings, Inc.⁽¹⁾		4,200		29,510

Kajima Corp.		2,000		21,371

Kakaku.com, Inc.		1,900		50,212

Kamigumi Co., Ltd.		1,500		26,836

Kansai Electric Power Co., Inc. (The)		8,700		79,173

Kansai Paint Co., Ltd.		1,400		36,095

Kao Corp.		1,000		71,199

KDDI Corp.		6,400		173,152

Kenedix Office Investment Corp.⁽²⁾		6		34,702

Keyence Corp.		400		181,529

Kintetsu Group Holdings Co., Ltd.		800		31,964

Kirin Holdings Co., Ltd.		2,400		43,268

Kuraray Co., Ltd.		2,500		23,122

Kyushu Electric Power Co., Inc.		4,800		40,241

Lion Corp.		2,100		42,822

Makita Corp.⁽²⁾		1,000		44,204

Marubeni Corp.		7,000		36,548

Maruichi Steel Tube, Ltd.		1,200		27,530

MEIJI Holdings Co., Ltd.		500		36,225

Mitsubishi Chemical Holdings Corp.		5,000		28,141

Mitsubishi Corp.		1,300		29,005

Mitsubishi Estate Co., Ltd.⁽²⁾		5,400		80,546

Mitsubishi UFJ Financial Group, Inc.		32,200		126,929


Security	Shares		Value

Japan (continued)

Mitsui & Co., Ltd.		3,900	$	61,088

Mizuho Financial Group, Inc.		6,730		82,860

Mori Hills REIT Investment Corp.		25		30,793

MS&AD Insurance Group Holdings, Inc.		1,800		49,257

Murata Manufacturing Co., Ltd.		1,500		105,193

NEC Corp.		1,500		75,555

NH Foods, Ltd.		1,000		40,963

Nintendo Co., Ltd.		300		162,207

Nippon Accommodations Fund, Inc.		8		45,829

Nippon Building Fund, Inc.		11		55,559

Nippon Paint Holdings Co., Ltd.		1,200		108,096

Nippon Prologis REIT, Inc.		26		85,577

Nippon Sanso Holdings Corp.		1,300		19,060

Nippon Shokubai Co., Ltd.		600		29,381

Nippon Steel Corp.⁽¹⁾		4,500		43,646

Nippon Telegraph & Telephone Corp.		6,800		143,044

Nissan Chemical Corp.		900		47,764

Nissin Foods Holdings Co., Ltd.		400		34,636

Nitori Holdings Co., Ltd.		400		82,223

Nomura Real Estate Master Fund, Inc.		21		25,077

Nomura Research Institute, Ltd.		2,000		58,955

NTT Data Corp.		4,400		49,659

NTT DOCOMO, Inc.⁽²⁾		9,200		342,564

Obic Co., Ltd.⁽²⁾		300		53,113

Oji Holdings Corp.		4,300		18,122

Olympus Corp.		5,100		97,635

Ono Pharmaceutical Co., Ltd.		2,500		71,313

Oriental Land Co., Ltd.		500		69,989

ORIX Corp.		3,500		40,933

Orix JREIT, Inc.		26		36,541

Otsuka Holdings Co., Ltd.		2,400		88,888

Pan Pacific International Holdings Corp.		2,000		42,437

Rakuten, Inc.		3,000		29,188

Recruit Holdings Co., Ltd.		2,300		87,516

Resona Holdings, Inc.		7,500		24,727

Ricoh Co., Ltd.		4,000		26,269

Rinnai Corp.		600		59,122

Sekisui House, Ltd.		2,000		33,227

Seven & i Holdings Co., Ltd.		2,200		66,868

Shikoku Electric Power Co., Inc.		5,200		37,375

Shimadzu Corp.		1,200		34,312

Shimano, Inc.		300		68,615

Shin-Etsu Chemical Co., Ltd.		1,300		173,637

Shionogi & Co., Ltd.		1,100		51,887

Sompo Holdings, Inc.		1,600		59,737

Sony Corp.		1,600		133,386


		22		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Japan (continued)

Subaru Corp.⁽²⁾		1,100	$	20,188

Sumitomo Corp.		1,600		17,505

Sumitomo Mitsui Financial Group, Inc.		3,500		96,887

Sumitomo Mitsui Trust Holdings, Inc.		1,500		40,331

Suntory Beverage & Food, Ltd.		900		31,039

Suzuki Motor Corp.⁽²⁾		1,000		42,948

Sysmex Corp.		500		46,964

Taiheiyo Cement Corp.		1,500		35,208

Takeda Pharmaceutical Co., Ltd.		3,800		117,430

TEIJIN, Ltd.		1,400		21,445

Terumo Corp.		1,800		66,247

Toho Gas Co., Ltd.		1,500		77,433

Tokio Marine Holdings, Inc.		2,000		89,389

Tokyo Gas Co., Ltd.		3,800		86,106

Tokyu Corp.		2,000		23,729

Toppan Printing Co., Ltd.		2,000		25,433

Toray Industries, Inc.		9,300		42,082

Toshiba Corp.		1,800		45,533

Toyo Suisan Kaisha, Ltd.		1,000		49,766

Toyobo Co., Ltd.		1,800		23,998

Toyota Motor Corp.		2,600		170,682

Trend Micro, Inc.		600		33,609

Tsuruha Holdings, Inc.		200		28,005

Unicharm Corp.		1,500		69,406

United Urban Investment Corp.		36		38,436

West Japan Railway Co.		400		17,159

Yakult Honsha Co., Ltd.		600		29,036

Yamato Holdings Co., Ltd.		2,000		52,941

Yamato Kogyo Co., Ltd.		1,000		24,015

Yamazaki Baking Co., Ltd.		2,000		32,852

Z Holdings Corp.		11,200		78,098

			$	8,140,522

Netherlands — 4.7%

ABN AMRO Bank NV⁽¹⁾⁽³⁾		1,800	$	14,786

Accell Group⁽¹⁾		1,483		40,047

Akzo Nobel NV		2,765		265,961

ASML Holding NV		1,092		395,089

ASR Nederland NV		1,620		49,160

Corbion NV		2,072		94,105

Eurocommercial Properties NV		1,255		13,700

Euronext NV⁽³⁾		412		42,898

GrandVision NV⁽¹⁾⁽³⁾		1,280		35,582

IMCD NV		840		97,222

ING Groep NV⁽¹⁾		19,984		136,885

Koninklijke KPN NV		57,331		154,838


Security	Shares		Value

Netherlands (continued)

Koninklijke Philips NV⁽¹⁾		7,493	$	347,051

Koninklijke Vopak NV		1,452		75,412

NN Group NV		1,302		45,311

Prosus NV		3,222		321,671

Randstad NV⁽¹⁾		1,087		54,238

Signify NV⁽¹⁾⁽³⁾		769		27,296

Unilever NV⁽²⁾		7,819		440,786

Wolters Kluwer NV		2,003		162,176

			$	2,814,214

New Zealand — 1.1%

a2 Milk Co., Ltd. (The)⁽¹⁾		5,085	$	49,239

Auckland International Airport, Ltd.⁽¹⁾		12,240		56,621

Contact Energy, Ltd.		9,580		46,705

Fisher & Paykel Healthcare Corp., Ltd.		3,040		70,328

Fletcher Building, Ltd.⁽¹⁾		27,491		74,449

Goodman Property Trust		27,739		45,499

Mercury NZ, Ltd.		13,643		48,233

Precinct Properties New Zealand, Ltd.		27,851		32,580

Pushpay Holdings, Ltd.⁽¹⁾		4,169		25,077

Restaurant Brands New Zealand, Ltd.⁽¹⁾		1,138		8,928

SKYCITY Entertainment Group, Ltd.		23,126		42,791

Spark New Zealand, Ltd.		29,667		88,042

Xero, Ltd.⁽¹⁾		655		50,814

Z Energy, Ltd.		22,601		42,236

			$	681,542

Norway — 2.1%

Atea ASA⁽¹⁾		6,274	$	72,896

Borregaard ASA		2,485		33,288

DNB ASA⁽¹⁾		4,962		67,011

Entra ASA⁽³⁾		6,540		85,497

Equinor ASA		8,940		114,072

Europris ASA⁽³⁾		9,810		50,991

Fjordkraft Holding ASA⁽³⁾		4,604		37,918

Gjensidige Forsikring ASA		1,701		32,413

Golar LNG, Ltd.⁽¹⁾⁽²⁾		2,500		18,875

Kongsberg Gruppen ASA⁽²⁾		1,873		30,435

Mowi ASA⁽²⁾		4,027		63,618

Nordic Nanovector ASA⁽¹⁾⁽²⁾		8,892		12,990

Opera, Ltd. ADR⁽¹⁾⁽²⁾		6,200		56,420

Orkla ASA		8,207		77,472

Scatec Solar ASA⁽³⁾		3,300		73,002

SFL Corp, Ltd.		2,400		15,624

SpareBank 1 SMN		3,485		30,063


		23		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Norway (continued)

SpareBank 1 SR-Bank ASA⁽¹⁾		2,455	$	19,579

Telenor ASA		9,462		146,209

Tomra Systems ASA		2,037		82,268

Veidekke ASA⁽¹⁾		3,671		42,308

Yara International ASA		3,318		116,115

			$	1,279,064

Portugal — 1.0%

Banco Comercial Portugues S.A.⁽¹⁾		599,339	$	52,705

Corticeira Amorim SGPS S.A.		2,318		26,587

CTT - Correios de Portugal S.A.⁽¹⁾		18,519		45,311

EDP - Energias de Portugal S.A.		23,100		113,945

EDP Renovaveis S.A.		2,527		48,040

Galp Energia SGPS S.A., Class B		7,678		62,354

Jeronimo Martins SGPS S.A.		7,890		125,323

Navigator Co. S.A. (The)⁽¹⁾		20,914		46,080

NOS SGPS S.A.		22,214		76,344

Semapa-Sociedade de Investimento e Gestao		1,523		11,446

			$	608,135

Singapore — 2.3%

Ascendas Real Estate Investment Trust		23,500	$	49,588

CapitaLand Mall Trust		30,560		38,737

ComfortDelGro Corp., Ltd.		36,500		36,101

Ezion Holdings, Ltd.⁽¹⁾⁽⁴⁾		160,000		0

Flex, Ltd.⁽¹⁾		9,357		132,402

Genting Singapore, Ltd.		146,700		69,274

Hutchison Port Holdings Trust		187,500		27,209

Jardine Cycle & Carriage, Ltd.		2,600		33,821

Keppel Infrastructure Trust		106,657		42,624

Mapletree Industrial Trust		17,200		38,333

Mapletree Logistics Trust		30,900		44,140

Oversea-Chinese Banking Corp., Ltd.		14,700		90,666

Raffles Medical Group, Ltd.		38,400		21,663

SATS, Ltd.⁽²⁾		7,300		15,920

Sembcorp Industries, Ltd.		21,400		24,770

Singapore Airlines, Ltd.		14,800		36,728

Singapore Exchange, Ltd.		7,000		44,396

Singapore Post, Ltd.		26,100		12,725

Singapore Technologies Engineering, Ltd.		19,500		49,848

Singapore Telecommunications, Ltd.		108,900		161,882

Suntec Real Estate Investment Trust		27,000		26,516

United Overseas Bank, Ltd.		4,500		62,525

Venture Corp., Ltd.		7,600		107,135


Security	Shares		Value

Singapore (continued)

Wilmar International, Ltd.		69,400	$	205,462

			$	1,372,465

Spain — 4.3%

Acerinox S.A.⁽¹⁾		4,630	$	36,754

Aena SME S.A.⁽¹⁾⁽³⁾		685		92,294

Almirall S.A.		5,461		58,410

Amadeus IT Group S.A.		5,033		239,803

Applus Services S.A.⁽¹⁾		2,203		17,268

Banco Bilbao Vizcaya Argentaria S.A.		32,747		94,480

Banco Santander S.A.⁽¹⁾		74,459		149,108

CaixaBank S.A.		13,396		24,442

Cellnex Telecom S.A.⁽³⁾		2,405		154,379

Cia de Distribucion Integral Logista Holdings S.A.		1,300		21,949

Coca-Cola European Partners PLC		5,000		178,550

Ebro Foods S.A.⁽²⁾		2,380		53,288

Endesa S.A.		1,800		48,293

Faes Farma S.A.		12,615		47,541

Ferrovial S.A.		5,203		112,684

Grifols S.A.⁽²⁾		6,503		175,738

Iberdrola S.A.		26,615		314,259

Industria de Diseno Textil S.A.⁽²⁾		10,118		249,807

Merlin Properties Socimi S.A.		21,513		144,805

Red Electrica Corp. S.A.		1,244		21,912

Repsol S.A.		37,564		235,829

Telefonica S.A.		32,650		106,212

Tubacex S.A.⁽¹⁾		12,500		13,830

			$	2,591,635

Sweden — 4.4%

Alfa Laval AB⁽¹⁾		2,000	$	40,624

Arjo AB, Class B		8,801		62,563

Assa Abloy AB, Class B		2,883		61,790

Avanza Bank Holding AB		5,229		99,593

Axfood AB		2,453		57,015

BillerudKorsnas AB		2,548		39,802

BioGaia AB, Class B		921		43,704

Bonava AB, Class B⁽¹⁾		2,000		15,543

Castellum AB		6,400		133,252

Elekta AB, Class B⁽²⁾		9,796		114,574

Epiroc AB, Class A		2,897		43,257

Essity AB, Class B⁽²⁾		4,649		134,557

Fabege AB		7,085		89,462

Fingerprint Cards AB, Class B⁽¹⁾⁽²⁾		20,825		35,124

Granges AB⁽¹⁾⁽²⁾		4,911		44,298


		24		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Sweden (continued)

Hennes & Mauritz AB, Class B		4,570	$	74,301

Holmen AB, Class B		2,532		95,885

Husqvarna AB, Class B		3,790		39,081

ICA Gruppen AB⁽²⁾		1,559		73,800

JM AB⁽²⁾		2,031		58,655

Lundin Energy AB		4,713		90,098

Modern Times Group MTG AB, Class B⁽¹⁾		3,758		50,051

Mycronic AB		2,681		56,565

NetEnt AB		6,918		65,612

Nibe Industrier AB, Class B⁽¹⁾		1,531		36,865

Nordic Entertainment Group AB, Class B⁽¹⁾		1,265		45,158

Nyfosa AB⁽¹⁾		5,600		46,302

Pandox AB⁽¹⁾		1,500		14,975

Securitas AB, Class B⁽¹⁾		1,900		26,820

Skandinaviska Enskilda Banken AB, Class A⁽¹⁾		10,460		89,760

Skanska AB, Class B		1,238		23,219

Svenska Cellulosa AB SCA, Class B⁽¹⁾		9,048		122,388

Svenska Handelsbanken AB, Class A⁽¹⁾		9,558		77,445

Swedish Orphan Biovitrum AB⁽¹⁾		3,766		64,949

Tele2 AB, Class B		4,040		47,680

Telefonaktiebolaget LM Ericsson, Class B		16,748		186,983

Telia Co. AB⁽²⁾		41,615		159,225

Volvo AB, Class B⁽¹⁾		2,772		53,880

Wallenstam AB, Class B		3,540		46,927

			$	2,661,782

Switzerland — 9.0%

Adecco Group AG		1,216	$	59,625

ALSO Holding AG		375		87,737

Baloise Holding AG		396		54,155

Banque Cantonale Vaudoise		570		55,233

Belimo Holding AG		7		52,057

BKW AG		330		32,780

Cembra Money Bank AG		670		74,440

Cie Financiere Richemont S.A.		7,871		491,967

Comet Holding AG		287		40,348

DKSH Holding AG		773		49,735

dormakaba Holding AG		68		31,266

Ems-Chemie Holding AG		72		63,330

Flughafen Zurich AG⁽¹⁾		187		25,236

Forbo Holding AG		26		39,808

Geberit AG		221		125,786

Givaudan S.A.		85		346,625

Helvetia Holding AG		425		33,326

Implenia AG		883		17,711

Ina Invest Holding AG⁽¹⁾		176		3,272


Security	Shares		Value

Switzerland (continued)

Inficon Holding AG		86	$	63,146

Intershop Holding AG		78		47,829

Kuehne & Nagel International AG		464		92,736

Landis+Gyr Group AG⁽¹⁾		1,111		62,049

Logitech International S.A.		2,351		197,781

Mobilezone Holding AG		4,644		43,498

Nestle S.A.		6,807		765,637

Novartis AG		3,902		304,054

Partners Group Holding AG		75		67,523

PSP Swiss Property AG		649		78,481

Roche Holding AG PC		1,070		343,825

Schindler Holding AG		219		56,292

Schindler Holding AG PC		353		90,426

Schweiter Technologies AG		26		35,510

SGS S.A., Class R		23		57,450

SIG Combibloc Group AG		3,912		80,465

Sika AG		1,308		321,774

Sonova Holding AG⁽¹⁾		345		81,892

Stadler Rail AG⁽¹⁾⁽²⁾		954		37,946

Swatch Group AG (The)		155		32,824

Swiss Life Holding AG		264		88,807

Swiss Prime Site AG		1,328		111,725

Swiss Re AG		1,673		120,055

Swisscom AG		445		226,327

Valora Holding AG⁽¹⁾		245		34,975

Zehnder Group AG		691		33,048

Zurich Insurance Group AG		683		226,855

			$	5,387,367

United Kingdom — 8.6%

3i Group PLC		3,933	$	49,122

Admiral Group PLC		1,052		37,476

Assura PLC		34,782		34,338

AstraZeneca PLC		2,948		295,995

Auto Trader Group PLC⁽³⁾		12,550		94,356

Avast PLC⁽³⁾		12,144		74,628

Aveva Group PLC		907		50,346

Aviva PLC		7,746		25,837

BAE Systems PLC		8,600		44,207

Barclays PLC⁽¹⁾		20,448		28,342

Barratt Developments PLC⁽¹⁾		3,866		24,165

Bellway PLC		608		18,395

Berkeley Group Holdings PLC		552		29,023

BHP Group PLC		7,729		149,729

Big Yellow Group PLC		2,400		34,202

BMO Commercial Property Trust		14,249		11,354


		25		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

United Kingdom (continued)

BP PLC		80,334	$	204,907

BT Group PLC		55,954		73,487

Bunzl PLC		1,400		43,521

Compass Group PLC		5,483		75,050

Croda International PLC		489		38,220

Derwent London PLC		1,020		35,125

Diageo PLC		4,200		135,735

Direct Line Insurance Group PLC		9,041		30,897

Elementis PLC⁽¹⁾		14,188		13,675

Essentra PLC⁽¹⁾		5,799		18,507

Experian PLC		1,492		54,658

Ferguson PLC		689		68,432

Fresnillo PLC		4,030		60,783

GlaxoSmithKline PLC		7,783		129,964

Great Portland Estates PLC		4,065		30,390

Halma PLC		5,460		167,554

Howden Joinery Group PLC⁽¹⁾		5,263		43,451

HSBC Holdings PLC		14,993		62,830

Imperial Brands PLC		1,796		28,427

InterContinental Hotels Group PLC⁽¹⁾		671		34,094

Intertek Group PLC		543		39,113

Land Securities Group PLC		6,288		41,488

London Stock Exchange Group PLC		726		78,261

LondonMetric Property PLC		11,374		31,801

Marks & Spencer Group PLC		30,532		35,175

Meggitt PLC⁽¹⁾		3,859		13,674

Mondi PLC		3,379		64,043

Moneysupermarket.com Group PLC		13,551		42,800

National Grid PLC		21,734		258,537

NCC Group PLC		21,199		50,308

Next PLC		582		43,956

Pearson PLC⁽²⁾		5,346		35,320

Persimmon PLC		2,761		83,594

Phoenix Group Holdings PLC		5,262		45,186

QinetiQ Group PLC		8,311		25,455

Reckitt Benckiser Group PLC		1,454		128,081

RELX PLC		3,168		62,688

Rentokil Initial PLC⁽¹⁾		5,526		37,622

Rightmove PLC⁽¹⁾		13,046		104,409

Rio Tinto PLC		3,415		193,157

Royal Dutch Shell PLC, Class A		16,638		209,297

Royal Mail PLC		6,900		20,310

RSA Insurance Group PLC		4,203		23,081

Safestore Holdings PLC		3,803		39,589

Sage Group PLC (The)		15,349		126,290

Segro PLC		8,635		100,897


Security	Shares		Value

United Kingdom (continued)

Severn Trent PLC		3,397	$	106,911

Shaftesbury PLC		2,131		12,561

Shaftesbury PLC		257		183

Spirax-Sarco Engineering PLC		358		52,337

Standard Life Aberdeen PLC		8,792		25,618

Tate & Lyle PLC		7,007		54,015

Taylor Wimpey PLC⁽¹⁾		12,334		16,899

Tritax Big Box REIT PLC		37,589		76,267

Unilever PLC		2,083		118,708

UNITE Group PLC (The)⁽¹⁾		5,785		62,430

United Utilities Group PLC		9,445		105,584

Vodafone Group PLC		119,033		158,786

WH Smith PLC		1,016		13,134

Whitbread PLC⁽¹⁾		1,423		39,620

WM Morrison Supermarkets PLC		8,786		18,546

			$	5,146,953

Total Common Stocks (identified cost $60,781,439)			$	59,489,687

Rights⁽¹⁾ — 0.0%
Security	Shares		Value

BUWOG AG⁽⁴⁾		1,234	$	0

Mapletree Logistics Trust, Exp. 12/11/20		587		0

Total Rights (identified cost $0)			$	0

Warrants⁽¹⁾ — 0.0%
Security	Shares		Value

Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763⁽⁴⁾		96,000	$	0

Total Warrants (identified cost $0)			$	0


		26		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Portfolio of Investments — continued


Short-Term Investments — 3.8%
Description	Units/ Shares		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁵⁾		137,978	$	137,978

State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%⁽⁶⁾		2,122,914		2,122,914

Total Short-Term Investments (identified cost $2,260,892)			$	2,260,892

Total Investments — 102.9% (identified cost $63,042,331)			$	61,750,579

Other Assets, Less Liabilities — (2.9)%			$	(1,734,642	)

Net Assets — 100.0%			$	60,015,937

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 October 31, 2020. The aggregate market value of securities on loan at October 31, 2020 was $3,908,749.

⁽³⁾

⁽⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2020.

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


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Consumer Discretionary		10.8	%	$	6,492,751

Industrials		10.5			6,303,725

Consumer Staples		10.4			6,228,034

Materials		10.1			6,071,706

Health Care		9.9			5,939,911

Financials		9.8			5,882,127

Information Technology		9.8			5,875,038

Communication Services		8.8			5,298,716

Utilities		7.4			4,447,200

Real Estate		7.4			4,442,365

Energy		4.2			2,508,114

Short-Term Investments		3.8			2,260,892

Total Investments		102.9	%	$	61,750,579

Abbreviations:



ADR	–	American Depositary Receipt

CDI	–	CHESS Depositary Interest

PC	–	Participation Certificate

Currency Abbreviations:



SGD	–	Singapore Dollar


		27		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value including $3,908,749 of securities on loan (identified cost, $62,904,353)	$	61,612,601

Affiliated investment, at value (identified cost, $137,978)		137,978

Foreign currency, at value (identified cost, $58,625)		58,013

Dividends receivable		95,408

Dividends receivable from affiliated investment		8

Receivable for investments sold		37,500

Securities lending income receivable		4,533

Tax reclaims receivable		275,918

Total assets	$	62,221,959

Liabilities

Collateral for securities loaned	$	2,122,914

Payable to affiliates:

Investment adviser fee		26,925

Trustees’ fees		319

Accrued expenses		55,864

Total liabilities	$	2,206,022

Net Assets applicable to investors’ interest in Portfolio	$	60,015,937


		28		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $234,767)	$	1,452,271

Dividends from affiliated investment		1,462

Non-cash dividends		83,633

Securities lending income, net		32,582

Total investment income	$	1,569,948

Expenses

Investment adviser fee	$	323,552

Trustees’ fees and expenses		3,957

Custodian fee		64,736

Legal and accounting services		53,314

Miscellaneous		1,184

Total expenses	$	446,743

Net investment income	$	1,123,205

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(543,008	)

Investment transactions — affiliated investment		164

Foreign currency transactions		(3,031	)

Net realized loss	$	(545,875	)

Change in unrealized appreciation (depreciation) —

Investments	$	(4,842,919	)

Foreign currency		21,037

Net change in unrealized appreciation (depreciation)	$	(4,821,882	)

Net realized and unrealized loss	$	(5,367,757	)

Net decrease in net assets from operations	$	(4,244,552	)


		29		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	1,123,205		$	1,728,317

Net realized gain (loss)		(545,875	)		3,983,406

Net change in unrealized appreciation (depreciation)		(4,821,882	)		1,678,253

Net increase (decrease) in net assets from operations	$	(4,244,552	)	$	7,389,976

Capital transactions —

Contributions	$	4,925,657		$	4,518,129

Withdrawals		(11,718,737	)		(8,896,244	)

Net decrease in net assets from capital transactions	$	(6,793,080	)	$	(4,378,115	)

Net increase (decrease) in net assets	$	(11,037,632	)	$	3,011,861

Net Assets

At beginning of year	$	71,053,569		$	68,041,708

At end of year	$	60,015,937		$	71,053,569


		30		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.69	%		0.74	%		0.71	%		0.68	%		0.97	%

Net investment income		1.74	%		2.53	%		1.90	%		2.30	%		2.19	%

Portfolio Turnover		10	%		37	%		30	%		26	%		14	%

Total Return		(5.07	)%		11.59	%		(5.77	)%		22.05	%		0.74	%

Net assets, end of year (000’s omitted)	$	60,016		$	71,054		$	68,042		$	75,680		$	65,395


		31		See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Tax-Managed International Equity Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of foreign equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Parametric Tax-Managed International Equity Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 50.7% and 49.3%, respectively, in the Portfolio.

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

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.

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 Portfolio is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio 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. 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, no amounts are reflected in the financial statements for such outstanding reclaims.

D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.


		32

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

In addition to the requirements of the Internal Revenue Code, the Portfolio 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.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.50% of the Portfolio’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion or over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $323,552 or 0.50% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $6,360,392 and $11,845,731, respectively, for the year ended October 31, 2020.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	63,293,426

Gross unrealized appreciation	$	10,291,846

Gross unrealized depreciation		(11,834,693	)

Net unrealized depreciation	$	(1,542,847	)


		33

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

5 Line of Credit

6 Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio 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 Portfolio 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 Portfolio 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 Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio 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 Portfolio 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 Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

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

At October 31, 2020, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $3,908,749 and $4,277,330, respectively. Collateral received was comprised of cash of $2,122,914 and U.S. government and/or agencies securities of $2,154,416. The securities lending transactions have no contractual maturity date and each of the Portfolio 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 October 31, 2020.


	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total

Common Stocks	$	2,122,914	$	—	$	—	$	—	$	2,122,914

The carrying amount of the liability for collateral for securities loaned at October 31, 2020 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 8) at October 31, 2020.

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $137,978, which represents 0.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	343,801	$	6,178,005	$	(6,383,992	)	$	164	$	—	$	137,978	$	1,462		137,978


		34

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

8 Fair Value Measurements

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks

Asia/Pacific	$	477,318	$	18,030,454		$	0	$	18,507,772

Developed Europe		475,153		39,137,639			0		39,612,792

Developed Middle East		182,517		1,186,606			—		1,369,123

Total Common Stocks	$	1,134,988	$	58,354,699	**	$	0	$	59,489,687

Rights	$	—	$	0		$	0	$	0

Warrants		—		—			0		0

Short-Term Investments		2,122,914		137,978			—		2,260,892

Total Investments	$	3,257,902	$	58,492,677		$	0	$	61,750,579

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

**	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.

9 Risks and Uncertainties

Risks Associated with Foreign Investments

Pandemic Risk


		35

Tax-Managed International Equity Portfolio

October 31, 2020

Notes to Financial Statements — continued

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance’s Fund investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement and sub-advisory agreement for the Portfolio will be submitted for approval.


		36

Tax-Managed International Equity Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Tax-Managed International Equity Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed International Equity Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		37

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Liquidity Risk Management Program


		38

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Tax-Managed International Equity Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		39

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.


		40

Parametric

Tax-Managed International Equity Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		41

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•

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.


		42

This Page Intentionally Left Blank

Investment Adviser of Tax-Managed International Equity Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser of Tax-Managed International Equity Portfolio

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Administrator of Parametric Tax-Managed International Equity Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

38 10.31.20

LOGO

Eaton Vance

Short Duration Government Income Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Short Duration Government Income Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			30
Federal Tax Information			31
Liquidity Risk Management Program			32
Management and Organization			33
Important Notices			36

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The Fed also transitioned from allowing approximately $20 billion in agency mortgage-backed securities (MBS) to roll off its balance sheet per month at the beginning of the period, to purchasing over

$1 trillion in agency MBS since March 2020 in an attempt to stabilize the mortgage market. In response to the Fed’s actions, the MBS market heated up and average 30-year mortgage rates fell by nearly 100 bps. As mortgage rates approached record lows, current and prospective homeowners took advantage. Despite the Fed’s support, faster prepayments and higher supply caused MBS spreads versus Treasurys to widen by about 10 bps during the period — about 30 bps higher than long-term averages.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Short Duration Government Income Fund (the Fund) returned 2.51% for Class A shares at net asset value (NAV), underperforming its benchmark, the ICE BofA 1-3 Year U.S. Treasury Index (the Index), which returned 3.19%.

The main detractor from Fund performance relative to the Index during the period was the Fund’s investments in floating-rate agency MBS, which detracted from relative performance as interest rates fell and bond coupons reset lower.

Despite widening spreads in fixed rate agency MBS, these bonds contributed to performance relative to the Index due to higher yields, which more than offset the spread widening during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Performance^2,3

Portfolio Managers Andrew Szczurowski, CFA and Alexander Payne, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		09/30/2002		09/30/2002		2.51	%		1.76	%		1.55	%
Class A with 2.25% Maximum Sales Charge		—		—		0.16			1.31			1.32

Class C at NAV		09/30/2002		09/30/2002		1.89			1.16			0.94
Class C with 1% Maximum Sales Charge		—		—		0.89			1.16			0.94

Class I at NAV		05/04/2009		09/30/2002		2.76			2.02			1.81



ICE BofA 1–3 Year U.S. Treasury Index		—		—		3.19	%		1.81	%		1.25	%

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						0.85	%		1.45	%		0.60	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$10,982

N.A.

Class I

$250,000

10/31/2010

$299,020

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Fund Profile

Asset Allocation (% of total investments)⁵

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Endnotes and Additional Disclosures

ICE BofA 1-3 Year U.S. Treasury Index is an unmanaged index of short-term U.S. Treasury securities. 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. 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.

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

⁵	Other represents any investment type less than 1% of total investments.

Fund profile subject to change due to active management.

Additional Information

Spread is the difference in yield between non-Treasury and Treasury securities of similar maturity.

Important Notice to Shareholders

Effective November 30, 2020, the Fund is managed by Andrew Szczurowski and Alexander Payne.


		5

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,006.70	$	4.04		0.80	%
Class C	$	1,000.00	$	1,003.70	$	7.05		1.40	%
Class I	$	1,000.00	$	1,007.90	$	2.78		0.55	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.10	$	4.06		0.80	%
Class C	$	1,000.00	$	1,018.10	$	7.10		1.40	%
Class I	$	1,000.00	$	1,022.40	$	2.80		0.55	%


		6

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments


Mortgage Pass-Throughs — 63.5%
Security	Principal Amount (000’s omitted)			Value

Federal Home Loan Mortgage Corp.:

1.903%, (COF + 1.25%), with maturity at 2025⁽¹⁾	$	95		$	95,599

2.50%, with various maturities to 2050		473,399			496,356,474

2.809%, (COF + 1.87%), with maturity at 2022⁽¹⁾		0	⁽²⁾		162

2.815%, (COF + 1.25%), with maturity at 2035⁽¹⁾		776			795,375

2.944%, (1 yr. CMT + 2.31%), with maturity at 2036⁽¹⁾		874			921,369

2.975%, (1 yr. CMT + 2.26%), with maturity at 2035⁽¹⁾		2,571			2,704,871

3.00%, with various maturities to 2050		417,223			440,895,239

3.182%, (COF + 1.25%), with maturity at 2032⁽¹⁾		170			176,236

3.322%, (COF + 2.28%), with maturity at 2025⁽¹⁾		214			217,061

3.357%, (1 yr. CMT + 1.98%), with maturity at 2034⁽¹⁾		1,001			1,047,734

3.477%, (1 yr. CMT + 2.28%), with maturity at 2023⁽¹⁾		53			53,665

3.50%, with various maturities to 2050		129,694			138,886,735

3.531%, (1 yr. CMT + 2.25%), with maturity at 2038⁽¹⁾		877			916,614

3.586%, (1 yr. CMT + 2.23%), with maturity at 2036⁽¹⁾		1,035			1,091,623

3.85%, (COF + 1.25%), with maturity at 2034⁽¹⁾		41			42,195

4.00%, with maturity at 2050		1,373			1,489,324

4.046%, (COF + 1.25%), with maturity at 2029⁽¹⁾		9			9,535

4.046%, (COF + 2.27%), with maturity at 2037⁽¹⁾		894			917,752

4.215%, (5 yr. CMT + 2.52%), with maturity at 2032⁽¹⁾		265			275,695

4.363%, (COF + 1.25%), with maturity at 2030⁽¹⁾		241			255,423

4.50%, with various maturities to 2049		7,382			7,988,000

4.667%, (COF + 1.25%), with maturity at 2033⁽¹⁾		782			808,368

6.00%, with maturity at 2029		188			213,822

7.00%, with maturity at 2033		143			156,182

8.00%, with various maturities to 2025		2			1,829

				$	1,096,316,882

Federal National Mortgage Association:

1.50%, 30-Year, TBA⁽³⁾	$	290,000		$	291,517,771

1.779%, (COF + 1.25%), with various maturities to 2037⁽¹⁾		386			390,810


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

1.851%, (COF + 1.25%), with maturity at 2038⁽¹⁾	$	50	$	50,314

1.903%, (COF + 1.25%), with maturity at 2033⁽¹⁾		205		208,354

2.00%, 30-Year, TBA⁽³⁾		356,000		366,299,027

2.37%, (COF + 1.84%), with maturity at 2029⁽¹⁾		2		1,931

2.429%, (1 yr. CMT + 2.08%), with maturity at 2033⁽¹⁾		296		309,285

2.50%, with various maturities to 2050		398,134		416,515,181

2.696%, (1 yr. CMT + 2.25%), with maturity at 2033⁽¹⁾		2,016		2,117,510

2.751%, (COF + 1.25%), with maturity at 2036⁽¹⁾		102		104,553

2.837%, (1 yr. CMT + 2.12%), with maturity at 2037⁽¹⁾		889		932,720

2.911%, (COF + 2.16%), with maturity at 2030⁽¹⁾		99		100,665

3.00%, with various maturities to 2050		1,098,539		1,157,042,848

3.058%, (1 yr. CMT + 2.11%), with maturity at 2040⁽¹⁾		334		347,392

3.069%, (1 yr. CMT + 2.18%), with maturity at 2036⁽¹⁾		313		327,216

3.124%, (COF + 1.25%), with maturity at 2036⁽¹⁾		223		230,110

3.137%, (COF + 1.25%), with maturity at 2034⁽¹⁾		593		609,745

3.156%, (1 yr. CMT + 2.20%), with maturity at 2039⁽¹⁾		1,486		1,553,757

3.322%, (1 yr. CMT + 2.14%), with maturity at 2031⁽¹⁾		454		461,887

3.368%, (COF + 1.25%), with maturity at 2034⁽¹⁾		816		846,471

3.401%, (COF + 1.25%), with maturity at 2035⁽¹⁾		257		264,250

3.409%, (1 yr. USD LIBOR + 1.75%), with maturity at 2035⁽¹⁾		632		662,724

3.50%, with various maturities to 2050		221,013		235,109,636

3.528%, (1 yr. CMT + 2.48%), with maturity at 2038⁽¹⁾		631		661,493

3.612%, (COF + 1.79%), with maturity at 2036⁽¹⁾		685		718,303

3.618%, (COF + 2.34%), with maturity at 2026⁽¹⁾		156		160,009

3.675%, (1 yr. USD LIBOR + 1.80%), with maturity at 2034⁽¹⁾		292		308,004

3.719%, (COF + 1.25%), with maturity at 2034⁽¹⁾		466		477,789

3.767%, (COF + 1.74%), with maturity at 2035⁽¹⁾		424		446,014


		7		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

3.934%, (COF + 1.78%), with maturity at 2035⁽¹⁾	$	331	$	349,448

3.957%, (COF + 1.25%), with maturity at 2036⁽¹⁾		60		62,841

4.00%, with various maturities to 2050		150,701		162,381,661

4.105%, (COF + 1.25%), with maturity at 2033⁽¹⁾		296		316,220

4.122%, (COF + 1.81%), with maturity at 2034⁽¹⁾		347		368,193

4.376%, (COF + 1.87%), with maturity at 2034⁽¹⁾		260		269,721

4.50%, with maturity at 2049		12,572		13,584,494

4.671%, (COF + 1.49%), with maturity at 2029⁽¹⁾		405		430,708

5.00%, with various maturities to 2048		5,584		6,007,755

5.016%, (COF + 1.73%), with maturity at 2034⁽¹⁾		124		132,041

6.00%, with various maturities to 2031		101		112,387

6.332%, (COF + 2.00%), with maturity at 2032⁽¹⁾		71		77,688

6.445%, (COF + 1.75%), with maturity at 2021⁽¹⁾		1		1,290

			$	2,662,870,216

Government National Mortgage Association:

2.50%, with maturity at 2050⁽⁴⁾	$	100,000	$	104,921,290

2.50%, with maturity at 2050		270,000		283,203,108

2.50%, with maturity at 2050⁽⁴⁾		240,000		251,936,400

3.00%, with various maturities to 2050		986,197		1,037,810,315

3.125%, (1 yr. CMT + 1.50%), with various maturities to 2027⁽¹⁾		206		211,102

4.00%, with various maturities to 2050		15,478		16,520,812

4.50%, with various maturities to 2049		56,143		60,450,032

			$	1,755,053,059

Total Mortgage Pass-Throughs (identified cost $5,520,992,115)			$	5,514,240,157

Collateralized Mortgage Obligations — 28.1%
Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.:

Series 1395, Class F, 1.179%, (COF + 0.65%), 10/15/22⁽⁵⁾	$	5	$	4,637

Series 2135, Class JZ, 6.00%, 3/15/29		548		619,972

Series 3866, Class DF, 1.598%, (1 mo. USD LIBOR + 1.45%), 5/15/41⁽⁵⁾		2,325		2,327,237


Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.: (continued)

Series 4102, Class DF, 1.299%, (1 mo. USD LIBOR + 1.15%), 9/15/42⁽⁵⁾	$	1,299	$	1,291,398

Series 4114, Class YF, 1.248%, (1 mo. USD LIBOR + 1.10%), 10/15/42⁽⁵⁾		3,010		3,001,802

Series 4159, Class FP, 1.049%, (1 mo. USD LIBOR + 0.90%), 11/15/42⁽⁵⁾		1,656		1,630,838

Series 4177, Class MP, 2.50%, 3/15/43		15		15,004

Series 4180, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 1/15/43⁽⁵⁾		5,169		5,085,008

Series 4204, Class AF, 1.149%, (1 mo. USD LIBOR + 1.00%), 5/15/43⁽⁵⁾		2,532		2,503,294

Series 4212, Class NS, 5.222%, (5.40% - 1 mo. USD LIBOR x 1.20), 6/15/43⁽⁶⁾		8,524		8,507,395

Series 4223, Class NF, 1.099%, (1 mo. USD LIBOR + 0.95%), 7/15/43⁽⁵⁾		5,168		5,126,864

Series 4249, Class CF, 0.949%, (1 mo. USD LIBOR + 0.80%), 9/15/43⁽⁵⁾		13,516		13,758,048

Series 4299, Class JG, 2.50%, 7/15/43		2,427		2,474,606

Series 4337, Class YT, 3.50%, 4/15/49		1,140		1,142,016

Series 4389, Class CA, 3.00%, 9/15/44		3,356		3,535,685

Series 4448, Class AF, 1.149%, (1 mo. USD LIBOR + 1.00%), 5/15/43⁽⁵⁾		8,844		8,782,878

Series 4584, Class PM, 3.00%, 5/15/46		1,074		1,082,295

Series 4594, Class FM, 1.149%, (1 mo. USD LIBOR + 1.00%), 6/15/46⁽⁵⁾		917		915,064

Series 4608, Class TV, 3.50%, 1/15/55		1,453		1,470,952

Series 4619, Class KF, 0.899%, (1 mo. USD LIBOR + 0.75%), 6/15/39⁽⁵⁾		1,557		1,581,553

Series 4631, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 10/15/46⁽⁵⁾		785		786,190

Series 4631, Class NF, 1.149%, (1 mo. USD LIBOR + 1.00%), 11/15/46⁽⁵⁾		11,260		11,264,442

Series 4637, Class QF, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/15/44⁽⁵⁾		7,255		7,126,507

Series 4637, Class SA, 4.731%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44⁽⁶⁾		1,778		1,738,936

Series 4637, Class SC, 4.731%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44⁽⁶⁾		1,778		1,738,936

Series 4637, Class SD, 4.731%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44⁽⁶⁾		1,778		1,738,936

Series 4637, Class SE, 4.731%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44⁽⁶⁾		1,938		1,895,297

Series 4639, Class KF, 1.449%, (1 mo. USD LIBOR + 1.30%), 12/15/44⁽⁵⁾		5,556		5,546,431

Series 4645, Class CF, 1.149%, (1 mo. USD LIBOR + 1.00%), 3/15/44⁽⁵⁾		3,821		3,795,571

Series 4645, Class KL, 5.702%, (6.00% - 1 mo. USD LIBOR x 2.00), 3/15/44⁽⁶⁾		991		980,471

Series 4678, Class PC, 3.00%, 1/15/46		3,912		4,045,722


		8		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.: (continued)

Series 4680, Class YF, 1.149%, (1 mo. USD LIBOR + 1.00%), 12/15/46⁽⁵⁾	$	470	$	469,811

Series 4681, Class JZ, 2.50%, 5/15/47		246		245,864

Series 4717, Class PF, 1.148%, (1 mo. USD LIBOR + 1.00%), 8/15/47⁽⁵⁾		2,808		2,809,737

Series 4754, Class FJ, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/15/44⁽⁵⁾		5,136		5,019,501

Series 4754, Class FK, 1.149%, (1 mo. USD LIBOR + 1.00%), 1/15/54⁽⁵⁾		11,918		11,928,683

Series 4774, Class MH, 4.50%, 12/15/42		5,287		5,364,299

Series 4774, Class QD, 4.50%, 1/15/43		2,916		2,968,395

Series 4775, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 2/15/48⁽⁵⁾		1,369		1,369,174

Series 4776, Class C, 4.50%, 3/15/43		2,302		2,312,988

Series 4845, Class EA, 4.50%, 6/15/43		3,528		3,534,226

Series 4846, Class EA, 4.50%, 8/15/43		4,062		4,074,597

Series 4859, Class GA, 4.50%, 10/15/43		2,120		2,126,580

Series 4876, Class FA, 0.848%, (1 mo. USD LIBOR + 0.70%), 5/15/49⁽⁵⁾		16,135		16,399,913

Series 4910, Class ZG, 3.50%, 9/25/49		16,142		16,142,873

Series 4910, Class ZN, 3.50%, 6/15/49		650		649,842

Series 4911, Class JZ, 3.50%, 9/25/49		1,432		1,431,469

Series 4927, Class ZQ, 3.50%, 9/25/49		3,928		3,929,021

Series 4930, Class PZ, 3.50%, 11/25/49		2,478		2,476,808

Series 4954, Class ZL, 3.50%, 2/25/50		4,058		4,055,799

Series 4967, Class CK, 2.50%, 2/25/50		2,913		2,913,356

Series 4968, Class ZJ, 3.00%, 4/25/50		40,387		40,428,698

Series 4974, Class ZG, 2.50%, 4/25/50		13,588		13,605,507

Series 4974, Class ZT, 3.00%, 2/25/50		10,258		10,288,146

Series 4980, Class UZ, 3.00%, 6/25/50		11,680		11,684,186

Series 4980, Class ZP, 2.50%, 7/25/49		2,841		2,845,521

Series 4982, Class JZ, 3.00%, 6/25/50		20,812		20,858,861

Series 4990, Class TZ, 2.50%, 7/25/50		13,577		13,499,662

Series 4992, Class KZ, 2.75%, 7/25/50		18,601		18,648,588

Series 4995, Class ZN, 2.50%, 7/25/50		4,715		4,668,141

Series 4999, Class C, 2.00%, 6/25/50		13,793		13,752,158

Series 5000, Class ZP, 3.00%, 7/25/50		14,005		14,079,520

Series 5003, Class AZ, 2.50%, 8/25/50		20,419		20,475,314

Series 5003, Class BZ, 2.50%, 8/25/50		13,912		13,796,625

Series 5003, Class PZ, 2.50%, 8/25/50		4,999		4,953,121

Series 5020, Class EZ, 2.00%, 10/25/50		17,827		17,612,511

Series 5020, Class TZ, 2.50%, 9/25/50		9,671		9,696,611

Series 5020, Class ZD, 2.00%, 10/25/50		12,731		12,696,841

Series 5020, Class ZT, 2.00%, 10/25/50		11,478		11,454,327

Series 5021, Class CZ, 2.00%, 10/25/50		45,951		45,375,840

Series 5021, Class NZ, 2.00%, 10/25/50		7,817		7,732,240

Series 5023, Class WZ, 2.50%, 9/25/50		11,641		11,635,252


Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.: (continued)

Series 5027, Class PZ, 2.00%, 10/25/50	$	27,323	$	27,176,044

Series 5028, Class AZ, 2.00%, 10/25/50		13,759		13,639,709

Series 5028, Class TZ, 2.00%, 10/25/50		4,997		4,967,055

Series 5028, Class ZA, 2.00%, 10/25/50		6,624		6,550,355

Series 5028, Class ZT, 2.00%, 10/25/50		8,853		8,771,517

Series 5031, Class Z, 2.50%, 10/25/50		43,503		43,592,435

Series 5034, Class GZ, 2.50%, 11/25/50		19,511		19,530,238

Series 5034, Class KZ, 2.50%, 11/25/50		24,889		24,936,862

Series 5034, Class NZ, 2.50%, 11/25/50		14,419		14,463,208

Series 5035, Class AZ, 2.00%, 11/25/50		4,002		3,958,991

Series 5035, Class TZ, 2.00%, 10/25/50		6,406		6,356,354

Series 5035, Class ZK, 2.50%, 11/25/50		56,192		55,823,198

Series 5036, Class ZA, 2.50%, 11/25/50		59,437		59,730,084

Series 5037, Class QZ, 2.00%, 11/25/50		20,000		19,743,120

Series 5038, Class CZ, 2.00%, 11/25/50		1,636		1,618,299

Series 5038, Class Z, 2.50%, 10/25/50		42,325		42,458,331

Series 5039, Class PZ, 2.00%, 11/25/50		8,972		8,894,203

Series 5039, Class ZJ, 2.00%, 11/25/50		3,562		3,522,361

Series 5040, Class TZ, 2.50%, 11/25/50		47,595		47,766,489

Series 5041, Class LZ, 2.50%, 11/25/50		4,519		4,523,223

Interest Only:⁽⁷⁾

Series 354, Class C11, 3.50%, 7/15/46		21,423		2,436,766

Series 354, Class C15, 3.50%, 11/15/46		20,803		2,028,823

Series 362, Class C7, 3.50%, 9/15/47		41,241		3,457,581

Series 362, Class C11, 4.00%, 12/15/47		11,745		1,255,392

Series 362, Class C12, 4.00%, 12/15/47		17,630		2,496,124

Series 3030, Class SL, 5.952%, (6.10% - 1 mo. USD LIBOR), 9/15/35⁽⁶⁾		1,966		400,128

Series 3114, Class TS, 6.502%, (6.65% - 1 mo. USD LIBOR), 9/15/30⁽⁶⁾		3,776		593,792

Series 3339, Class JI, 6.442%, (6.59% - 1 mo. USD LIBOR), 7/15/37⁽⁶⁾		1,627		364,954

Series 3872, Class NI, 5.50%, 12/15/21		98		944

Series 4088, Class EI, 3.50%, 9/15/41		1,707		88,223

Series 4094, Class CS, 5.852%, (6.00% - 1 mo. USD LIBOR), 8/15/42⁽⁶⁾		1,991		414,254

Series 4109, Class SA, 6.052%, (6.20% - 1 mo. USD LIBOR), 9/15/32⁽⁶⁾		2,032		346,933

Series 4212, Class SA, 6.052%, (6.20% - 1 mo. USD LIBOR), 7/15/38⁽⁶⁾		1,162		7,848

Series 4452, Class SP, 6.052%, (6.20% - 1 mo. USD LIBOR), 10/15/43⁽⁶⁾		1,744		91,135

Series 4497, Class CS, 6.052%, (6.20% - 1 mo. USD LIBOR), 9/15/44⁽⁶⁾		1,609		149,986

Series 4507, Class EI, 4.00%, 8/15/44		7,049		666,550

Series 4507, Class MI, 3.50%, 8/15/44		2,331		86,727

Series 4549, Class DS, 5.752%, (5.90% - 1 mo. USD LIBOR), 8/15/45⁽⁶⁾		3,897		579,019


		9		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Federal Home Loan Mortgage Corp.: (continued)

Interest Only:⁽⁷⁾ (continued)

Series 4601, Class IN, 3.50%, 7/15/46	$	38,493	$	4,594,896

Series 4625, Class BI, 3.50%, 6/15/46		7,344		703,140

Series 4637, Class IP, 3.50%, 4/15/44		1,476		50,658

Series 4653, Class PI, 3.50%, 7/15/44		1,203		12,607

Series 4672, Class LI, 3.50%, 1/15/43		1,687		39,659

Series 4676, Class DI, 4.00%, 7/15/44		2,313		55,719

Series 4700, Class WI, 3.50%, 1/15/44		4,829		64,031

Series 4749, Class IL, 4.00%, 12/15/47		2,919		334,350

Series 4768, Class IO, 4.00%, 3/15/48		3,415		388,868

Series 4768, Class KI, 4.00%, 11/15/47		6,029		646,246

Series 4772, Class PI, 4.00%, 1/15/48		3,710		406,480

Series 4791, Class JI, 4.00%, 5/15/48		6,003		628,995

Series 4791, Class SA, 6.052%, (6.20% - 1 mo. USD LIBOR), 5/15/48⁽⁶⁾		17,072		2,225,894

Series 4796, Class AS, 6.052%, (6.20% - 1 mo. USD LIBOR), 5/15/48⁽⁶⁾		10,811		1,350,688

Series 4808, Class IB, 4.00%, 5/15/48		14,469		1,504,982

Series 4966, Class SY, 5.902%, (6.05% -1 mo. USD LIBOR), 4/25/50⁽⁶⁾		11,667		1,738,388

Series 5008, Class IE, 2.00%, 9/25/50		87,375		8,279,529

Series 5010, Class I, 2.00%, 9/25/50		44,608		4,208,284

Series 5010, Class IB, 2.00%, 9/25/50		65,159		6,174,365

Series 5010, Class IN, 2.00%, 9/25/50		106,907		10,876,356

Series 5010, Class NI, 2.00%, 9/25/50		23,995		2,488,610

Series 5016, Class UI, 2.00%, 9/25/50		20,851		1,975,797

Series 5017, Class DI, 2.00%, 9/25/50		43,191		4,092,722

Series 5020, Class CI, 2.00%, 9/25/50		8,711		825,417

Series 5022, Class AI, 2.00%, 10/25/50		44,881		4,377,033

Series 5024, Class CI, 2.00%, 10/25/50		129,057		13,238,666

Series 5025, Class GI, 2.00%, 10/25/50		14,606		1,423,775

Series 5028, Class TI, 2.00%, 10/25/50		17,099		1,695,935

Series 5038, Class DI, 2.00%, 11/25/50		102,500		10,677,753

Principal Only:⁽⁸⁾

Series 213, Class PO, 0.00%, 6/1/31		1,925		1,844,108

Series 239, Class PO, 0.00%, 8/15/36		911		849,475

Series 246, Class PO, 0.00%, 5/15/37		2,174		2,155,945

Series 3072, Class WO, 0.00%, 11/15/35		843		799,798

Series 3342, Class KO, 0.00%, 7/15/37		282		275,025

Series 3476, Class PO, 0.00%, 7/15/38		409		390,516

Series 3862, Class PO, 0.00%, 5/15/41		864		810,062

Series 4239, Class OU, 0.00%, 7/15/43		7,281		6,515,322

			$	1,047,731,940

Federal National Mortgage Association:

Series G93-17, Class FA, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/25/23⁽⁵⁾	$	14	$	14,153

Series G97-4, Class FA, 0.947%, (1 mo. USD LIBOR + 0.80%), 6/17/27⁽⁵⁾		141		142,621


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

Series 1993-203, Class PL, 6.50%, 10/25/23	$	82	$	88,156

Series 1994-14, Class F, 2.129%, (COF + 1.60%), 10/25/23⁽⁵⁾		73		73,106

Series 2001-4, Class GA, 9.114%, 4/17/25⁽⁹⁾		1		851

Series 2009-48, Class WA, 5.849%, 7/25/39⁽⁹⁾		452		505,784

Series 2009-62, Class WA, 5.571%, 8/25/39⁽⁹⁾		702		781,489

Series 2010-112, Class DZ, 4.00%, 10/25/40		723		770,733

Series 2011-49, Class NT, 6.00%, (66.00% - 1 mo. USD LIBOR x 10.00, Cap 6.00%), 6/25/41⁽⁶⁾		261		291,447

Series 2012-14, Class MH, 2.00%, 12/25/40		175		176,616

Series 2012-35, Class GE, 3.00%, 5/25/40		1,097		1,100,449

Series 2012-51, Class FD, 0.729%, (1 mo. USD LIBOR + 0.58%), 5/25/42⁽⁵⁾		28,806		29,209,857

Series 2012-93, Class HS, 3.542%, (3.67% - 1 mo. USD LIBOR x 0.833), 5/25/42⁽⁶⁾		1,892		1,915,298

Series 2012-103, Class ZP, 3.00%, 9/25/42		1,482		1,528,395

Series 2012-115, Class MX, 3.29%, (3.46% - 1 mo. USD LIBOR x 1.154), 10/25/42⁽⁶⁾		3,176		3,194,218

Series 2012-128, Class SH, 3.851%, (4.00% - 1 mo. USD LIBOR), 11/25/42⁽⁶⁾		6,180		6,250,649

Series 2012-128, Class WS, 3.851%, (4.00% - 1 mo. USD LIBOR), 11/25/42⁽⁶⁾		1,137		1,149,772

Series 2012-134, Class ZT, 2.00%, 12/25/42		1,657		1,602,613

Series 2013-19, Class HF, 1.149%, (1 mo. USD LIBOR + 1.00%), 3/25/43⁽⁵⁾		1,979		1,965,970

Series 2013-52, Class GA, 1.00%, 6/25/43		1,448		1,457,187

Series 2013-52, Class MD, 1.25%, 6/25/43		1,814		1,793,084

Series 2013-58, Class KS, 5.701%, (5.93% - 1 mo. USD LIBOR x 1.50), 6/25/43⁽⁶⁾		15,776		15,742,938

Series 2013-58, Class SC, 5.776%, (6.00% - 1 mo. USD LIBOR x 1.50), 6/25/43⁽⁶⁾		13,287		13,552,600

Series 2013-67, Class NF, 1.149%, (1 mo. USD LIBOR + 1.00%), 7/25/43⁽⁵⁾		1,856		1,835,631

Series 2013-119, Class PD, 2.50%, 1/25/43		120		120,906

Series 2014-1, Class HF, 1.649%, (1 mo. USD LIBOR + 1.50%), 6/25/43⁽⁵⁾		2,000		1,984,339

Series 2014-5, Class LB, 2.50%, 7/25/43		588		596,396

Series 2015-74, Class SL, 2.262%, (2.349% - 1 mo. USD LIBOR x 0.587), 10/25/45⁽⁶⁾		1,883		1,584,596

Series 2016-20, Class ZA, 2.50%, 12/25/41		757		756,515

Series 2016-22, Class ZE, 3.00%, 6/25/44		1,365		1,365,070

Series 2016-26, Class KS, 4.989%, (5.25% - 1 mo. USD LIBOR x 1.75), 11/25/42⁽⁶⁾		3,332		3,292,853

Series 2016-49, Class VF, 1.149%, (1 mo. USD LIBOR + 1.00%), 8/25/46⁽⁵⁾		1,252		1,249,456

Series 2016-55, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 8/25/46⁽⁵⁾		1,765		1,756,455

Series 2016-55, Class KS, 3.465%, (3.57% - 1 mo. USD LIBOR x 0.714 ), 8/25/46⁽⁶⁾		1,493		1,482,607


		10		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

Series 2016-75, Class ZP, 3.00%, 10/25/46	$	532	$	531,319

Series 2016-89, Class ZH, 3.00%, 12/25/46		401		402,270

Series 2017-13, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 2/25/47⁽⁵⁾		33		32,572

Series 2017-15, Class LE, 3.00%, 6/25/46		1,464		1,499,660

Series 2017-26, Class NF, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/25/47⁽⁵⁾		8,872		8,873,746

Series 2017-26, Class NS, 5.687%, (5.94% - 1 mo. USD LIBOR x 1.70), 4/25/47⁽⁶⁾		3,869		3,910,291

Series 2017-39, Class JZ, 3.00%, 5/25/47		504		506,020

Series 2017-49, Class PF, 1.149%, (1 mo. USD LIBOR + 1.00%), 7/25/47⁽⁵⁾		994		994,245

Series 2017-56, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 7/25/47⁽⁵⁾		6,758		6,724,915

Series 2017-56, Class KS, 4.851%, (5.00% - 1 mo. USD LIBOR), 7/25/47⁽⁶⁾		3,784		3,803,684

Series 2017-60, Class NF, 1.149%, (1 mo. USD LIBOR + 1.00%), 8/25/47⁽⁵⁾		1,473		1,473,285

Series 2017-66, Class ZJ, 3.00%, 9/25/57		1,156		1,155,556

Series 2017-96, Class FM, 1.149%, (1 mo. USD LIBOR + 1.00%), 12/25/57⁽⁵⁾		1,323		1,322,691

Series 2017-105, Class BF, 1.049%, (1 mo. USD LIBOR + 0.90%), 1/25/48⁽⁵⁾		1,218		1,217,741

Series 2018-13, Class NF, 1.149%, (1 mo. USD LIBOR + 1.00%), 12/25/57⁽⁵⁾		17		16,687

Series 2018-64, Class FL, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/25/48⁽⁵⁾		1,207		1,206,892

Series 2018-87, Class BF, 1.149%, (1 mo. USD LIBOR + 1.00%), 4/25/48⁽⁵⁾		1,191		1,190,374

Series 2019-1, Class FA, 0.749%, (1 mo. USD LIBOR + 0.60%), 2/25/49⁽⁵⁾		34,383		34,100,946

Series 2019-8, Class FD, 0.849%, (1 mo. USD LIBOR + 0.70%), 3/25/49⁽⁵⁾		54,470		55,383,591

Series 2019-9, Class LF, 0.699%, (1 mo. USD LIBOR + 0.55%), 3/25/49⁽⁵⁾		39,486		39,854,902

Series 2019-16, Class AF, 0.699%, (1 mo. USD LIBOR + 0.55%), 4/25/49⁽⁵⁾		26,429		26,674,300

Series 2019-57, Class UZ, 3.50%, 10/25/49		1,808		1,807,364

Series 2019-67, Class EZ, 3.00%, 11/25/49		3,598		3,597,432

Series 2019-68, Class KL, 3.851%, (4.00% - 1 mo. USD LIBOR), 11/25/49⁽⁶⁾		4,298		4,337,231

Series 2019-68, Class KS, 3.851%, (4.00% - 1 mo. USD LIBOR), 11/25/49⁽⁶⁾		4,298		4,337,231

Series 2019-71, Class AZ, 3.50%, 11/25/49		784		783,522

Series 2019-71, Class DZ, 3.50%, 11/25/49		1,094		1,093,741

Series 2019-71, Class MZ, 3.50%, 11/25/49		6,293		6,291,167

Series 2019-83, Class EZ, 4.50%, 1/25/50		5,504		5,509,598

Series 2020-9, Class ZC, 3.50%, 2/25/50		2,993		2,992,246


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

Series 2020-23, Class CZ, 3.00%, 2/25/50	$	4,414	$	4,411,703

Series 2020-23, Class ZC, 3.00%, 2/25/50		31,119		31,174,939

Series 2020-24, Class BZ, 3.00%, 4/25/50		20,405		20,446,147

Series 2020-25, Class Z, 3.00%, 4/25/50		5,909		5,919,440

Series 2020-32, Class ZA, 3.50%, 5/25/50		22,047		22,061,318

Series 2020-35, Class AZ, 3.00%, 6/25/50		5,955		5,977,754

Series 2020-36, Class ZN, 2.50%, 6/25/50		8,651		8,651,227

Series 2020-40, Class KZ, 3.50%, 6/25/50		3,067		3,066,972

Series 2020-41, Class Z, 2.50%, 6/25/50		1,806		1,805,440

Series 2020-41, Class ZC, 3.00%, 6/25/50		2,204		2,204,392

Series 2020-45, Class JZ, 2.50%, 7/25/50		3,581		3,533,813

Series 2020-45, Class MA, 3.081%, (3.20% - 1 mo. USD LIBOR x 0.80), 6/25/43⁽⁶⁾		5,914		5,771,889

Series 2020-45, Class NZ, 2.50%, 7/25/50		9,546		9,576,490

Series 2020-46, Class KZ, 2.50%, 7/25/50		5,872		5,884,488

Series 2020-46, Class QZ, 2.50%, 3/15/48		2,078		2,079,014

Series 2020-46, Class ZJ, 3.00%, 7/25/50		9,974		10,021,965

Series 2020-56, Class Z, 3.00%, 8/25/50		5,626		5,625,806

Series 2020-56, Class ZA, 2.50%, 8/25/50		2,846		2,845,226

Series 2020-70, Class JZ, 2.50%, 10/25/50		23,125		23,137,595

Series 2020-71, Class TZ, 2.50%, 10/25/50		2,833		2,836,888

Series 2020-75, Class NZ, 2.50%, 10/25/50		14,488		14,517,085

Series 2020-79, Class TZ, 2.50%, 11/25/50		9,772		9,793,645

Series 2020-80, Class MZ, 2.50%, 11/25/50		8,123		8,035,007

Interest Only:⁽⁷⁾

Series 296, Class 2, 8.00%, 4/25/24		145		8,559

Series 424, Class C8, 3.50%, 2/25/48		11,080		912,464

Series 2004-60, Class SW, 6.901%, (7.05% - 1 mo. USD LIBOR), 4/25/34⁽⁶⁾		2,069		307,060

Series 2005-68, Class XI, 6.00%, 8/25/35		2,046		449,800

Series 2006-65, Class PS, 7.071%, (7.22% - 1 mo. USD LIBOR), 7/25/36⁽⁶⁾		1,276		330,036

Series 2007-99, Class SD, 6.251%, (6.40% - 1 mo. USD LIBOR), 10/25/37⁽⁶⁾		2,059		439,195

Series 2007-102, Class ST, 6.291%, (6.44% - 1 mo. USD LIBOR), 11/25/37⁽⁶⁾		982		206,609

Series 2010-135, Class SD, 5.851%, (6.00% - 1 mo. USD LIBOR), 6/25/39⁽⁶⁾		765		23,456

Series 2011-13, Class AI, 4.50%, 7/25/21		3		17

Series 2011-59, Class IW, 6.00%, 7/25/41		1,432		305,609

Series 2011-82, Class AI, 5.50%, 8/25/26		33		572

Series 2011-101, Class IC, 3.50%, 10/25/26		3,116		190,481

Series 2012-73, Class MS, 5.901%, (6.05% - 1 mo. USD LIBOR), 5/25/39⁽⁶⁾		275		1,633

Series 2012-86, Class CS, 5.951%, (6.10% - 1 mo. USD LIBOR), 4/25/39⁽⁶⁾		451		5,123


		11		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Federal National Mortgage Association: (continued)

Interest Only:⁽⁷⁾ (continued)

Series 2012-94, Class SL, 6.551%, (6.70% - 1 mo. USD LIBOR), 5/25/38⁽⁶⁾	$	3,440	$	149,840

Series 2012-103, Class GS, 5.951%, (6.10% - 1 mo. USD LIBOR), 2/25/40⁽⁶⁾		737		6,914

Series 2012-112, Class SB, 6.001%, (6.15% - 1 mo. USD LIBOR), 9/25/40⁽⁶⁾		3,233		138,481

Series 2012-147, Class SA, 5.951%, (6.10% - 1 mo. USD LIBOR), 1/25/43⁽⁶⁾		1,754		337,946

Series 2013-127, Class BI, 3.50%, 5/25/39		787		9,415

Series 2013-127, Class LI, 3.50%, 5/25/39		782		10,602

Series 2014-41, Class SA, 5.901%, (6.05% - 1 mo. USD LIBOR), 7/25/44⁽⁶⁾		2,383		544,407

Series 2014-55, Class IL, 3.50%, 9/25/44		1,980		221,788

Series 2014-55, Class IN, 3.50%, 7/25/44		1,741		202,977

Series 2014-89, Class IO, 3.50%, 1/25/45		2,668		229,436

Series 2015-22, Class GI, 3.50%, 4/25/45		1,298		168,909

Series 2015-31, Class SG, 5.951%, (6.10% - 1 mo. USD LIBOR), 5/25/45⁽⁶⁾		2,580		366,575

Series 2015-36, Class IL, 3.00%, 6/25/45		2,172		230,400

Series 2015-61, Class QI, 3.50%, 5/25/43		1,885		22,989

Series 2016-61, Class DI, 3.00%, 4/25/46		3,100		199,162

Series 2018-21, Class IO, 3.00%, 4/25/48		13,521		1,154,823

Series 2018-42, Class IA, 3.50%, 6/25/47		9,883		276,064

Series 2019-1, Class SA, 5.251%, (5.40% -1 mo. USD LIBOR), 2/25/49⁽⁶⁾		24,036		3,432,057

Series 2020-23, Class SP, 5.901%, (6.05% - 1 mo. USD LIBOR), 2/25/50⁽⁶⁾		32,912		5,228,567

Series 2020-45, Class HI, 2.50%, 7/25/50		10,277		1,137,017

Series 2020-62, Class DI, 2.00%, 9/25/50		49,589		5,005,645

Series 2020-72, Class DI, 2.00%, 10/25/50		32,440		3,369,381

Series 2020-72, Class IA, 2.00%, 10/25/50		33,586		3,436,696

Series 2020-73, Class NI, 2.00%, 10/25/50		53,856		5,315,570

Principal Only:⁽⁸⁾

Series 379, Class 1, 0.00%, 5/25/37		2,050		1,962,493

Series 380, Class 1, 0.00%, 7/25/37		455		429,004

Series 2007-17, Class PO, 0.00%, 3/25/37		368		354,313

Series 2009-82, Class PO, 0.00%, 10/25/39		927		871,380

Series 2012-5, Class PO, 0.00%, 12/25/39		596		574,849

Series 2012-61, Class PO, 0.00%, 8/25/37		2,568		2,424,494

Series 2014-9, Class DO, 0.00%, 2/25/43		14,399		13,028,097

Series 2014-17, Class PO, 0.00%, 4/25/44		2,035		1,835,645

			$	586,192,822


Security	Principal Amount (000’s omitted)		Value

Government National Mortgage Association:

Series 2011-156, Class GA, 2.00%, 12/16/41	$	560	$	548,573

Series 2012-77, Class MT, 0.536%, (1 mo. USD LIBOR + 0.39%), 5/16/41⁽⁵⁾		676		656,989

Series 2014-H20, Class MF, 0.806%, (1 mo. USD LIBOR + 0.65%), 10/20/64⁽⁵⁾		9,509		9,624,999

Series 2015-144, Class KB, 3.00%, 8/20/44		503		539,486

Series 2015-H03, Class FD, 0.796%, (1 mo. USD LIBOR + 0.64%), 1/20/65⁽⁵⁾		26,324		26,583,740

Series 2015-H05, Class FB, 0.796%, (1 mo. USD LIBOR + 0.64%), 2/20/65⁽⁵⁾		25,643		25,956,332

Series 2016-168, Class JF, 1.149%, (1 mo. USD LIBOR + 1.00%), 11/20/46⁽⁵⁾		6,306		6,292,339

Series 2017-5, Class ZA, 2.50%, 1/20/47		233		226,214

Series 2017-115, Class ZA, 3.00%, 7/20/47		288		287,551

Series 2017-121, Class DF, 0.651%, (1 mo. USD LIBOR + 0.50%), 8/20/47⁽⁵⁾		8,802		8,855,237

Series 2017-137, Class AF, 0.651%, (1 mo. USD LIBOR + 0.50%), 9/20/47⁽⁵⁾		4,235		4,260,109

Series 2017-176, Class DF, 1.149%, (1 mo. USD LIBOR + 1.00%), 11/20/47⁽⁵⁾		418		418,366

Series 2017-186, Class WF, 1.149%, (1 mo. USD LIBOR + 1.00%), 11/20/47⁽⁵⁾		2,898		2,900,078

Series 2018-67, Class KF, 1.149%, (1 mo. USD LIBOR + 1.00%), 3/20/48⁽⁵⁾		166		165,562

Series 2018-76, Class LF, 1.149%, (1 mo. USD LIBOR + 1.00%), 5/20/48⁽⁵⁾		163		162,521

Series 2018-H18, Class FG, 0.756%, (1 mo. USD LIBOR + 0.60%), 10/20/68⁽⁵⁾		55,652		56,235,320

Series 2018-H20, Class FA, 0.756%, (1 mo. USD LIBOR + 0.60%), 12/20/68⁽⁵⁾		85,975		86,874,469

Series 2018-H20, Class FB, 0.656%, (1 mo. USD LIBOR + 0.50%), 6/20/68⁽⁵⁾		70,033		70,302,344

Series 2018-H20, Class FD, 0.656%, (1 mo. USD LIBOR + 0.50%), 12/20/68⁽⁵⁾		45,747		45,922,786

Series 2018-H20, Class FE, 0.656%, (1 mo. USD LIBOR + 0.50%), 11/20/68⁽⁵⁾		32,798		32,924,525

Series 2019-1, Class NF, 1.149%, (1 mo. USD LIBOR + 1.00%), 1/20/49⁽⁵⁾		210		209,836

Series 2019-78, Class GZ, 4.00%, 6/20/49		181		181,285

Series 2019-97, Class ZC, 3.50%, 8/20/49		878		877,887

Series 2019-100, Class JZ, 3.75%, 8/20/49		2,189		2,192,672

Series 2019-108, Class KZ, 3.50%, 8/20/49		3,284		3,297,662

Series 2019-110, Class Z, 3.50%, 9/20/49		5,488		5,489,186

Series 2019-110, Class ZD, 3.50%, 9/20/49		3,109		3,107,918

Series 2019-119, Class ZN, 5.00%, 9/20/49		595		596,213

Series 2019-123, Class PZ, 3.50%, 10/20/49		5,664		5,669,003

Series 2019-125, Class DZ, 3.50%, 10/20/49		8,035		8,041,047

Series 2019-126, Class ZA, 3.50%, 10/20/49		568		567,872

Series 2019-143, Class KZ, 3.50%, 11/20/49		2,141		2,141,666


		12		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Government National Mortgage Association: (continued)

Series 2019-151, Class EZ, 3.50%, 12/20/49	$	82	$	82,145

Series 2019-152, Class BZ, 4.00%, 12/20/49		293		292,993

Series 2019-152, Class NU, 3.50%, 12/20/49		43		42,846

Series 2019-158, Class ZJ, 3.50%, 12/20/49		8,180		8,180,618

Series 2019-H02, Class FE, 0.706%, (1 mo. USD LIBOR + 0.55%), 1/20/69⁽⁵⁾		30,113		30,304,697

Series 2020-15, Class PZ, 3.50%, 2/20/50		1,628		1,628,415

Series 2020-16, Class UZ, 3.50%, 2/20/50		7,433		7,437,828

Series 2020-17, Class EZ, 3.50%, 2/20/50		3,933		3,932,287

Series 2020-17, Class QZ, 3.50%, 2/20/50		5,017		5,024,750

Series 2020-21, Class GZ, 3.50%, 2/20/50		4,644		4,662,555

Series 2020-21, Class LZ, 3.50%, 2/20/50		256		256,630

Series 2020-30, Class MZ, 3.00%, 3/20/50		1,070		1,069,711

Series 2020-31, Class EZ, 3.50%, 3/20/50		18,282		18,262,966

Series 2020-31, Class ZH, 3.00%, 3/20/50		12,035		12,044,606

Series 2020-32, Class KS, 3.50%, 3/20/50		4,693		4,708,301

Series 2020-32, Class ZW, 3.00%, 3/20/50		836		835,882

Series 2020-33, Class PZ, 3.00%, 3/20/50		8,265		8,281,064

Series 2020-34, Class DZ, 3.00%, 3/20/50		5,142		5,139,869

Series 2020-45, Class ZM, 3.00%, 3/20/50		3,786		3,779,941

Series 2020-46, Class AZ, 3.50%, 4/20/50		3,250		3,251,425

Series 2020-47, Class ZD, 3.00%, 4/20/50		11,016		11,011,787

Series 2020-47, Class ZL, 3.50%, 4/20/50		12,230		12,307,479

Series 2020-51, Class ZC, 3.00%, 4/20/50		6,399		6,412,990

Series 2020-55, Class NZ, 3.00%, 4/20/50		11,019		11,060,568

Series 2020-61, Class AZ, 3.00%, 5/20/50		4,865		4,869,258

Series 2020-61, Class CS, 2.50%, 5/20/50		8,376		8,361,133

Series 2020-61, Class ZA, 3.00%, 5/20/50		9,450		9,424,731

Series 2020-62, Class AZ, 3.00%, 5/20/50		3,256		3,268,593

Series 2020-62, Class ZU, 3.00%, 5/20/50		9,303		9,333,742

Series 2020-63, Class AZ, 3.00%, 4/20/50		24,647		24,746,967

Series 2020-63, Class CZ, 3.00%, 5/20/50		10,708		10,721,328

Series 2020-63, Class GZ, 3.00%, 5/20/50		4,018		4,033,549

Series 2020-63, Class MZ, 3.00%, 5/20/50		8,715		8,727,896

Series 2020-63, Class UZ, 3.00%, 5/20/50		4,269		4,278,337

Series 2020-76, Class UZ, 3.00%, 5/20/50		21,938		22,000,664

Series 2020-76, Class ZL, 2.75%, 5/20/50		9,225		9,249,636

Series 2020-85, Class AZ, 3.00%, 6/20/50		1,872		1,873,244

Series 2020-85, Class CS, 2.50%, 6/20/50		9,875		9,969,400

Series 2020-85, Class TZ, 3.00%, 6/20/50		129		128,953

Series 2020-85, Class ZA, 3.00%, 6/20/50		1,376		1,376,659

Series 2020-93, Class CZ, 2.90%, 4/20/50		1,653		1,652,016

Series 2020-97, Class ZB, 3.00%, 7/20/50		963		966,359

Series 2020-122, Class TZ, 2.50%, 7/20/50		3,220		3,223,381

Series 2020-122, Class ZG, 3.00%, 8/20/50		578		577,808


Security	Principal Amount (000’s omitted)		Value

Government National Mortgage Association: (continued)

Series 2020-134, Class QY, 2.00%, 9/20/50	$	4,080	$	4,077,128

Series 2020-134, Class ZD, 2.00%, 9/20/50		4,470		4,460,223

Series 2020-144, Class EZ, 2.50%, 9/20/50		8,026		8,041,189

Series 2020-149, Class NZ, 2.50%, 10/20/50		13,649		13,678,096

Series 2020-153, Class TZ, 2.50%, 10/20/50		22,412		22,515,925

Series 2020-163, Class KZ, 2.50%, 10/20/50		5,015		5,026,389

Interest Only:⁽⁷⁾

Series 2014-98, Class IM, 2.595%, 1/20/43⁽⁹⁾		9,645		407,403

Series 2015-151, Class KI, 1.635%, 11/20/42⁽⁹⁾		13,019		426,117

Series 2017-104, Class SD, 6.049%, (6.20% - 1 mo. USD LIBOR), 7/20/47⁽⁶⁾		5,511		980,376

Series 2017-121, Class DS, 4.349%, (4.50% - 1 mo. USD LIBOR), 8/20/47⁽⁶⁾		7,161		791,305

Series 2018-127, Class SG, 6.099%, (6.25% - 1 mo. USD LIBOR), 9/20/48⁽⁶⁾		17,851		2,411,169

Series 2019-27, Class SA, 5.899%, (6.05% - 1 mo. USD LIBOR), 2/20/49⁽⁶⁾		8,611		1,300,868

Series 2019-38, Class SQ, 5.899%, (6.05% - 1 mo. USD LIBOR), 3/20/49⁽⁶⁾		15,972		2,607,923

Series 2019-43, Class BS, 5.899%, (6.05% - 1 mo. USD LIBOR), 4/20/49⁽⁶⁾		11,184		1,616,407

Series 2020-97, Class MI, 2.50%, 3/20/50		8,898		971,492

Series 2020-146, Class IQ, 2.00%, 10/20/50		195,750		20,058,659

Principal Only:⁽⁸⁾

Series 2009-117, Class PO, 0.00%, 12/16/39		1,339		1,221,595

Series 2010-88, Class OA, 0.00%, 7/20/40		983		904,017

Series 2015-24, Class KO, 0.00%, 6/20/35		1,337		1,279,346

			$	803,681,421

Total Collateralized Mortgage Obligations (identified cost $2,477,389,457)			$	2,437,606,183

U.S. Government Guaranteed Small Business Administration Pools & Loans — 3.9%
Description	Principal Amount (000’s omitted)		Value

0.875%, (USD Prime - 2.375%), 2/25/29⁽⁵⁾	$	78,281	$	79,150,931

1.00%, (USD Prime - 2.25%), 1/25/44 to 2/25/44⁽⁵⁾		83,796		84,521,849

1.05%, (USD Prime - 2.20%), 4/25/44⁽⁵⁾		31,448		31,812,940

2.25%, (USD Prime - 1.00%), 4/25/44⁽⁵⁾		40,003		42,651,713

2.575%, (USD Prime - 0.675%), 2/25/44⁽⁵⁾		33,993		36,620,378

Interest Only:^(10)(11)

1.03%, 1/18/39		439		16,000

1.26%, 2/15/44		1,545		87,783


		13		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued


Description	Principal Amount (000’s omitted)		Value

Interest Only:^(10)(11) (continued)

1.31%, 11/26/43	$	3,215	$	162,257

1.51%, 2/15/44		1,131		72,456

1.56%, 6/29/43 to 3/14/44		1,435		90,866

1.68%, 9/12/43 to 11/1/43		2,756		179,434

1.76%, 11/30/28 to 12/18/28		740		28,632

1.81%, 6/15/43 to 3/15/44		7,261		482,568

1.88%, 12/18/43 to 12/27/43		6,205		443,671

1.91%, 7/15/42 to 4/15/44		19,029		1,327,527

1.93%, 6/14/43 to 2/28/44		30,174		2,202,285

2.01%, 3/12/29 to 3/15/44		7,659		506,028

2.06%, 3/15/29 to 3/21/44		15,772		1,270,109

2.13%, 9/14/43 to 1/9/44		5,249		412,695

2.16%, 3/15/42 to 4/15/44		14,091		1,110,378

2.18%, 12/3/28 to 2/15/44		26,439		2,119,461

2.234%, 11/1/32 to 5/16/43⁽¹²⁾		122,416		7,535,603

2.26%, 12/28/28 to 1/15/44		4,749		389,954

2.31%, 12/15/28 to 8/11/44		37,030		3,107,769

2.38%, 8/31/28 to 12/27/43		3,444		293,459

2.384%, 2/21/33 to 4/1/43⁽¹²⁾		30,164		2,455,561

2.41%, 6/15/42 to 4/15/44		22,942		2,071,163

2.43%, 5/7/28 to 2/14/44		20,655		1,867,575

2.48%, 9/15/41 to 3/15/44		5,280		473,454

2.51%, 7/12/28 to 1/15/44		3,878		329,597

2.56%, 12/15/28 to 9/18/44		36,568		3,421,315

2.61%, 12/15/28 to 4/15/29		540		29,842

2.63%, 9/13/42 to 1/11/44		4,454		454,334

2.66%, 2/15/29 to 4/15/44		15,375		1,491,396

2.68%, 10/19/28 to 2/19/44		21,573		2,002,048

2.70%, 3/21/23 to 12/13/42⁽¹²⁾		38,142		2,529,107

2.76%, 10/1/28 to 2/15/44		12,933		1,029,681

2.81%, 3/15/29 to 4/24/44		31,779		3,128,656

2.88%, 7/12/43 to 12/27/43		4,199		466,002

2.91%, 3/15/44		713		84,016

2.93%, 6/13/28 to 2/15/44		7,745		752,199

3.01%, 10/13/28 to 1/15/44		2,259		215,017

3.06%, 12/15/28 to 4/15/44		4,543		531,401

3.13%, 9/29/43 to 1/31/44		8,692		1,067,441

3.16%, 12/15/43 to 1/15/44		3,948		524,509

3.18%, 5/8/28 to 2/19/44		12,005		1,168,923

3.202%, 1/21/24 to 7/28/42⁽¹²⁾		19,137		1,373,677

3.26%, 10/18/28 to 3/15/44		6,384		633,772

3.31%, 4/15/29 to 3/13/44		10,125		1,306,434

3.36%, 1/15/29 to 4/15/44		169		18,922

3.38%, 8/17/43 to 1/16/44		13,346		1,901,955

3.393%, 3/10/26 to 3/23/42⁽¹²⁾		920		92,049

3.41%, 3/15/44 to 4/15/44		3,606		512,195


Description	Principal Amount (000’s omitted)			Value

Interest Only:^(10)(11) (continued)

3.43%, 4/27/28 to 2/6/44	$	41,613		$	4,019,382

3.51%, 10/4/28 to 3/15/44		17,372			1,908,496

3.56%, 12/28/28 to 3/15/44		14,716			1,605,695

3.61%, 12/27/28		12			951

3.66%, 11/15/43 to 4/15/44		16,866			2,470,767

3.98%, 12/11/28 to 12/13/28		523			48,089

4.11%, 12/31/28		37			3,540

4.21%, 12/15/43		80			12,475

Total U.S. Government Guaranteed Small Business Administration Pools & Loans (identified cost $337,700,682)				$	338,598,382

Short-Term Investments — 12.8%
Description	Units			Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹³⁾		1,108,350,347		$	1,108,350,347

Total Short-Term Investments (identified cost $1,108,350,347)				$	1,108,350,347

Total Investments — 108.3% (identified cost $9,444,432,601)				$	9,398,795,069

TBA Sale Commitments — (2.4)%

Mortgage Pass-Throughs — (2.4)%
Security	Principal Amount (000’s omitted)			Value

Federal National Mortgage Association, 2.00%, 30-Year, TBA⁽³⁾	$	(200,000	)	$	(205,785,970	)

Total Mortgage Pass-Throughs (identified cost $205,859,375)				$	(205,785,970	)

Total TBA Sale Commitments (identified cost $205,859,375)				$	(205,785,970	)

Other Assets, Less Liabilities — (5.9)%				$	(518,156,620	)

Net Assets — 100.0%				$	8,674,852,479

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


		14		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Portfolio of Investments — continued

⁽¹⁾

⁽²⁾

Principal amount is less than $500.

⁽³⁾

⁽⁴⁾

When-issued security.

⁽⁵⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽⁶⁾

Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at October 31, 2020.

⁽⁷⁾

⁽⁸⁾

Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁹⁾

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽¹⁰⁾	Securities comprise a trust that is wholly-owned by the Fund and may only be sold on a pro rata basis with all securities in the trust.

⁽¹¹⁾	Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹²⁾	The stated interest rate represents the weighted average fixed interest rate at October 31, 2020 of all interest only securities comprising the certificate.

⁽¹³⁾	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 October 31, 2020.


Futures Contracts

Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation

Interest Rate Futures

U.S. 5-Year Treasury Note		(9,598	)		Short		12/31/20	$	(1,205,523,802	)	$	4,399,253

U.S. 10-Year Treasury Note		(5,561	)		Short		12/21/20		(768,634,469	)		3,585,924

U.S. Long Treasury Bond		(165	)		Short		12/21/20		(28,457,344	)		400,515

											$	8,385,692

Abbreviations:



CMT	–	Constant Maturity Treasury

COF	–	Cost of Funds 11th District

LIBOR	–	London Interbank Offered Rate

TBA	–	To Be Announced

Currency Abbreviations:



USD	–	United States Dollar


		15		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $8,336,082,254)	$	8,290,444,722

Affiliated investment, at value (identified cost, $1,108,350,347)		1,108,350,347

Deposits for derivatives collateral — financial futures contracts		15,633,750

Deposits for forward purchase commitments		2,310,000

Interest receivable		24,640,936

Dividends receivable from affiliated investment		151,584

Receivable for investments sold		259,883,863

Receivable for TBA sale commitments		205,859,375

Receivable for Fund shares sold		46,648,343

Receivable for variation margin on open financial futures contracts		1,554,443

Total assets	$	9,955,477,363

Liabilities

Payable for investments purchased	$	19,567,353

Payable for when-issued securities/forward purchase commitments		1,015,572,606

TBA sale commitments, at value (proceeds receivable, $205,859,375)		205,785,970

Payable for Fund shares redeemed		31,314,638

Distributions payable		1,575,843

Due to custodian		1,886,636

Payable to affiliates:

Investment adviser fee		3,255,872

Distribution and service fees		466,092

Trustees’ fees		9,063

Accrued expenses		1,190,811

Total liabilities	$	1,280,624,884

Net Assets	$	8,674,852,479

Sources of Net Assets

Paid-in capital	$	8,737,881,022

Accumulated loss		(63,028,543	)

Total	$	8,674,852,479

Class A Shares

Net Assets	$	1,764,637,081

Shares Outstanding		217,274,311

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.12

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	8.31

Class C Shares

Net Assets	$	144,742,152

Shares Outstanding		17,799,074

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	8.13

Class I Shares

Net Assets	$	6,765,473,246

Shares Outstanding		834,009,340

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	8.11

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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


		16		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest	$	110,386,767

Dividends from affiliated investment		1,365,110

Total investment income	$	111,751,877

Expenses

Investment adviser fee	$	25,600,809

Distribution and service fees

Class A		2,361,754

Class C		1,058,430

Trustees’ fees and expenses		108,500

Custodian fee		1,062,446

Transfer and dividend disbursing agent fees		2,212,908

Legal and accounting services		238,623

Printing and postage		556,941

Registration fees		533,174

Interest expense and fees		880,666

Miscellaneous		266,127

Total expenses	$	34,880,378

Net investment income	$	76,871,499

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	58,400,873

Investment transactions — affiliated investment		170,192

Written options		(18,709,447	)

Financial futures contracts		29,178,549

Net realized gain	$	69,040,167

Change in unrealized appreciation (depreciation) —

Investments and TBA sale commitments	$	(24,739,621	)

Financial futures contracts		9,954,599

Net change in unrealized appreciation (depreciation)	$	(14,785,022	)

Net realized and unrealized gain	$	54,255,145

Net increase in net assets from operations	$	131,126,644


		17		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	76,871,499		$	102,889,649

Net realized gain (loss)		69,040,167			(25,245,601	)

Net change in unrealized appreciation (depreciation)		(14,785,022	)		(6,311,071	)

Net increase in net assets from operations	$	131,126,644		$	71,332,977

Distributions to shareholders —

Class A	$	(19,817,666	)	$	(19,511,519	)

Class C		(1,961,124	)		(2,588,205	)

Class I		(104,911,195	)		(99,898,243	)

Total distributions to shareholders	$	(126,689,985	)	$	(121,997,967	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	1,716,531,390		$	828,053,907

Class C		87,232,304			98,572,237

Class I		6,096,879,711			4,218,880,232

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		19,056,382			18,823,629

Class C		1,913,806			2,487,249

Class I		89,290,771			85,201,931

Cost of shares redeemed

Class A		(774,568,785	)		(452,296,289	)

Class C		(49,852,824	)		(38,905,104	)

Class I		(3,029,608,915	)		(1,939,898,444	)

Net asset value of shares converted

Class A		7,617,325			14,629,736

Class C		(7,617,325	)		(14,629,736	)

Net increase in net assets from Fund share transactions	$	4,156,873,840		$	2,820,919,348

Net increase in net assets	$	4,161,310,499		$	2,770,254,358

Net Assets

At beginning of year	$	4,513,541,980		$	1,743,287,622

At end of year	$	8,674,852,479		$	4,513,541,980


		18		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.100		$	8.200		$	8.250		$	8.270		$	8.400

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.097		$	0.202		$	0.219		$	0.173		$	0.171

Net realized and unrealized gain (loss)		0.104			(0.057	)		(0.068	)		(0.012	)		(0.112	)

Total income from operations	$	0.201		$	0.145		$	0.151		$	0.161		$	0.059

Less Distributions

From net investment income	$	(0.166	)	$	(0.245	)	$	(0.201	)	$	(0.181	)	$	(0.189	)

From net realized gain		(0.015	)		—			—			—			—

Total distributions	$	(0.181	)	$	(0.245	)	$	(0.201	)	$	(0.181	)	$	(0.189	)

Net asset value — End of year	$	8.120		$	8.100		$	8.200		$	8.250		$	8.270

Total Return⁽²⁾		2.51	%		1.78	%		1.85	%		1.97	%		0.72	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,764,637		$	795,015		$	394,465		$	181,071		$	155,824

Ratios (as a percentage of average daily net assets):

Expenses		0.82	%⁽³⁾		0.85	%⁽³⁾		0.90	%⁽⁴⁾		0.92	%⁽⁴⁾		0.96	%⁽⁴⁾

Net investment income		1.19	%		2.47	%		2.67	%⁽⁴⁾		2.09	%⁽⁴⁾		2.07	%⁽⁴⁾

Portfolio Turnover of the Fund		152	%⁽⁵⁾		59	%		42	%⁽⁶⁾		19	%⁽⁷⁾		45	%⁽⁷⁾

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes interest expense, including on reverse repurchase agreements, of 0.02% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s/Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolio/Portfolios.

⁽⁵⁾	Includes the effect of To Be Announced (TBA) transactions.

⁽⁶⁾

Represents the portfolio turnover of Short-Term U.S. Government Portfolio from November 1, 2017 to October 12, 2018. The portfolio turnover based on the Fund’s investments in securities for the period October 15, 2018, the date the Fund began investing its assets directly, through October 31, 2018 was less than 1%.

⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolio(s) for the period while the Fund was investing in the Portfolio(s) and excludes the investment activity of the Portfolio(s).


		19		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.110		$	8.210		$	8.260		$	8.280		$	8.410

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.054		$	0.154		$	0.169		$	0.124		$	0.123

Net realized and unrealized gain (loss)		0.098			(0.058	)		(0.067	)		(0.012	)		(0.113	)

Total income from operations	$	0.152		$	0.096		$	0.102		$	0.112		$	0.010

Less Distributions

From net investment income	$	(0.117	)	$	(0.196	)	$	(0.152	)	$	(0.132	)	$	(0.140	)

From net realized gain		(0.015	)		—			—			—			—

Total distributions	$	(0.132	)	$	(0.196	)	$	(0.152	)	$	(0.132	)	$	(0.140	)

Net asset value — End of year	$	8.130		$	8.110		$	8.210		$	8.260		$	8.280

Total Return⁽²⁾		1.89	%		1.18	%		1.24	%		1.36	%		0.12	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	144,742		$	112,868		$	66,706		$	57,129		$	77,450

Ratios (as a percentage of average daily net assets):

Expenses		1.42	%⁽³⁾		1.45	%⁽³⁾		1.50	%⁽⁴⁾		1.53	%⁽⁴⁾		1.56	%⁽⁴⁾

Net investment income		0.67	%		1.88	%		2.05	%⁽⁴⁾		1.49	%⁽⁴⁾		1.48	%⁽⁴⁾

Portfolio Turnover of the Fund		152	%⁽⁵⁾		59	%		42	%⁽⁶⁾		19	%⁽⁷⁾		45	%⁽⁷⁾

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes interest expense, including on reverse repurchase agreements, of 0.02% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s/Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolio/Portfolios.

⁽⁵⁾	Includes the effect of To Be Announced (TBA) transactions.

⁽⁶⁾

⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolio(s) for the period while the Fund was investing in the Portfolio(s) and excludes the investment activity of the Portfolio(s).


		20		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	8.090		$	8.190		$	8.240		$	8.260		$	8.390

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.118		$	0.223		$	0.243		$	0.194		$	0.195

Net realized and unrealized gain (loss)		0.103			(0.058	)		(0.071	)		(0.012	)		(0.115	)

Total income from operations	$	0.221		$	0.165		$	0.172		$	0.182		$	0.080

Less Distributions

From net investment income	$	(0.186	)	$	(0.265	)	$	(0.222	)	$	(0.202	)	$	(0.210	)

From net realized gain		(0.015	)		—			—			—			—

Total distributions	$	(0.201	)	$	(0.265	)	$	(0.222	)	$	(0.202	)	$	(0.210	)

Net asset value — End of year	$	8.110		$	8.090		$	8.190		$	8.240		$	8.260

Total Return⁽²⁾		2.76	%		2.04	%		2.11	%		2.23	%		0.97	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	6,765,473		$	3,605,659		$	1,282,116		$	325,222		$	179,408

Ratios (as a percentage of average daily net assets):

Expenses		0.57	%⁽³⁾		0.60	%⁽³⁾		0.65	%⁽⁴⁾		0.67	%⁽⁴⁾		0.71	%⁽⁴⁾

Net investment income		1.46	%		2.73	%		2.96	%⁽⁴⁾		2.35	%⁽⁴⁾		2.36	%⁽⁴⁾

Portfolio Turnover of the Fund		152	%⁽⁵⁾		59	%		42	%⁽⁶⁾		19	%⁽⁷⁾		45	%⁽⁷⁾

⁽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⁾	Includes interest expense, including on reverse repurchase agreements, of 0.02% and 0.02% of average daily net assets for the years ended October 31, 2020 and 2019, respectively.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s/Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolio/Portfolios.

⁽⁵⁾	Includes the effect of To Be Announced (TBA) transactions.

⁽⁶⁾

⁽⁷⁾	Percentage is based on the Fund’s contributions to and withdrawals from the Portfolio(s) for the period while the Fund was investing in the Portfolio(s) and excludes the investment activity of the Portfolio(s).


		21		See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Short Duration Government Income 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 total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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.


		22

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued


		23

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	118,923,636	$	121,997,967

Long-term capital gains	$	7,766,349	$	—

During the year ended October 31, 2020, accumulated loss was decreased by $1,221,216 and paid-in capital was decreased by $1,221,216 due to the Fund’s use of equalization accounting and differences between book and tax accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Net unrealized depreciation	$	(61,452,700	)

Distributions payable	$	(1,575,843	)


		24

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	9,254,461,799

Gross unrealized appreciation	$	32,372,211

Gross unrealized depreciation		(93,824,911	)

Net unrealized depreciation	$	(61,452,700	)

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory and fee reduction agreements between the Fund and BMR, the fee is computed at an annual rate of 0.500% of the Fund’s average daily net assets up to $1 billion, 0.475% from $1 billion but less than $2.5 billion, 0.455% from $2.5 billion but less than $5 billion and 0.440% of average daily net assets of $5 billion or more, and is payable monthly. For the year ended October 31, 2020, the Fund’s investment adviser fee amounted to $25,600,809 or 0.46% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM serves as the administrator of the Fund, but receives no compensation. Prior to March 1, 2020, BMR and EVM had 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 interest, taxes, or litigation expenses) exceeded 0.85%, 1.45% and 0.60% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. Pursuant to this agreement, BMR and EVM reimbursed no operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $23,626 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 $33,460 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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 year ended October 31, 2020 amounted to $2,361,754 for Class A 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 0.60% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $747,127 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $311,303 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


		25

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued

6 Purchases and Sales of Investments

Purchases and sales of investments (all U.S. Government and Agency Securities), other than short-term obligations and including maturities, paydowns and TBA transactions, aggregated $12,038,859,461 and $8,514,745,645, respectively, for the year ended October 31, 2020.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		211,270,192			101,357,815

Issued to shareholders electing to receive payments of distributions in Fund shares		2,347,952			2,307,986

Redemptions		(95,445,124	)		(55,422,090	)

Converted from Class C shares		939,464			1,790,745

Net increase		119,112,484			50,034,456

	Year Ended October 31,
Class C	2020			2019

Sales		10,719,018			12,035,125

Issued to shareholders electing to receive payments of distributions in Fund shares		235,575			304,496

Redemptions		(6,135,370	)		(4,760,701	)

Converted to Class A shares		(938,298	)		(1,788,395	)

Net increase		3,880,925			5,790,525

	Year Ended October 31,
Class I	2020			2019

Sales		751,078,514			516,735,875

Issued to shareholders electing to receive payments of distributions in Fund shares		11,013,651			10,458,625

Redemptions		(373,789,842	)		(238,082,421	)

Net increase		388,302,323			289,112,079

8 Financial Instruments


		26

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Futures contracts	$	8,385,692	⁽¹⁾	$	—

⁽¹⁾	Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

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 interest rate risk for the year ended October 31, 2020 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Purchased options	$	31,675,908	⁽¹⁾	$	—

Written options	$	(18,709,447	)⁽²⁾	$	—

Futures contracts	$	29,178,549	⁽³⁾	$	9,954,599	⁽⁴⁾

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Investment transactions.

⁽²⁾	Statement of Operations location: Net realized gain (loss) – Written options.

⁽³⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽⁴⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the year ended October 31, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

9 Line of Credit

10 Reverse Repurchase Agreements

There were no open reverse repurchase agreements outstanding as of October 31, 2020.

For the year ended October 31, 2020, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $33,660,000 and 2.10%, respectively.


		27

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued

11 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At October 31, 2020, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $1,886,636. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at October 31, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 13) at October 31, 2020. The Fund’s average overdraft advances during the year ended October 31, 2020 were not significant.

12 Investments in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $1,108,350,347, which represents 12.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 were as follows:


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	2,448,515	$	7,033,758,669	$	(5,928,027,029	)	$	170,192	$	—	$	1,108,350,347	$	1,365,110		1,108,350,347

13 Fair Value Measurements

•

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)


		28

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, 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

Mortgage Pass-Throughs	$	—	$	5,514,240,157		$	—	$	5,514,240,157

Collateralized Mortgage Obligations		—		2,437,606,183			—		2,437,606,183

U.S. Government Guaranteed Small Business Administration Pools & Loans		—		338,598,382			—		338,598,382

Short-Term Investments		—		1,108,350,347			—		1,108,350,347

Total Investments	$	—	$	9,398,795,069		$	—	$	9,398,795,069

Futures Contracts	$	8,385,692	$	—		$	—	$	8,385,692

Total	$	8,385,692	$	9,398,795,069		$	—	$	9,407,180,761

Liability Description

TBA Sale Commitments	$	—	$	(205,785,970	)	$	—	$	(205,785,970	)

Total	$	—	$	(205,785,970	)	$	—	$	(205,785,970	)

14 Pandemic Risk

15 Additional Information


		29

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Short Duration Government Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration Government Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		30

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Federal Tax Information (Unaudited)

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $8,192,420 or, if subsequently determined to be different, the net capital gain of such year.


		31

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Liquidity Risk Management Program


		32

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		33

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		34

Eaton Vance

Short Duration Government Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		35

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		36

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

1560 10.31.20

LOGO

Eaton Vance

Short Duration High Income Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Short Duration High Income Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			26
Federal Tax Information			27
Liquidity Risk Management Program			28
Management and Organization			29
Important Notices			32

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended October 31, 2020, the U.S. high yield market took a roller-coaster ride largely driven by the COVID-19 pandemic.

For the period as a whole, the ICE BofA U.S. High Yield Index returned 2.54%; and the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.19%.

High yield issuance during the period totaled $485.4 billion. The trailing 12-month par-weighted default rate, which began the period at 2.54%, ended at 6.34%.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Short Duration High Income Fund (the Fund) returned 0.15% for Class A shares at net asset value (NAV), underperforming its benchmark, the ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index (the Index), which returned 0.41%.

The Fund’s sector allocations relative to the Index during the period detracted from performance. Overweight exposure to the air transportation industry especially weighed on relative returns as air travel was severely curtailed by the COVID-19 pandemic. However, this headwind was more than offset by positive credit selections within the industry. Underweight exposures to the automotive & auto parts, leisure, and cable & satellite TV industries also negatively affected relative returns during the period.

Credit selection was strong during the period. In addition to driving outperformance in the air transportation industry, selections were strong in automotive & auto parts, aerospace, and metals & mining. Meanwhile, credit selections within health care and services detracted from performance relative to the Index during the period.

Allocations and security selections within credit-rating sectors contributed to positive relative performance during the period. Overweight positions in CCC and BBB rated credits were beneficial. Strong security selections within B and CCC rated credits further enhanced returns. However, an underweight exposure to the BB rated sector, and challenging credit selections detracted from performance relative to the Index during the period.

The Fund’s duration positioning hindered relative performance, but security selections by duration sectors benefited performance relative to the Index during the period. Selections were strong in securities with durations of 0-2 years. Selections in securities with durations of 2-5 years detracted from returns during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Performance^2,3

Portfolio Managers Kelley G. Baccei and Stephen C. Concannon, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception

Class A at NAV		11/01/2013		02/21/2012		0.15	%		3.60	%		3.75	%
Class A with 2.25% Maximum Sales Charge		—		—		–2.11			3.13			3.48
Class I at NAV		11/01/2013		02/21/2012		0.30			3.84			3.97



ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index		—		—		0.41	%		4.58	%		4.68	%

% Total Annual Operating Expense Ratios⁴								Class A			Class I

Gross									1.20	%		0.95	%
Net									0.90			0.65

Growth of $10,000³

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class I

$250,000

02/21/2012

$350,729

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Fund Profile

Credit Quality (% of bonds and loans)⁵

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Endnotes and Additional Disclosures

ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index is an unmanaged index of U.S. corporate bonds currently paying a coupon, rated BB1 through B3, and having a maturity less than 3 years. 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. 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.

Performance prior to the inception date of Class A and Class I is linked to the performance of Short Duration High Income Portfolio (the Portfolio), the Portfolio the Fund invested in prior to June 15, 2020. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance since inception for an index, if presented, is the performance since the Portfolio’s inception. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵

based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Additional Information

Spread is the difference in yield between non-Treasury and Treasury securities of similar maturities.

Important Notice to Shareholders

On June 12, 2020, the Fund received its pro-rata share of net assets from Short Duration High Income Portfolio, the Portfolio the Fund previously invested in, and the Portfolio was terminated. As of June 15, 2020, the Fund invests its assets directly.


		5

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,072.50	$	4.69	**		0.90	%
Class I	$	1,000.00	$	1,075.00	$	3.39	**		0.65	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.57	**		0.90	%
Class I	$	1,000.00	$	1,021.90	$	3.30	**		0.65	%

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


		6

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Portfolio of Investments


Corporate Bonds & Notes — 86.3%
Security		Principal Amount* (000’s omitted)		Value

Aerospace — 3.9%

Bombardier, Inc., 6.00%, 10/15/22⁽¹⁾			353	$	321,451

Bombardier, Inc., 6.125%, 1/15/23⁽¹⁾			131		113,151

Howmet Aerospace, Inc., 6.875%, 5/1/25			156		173,745

Rolls-Royce PLC, 2.125%, 6/18/21⁽²⁾	EUR		150		175,134

Spirit AeroSystems, Inc., 5.50%, 1/15/25⁽¹⁾			500		509,375

Spirit AeroSystems, Inc., 7.50%, 4/15/25⁽¹⁾			70		70,736

TransDigm, Inc., 6.50%, 7/15/24			500		500,312

				$	1,863,904

Air Transportation — 1.7%

Air Canada, 7.75%, 4/15/21⁽¹⁾			268	$	270,345

American Airlines Group, Inc., 5.00%, 6/1/22⁽¹⁾			300		197,250

Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, 10/20/25⁽¹⁾			53		53,834

United Airlines Holdings, Inc., 4.25%, 10/1/22			65		59,186

United Airlines Holdings, Inc., 6.00%, 12/1/20			250		250,906

				$	831,521

Automotive & Auto Parts — 7.6%

Clarios Global, L.P., 6.75%, 5/15/25⁽¹⁾			41	$	43,426

Ford Motor Co., 8.50%, 4/21/23			717		792,532

Ford Motor Co., 9.00%, 4/22/25			640		753,622

Ford Motor Credit Co., LLC, 2.77%, (3 mo. USD LIBOR + 2.55%), 1/7/21⁽³⁾			200		199,382

Ford Motor Credit Co., LLC, 3.336%, 3/18/21			326		326,408

Ford Motor Credit Co., LLC, 3.37%, 11/17/23			200		198,500

Ford Motor Credit Co., LLC, 3.47%, 4/5/21			236		236,443

Ford Motor Credit Co., LLC, 3.664%, 9/8/24			250		248,306

Ford Motor Credit Co., LLC, 4.25%, 9/20/22			200		203,159

Ford Motor Credit Co., LLC, 5.875%, 8/2/21			284		290,376

General Motors Financial Co., Inc., 0.789%, (3 mo. USD LIBOR + 0.54%), 11/6/20⁽³⁾			100		100,002

Navistar International Corp., 9.50%, 5/1/25⁽¹⁾			52		57,720

Tesla, Inc., 5.30%, 8/15/25⁽¹⁾			200		207,175

				$	3,657,051

Banking & Thrifts — 1.1%

CIT Group, Inc., 5.00%, 8/15/22			500	$	529,470

				$	529,470

Broadcasting — 2.7%

Netflix, Inc., 5.50%, 2/15/22			500	$	525,313

Sirius XM Radio, Inc., 3.875%, 8/1/22⁽¹⁾			750		756,562

				$	1,281,875


Security		Principal Amount* (000’s omitted)		Value

Building Materials — 2.2%

Beacon Roofing Supply, Inc., 4.875%, 11/1/25⁽¹⁾			150	$	147,422

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽¹⁾			302		299,287

WESCO Distribution, Inc., 5.375%, 12/15/21			500		500,512

WESCO Distribution, Inc., 7.125%, 6/15/25⁽¹⁾			88		94,937

				$	1,042,158

Cable & Satellite TV — 4.5%

CSC Holdings, LLC, 5.25%, 6/1/24			1,000	$	1,069,375

DISH DBS Corp., 5.00%, 3/15/23			588		590,940

DISH DBS Corp., 5.875%, 7/15/22			500		515,500

				$	2,175,815

Chemicals — 0.7%

Compass Minerals International, Inc., 4.875%, 7/15/24⁽¹⁾			280	$	285,220

Compass Minerals International, Inc., 6.75%, 12/1/27⁽¹⁾			41		44,543

				$	329,763

Consumer Products — 0.5%

Edgewell Personal Care Co., 4.70%, 5/24/22			255	$	263,128

				$	263,128

Containers — 0.0%⁽⁴⁾

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23⁽¹⁾			10	$	10,130

				$	10,130

Diversified Financial Services — 8.7%

Ally Financial, Inc., 4.625%, 5/19/22			500	$	527,717

Cabot Financial Luxembourg S.A., 7.50%, 10/1/23⁽²⁾	GBP		500		657,466

DAE Funding, LLC, 5.25%, 11/15/21⁽¹⁾			705		717,450

Freedom Mortgage Corp., 7.625%, 5/1/26⁽¹⁾			10		9,938

Freedom Mortgage Corp., 8.125%, 11/15/24⁽¹⁾			255		257,709

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22			750		753,544

Navient Corp., 6.50%, 6/15/22			500		511,250

OneMain Finance Corp., 5.625%, 3/15/23			550		574,406

PRA Group, Inc., 7.375%, 9/1/25⁽¹⁾			106		111,393

United Shore Financial Services, LLC, 5.50%, 11/15/25⁽¹⁾⁽⁵⁾			48		48,646

				$	4,169,519

Diversified Media — 0.7%

Nielsen Finance, LLC/Nielsen Finance Co., 5.00%, 4/15/22⁽¹⁾			269	$	269,404

Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25⁽¹⁾			70		71,575

				$	340,979


		7		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount* (000’s omitted)		Value

Energy — 15.5%

AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24		250	$	266,250

Apache Corp., 4.625%, 11/15/25		50		47,562

Cenovus Energy, Inc., 3.80%, 9/15/23		175		177,835

Continental Resources, Inc., 3.80%, 6/1/24		300		279,937

Continental Resources, Inc., 4.50%, 4/15/23		260		249,457

Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 6.25%, 4/1/23		110		106,830

CVR Energy, Inc., 5.25%, 2/15/25⁽¹⁾		300		219,187

DCP Midstream Operating, L.P., 3.875%, 3/15/23		300		299,250

Endeavor Energy Resources, L.P./EER Finance, Inc., 6.625%, 7/15/25⁽¹⁾		61		63,383

EQM Midstream Partners, L.P., 6.00%, 7/1/25⁽¹⁾		60		61,575

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽¹⁾		950		532,000

Laredo Petroleum, Inc., 9.50%, 1/15/25		37		17,314

Newfield Exploration Co., 5.625%, 7/1/24		18		17,428

Newfield Exploration Co., 5.75%, 1/30/22		800		805,882

NGPL PipeCo, LLC, 4.375%, 8/15/22⁽¹⁾		25		25,945

Occidental Petroleum Corp., 2.70%, 8/15/22		26		24,083

Occidental Petroleum Corp., 2.70%, 2/15/23		1,118		1,002,706

Occidental Petroleum Corp., 2.90%, 8/15/24		774		645,516

Occidental Petroleum Corp., 3.125%, 2/15/22		2		1,905

Occidental Petroleum Corp., 3.45%, 7/15/24		21		17,063

Occidental Petroleum Corp., 5.875%, 9/1/25		750		661,125

Precision Drilling Corp., 5.25%, 11/15/24		6		3,904

Precision Drilling Corp., 7.75%, 12/15/23		12		8,918

Seven Generations Energy, Ltd., 6.875%, 6/30/23⁽¹⁾		380		381,385

Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23		65		65,724

Tervita Corp., 7.625%, 12/1/21⁽¹⁾		923		888,387

Transocean Guardian, Ltd., 5.875%, 1/15/24⁽¹⁾		59		35,832

Transocean, Inc., 11.50%, 1/30/27⁽¹⁾		176		58,516

Western Midstream Operating, L.P., 4.00%, 7/1/22		500		500,937

			$	7,465,836

Entertainment & Film — 0.1%

AMC Entertainment Holdings, Inc., 10.50%, 4/15/25⁽¹⁾		114	$	61,703

			$	61,703

Environmental — 0.1%

GFL Environmental, Inc., 3.75%, 8/1/25⁽¹⁾		62	$	62,116

			$	62,116


Security		Principal Amount* (000’s omitted)		Value

Food & Drug Retail — 3.8%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 3.50%, 2/15/23⁽¹⁾			500	$	508,625

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 7.50%, 3/15/26⁽¹⁾			300		332,962

Fresh Market, Inc. (The), 9.75%, 5/1/23⁽¹⁾			45		43,144

Ingles Markets, Inc., 5.75%, 6/15/23			149		150,582

Safeway, Inc., 4.75%, 12/1/21			759		774,085

				$	1,809,398

Food, Beverage & Tobacco — 0.3%

Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25⁽¹⁾			103	$	109,340

Performance Food Group, Inc., 6.875%, 5/1/25⁽¹⁾			52		55,217

				$	164,557

Gaming — 1.9%

Caesars Entertainment, Inc., 6.25%, 7/1/25⁽¹⁾			212	$	217,936

MGM Resorts International, 6.00%, 3/15/23			500		519,375

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 4.25%, 5/30/23⁽¹⁾			160		152,900

				$	890,211

Healthcare — 5.1%

Bausch Health Cos., Inc., 5.50%, 3/1/23⁽¹⁾			78	$	78,049

Bausch Health Cos., Inc., 9.00%, 12/15/25⁽¹⁾			505		553,076

CHS/Community Health Systems, Inc., 6.25%, 3/31/23			12		11,910

HCA, Inc., 5.875%, 5/1/23			400		434,582

Jaguar Holding Co. II/PPD Development, L.P., 4.625%, 6/15/25⁽¹⁾			101		104,497

Legacy LifePoint Health, LLC, 6.75%, 4/15/25⁽¹⁾			71		75,260

Prime Healthcare Services, Inc., 7.25%, 11/1/25⁽¹⁾			48		48,434

Providence Service Corp. (The), 5.875%, 11/15/25⁽¹⁾⁽⁵⁾			76		77,472

Tenet Healthcare Corp., 6.75%, 6/15/23			763		805,377

Teva Pharmaceutical Finance Co., B.V., 3.65%, 11/10/21			290		287,825

				$	2,476,482

Homebuilders & Real Estate — 5.3%

Consus Real Estate AG, 9.625%, 5/15/24⁽²⁾	EUR		800	$	994,611

Ellaktor Value PLC, 6.375%, 12/15/24⁽²⁾	EUR		311		312,946

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽¹⁾			30		30,525

SBA Communications Corp., 4.00%, 10/1/22			75		75,797

Service Properties Trust, 4.50%, 6/15/23			300		289,313

Service Properties Trust, 5.00%, 8/15/22			82		81,180


		8		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

Homebuilders & Real Estate (continued)

Starwood Property Trust, Inc., 3.625%, 2/1/21			250	$	250,150

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽²⁾	EUR		500		518,182

				$	2,552,704

Insurance — 1.1%

AmWINS Group, Inc., 7.75%, 7/1/26⁽¹⁾			257	$	275,262

AssuredPartners, Inc., 7.00%, 8/15/25⁽¹⁾			250		255,779

				$	531,041

Leisure — 0.8%

Carnival Corp., 11.50%, 4/1/23⁽¹⁾			50	$	55,323

NCL Corp, Ltd., 3.625%, 12/15/24⁽¹⁾			47		32,998

Powdr Corp., 6.00%, 8/1/25⁽¹⁾			85		86,024

Viking Cruises, Ltd., 6.25%, 5/15/25⁽¹⁾			250		195,911

				$	370,256

Metals & Mining — 0.6%

Cleveland-Cliffs, Inc., 9.875%, 10/17/25⁽¹⁾			42	$	48,090

New Gold, Inc., 6.375%, 5/15/25⁽¹⁾			240		247,650

				$	295,740

Paper — 0.3%

Clearwater Paper Corp., 5.375%, 2/1/25⁽¹⁾			150	$	158,156

				$	158,156

Restaurant — 0.7%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽¹⁾			258	$	263,547

Dave & Buster’s, Inc., 7.625%, 11/1/25⁽¹⁾			96		94,440

				$	357,987

Services — 0.7%

ADT Security Corp. (The), 3.50%, 7/15/22			250	$	254,839

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 5.25%, 3/15/25⁽¹⁾			60		56,662

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 6.375%, 4/1/24⁽¹⁾			20		19,513

				$	331,014

Steel — 1.3%

Allegheny Ludlum, LLC, 6.95%, 12/15/25			100	$	100,365

Allegheny Technologies, Inc., 7.875%, 8/15/23			263		266,170


Security		Principal Amount* (000’s omitted)		Value

Steel (continued)

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽¹⁾			275	$	273,625

				$	640,160

Super Retail — 1.6%

Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25⁽¹⁾			96	$	100,740

L Brands, Inc., 6.875%, 7/1/25⁽¹⁾			239		256,564

L Brands, Inc., 9.375%, 7/1/25⁽¹⁾			27		31,354

Macy’s Retail Holdings, LLC, 3.45%, 1/15/21			270		268,650

Penske Automotive Group, Inc., 3.50%, 9/1/25			90		90,900

William Carter Co. (The), 5.50%, 5/15/25⁽¹⁾			29		30,504

				$	778,712

Technology — 4.5%

Dell International, LLC/EMC Corp., 5.85%, 7/15/25⁽¹⁾			48	$	56,432

Dell International, LLC/EMC Corp., 5.875%, 6/15/21⁽¹⁾			500		501,830

Dell International, LLC/EMC Corp., 7.125%, 6/15/24⁽¹⁾			433		449,142

EIG Investors Corp., 10.875%, 2/1/24			825		859,159

j2 Cloud Services, LLC/j2 Cloud Co-Obligor, Inc., 6.00%, 7/15/25⁽¹⁾			250		261,575

Riverbed Technology, Inc., 8.875%, 3/1/23⁽¹⁾			35		23,975

				$	2,152,113

Telecommunications — 5.8%

Altice Financing S.A., 2.25%, 1/15/25⁽²⁾	EUR		157	$	170,965

Altice France S.A., 2.50%, 1/15/25⁽²⁾	EUR		600		658,173

DKT Finance ApS, 9.375%, 6/17/23⁽¹⁾			250		255,338

Qwest Corp., 6.75%, 12/1/21			500		525,515

Sprint Communications, Inc., 6.00%, 11/15/22			1,100		1,178,782

				$	2,788,773

Transport Excluding Air & Rail — 1.3%

XPO Logistics, Inc., 6.125%, 9/1/23⁽¹⁾			350	$	355,032

XPO Logistics, Inc., 6.50%, 6/15/22⁽¹⁾			250		251,391

				$	606,423

Utility — 1.2%

TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽¹⁾			550	$	560,656

				$	560,656

Total Corporate Bonds & Notes (identified cost $42,190,661)				$	41,549,351


		9		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Portfolio of Investments — continued


Senior Floating-Rate Loans — 10.5%⁽⁶⁾
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Containers — 1.5%

Reynolds Group Holdings, Inc., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.75%), Maturing 2/5/23	$	761	$	747,778

			$	747,778

Diversified Media — 0.1%

Nielsen Finance, LLC, Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 6/4/25	$	36	$	35,820

			$	35,820

Food, Beverage & Tobacco — 1.3%

BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24	$	48	$	47,867

US Foods, Inc., Term Loan, 1.90%, (1 mo. USD LIBOR + 1.75%), Maturing 6/27/23		588		564,950

			$	612,817

Gaming — 2.7%

CCM Merger, Inc., Term Loan, 4.50%, (USD Prime + 1.25%), Maturing 8/8/21	$	838	$	834,671

Playtika Holding Corp., Term Loan, 7.00%, (6 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing 12/10/24		372		373,503

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25⁽⁷⁾		6		5,509

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25		80		76,030

			$	1,289,713

Healthcare — 0.7%

MPH Acquisition Holdings, LLC, Term Loan, 3.75%, (3 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 6/7/23	$	216	$	213,530

RegionalCare Hospital Partners Holdings, Inc., Term Loan, 3.90%, (1 mo. USD LIBOR + 3.75%), Maturing 11/16/25		111		107,726

			$	321,256

Insurance — 1.8%

Asurion, LLC, Term Loan - Second Lien, 6.65%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	892	$	894,841

			$	894,841

Super Retail — 1.6%

PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 3/11/22	$	763	$	758,018

			$	758,018


Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Technology — 0.8%

EIG Investors Corp., Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing 2/9/23	$	401	$	398,556

			$	398,556

Total Senior Floating-Rate Loans (identified cost $5,086,544)			$	5,058,799

Convertible Bonds — 0.5%
Security	Principal Amount (000’s omitted)		Value

Air Transportation — 0.5%

Air Transport Services Group, Inc., 1.125%, 10/15/24	$	194	$	215,735

			$	215,735

Entertainment & Film — 0.0%⁽⁴⁾

Cinemark Holdings, Inc., 4.50%, 8/15/25⁽¹⁾	$	20	$	17,363

			$	17,363

Total Convertible Bonds (identified cost $194,947)			$	233,098

Commercial Mortgage-Backed Securities — 1.3%
Security	Principal Amount (000’s omitted)		Value

BAMLL Commercial Mortgage Securities Trust

Series 2019-BPR, Class ENM, 3.843%, 11/5/32⁽¹⁾⁽⁸⁾	$	795	$	601,111

Total Commercial Mortgage-Backed Securities (identified cost $751,568)			$	601,111

Common Stocks — 0.0%⁽⁴⁾
Security	Shares		Value

Diversified Media — 0.0%⁽⁴⁾

Clear Channel Outdoor Holdings, Inc.^(9)(10)		1,520	$	1,359

Total Common Stocks (identified cost $3,866)			$	1,359


		10		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Portfolio of Investments — continued


Convertible Preferred Stocks — 0.2%
Security	Shares		Value

Healthcare — 0.2%

Becton Dickinson and Co., Series B, 6.00%		2,000	$	104,160

Total Convertible Preferred Stocks (identified cost $101,427)			$	104,160

Short-Term Investments — 1.0%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹¹⁾		495,143	$	495,143

Total Short-Term Investments (identified cost $495,143)			$	495,143

Total Investments — 99.8% (identified cost $48,824,156)			$	48,043,021

Less Unfunded Loan Commitments — (0.0)%⁽⁴⁾			$	(5,811	)

Net Investments — 99.8% (identified cost $48,818,345)			$	48,037,210

Other Assets, Less Liabilities — 0.2%			$	84,612

Net Assets — 100.0%			$	48,121,822

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⁾

⁽²⁾

⁽³⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

⁽⁴⁾

Amount is less than 0.05% or (0.05)%, as applicable.

⁽⁵⁾

When-issued security.

⁽⁶⁾

⁽⁷⁾

⁽⁸⁾

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽⁹⁾

Non-income producing security.

⁽¹⁰⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹¹⁾	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 October 31, 2020.


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	331,336	GBP	255,073	Bank of America, N.A.		1/29/21	$	677	$	—

USD	331,346	GBP	255,081	Bank of America, N.A.		1/29/21		677		—

USD	1,464,592	EUR	1,244,175	Citibank, N.A.		1/29/21		12,498		—

USD	1,465,602	EUR	1,245,000	Bank of America, N.A.		1/29/21		12,545		—

							$	26,397	$	—


		11		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Portfolio of Investments — continued

Abbreviations:



LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:



EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


		12		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $48,323,202)	$	47,542,067

Affiliated investment, at value (identified cost, $495,143)		495,143

Cash		45,566

Foreign currency, at value (identified cost, $1,165)		1,165

Interest receivable		699,693

Dividends receivable from affiliated investment		193

Receivable for investments sold		530,480

Receivable for Fund shares sold		25,155

Receivable for open forward foreign currency exchange contracts		26,397

Receivable from affiliate		5,191

Total assets	$	49,371,050

Liabilities

Payable for investments purchased	$	932,500

Payable for when-issued securities		125,007

Payable for Fund shares redeemed		81,478

Distributions payable		4,435

Payable to affiliates:

Investment adviser and administration fee		23,143

Distribution and service fees		1,404

Trustees’ fees		273

Accrued expenses		80,988

Total liabilities	$	1,249,228

Net Assets	$	48,121,822

Sources of Net Assets

Paid-in capital	$	51,188,525

Accumulated loss		(3,066,703	)

Total	$	48,121,822

Class A Shares

Net Assets	$	6,537,129

Shares Outstanding		716,955

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.12

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	9.33

Class I Shares

Net Assets	$	41,584,693

Shares Outstanding		4,557,011

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.13

On sales of $100,000 or more, the offering price of Class A shares is reduced.


		13		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest and other income	$	1,049,305

Interest and other income allocated from Portfolio		1,704,056

Dividends		1,584

Dividends from affiliated investment allocated from Portfolio		20,569

Dividends from affiliated investment		1,034

Expenses allocated from Portfolio		(220,920	)

Total investment income	$	2,555,628

Expenses

Investment adviser and administration fee	$	105,662

Distribution and service fees

Class A		17,106

Trustees’ fees and expenses		2,086

Custodian fee		25,554

Transfer and dividend disbursing agent fees		27,850

Legal and accounting services		64,984

Printing and postage		20,230

Registration fees		35,324

Miscellaneous		11,486

Total expenses	$	310,282

Deduct —

Allocation of expenses to affiliate	$	165,572

Total expense reductions	$	165,572

Net expenses	$	144,710

Net investment income	$	2,410,918

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	343,138

Investment transactions allocated from Portfolio, including $(332) from affiliated investment		(1,759,884	)

Investment transactions — affiliated investment		(83	)

Foreign currency transactions		(1,939	)

Foreign currency transactions allocated from Portfolio		8

Forward foreign currency exchange contracts		(188,534	)

Forward foreign currency exchange contracts allocated from Portfolio		80,430

Net realized loss	$	(1,526,864	)

Change in unrealized appreciation (depreciation) —

Investments	$	294,526

Investments allocated from Portfolio		(1,392,358	)

Foreign currency		(747	)

Foreign currency allocated from Portfolio		783

Forward foreign currency exchange contracts		109,053

Forward foreign currency exchange contracts allocated from Portfolio		(81,080	)

Net change in unrealized appreciation (depreciation)	$	(1,069,823	)

Net realized and unrealized loss	$	(2,596,687	)

Net decrease in net assets from operations	$	(185,769	)


		14		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	2,410,918		$	2,349,312

Net realized loss		(1,526,864	)		(200,711	)

Net change in unrealized appreciation (depreciation)		(1,069,823	)		565,173

Net increase (decrease) in net assets from operations	$	(185,769	)	$	2,713,774

Distributions to shareholders —

Class A	$	(308,185	)	$	(245,301	)

Class I		(2,217,583	)		(2,099,760	)

Total distributions to shareholders	$	(2,525,768	)	$	(2,345,061	)

Tax return of capital to shareholders —

Class A	$	(9,517	)	$	—

Class I		(68,284	)		—

Total tax return of capital to shareholders	$	(77,801	)	$	—

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	2,203,657		$	2,775,418

Class I		10,926,778			26,030,952

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		311,817			240,142

Class I		2,236,985			2,038,493

Cost of shares redeemed

Class A		(2,482,325	)		(865,903	)

Class I		(18,979,407	)		(19,332,100	)

Net increase (decrease) in net assets from Fund share transactions	$	(5,782,495	)	$	10,887,002

Net increase (decrease) in net assets	$	(8,571,833	)	$	11,255,715

Net Assets

At beginning of year	$	56,693,655		$	45,437,940

At end of year	$	48,121,822		$	56,693,655


		15		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.540		$	9.470		$	9.820		$	9.710		$	9.550

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.394		$	0.432		$	0.439		$	0.446		$	0.388

Net realized and unrealized gain (loss)		(0.387	)		0.070			(0.350	)		0.110			0.158

Total income from operations	$	0.007		$	0.502		$	0.089		$	0.556		$	0.546

Less Distributions

From net investment income	$	(0.414	)	$	(0.432	)	$	(0.439	)	$	(0.446	)	$	(0.386	)

Tax return of capital		(0.013	)		—			—			—			—

Total distributions	$	(0.427	)	$	(0.432	)	$	(0.439	)	$	(0.446	)	$	(0.386	)

Net asset value — End of year	$	9.120		$	9.540		$	9.470		$	9.820		$	9.710

Total Return⁽²⁾⁽³⁾		0.15	%		5.41	%		0.93	%		5.83	%		5.87	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	6,537		$	6,914		$	4,726		$	4,424		$	4,239

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		0.90	%		0.90	%		0.91	%⁽⁵⁾		0.92	%		1.05	%

Net investment income		4.29	%		4.54	%		4.55	%		4.55	%		4.06	%

Portfolio Turnover of the Portfolio⁽⁶⁾		50	%		63	%		52	%		69	%		67	%

Portfolio Turnover of the Fund		34	%⁽⁷⁾		—			—			—			—

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.31%, 0.39%, 0.38%, 0.38% and 0.31% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2018.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from June 15, 2020 through October 31, 2020 when the Fund was making investments directly in securities.


		16		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	9.560		$	9.490		$	9.840		$	9.730		$	9.570

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.417		$	0.457		$	0.462		$	0.473		$	0.414

Net realized and unrealized gain (loss)		(0.396	)		0.069			(0.348	)		0.109			0.157

Total income from operations	$	0.021		$	0.526		$	0.114		$	0.582		$	0.571

Less Distributions

From net investment income	$	(0.437	)	$	(0.456	)	$	(0.464	)	$	(0.472	)	$	(0.411	)

Tax return of capital		(0.014	)		—			—			—			—

Total distributions	$	(0.451	)	$	(0.456	)	$	(0.464	)	$	(0.472	)	$	(0.411	)

Net asset value — End of year	$	9.130		$	9.560		$	9.490		$	9.840		$	9.730

Total Return⁽²⁾⁽³⁾		0.30	%		5.67	%		1.19	%		6.10	%		6.13	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	41,585		$	49,780		$	40,712		$	40,466		$	34,461

Ratios (as a percentage of average daily net assets):⁽⁴⁾

Expenses⁽³⁾		0.65	%		0.65	%		0.66	%⁽⁵⁾		0.67	%		0.80	%

Net investment income		4.53	%		4.79	%		4.79	%		4.82	%		4.33	%

Portfolio Turnover of the Portfolio⁽⁶⁾		50	%		63	%		52	%		69	%		67	%

Portfolio Turnover of the Fund		34	%⁽⁷⁾		—			—			—			—

⁽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⁾

⁽⁴⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾	Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2018.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from June 15, 2020 through October 31, 2020 when the Fund was making investments directly in securities.


		17		See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Short Duration High Income 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. Prior to the close of business on June 12, 2020, the Fund invested all of its investable assets in interests in Short Duration High Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. As of the close of business on June 12, 2020, the Fund received its pro-rata share of net assets from the Portfolio as part of the termination of the Portfolio. As of June 15, 2020, the next business day, the Fund invests its assets directly. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Effective December 2, 2019, Class A shares may be subject to a 1% contingent deferred sales charge if redeemed within 18 months of purchase (depending on the circumstances of purchase). Class I 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Derivatives. 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.


		18

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

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.

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Prior to the close of business on June 12, 2020, the net investment income or loss consisted of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.


		19

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

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

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	2,525,768	$	2,345,061

Tax return of capital	$	77,801	$	—

During the year ended October 31, 2020, accumulated loss was decreased by $289,495 and paid-in capital was decreased by $289,495 due to differences between book and tax accounting for the Fund’s investment in the Portfolio. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(2,240,155	)

Net unrealized depreciation	$	(822,113	)

Distributions payable	$	(4,435	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $2,240,155 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 October 31, 2020, $1,371,961 are short-term and $868,194 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	48,859,494

Gross unrealized appreciation	$	774,988

Gross unrealized depreciation		(1,597,272	)

Net unrealized depreciation	$	(822,284	)


		20

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. Prior to the close of business on June 12, 2020, when the Fund’s assets were invested in the Portfolio, the Fund was allocated its share of the Portfolio’s investment adviser fee. The Portfolio paid advisory fees to Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., on the same fee schedule as that of the Fund as described above. For the year ended October 31, 2020, the Fund’s allocated portion of the investment adviser fee paid by the Portfolio amounted to $189,344 and the investment adviser and administration fee paid by the Fund amounted to $105,662. For the year ended October 31, 2020, the Fund’s investment adviser and administration fee, including the investment adviser fee allocated from the Portfolio, was 0.55% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.90% and 0.65% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $165,572 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $1,944 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 $117 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A shares (see Note 4).

4 Distribution Plan

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

5 Purchases and Sales of Investments

Purchases and sales of investments by the Portfolio, other than short-term obligations and investments transferred to the Fund and including maturities, paydowns and principal repayments on Senior Loans, for the period from November 1, 2019 through June 12, 2020 aggregated $26,825,490 and $26,511,082, respectively. Purchases and sales of investments by the Fund, other than short-term obligations and investments transferred from the Portfolio and including maturities, paydowns and principal repayments on Senior Loans, for the period from June 15, 2020 through October 31, 2020 aggregated $16,208,315 and $20,751,161, respectively.

Increases and decreases in the Fund’s investment in the Portfolio for the period from November 1, 2019 through June 12, 2020 were $9,806,580 and $62,981,483, respectively. Included in decreases is $52,997,815, representing the Fund’s interest in the Portfolio as of the close of business on June 12, 2020, which was exchanged for the Fund’s pro-rata share of net assets of the Portfolio on that date having the same fair value. The Fund’s cost of its investment in the Portfolio on such date of $54,155,214 was carried forward to the net assets acquired from the Portfolio and no gain or loss was recognized on the exchange.


		21

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

6 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		233,594			291,425

Issued to shareholders electing to receive payments of distributions in Fund shares		33,991			25,259

Redemptions		(275,130	)		(91,203	)

Net increase (decrease)		(7,545	)		225,481

	Year Ended October 31,
Class I	2020			2019

Sales		1,202,757			2,739,378

Issued to shareholders electing to receive payments of distributions in Fund shares		243,841			214,026

Redemptions		(2,098,496	)		(2,036,670	)

Net increase (decrease)		(651,898	)		916,734

7 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 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 October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange contracts.

The Fund enters into forward foreign currency exchange contracts 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 October 31, 2020, the Fund had no open derivatives with credit-related contingent features in a net liability position.


		22

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

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.


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Forward foreign currency exchange contracts	$	26,397	⁽¹⁾	$	—

Total Derivatives subject to master netting or similar agreements	$	26,397		$	—

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

The Fund’s derivative assets at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets as of October 31, 2020.


Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

Citibank, N.A.	$	12,498	$	—	$	—	$	—	$	12,498

Bank of America, N.A.		13,899		—		—		—		13,899

	$	26,397	$	—	$	—	$	—	$	26,397

^(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.


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Forward foreign currency exchange contracts	$	(108,104	)	$	27,973

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts and Forward foreign currency exchange contracts allocated from Portfolio.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts and Forward foreign currency exchange contracts allocated from Portfolio.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended October 31, 2020, including forward foreign currency exchange contracts entered into by both the Fund and the Portfolio during the period the Fund was investing in the Portfolio, which is indicative of the volume of this derivative type, was approximately $3,018,000.

8 Line of Credit


		23

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended October 31, 2020.

9 Investments in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $495,143, which represents 1.0% of the Fund’s net assets. Transactions in affiliated funds by the Portfolio for the period from November 1, 2019 through June 12, 2020 and by the Fund for the period from June 15, 2020 through October 31, 2020, were as follows:


Name of affiliated fund	Value, beginning of period		Purchases⁽¹⁾		Sales proceeds⁽¹⁾			Net realized gain (loss)⁽¹⁾			Change in unrealized appreciation (depreciation)⁽¹⁾		Value, end of period		Dividend income⁽¹⁾		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	996,088	$	43,594,886	$	(44,095,416	)	$	(415	)	$	—	$	495,143	$	21,603		495,143

⁽¹⁾	Includes amounts for transactions at both the Fund and allocated from the Portfolio for the period while the Fund was investing in the Portfolio.

10 Fair Value Measurements

•

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)

At October 31, 2020, 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

Corporate Bonds & Notes	$	—	$	41,549,351	$	—	$	41,549,351

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		5,052,988		—		5,052,988

Convertible Bonds		—		233,098		—		233,098

Commercial Mortgage-Backed Securities		—		601,111		—		601,111

Common Stocks		1,359		—		—		1,359

Convertible Preferred Stocks		104,160		—		—		104,160

Short-Term Investments		—		495,143		—		495,143

Total Investments	$	105,519	$	47,931,691	$	—	$	48,037,210

Forward Foreign Currency Exchange Contracts	$	—	$	26,397	$	—	$	26,397

Total	$	105,519	$	47,958,088	$	—	$	48,063,607


		24

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Notes to Financial Statements — continued

11 Risks and Uncertainties

Credit Risk

The Fund primarily invests in lower rated and comparable quality unrated high yield securities. These investments have different risks than investments in debt securities rated investment grade. Risk of loss upon default by the borrower is significantly greater with respect to such debt than with other debt securities because these securities are generally unsecured and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers.

Pandemic Risk

12 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement. The new investment advisory and administrative agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		25

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Short Duration High Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration High Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust) including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		26

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Federal Tax Information (Unaudited)


		27

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Liquidity Risk Management Program


		28

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		29

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		30

Eaton Vance

Short Duration High Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		31

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		32

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

16753 10.31.20

LOGO

Eaton Vance

Short Duration Strategic Income Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Short Duration Strategic Income Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			21 and 62
Federal Tax Information			22
Liquidity Risk Management Program			63
Management and Organization			64
Important Notices			67

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Short Duration Strategic Income Fund (the Fund) returned 6.83% for Class A shares at net asset value (NAV), outperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Index), which returned 6.19%.

Asset allocation aided Fund performance versus the Index during the period. Exposure to local and hard currency emerging markets debt contributed the most to performance. Investor demand, a weak U.S. dollar and euro, and dovish developed-market monetary policy were the main factors broadly supporting emerging markets during the period.

The Fund’s allocation to U.S. government agency mortgage-backed securities (MBS) was another major contributor to performance. Most of the strong performance came at the early stages of the pandemic as investors sought out high-quality assets as well as from the increased support of the U.S. Federal Reserve (the Fed) through its asset purchase program. The Fed reversed course from selling off about $20 billion in agency MBS from its balance sheet per month, to purchasing over $1 trillion in agency MBS since March 2020.

The Fund’s allocation to absolute-return strategies made a notable contribution to performance during the period. Gains in interest rate positions drove positive returns while, at the regional level, exposures in Eastern Europe, Asia, and the Middle East and Africa were particularly beneficial. Long local-bond positions in Ukraine and Egypt were among the top contributors to returns. In Ukraine, a decline in local interest rates and a new loan program from the International Monetary Fund (IMF) aided returns. Egyptian local bonds benefited from their attractive yields, coupled with the credibility of its central bank and strong support from the IMF. Other top performers included long-rate exposures in China and New Zealand. The People’s Bank of China implemented numerous easing measures to bolster its economy during the pandemic, while New Zealand inflation-linked exposure benefited from monetary stimulus and the potential for negative interest rates.

Exposure to floating-rate loans and U.S. high yield bonds also added to returns during the period. U.S. credit markets bounced back after a sharp sell-off earlier in the year as supply-demand dynamics became favorable with increased investor demand as well as from Fed purchases of high yield bonds.

Duration management contributed to performance during the period as positions used to limit U.S. interest rate sensitivity and those that benefit from a steepening of the U.S. Treasury yield curve were primary drivers. The Fund’s duration positions in other countries around the world were limited, while the Fund’s U.S. duration remained near zero.

The Fund’s small allocation to commercial MBS detracted from performance during the period. Government shutdowns due to COVID-19 negatively impacted areas within the commercial real estate market, including retail, restaurant, lodging, and office space as people stayed home and many companies implemented remote working.

Currency management slightly detracted from returns during the period. Long positions in the Australian dollar, Icelandic krona, and Norwegian krone hurt performance, while primary contributors included long exposure in the Egyptian pound and British pound.

The Fund uses derivatives extensively to both hedge select, undesired risk exposures as well as gain select, desired risk exposures. Some of the above commentary about notable drivers of performance at the country level involved the use of derivatives. The Fund’s use of derivatives contributed to returns versus the Index. Interest rate derivatives and credit-default swaps contributed to performance while currency forwards were relatively flat.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Performance^2,3

Portfolio Managers Eric A. Stein, CFA, Andrew Szczurowski, CFA, Justin Bourgette, CFA and Brian Shaw, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years

Class A at NAV		01/23/1998		11/26/1990			6.83	%		4.14	%		3.52	%
Class A with 2.25% Maximum Sales Charge		—		—			4.37			3.67			3.29
Class C at NAV		05/25/1994		11/26/1990			6.02			3.37			2.75
Class C with 1% Maximum Sales Charge		—		—			5.02			3.37			2.75
Class I at NAV		04/03/2009		11/26/1990			7.10			4.40			3.78
Class R at NAV		08/03/2009		11/26/1990			6.56			3.88			3.26



Bloomberg Barclays U.S. Aggregate Bond Index		—		—			6.19	%		4.08	%		3.55	%

% Total Annual Operating Expense Ratios⁴			Class A			Class C			Class I			Class R

				1.21	%		1.96	%		0.94	%		1.47	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$13,115

N.A.

Class I

$250,000

10/31/2010

$362,482

N.A.

Class R

$10,000

10/31/2010

$13,790

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Fund Profile⁵

Allocation to Portfolios and Funds (% of net assets)

LOGO

Asset Allocation (% of net assets)

LOGO

*	Net of unfunded loan commitments.

SBA — Small Business Administration

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Endnotes and Additional Disclosures

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

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

⁵

Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio in which it invests. Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

Fund profile subject to change due to active management.

Additional Information


		5

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,088.30	$	5.77		1.10	%
Class C	$	1,000.00	$	1,083.50	$	9.69		1.85	%
Class I	$	1,000.00	$	1,089.80	$	4.36		0.83	%
Class R	$	1,000.00	$	1,086.90	$	7.13		1.36	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.60	$	5.58		1.10	%
Class C	$	1,000.00	$	1,015.80	$	9.37		1.85	%
Class I	$	1,000.00	$	1,021.00	$	4.22		0.83	%
Class R	$	1,000.00	$	1,018.30	$	6.90		1.36	%


		6

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Portfolio of Investments


Investments in Affiliated Portfolios
Description			Value			% of Net Assets


Emerging Markets Local Income Portfolio (identified cost, $59,562,956)			$	60,774,270			3.5	%

Global Macro Absolute Return Advantage Portfolio (identified cost, $253,226,784)				255,322,498			14.9

Global Opportunities Portfolio (identified cost, $1,350,104,701)				1,291,185,868			75.2

Senior Debt Portfolio (identified cost, $50,885,716)				55,673,407			3.2

Total Investments in Affiliated Portfolios (identified cost $1,713,780,157)			$	1,662,956,043			96.8	%

Investments in Affiliated Investment Funds
Security	Shares		Value			% of Net Assets

Fixed Income Funds

Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6		6,505,219	$	56,465,297			3.3	%

Total Investments in Affiliated Investment Funds (identified cost $61,674,193)			$	56,465,297			3.3	%

Total Investments (identified cost $1,775,454,350)			$	1,719,421,340			100.1	%

Other Assets, Less Liabilities			$	(2,365,740	)		(0.1	)%

Net Assets			$	1,717,055,600			100.0	%


		7		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Affiliated investments, at value (identified cost, $1,775,454,350)	$	1,719,421,340

Cash		12,568

Receivable for Fund shares sold		3,528,805

Total assets	$	1,722,962,713

Liabilities

Payable for Fund shares redeemed	$	5,243,794

Distributions payable		123

Payable to affiliates:

Distribution and service fees		289,075

Trustees’ fees		43

Accrued expenses		374,078

Total liabilities	$	5,907,113

Net Assets	$	1,717,055,600

Sources of Net Assets

Paid-in capital	$	1,890,738,043

Accumulated loss		(173,682,443	)

Total	$	1,717,055,600

Class A Shares

Net Assets	$	545,013,794

Shares Outstanding		75,858,775

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	7.18

Maximum Offering Price Per Share

(100 ÷ 97.75 of net asset value per share)	$	7.35

Class C Shares

Net Assets	$	201,797,500

Shares Outstanding		29,819,097

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	6.77

Class I Shares

Net Assets	$	967,715,911

Shares Outstanding		134,900,284

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	7.17

Class R Shares

Net Assets	$	2,528,395

Shares Outstanding		351,377

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	7.20

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), the offering price of Class A shares is reduced.

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


		8		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends from Affiliated Investment Funds	$	4,821,750

Interest income		165

Interest and other income allocated from affiliated Portfolios (net of foreign taxes, $892,976)		63,252,024

Dividends allocated from affiliated Portfolios (net of foreign taxes, $21,818)		5,224,064

Expenses, excluding interest and dividend expense, allocated from affiliated Portfolios		(11,925,002	)

Interest and dividend expense allocated from affiliated Portfolios		(591,177	)

Total investment income	$	60,781,824

Expenses

Distribution and service fees

Class A	$	1,324,070

Class C		2,252,811

Class R		10,968

Trustees’ fees and expenses		522

Custodian fee		59,042

Transfer and dividend disbursing agent fees		1,084,993

Legal and accounting services		97,352

Printing and postage		213,748

Registration fees		95,870

Miscellaneous		19,016

Total expenses	$	5,158,392

Net investment income	$	55,623,432

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions — Affiliated Investments Funds	$	(493,033	)

Net realized gain (loss) allocated from affiliated Portfolios —

Investment transactions (net of foreign capital gains taxes of $711,373)		13,130,322

Written options		148,875

Futures contracts		8,534,324

Swap contracts		33,364,597

Foreign currency transactions		(4,654,573	)

Forward foreign currency exchange contracts		(5,352,120	)

Non-deliverable bond forward contracts		241,293

Net realized gain	$	44,919,685

Change in unrealized appreciation (depreciation) —

Investments — Affiliated Investment Funds	$	(1,122,153	)

Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios —

Investments (including net decrease in accrued foreign capital gains taxes of $205,693)		(12,496,809	)

Written options and swaptions		(83,893	)

Securities sold short		2,459,308

Futures contracts		(1,855,341	)

Swap contracts		10,623,377

Forward commodity contracts		(734,872	)

Forward volatility agreements		(81,147	)

Foreign currency		485,888

Forward foreign currency exchange contracts		5,481,426

Non-deliverable bond forward contracts		(42,568	)

Net change in unrealized appreciation (depreciation)	$	2,633,216

Net realized and unrealized gain	$	47,552,901

Net increase in net assets from operations	$	103,176,333


		9		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	55,623,432		$	86,428,786

Net realized gain (loss)		44,919,685			(28,031,870	)

Net change in unrealized appreciation (depreciation)		2,633,216			20,365,879

Net increase in net assets from operations	$	103,176,333		$	78,762,795

Distributions to shareholders —

Class A	$	(36,642,940	)	$	(22,960,163	)

Class B		—			(77,447	)

Class C		(14,538,410	)		(10,333,581	)

Class I		(65,491,430	)		(43,341,943	)

Class R		(141,231	)		(81,640	)

Total distributions to shareholders	$	(116,814,011	)	$	(76,794,774	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	89,542,611		$	56,915,775

Class B		—			447

Class C		27,588,888			20,629,529

Class I		389,108,106			289,013,216

Class R		1,000,622			748,811

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		34,145,740			21,423,637

Class B		—			72,215

Class C		13,851,123			9,734,053

Class I		61,322,886			39,950,621

Class R		121,214			61,056

Cost of shares redeemed

Class A		(137,500,943	)		(197,140,874	)

Class B		—			(960,769	)

Class C		(66,211,779	)		(101,079,767	)

Class I		(394,541,426	)		(579,984,230	)

Class R		(540,026	)		(1,068,622	)

Net asset value of shares converted⁽¹⁾

Class A		22,749,421			91,404,980

Class B		—			(4,051,679	)

Class C		(22,749,421	)		(87,353,301	)

Net increase (decrease) in net assets from Fund share transactions	$	17,887,016		$	(441,684,902	)

Net increase (decrease) in net assets	$	4,249,338		$	(439,716,881	)

Net Assets

At beginning of year	$	1,712,806,262		$	2,152,523,143

At end of year	$	1,717,055,600		$	1,712,806,262

⁽¹⁾	Includes the conversion of Class B to Class A at the close of business on October 15, 2019 upon the termination of Class B.


		10		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Financial Highlights


	Class A
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	7.210		$	7.180		$	7.470		$	7.280		$	7.360

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.234		$	0.337		$	0.331		$	0.295		$	0.284

Net realized and unrealized gain (loss)		0.227			(0.004	)		(0.345	)		0.171			(0.069	)

Total income (loss) from operations	$	0.461		$	0.333		$	(0.014	)	$	0.466		$	0.215

Less Distributions

From net investment income	$	(0.491	)	$	(0.303	)	$	(0.108	)	$	(0.276	)	$	(0.269	)

Tax return of capital		—			—			(0.168	)		—			(0.026	)

Total distributions	$	(0.491	)	$	(0.303	)	$	(0.276	)	$	(0.276	)	$	(0.295	)

Net asset value — End of year	$	7.180		$	7.210		$	7.180		$	7.470		$	7.280

Total Return⁽²⁾		6.83	%		4.60	%		0.06	%		6.35	%		3.05	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	545,014		$	539,448		$	565,348		$	642,805		$	878,296

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses⁽⁴⁾		1.11	%		1.18	%		1.11	%		1.09	%		1.08	%

Net investment income		3.30	%		4.70	%		4.48	%		3.98	%		3.94	%

Portfolio Turnover of the Fund⁽⁵⁾		18	%		11	%		15	%		11	%		10	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		11		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Financial Highlights — continued


	Class C
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	6.800		$	6.780		$	7.040		$	6.870		$	6.940

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.172		$	0.269		$	0.260		$	0.227		$	0.216

Net realized and unrealized gain (loss)		0.221			(0.014	)		(0.312	)		0.151			(0.059	)

Total income (loss) from operations	$	0.393		$	0.255		$	(0.052	)	$	0.378		$	0.157

Less Distributions

From net investment income	$	(0.423	)	$	(0.235	)	$	(0.081	)	$	(0.208	)	$	(0.207	)

Tax return of capital		—			—			(0.127	)		—			(0.020	)

Total distributions	$	(0.423	)	$	(0.235	)	$	(0.208	)	$	(0.208	)	$	(0.227	)

Net asset value — End of year	$	6.770		$	6.800		$	6.780		$	7.040		$	6.870

Total Return⁽²⁾		6.02	%		3.84	%		(0.77	)%		5.56	%		2.35	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	201,798		$	251,581		$	409,686		$	506,158		$	598,798

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses⁽⁴⁾		1.86	%		1.93	%		1.86	%		1.84	%		1.83	%

Net investment income		2.57	%		3.98	%		3.73	%		3.24	%		3.18	%

Portfolio Turnover of the Fund⁽⁵⁾		18	%		11	%		15	%		11	%		10	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		12		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Financial Highlights — continued


	Class I
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	7.200		$	7.170		$	7.460		$	7.270		$	7.350

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.252		$	0.354		$	0.349		$	0.316		$	0.302

Net realized and unrealized gain (loss)		0.226			(0.004	)		(0.345	)		0.168			(0.069	)

Total income from operations	$	0.478		$	0.350		$	0.004		$	0.484		$	0.233

Less Distributions

From net investment income	$	(0.508	)	$	(0.320	)	$	(0.115	)	$	(0.294	)	$	(0.285	)

Tax return of capital		—			—			(0.179	)		—			(0.028	)

Total distributions	$	(0.508	)	$	(0.320	)	$	(0.294	)	$	(0.294	)	$	(0.313	)

Net asset value — End of year	$	7.170		$	7.200		$	7.170		$	7.460		$	7.270

Total Return⁽²⁾		7.10	%		4.87	%		0.30	%		6.62	%		3.30	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	967,716		$	919,828		$	1,170,337		$	1,112,215		$	706,509

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses⁽⁴⁾		0.84	%		0.91	%		0.85	%		0.84	%		0.82	%

Net investment income		3.55	%		4.95	%		4.73	%		4.25	%		4.19	%

Portfolio Turnover of the Fund⁽⁵⁾		18	%		11	%		15	%		11	%		10	%

⁽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⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		13		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Financial Highlights — continued


	Class R
	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	7.220		$	7.190		$	7.480		$	7.290		$	7.370

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.192		$	0.300		$	0.298		$	0.279		$	0.269

Net realized and unrealized gain (loss)		0.262			0.015			(0.330	)		0.169			(0.072	)

Total income (loss) from operations	$	0.454		$	0.315		$	(0.032	)	$	0.448		$	0.197

Less Distributions

From net investment income	$	(0.474	)	$	(0.285	)	$	(0.101	)	$	(0.258	)	$	(0.249	)

Tax return of capital		—			—			(0.157	)		—			(0.028	)

Total distributions	$	(0.474	)	$	(0.285	)	$	(0.258	)	$	(0.258	)	$	(0.277	)

Net asset value — End of year	$	7.200		$	7.220		$	7.190		$	7.480		$	7.290

Total Return⁽²⁾		6.56	%		4.34	%		(0.19	)%		6.08	%		2.79	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	2,528		$	1,949		$	2,204		$	2,781		$	2,579

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses⁽⁴⁾		1.36	%		1.44	%		1.36	%		1.34	%		1.33	%

Net investment income		2.71	%		4.18	%		4.03	%		3.75	%		3.72	%

Portfolio Turnover of the Fund⁽⁵⁾		18	%		11	%		15	%		11	%		10	%

⁽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⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		14		See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Short Duration Strategic Income 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 offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase, as described in the Fund’s prospectus. Class I and Class R 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is total return. The Fund currently pursues its objective by investing substantially all of its investable assets in interests in four portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts and in shares of Eaton Vance Emerging Markets Debt Opportunities Fund (the Affiliated Investment Fund). The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2020 were as follows: Emerging Markets Local Income Portfolio (4.8%), Global Macro Absolute Return Advantage Portfolio (8.4%), Global Opportunities Portfolio (95.0%) and Senior Debt Portfolio (1.0%). The performance of the Fund is directly affected by the performance of the Portfolios and the Affiliated Investment Fund. The financial statements of Global Opportunities Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of each Portfolio’s financial statements and the Affiliated Investment Fund’s financial statements is available by calling Eaton Vance at
1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

A Investment Valuation — Valuation of securities by Global Opportunities Portfolio is discussed in Note 1A of such Portfolio’s Notes to Consolidated Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of the other Portfolios in which the Fund invests.

Additional valuation policies for the other Portfolios are as follows:

Equity Securities. Preferred equity securities that are not listed or traded in the over-the-counter market are valued by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolios based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolios. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolios. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Derivatives. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. The Fund’s investment in the Affiliated Investment Fund is valued at the closing net asset value per share.


		15

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Notes to Financial Statements — continued

dividends received in cash and/or securities. Distributions from the Affiliated Investment Fund are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolios. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolios.

G Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	116,814,011		76,794,774

During the year ended October 31, 2020, accumulated loss was increased by $322,430 and paid-in capital was increased by $322,430 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.


		16

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Notes to Financial Statements — continued

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(51,078,219	)

Net unrealized depreciation	$	(122,604,224	)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $51,078,219 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 October 31, 2020, $21,557,232 are short-term and $29,520,987 are long-term.

Deferred capital losses of $30,044,727 included in the amounts above are available to the Fund as a result of a reorganization which occurred in a prior year. Utilization of these deferred capital losses may be limited in accordance with certain income tax regulations.

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	1,842,025,569

Gross unrealized appreciation	$	—

Gross unrealized depreciation		(122,604,229	)

Net unrealized depreciation	$	(122,604,229	)

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.615% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. For the year ended October 31, 2020, the Fund’s allocated portion of the investment adviser fees paid by the Portfolios totaled $10,480,177 or 0.63% of the Fund’s average daily net assets. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $23,556 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 $17,412 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 5) and contingent deferred sales charges (see Note 6).

4 Purchases and Sales of Direct Investments

Purchases and sales of direct investments, other than short-term obligations, aggregated $4,821,750 and $10,000,000, respectively, for the year ended October 31, 2020.

5 Distribution Plans


		17

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Notes to Financial Statements — continued

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $563,203 and $5,484 for Class C and Class R shares, respectively.

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

6 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. Effective December 2, 2019, Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $4,000 and $12,000 of CDSCs paid by Class A and Class C shareholders, respectively.

7 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investments in the Portfolios were as follows:


Portfolio	Contributions		Withdrawals

Emerging Markets Local Income Portfolio	$	16,753,109	$	(22,443,038	)

Global Macro Absolute Return Advantage Portfolio		22,518,454		(48,784,998	)

Global Opportunities Portfolio		193,012,640		(255,023,459	)

Senior Debt Portfolio		65,937,188		(65,987,956	)

8 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		12,543,932			7,943,601

Issued to shareholders electing to receive payments of distributions in Fund shares		4,822,433			2,995,371

Redemptions		(19,529,608	)		(27,607,071	)

Converted from Class B shares		—			564,602

Converted from Class C shares		3,212,430			12,225,996

Net increase (decrease)		1,049,187			(3,877,501	)


		18

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Notes to Financial Statements — continued


Class B				Year Ended October 31, 2019⁽¹⁾

Sales					66

Issued to shareholders electing to receive payments of distributions in Fund shares					10,752

Redemptions					(142,240	)

Converted to Class A shares					(599,074	)

Net decrease					(730,496	)

	Year Ended October 31,
Class C	2020			2019

Sales		4,120,172			3,051,544

Issued to shareholders electing to receive payments of distributions in Fund shares		2,074,933			1,444,186

Redemptions		(9,946,812	)		(14,972,809	)

Converted to Class A shares		(3,411,146	)		(12,986,853	)

Net decrease		(7,162,853	)		(23,463,932	)

	Year Ended October 31,
Class I	2020			2019

Sales		54,690,519			40,374,032

Issued to shareholders electing to receive payments of distributions in Fund shares		8,671,488			5,595,325

Redemptions		(56,206,408	)		(81,345,193	)

Net increase (decrease)		7,155,599			(35,375,836	)

	Year Ended October 31,
Class R	2020			2019

Sales		141,505			104,320

Issued to shareholders electing to receive payments of distributions in Fund shares		17,090			8,523

Redemptions		(77,144	)		(149,227	)

Net increase (decrease)		81,451			(36,384	)

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.


		19

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Notes to Financial Statements — continued

9 Investments in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $56,465,297, which represents 3.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 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		Shares, end of period

Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6	$	63,258,733	$	4,821,750	$	(10,000,000	)	$	(493,033	)	$	(1,122,153	)	$	56,465,297	$	4,821,750		6,505,219

10 Fair Value Measurements

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:


Asset Description	Level 1		Level 2		Level 3		Total

Investments in Affiliated Portfolios	$	1,662,956,043	$	—	$	—		1,662,956,043

Investments in Affiliated Investment Funds		56,465,297						56,465,297

Total Investments	$	1,719,421,340	$	—	$	—	$	1,719,421,340

11 Additional Information


		20

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Short Duration Strategic Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Short Duration Strategic Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		21

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Federal Tax Information (Unaudited)


		22

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments


Collateralized Mortgage Obligations — 8.1%
Security	Principal Amount		Value

Federal Home Loan Mortgage Corp.:

Series 2182, Class ZC, 7.50%, 9/15/29	$	95,486	$	111,137

Series 4273, Class SP, 11.603%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43⁽¹⁾		516,145		840,373

Series 4637, Class CU, 3.00%, 8/15/44		7,537,876		7,673,483

Series 4774, Class QD, 4.50%, 1/15/43		6,414,746		6,530,468

Interest Only:⁽²⁾

Series 2631, Class DS, 6.952%, (7.10% - 1 mo. USD LIBOR), 6/15/33⁽¹⁾		1,621,926		233,417

Series 2953, Class LS, 6.552%, (6.70% - 1 mo. USD LIBOR), 12/15/34⁽¹⁾		942,550		52,929

Series 2956, Class SL, 6.852%, (7.00% - 1 mo. USD LIBOR), 6/15/32⁽¹⁾		923,762		216,230

Series 3114, Class TS, 6.502%, (6.65% - 1 mo. USD LIBOR), 9/15/30⁽¹⁾		2,857,774		449,437

Series 3153, Class JI, 6.468%, (6.62% - 1 mo. USD LIBOR), 5/15/36⁽¹⁾		2,206,204		471,254

Series 3973, Class SG, 6.502%, (6.65% - 1 mo. USD LIBOR), 4/15/30⁽¹⁾		350,531		4,431

Series 4007, Class JI, 4.00%, 2/15/42		1,797,262		196,064

Series 4050, Class IB, 3.50%, 5/15/41		6,947,243		320,355

Series 4067, Class JI, 3.50%, 6/15/27		5,371,024		381,451

Series 4070, Class S, 5.952%, (6.10% - 1 mo. USD LIBOR), 6/15/32⁽¹⁾		11,051,288		1,812,252

Series 4095, Class HS, 5.952%, (6.10% - 1 mo. USD LIBOR), 7/15/32⁽¹⁾		3,091,235		373,807

Series 4109, Class ES, 6.002%, (6.15% - 1 mo. USD LIBOR), 12/15/41⁽¹⁾		85,099		22,062

Series 4109, Class SA, 6.052%, (6.20% - 1 mo. USD LIBOR), 9/15/32⁽¹⁾		4,434,538		757,014

Series 4149, Class S, 6.102%, (6.25% - 1 mo. USD LIBOR), 1/15/33⁽¹⁾		3,309,611		585,669

Series 4163, Class GS, 6.052%, (6.20% - 1 mo. USD LIBOR), 11/15/32⁽¹⁾		2,693,393		490,178

Series 4169, Class AS, 6.102%, (6.25% - 1 mo. USD LIBOR), 2/15/33⁽¹⁾		3,857,982		752,992

Series 4180, Class GI, 3.50%, 8/15/26		2,030,306		81,110

Series 4188, Class AI, 3.50%, 4/15/28		4,564,444		294,658

Series 4189, Class SQ, 6.002%, (6.15% - 1 mo. USD LIBOR), 12/15/42⁽¹⁾		2,554,943		262,064

Series 4203, Class QS, 6.102%, (6.25% - 1 mo. USD LIBOR), 5/15/43⁽¹⁾		2,518,562		490,728

Series 4212, Class SA, 6.052%, (6.20% - 1 mo. USD LIBOR), 7/15/38⁽¹⁾		1,946,991		13,146

Series 4323, Class CI, 4.00%, 3/15/40		3,320,284		51,307

Series 4332, Class IK, 4.00%, 4/15/44		1,760,720		213,420

Series 4332, Class KI, 4.00%, 9/15/43		1,400,056		68,268

Series 4343, Class PI, 4.00%, 5/15/44		3,661,874		470,521


Security	Principal Amount		Value

Federal Home Loan Mortgage Corp.: (continued)

Interest Only:⁽²⁾ (continued)

Series 4370, Class IO, 3.50%, 9/15/41	$	1,785,638	$	73,144

Series 4381, Class SK, 6.002%, (6.15% - 1 mo. USD LIBOR), 6/15/44⁽¹⁾		3,441,781		426,508

Series 4388, Class MS, 5.952%, (6.10% - 1 mo. USD LIBOR), 9/15/44⁽¹⁾		4,280,045		789,301

Series 4408, Class IP, 3.50%, 4/15/44		5,777,785		447,869

Series 4452, Class SP, 6.052%, (6.20% - 1 mo. USD LIBOR), 10/15/43⁽¹⁾		5,115,608		267,284

Series 4497, Class CS, 6.052%, (6.20% - 1 mo. USD LIBOR), 9/15/44⁽¹⁾		9,906,395		923,691

Series 4507, Class MI, 3.50%, 8/15/44		6,017,138		223,860

Series 4507, Class SJ, 6.032%, (6.18% - 1 mo. USD LIBOR), 9/15/45⁽¹⁾		7,907,958		1,576,670

Series 4520, Class PI, 4.00%, 8/15/45		21,355,308		1,805,352

Series 4526, Class PI, 3.50%, 1/15/42		3,177,011		79,287

Series 4528, Class BS, 6.002%, (6.15% - 1 mo. USD LIBOR), 7/15/45⁽¹⁾		5,801,583		666,723

Series 4629, Class QI, 3.50%, 11/15/46		7,120,737		515,240

Series 4637, Class IP, 3.50%, 4/15/44		2,678,873		91,947

Series 4644, Class TI, 3.50%, 1/15/45		5,959,557		343,340

Series 4653, Class PI, 3.50%, 7/15/44		2,024,503		21,216

Series 4667, Class PI, 3.50%, 5/15/42		11,733,540		256,907

Series 4672, Class LI, 3.50%, 1/15/43		5,542,277		130,309

Series 4744, Class IO, 4.00%, 11/15/47		5,311,356		559,460

Series 4749, Class IL, 4.00%, 12/15/47		4,120,191		471,871

Series 4767, Class IM, 4.00%, 5/15/45		6,052,865		140,274

Series 4768, Class IO, 4.00%, 3/15/48		5,136,095		584,871

Principal Only:⁽³⁾

Series 4417, Class KO, 0.00%, 12/15/43		1,375,559		1,190,135

Series 4478, Class PO, 0.00%, 5/15/45		2,257,883		2,112,363

			$	37,917,847

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:

Series 2020-DNA4, Class M2, 3.899%, (1 mo. USD LIBOR + 3.75%), 8/25/50⁽⁴⁾⁽⁵⁾	$	6,500,000	$	6,582,544

Series 2020-HQA4, Class M2, 3.299%, (1 mo. USD LIBOR + 3.15%), 9/25/50⁽⁴⁾⁽⁵⁾		11,000,000		11,084,689

			$	17,667,233

Federal National Mortgage Association:

Series G94-7, Class PJ, 7.50%, 5/17/24	$	133,321	$	144,386

Series 1994-42, Class K, 6.50%, 4/25/24		86,429		93,093

Series 2009-62, Class WA, 5.569%, 8/25/39⁽⁶⁾		1,344,100		1,497,265

Series 2013-6, Class TA, 1.50%, 1/25/43		1,505,098		1,512,917

Series 2017-66, Class ZJ, 3.00%, 9/25/57		1,652,080		1,651,525

Series 2019-64, Class ZN, 3.50%, 11/25/49		4,294,191		4,295,962


		23		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount		Value

Federal National Mortgage Association: (continued)

Interest Only:⁽²⁾

Series 2004-46, Class SI, 5.851%, (6.00% - 1 mo. USD LIBOR), 5/25/34⁽¹⁾	$	2,496,780	$	422,588

Series 2005-17, Class SA, 6.551%, (6.70% - 1 mo. USD LIBOR), 3/25/35⁽¹⁾		1,747,353		421,206

Series 2005-71, Class SA, 6.601%, (6.75% - 1 mo. USD LIBOR), 8/25/25⁽¹⁾		856,485		62,688

Series 2005-105, Class S, 6.551%, (6.70% - 1 mo. USD LIBOR), 12/25/35⁽¹⁾		1,496,876		357,063

Series 2006-44, Class IS, 6.451%, (6.60% - 1 mo. USD LIBOR), 6/25/36⁽¹⁾		1,287,252		301,446

Series 2006-65, Class PS, 7.071%, (7.22% - 1 mo. USD LIBOR), 7/25/36⁽¹⁾		1,276,334		330,036

Series 2006-96, Class SN, 7.051%, (7.20% - 1 mo. USD LIBOR), 10/25/36⁽¹⁾		1,602,547		345,852

Series 2006-104, Class SD, 6.491%, (6.64% - 1 mo. USD LIBOR), 11/25/36⁽¹⁾		1,301,547		290,914

Series 2006-104, Class SE, 6.481%, (6.63% - 1 mo. USD LIBOR), 11/25/36⁽¹⁾		867,698		193,625

Series 2007-50, Class LS, 6.301%, (6.45% - 1 mo. USD LIBOR), 6/25/37⁽¹⁾		2,032,463		468,678

Series 2008-26, Class SA, 6.051%, (6.20% - 1 mo. USD LIBOR), 4/25/38⁽¹⁾		2,368,777		533,296

Series 2008-61, Class S, 5.951%, (6.10% - 1 mo. USD LIBOR), 7/25/38⁽¹⁾		4,096,147		786,567

Series 2010-124, Class SJ, 5.901%, (6.05% - 1 mo. USD LIBOR), 11/25/38⁽¹⁾		647,533		12,466

Series 2010-135, Class SD, 5.851%, (6.00% - 1 mo. USD LIBOR), 6/25/39⁽¹⁾		1,746,865		53,548

Series 2011-101, Class IC, 3.50%, 10/25/26		2,671,210		163,269

Series 2011-101, Class IE, 3.50%, 10/25/26		1,969,172		118,955

Series 2011-104, Class IM, 3.50%, 10/25/26		3,363,463		209,081

Series 2012-24, Class S, 5.351%, (5.50% - 1 mo. USD LIBOR), 5/25/30⁽¹⁾		749,248		15,422

Series 2012-52, Class DI, 3.50%, 5/25/27		5,573,295		395,602

Series 2012-63, Class EI, 3.50%, 8/25/40		3,111,358		32,896

Series 2012-73, Class MS, 5.901%, (6.05% - 1 mo. USD LIBOR), 5/25/39⁽¹⁾		903,968		5,363

Series 2012-76, Class GS, 5.901%, (6.05% - 1 mo. USD LIBOR), 9/25/39⁽¹⁾		1,277,835		24,748

Series 2012-86, Class CS, 5.951%, (6.10% - 1 mo. USD LIBOR), 4/25/39⁽¹⁾		751,063		8,539

Series 2012-94, Class KS, 6.501%, (6.65% - 1 mo. USD LIBOR), 5/25/38⁽¹⁾		6,880,685		297,433

Series 2012-94, Class SL, 6.551%, (6.70% - 1 mo. USD LIBOR), 5/25/38⁽¹⁾		5,160,514		224,761

Series 2012-97, Class PS, 6.001%, (6.15% - 1 mo. USD LIBOR), 3/25/41⁽¹⁾		5,157,776		369,395

Series 2012-103, Class GS, 5.951%, (6.10% - 1 mo. USD LIBOR), 2/25/40⁽¹⁾		1,281,052		12,024


Security	Principal Amount		Value

Federal National Mortgage Association: (continued)

Interest Only:⁽²⁾ (continued)

Series 2012-112, Class SB, 6.001%, (6.15% - 1 mo. USD LIBOR), 9/25/40⁽¹⁾	$	4,374,728	$	187,356

Series 2012-124, Class IO, 1.732%, 11/25/42⁽⁶⁾		5,995,096		299,055

Series 2012-139, Class LS, 6.001%, (6.15% - 1 mo. USD LIBOR), 12/25/42⁽¹⁾		5,405,144		1,036,458

Series 2012-147, Class SA, 5.951%, (6.10% - 1 mo. USD LIBOR), 1/25/43⁽¹⁾		6,839,628		1,317,577

Series 2012-150, Class PS, 6.001%, (6.15% - 1 mo. USD LIBOR), 1/25/43⁽¹⁾		5,833,196		1,174,073

Series 2012-150, Class SK, 6.001%, (6.15% - 1 mo. USD LIBOR), 1/25/43⁽¹⁾		9,041,454		1,632,846

Series 2013-11, Class IO, 4.00%, 1/25/43		16,777,531		2,792,073

Series 2013-12, Class SP, 5.501%, (5.65% - 1 mo. USD LIBOR), 11/25/41⁽¹⁾		1,432,213		133,731

Series 2013-15, Class DS, 6.051%, (6.20% - 1 mo. USD LIBOR), 3/25/33⁽¹⁾		6,766,136		1,325,568

Series 2013-23, Class CS, 6.101%, (6.25% - 1 mo. USD LIBOR), 3/25/33⁽¹⁾		3,584,046		725,633

Series 2013-54, Class HS, 6.151%, (6.30% - 1 mo. USD LIBOR), 10/25/41⁽¹⁾		3,386,470		225,984

Series 2013-64, Class PS, 6.101%, (6.25% - 1 mo. USD LIBOR), 4/25/43⁽¹⁾		3,754,925		631,066

Series 2013-66, Class JI, 3.00%, 7/25/43		7,557,968		891,350

Series 2013-75, Class SC, 6.101%, (6.25% - 1 mo. USD LIBOR), 7/25/42⁽¹⁾		7,600,247		787,401

Series 2014-29, Class IG, 3.50%, 6/25/43		1,509,842		57,362

Series 2014-32, Class EI, 4.00%, 6/25/44		1,909,636		258,970

Series 2014-41, Class SA, 5.901%, (6.05% - 1 mo. USD LIBOR), 7/25/44⁽¹⁾		4,046,856		924,392

Series 2014-43, Class PS, 5.951%, (6.10% - 1 mo. USD LIBOR), 3/25/42⁽¹⁾		4,337,434		645,141

Series 2014-55, Class IN, 3.50%, 7/25/44		5,571,360		649,396

Series 2014-64, Class BI, 3.50%, 3/25/44		1,630,966		92,784

Series 2014-67, Class IH, 4.00%, 10/25/44		3,798,785		485,432

Series 2014-80, Class CI, 3.50%, 12/25/44		3,359,084		390,094

Series 2014-89, Class IO, 3.50%, 1/25/45		5,336,849		458,873

Series 2015-6, Class IM, 1.00%, (5.33% - 1 mo. USD LIBOR x 1.33, Cap 1.00%), 6/25/43⁽¹⁾		16,854,426		276,697

Series 2015-14, Class KI, 3.00%, 3/25/45		7,506,439		748,640

Series 2015-17, Class SA, 6.051%, (6.20% - 1 mo. USD LIBOR), 11/25/43⁽¹⁾		4,589,669		321,820

Series 2015-22, Class GI, 3.50%, 4/25/45		2,972,015		386,788

Series 2015-31, Class SG, 5.951%, (6.10% - 1 mo. USD LIBOR), 5/25/45⁽¹⁾		8,256,938		1,173,259

Series 2015-36, Class IL, 3.00%, 6/25/45		3,933,444		417,212

Series 2015-52, Class MI, 3.50%, 7/25/45		9,957,960		1,066,625


		24		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount		Value

Federal National Mortgage Association: (continued)

Interest Only:⁽²⁾ (continued)

Series 2015-93, Class BS, 6.001%, (6.15% - 1 mo. USD LIBOR), 8/25/45⁽¹⁾	$	5,521,641	$	783,252

Series 2017-46, Class NI, 3.00%, 8/25/42		6,346,395		116,826

Series 2018-21, Class IO, 3.00%, 4/25/48		13,521,304		1,154,823

			$	39,221,166

Government National Mortgage Association:

Series 2017-101, Class NS, 5.00%, (20.00% - 1 mo. USD LIBOR x 5.00, Cap 5.00%), 7/20/47⁽¹⁾	$	361,426	$	362,966

Series 2017-115, Class ZA, 3.00%, 7/20/47		293,587		293,576

Series 2019-110, Class ZD, 3.50%, 9/20/49		983,043		982,709

Series 2019-158, Class ZJ, 3.50%, 12/20/49		6,543,949		6,544,494

Interest Only:⁽²⁾

Series 2014-68, Class KI, 2.429%, 10/20/42⁽⁶⁾		5,411,007		236,279

Series 2017-104, Class SD, 6.049%, (6.20% - 1 mo. USD LIBOR), 7/20/47⁽¹⁾		10,632,452		1,891,444

Series 2017-121, Class DS, 4.349%, (4.50% - 1 mo. USD LIBOR), 8/20/47⁽¹⁾		8,137,625		899,210

Series 2017-137, Class AS, 4.349%, (4.50% - 1 mo. USD LIBOR), 9/20/47⁽¹⁾		11,998,023		1,229,314

Series 2020-146, Class IQ, 2.00%, 10/20/50		25,000,000		2,561,770

			$	15,001,762

Total Collateralized Mortgage Obligations (identified cost $166,619,909)			$	109,808,008

Mortgage Pass-Throughs — 13.7%
Security	Principal Amount		Value

Federal Home Loan Mortgage Corp.:

2.802%, (COF + 1.25%), with maturity at 2035⁽⁷⁾	$	316,326	$	324,268

3.00%, with maturity at 2050		33,943,354		35,825,249

4.357%, (COF + 1.25%), with maturity at 2030⁽⁷⁾		108,853		115,221

7.00%, with various maturities to 2036		1,160,028		1,319,279

8.00%, with maturity at 2026		55,362		59,666

			$	37,643,683

Federal National Mortgage Association:

3.00%, with maturity at 2050	$	9,564,690	$	10,055,374

3.401%, (COF + 1.25%), with maturity at 2035⁽⁷⁾		192,593		198,188

3.934%, (COF + 1.78%), with maturity at 2035⁽⁷⁾		758,859		800,634

6.00%, with maturity at 2032		277,848		320,908

6.50%, with maturity at 2036		593,253		675,420


Security	Principal Amount		Value

Federal National Mortgage Association: (continued)

7.00%, with various maturities to 2037	$	498,584	$	567,816

8.50%, with maturity at 2032		150,023		176,280

9.50%, with maturity at 2028		57,446		64,368

			$	12,858,988

Government National Mortgage Association:

2.50%, with maturity at 2050	$	50,000,000	$	52,445,020

3.00%, with maturity at 2050		79,300,794		83,376,752

			$	135,821,772

Total Mortgage Pass-Throughs (identified cost $186,336,864)			$	186,324,443

Commercial Mortgage-Backed Securities — 0.9%
Security	Principal Amount		Value

JPMBB Commercial Mortgage Securities Trust

Series 2014-C22, Class D, 4.554%, 9/15/47⁽⁴⁾⁽⁶⁾	$	3,430,000	$	2,248,148

Series 2014-C25, Class D, 3.95%, 11/15/47⁽⁴⁾⁽⁶⁾		8,045,000		5,813,645

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C11, Class D, 4.497%, 8/15/46⁽⁴⁾⁽⁶⁾		5,000,000		1,149,533

WF-RBS Commercial Mortgage Trust

Series 2014-C24, Class D, 3.692%, 11/15/47⁽⁴⁾		8,000,000		3,272,730

Total Commercial Mortgage-Backed Securities (identified cost $23,293,214)			$	12,484,056

Asset-Backed Securities — 10.2%
Security	Principal Amount		Value

Alinea CLO, Ltd.

Series 2018-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 7/20/31⁽⁴⁾⁽⁵⁾	$	2,000,000	$	1,738,789

Allegany Park CLO, Ltd.

Series 2019-1A, Class D, 3.918%, (3 mo. USD LIBOR + 3.70%), 1/20/33⁽⁴⁾⁽⁵⁾		1,700,000		1,636,138

AMMC CLO 15, Ltd.

Series 2014-15A, Class ERR, 7.147%, (3 mo. USD LIBOR + 6.91%), 1/15/32⁽⁴⁾⁽⁵⁾		3,000,000		2,616,652

AMMC CLO XII, Ltd.

Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%), 11/10/30⁽⁴⁾⁽⁵⁾		2,000,000		1,553,258

Ares XL CLO, Ltd.

Series 2016-40A, Class DR, 6.587%, (3 mo. USD LIBOR + 6.35%), 1/15/29⁽⁴⁾⁽⁵⁾		1,000,000		898,227


		25		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount		Value

Ares XXXIIR CLO, Ltd.

Series 2014-32RA, Class D, 6.13%, (3 mo. USD LIBOR + 5.85%), 5/15/30⁽⁴⁾⁽⁵⁾	$	4,000,000	$	3,492,409

Ares XXXVR CLO, Ltd.

Series 2015-35RA, Class E, 5.937%, (3 mo. USD LIBOR + 5.70%), 7/15/30⁽⁴⁾⁽⁵⁾		3,000,000		2,628,962

Babson CLO, Ltd.

Series 2016-1A, Class ER, 6.209%, (3 mo. USD LIBOR + 6.00%), 7/23/30⁽⁴⁾⁽⁵⁾		2,000,000		1,694,635

Series 2018-1A, Class D, 5.737%, (3 mo. USD LIBOR + 5.50%), 4/15/31⁽⁴⁾⁽⁵⁾		5,000,000		4,155,015

Bain Capital Credit CLO, Ltd.

Series 2017-2A, Class E, 6.565%, (3 mo. USD LIBOR + 6.35%), 7/25/30⁽⁴⁾⁽⁵⁾		2,250,000		1,873,614

Series 2018-1A, Class E, 5.559%, (3 mo. USD LIBOR + 5.35%), 4/23/31⁽⁴⁾⁽⁵⁾		3,500,000		2,838,388

Barings CLO, Ltd.

Series 2017-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 7/18/29⁽⁴⁾⁽⁵⁾		2,900,000		2,673,362

Benefit Street Partners CLO V-B, Ltd.

Series 2018-5BA, Class D, 6.168%, (3 mo. USD LIBOR + 5.95%), 4/20/31⁽⁴⁾⁽⁵⁾		3,000,000		2,478,889

Benefit Street Partners CLO VIII, Ltd.

Series 2015-8A, Class DR, 5.818%, (3 mo. USD LIBOR + 5.60%), 1/20/31⁽⁴⁾⁽⁵⁾		5,000,000		3,930,904

Benefit Street Partners CLO XIV, Ltd.

Series 2018-14A, Class E, 5.568%, (3 mo. USD LIBOR + 5.35%), 4/20/31⁽⁴⁾⁽⁵⁾		3,000,000		2,470,555

Benefit Street Partners CLO XVI, Ltd.

Series 2018-16A, Class E, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/17/32⁽⁴⁾⁽⁵⁾		2,000,000		1,810,091

Betony CLO 2, Ltd.

Series 2018-1A, Class D, 5.864%, (3 mo. USD LIBOR + 5.65%), 4/30/31⁽⁴⁾⁽⁵⁾		3,000,000		2,567,918

BlueMountain CLO, Ltd.

Series 2015-3A, Class DR, 5.618%, (3 mo. USD LIBOR + 5.40%), 4/20/31⁽⁴⁾⁽⁵⁾		2,000,000		1,511,265

Series 2016-3A, Class ER, 6.23%, (3 mo. USD LIBOR + 5.95%), 11/15/30⁽⁴⁾⁽⁵⁾		1,000,000		788,663

Series 2018-1A, Class E, 6.164%, (3 mo. USD LIBOR + 5.95%), 7/30/30⁽⁴⁾⁽⁵⁾		750,000		598,475

Canyon Capital CLO, Ltd.

Series 2016-1A, Class ER, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31⁽⁴⁾⁽⁵⁾		4,000,000		3,418,125

Series 2016-2A, Class ER, 6.237%, (3 mo. USD LIBOR + 6.00%), 10/15/31⁽⁴⁾⁽⁵⁾		1,000,000		845,596

Series 2017-1A, Class E, 6.487%, (3 mo. USD LIBOR + 6.25%), 7/15/30⁽⁴⁾⁽⁵⁾		1,000,000		863,700

Series 2018-1A, Class E, 5.987%, (3 mo. USD LIBOR + 5.75%), 7/15/31⁽⁴⁾⁽⁵⁾		2,000,000		1,710,715


Security	Principal Amount		Value

Carlyle Global Market Strategies CLO, Ltd.

Series 2012-3A, Class DR2, 6.724%, (3 mo. USD LIBOR + 6.50%), 1/14/32⁽⁴⁾⁽⁵⁾	$	1,000,000	$	764,602

Series 2014-3RA, Class D, 5.617%, (3 mo. USD LIBOR + 5.40%), 7/27/31⁽⁴⁾⁽⁵⁾		2,000,000		1,542,506

Series 2014-4RA, Class D, 5.887%, (3 mo. USD LIBOR + 5.65%), 7/15/30⁽⁴⁾⁽⁵⁾		3,000,000		2,266,079

Series 2015-5A, Class DR, 6.918%, (3 mo. USD LIBOR + 6.70%), 1/20/32⁽⁴⁾⁽⁵⁾		3,500,000		2,741,593

Series C17A, Class DR, 6.214%, (3 mo. USD LIBOR + 6.00%), 4/30/31⁽⁴⁾⁽⁵⁾		3,000,000		2,486,018

Cole Park CLO, Ltd.

Series 2015-1A, Class ER, 6.818%, (3 mo. USD LIBOR + 6.60%), 10/20/28⁽⁴⁾⁽⁵⁾		2,000,000		1,809,606

Dryden CLO, Ltd.

Series 2018-55A, Class E, 5.637%, (3 mo. USD LIBOR + 5.40%), 4/15/31⁽⁴⁾⁽⁵⁾		1,000,000		854,985

Dryden Senior Loan Fund

Series 2015-40A, Class ER, 6.03%, (3 mo. USD LIBOR + 5.75%), 8/15/31⁽⁴⁾⁽⁵⁾		2,000,000		1,767,918

Series 2016-42A, Class ER, 5.787%, (3 mo. USD LIBOR + 5.55%), 7/15/30⁽⁴⁾⁽⁵⁾		2,000,000		1,756,818

Galaxy XXI CLO, Ltd.

Series 2015-21A, Class DR, 2.868%, (3 mo. USD LIBOR + 2.65%), 4/20/31⁽⁴⁾⁽⁵⁾		5,000,000		4,484,609

Series 2015-21A, Class ER, 5.468%, (3 mo. USD LIBOR + 5.25%), 4/20/31⁽⁴⁾⁽⁵⁾		4,000,000		3,350,349

Galaxy XXV CLO, Ltd.

Series 2018-25A, Class E, 6.165%, (3 mo. USD LIBOR + 5.95%), 10/25/31⁽⁴⁾⁽⁵⁾		2,000,000		1,732,884

Golub Capital Partners CLO 22B, Ltd.

Series 2015-22A, Class ER, 6.218%, (3 mo. USD LIBOR + 6.00%), 1/20/31⁽⁴⁾⁽⁵⁾		3,000,000		2,472,841

Golub Capital Partners CLO 37B, Ltd.

Series 2018-37A, Class E, 5.968%, (3 mo. USD LIBOR + 5.75%), 7/20/30⁽⁴⁾⁽⁵⁾		3,000,000		2,569,132

Golub Capital Partners CLO, Ltd.

Series 2020-48A, Class D, 4.018%, (3 mo. USD LIBOR + 3.80%), 4/17/33⁽⁴⁾⁽⁵⁾		3,000,000		2,802,851

Highbridge Loan Management, Ltd.

Series 3A-2014, Class DR, 6.718%, (3 mo. USD LIBOR + 6.50%), 7/18/29⁽⁴⁾⁽⁵⁾		2,900,000		2,455,498

ICG US CLO, Ltd.

Series 2018-2A, Class E, 5.966%, (3 mo. USD LIBOR + 5.75%), 7/22/31⁽⁴⁾⁽⁵⁾		1,000,000		780,648

Madison Park Funding XVII, Ltd.

Series 2015-17A, Class DR, 3.809%, (3 mo. USD LIBOR + 3.60%), 7/21/30⁽⁴⁾⁽⁵⁾		3,500,000		3,436,497

Series 2015-17A, Class ER, 6.709%, (3 mo. USD LIBOR + 6.50%), 7/21/30⁽⁴⁾⁽⁵⁾		2,500,000		2,245,636


		26		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount		Value

Neuberger Berman CLO XXII, Ltd.

Series 2016-22A, Class ER, 6.278%, (3 mo. USD LIBOR + 6.06%), 10/17/30⁽⁴⁾⁽⁵⁾	$	2,000,000	$	1,798,789

Neuberger Berman Loan Advisers CLO 30, Ltd.

Series 2018-30A, Class E, 6.968%, (3 mo. USD LIBOR + 6.75%), 1/20/31⁽⁴⁾⁽⁵⁾		2,000,000		1,916,872

Palmer Square CLO, Ltd.

Series 2013-2A, Class DRR, 6.068%, (3 mo. USD LIBOR + 5.85%), 10/17/31⁽⁴⁾⁽⁵⁾		1,500,000		1,334,211

Series 2015-1A, Class DR2, 6.497%, (3 mo. USD LIBOR + 6.25%), 5/21/29⁽⁴⁾⁽⁵⁾		2,000,000		1,843,802

Series 2018-1A, Class D, 5.368%, (3 mo. USD LIBOR + 5.15%), 4/18/31⁽⁴⁾⁽⁵⁾		4,000,000		3,607,468

Series 2018-2A, Class D, 5.83%, (3 mo. USD LIBOR + 5.60%), 7/16/31⁽⁴⁾⁽⁵⁾		2,500,000		2,200,244

Pnmac Gmsr Issuer Trust

Series 2018-GT1, Class A, 2.999%, (1 mo. USD LIBOR + 2.85%), 2/25/23⁽⁴⁾⁽⁵⁾		5,000,000		4,923,767

Series 2018-GT2, Class A, 2.799%, (1 mo. USD LIBOR + 2.65%), 8/25/25⁽⁴⁾⁽⁵⁾		4,272,000		4,134,595

Recette CLO, Ltd.

Series 2015-1A, Class F, 7.668%, (3 mo. USD LIBOR + 7.45%), 10/20/27⁽⁴⁾⁽⁵⁾		2,000,000		1,682,194

Regatta IX Funding, Ltd.

Series 2017-1A, Class E, 6.218%, (3 mo. USD LIBOR + 6.00%), 4/17/30⁽⁴⁾⁽⁵⁾		3,000,000		2,738,531

Regatta XIII Funding, Ltd.

Series 2018-2A, Class D, 6.187%, (3 mo. USD LIBOR + 5.95%), 7/15/31⁽⁴⁾⁽⁵⁾		3,000,000		2,554,504

Regatta XV Funding, Ltd.

Series 2018-4A, Class D, 6.715%, (3 mo. USD LIBOR + 6.50%), 10/25/31⁽⁴⁾⁽⁵⁾		2,000,000		1,790,710

THL Credit Wind River CLO, Ltd.

Series 2013-1A, Class DR, 6.518%, (3 mo. USD LIBOR + 6.30%), 7/20/30⁽⁴⁾⁽⁵⁾		2,037,589		1,471,581

Series 2017-1A, Class E, 6.638%, (3 mo. USD LIBOR + 6.42%), 4/18/29⁽⁴⁾⁽⁵⁾		2,000,000		1,718,240

Upland CLO, Ltd.

Series 2016-1A, Class DR, 6.118%, (3 mo. USD LIBOR + 5.90%), 4/20/31⁽⁴⁾⁽⁵⁾		2,000,000		1,732,043

Vibrant CLO IX, Ltd.

Series 2018-9A, Class D, 6.468%, (3 mo. USD LIBOR + 6.25%), 7/20/31⁽⁴⁾⁽⁵⁾		2,000,000		1,536,755

Voya CLO, Ltd.

Series 2013-1A, Class DR, 6.717%, (3 mo. USD LIBOR + 6.48%), 10/15/30⁽⁴⁾⁽⁵⁾		5,000,000		3,856,386

Series 2014-1A, Class DR2, 6.218%, (3 mo. USD LIBOR + 6.00%), 4/18/31⁽⁴⁾⁽⁵⁾		2,000,000		1,598,057

Series 2015-3A, Class DR, 6.418%, (3 mo. USD LIBOR + 6.20%), 10/20/31⁽⁴⁾⁽⁵⁾		2,000,000		1,643,695


Security	Principal Amount		Value

Voya CLO, Ltd. (continued)

Series 2018-2A, Class E, 5.487%, (3 mo. USD LIBOR + 5.25%), 7/15/31⁽⁴⁾⁽⁵⁾	$	1,000,000	$	838,373

Total Asset-Backed Securities (identified cost $159,523,260)			$	138,036,232

U.S. Government Guaranteed Small Business Administration Loans⁽⁸⁾⁽⁹⁾ — 3.6%
Security	Principal Amount		Value

0.66%, 3/15/30	$	2,695,021	$	51,755

0.73%, 7/15/31		3,082,127		76,723

0.93%, 5/15/42		1,627,571		56,474

0.98%, 4/15/32		1,510,033		52,031

1.31%, 4/15/42 to 7/15/42		5,886,814		303,798

1.34%, 9/15/41		1,896,925		94,985

1.38%, 6/15/41		3,111,968		150,999

1.56%, 7/15/42		2,483,333		146,565

1.59%, 10/21/36		1,255,759		61,741

1.61%, 12/15/41 to 7/15/42		7,361,574		458,362

1.63%, 9/15/41		1,967,065		123,562

1.68%, 4/15/41 to 7/15/41		3,657,816		232,068

1.73%, 10/15/33 to 11/21/41		3,005,258		181,566

1.74%, 5/15/36		3,554,644		187,872

1.81%, 12/21/41 to 11/15/42		7,842,924		537,256

1.84%, 11/9/36 to 2/15/40		2,994,286		175,139

1.86%, 12/28/41 to 6/15/42		18,366,922		1,255,172

1.91%, 2/15/42 to 7/15/42		10,193,610		772,853

1.93%, 7/15/42		1,740,469		129,829

1.96%, 11/29/30 to 8/15/42		5,062,300		360,250

1.98%, 10/15/37		1,049,982		60,226

2.03%, 2/15/42 to 5/15/42		4,699,895		418,493

2.06%, 5/15/42 to 7/15/42		5,071,466		398,344

2.11%, 4/15/33 to 7/15/42		7,073,495		534,843

2.16%, 5/15/42 to 6/15/42		3,951,165		308,010

2.21%, 8/15/42		3,239,049		264,665

2.23%, 1/15/41 to 7/15/41		2,775,339		235,214

2.28%, 11/1/29		1,320,538		82,961

2.31%, 4/15/42 to 7/15/42		5,169,308		477,482

2.36%, 1/16/42 to 6/15/42		18,596,066		1,641,889

2.38%, 6/15/42		1,651,319		145,616

2.39%, 7/15/40		1,405,312		108,841

2.41%, 1/15/38 to 7/15/42		14,976,270		1,371,320

2.43%, 3/15/41 to 1/5/42		3,097,510		269,816

2.46%, 12/15/26 to 8/15/42		12,982,189		1,178,316

2.48%, 2/23/41		1,117,538		102,517


		27		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security	Principal Amount		Value

2.56%, 1/15/41 to 7/15/42	$	3,258,232	$	334,284

2.59%, 4/15/36		1,394,584		107,254

2.61%, 6/15/33 to 7/15/42		7,077,013		680,332

2.63%, 4/15/41		1,240,633		119,316

2.66%, 3/15/42 to 6/15/42		4,618,837		475,164

2.68%, 4/15/41 to 4/15/42		3,458,689		359,742

2.71%, 5/15/27 to 9/15/42		20,385,516		2,123,548

2.73%, 8/15/42		1,224,604		132,285

2.86%, 5/15/32 to 7/15/42		16,420,170		1,809,723

2.88%, 10/25/41 to 1/7/43⁽¹⁰⁾		33,159,604		3,714,598

2.89%, 8/15/40		1,025,395		97,390

2.91%, 12/15/41 to 7/15/42		13,042,350		1,529,111

2.93%, 4/15/41 to 7/15/42		4,173,180		435,280

2.95%, 1/15/42 to 3/15/43⁽¹⁰⁾		20,679,754		2,463,396

2.96%, 2/15/27 to 1/15/43		12,968,091		1,303,251

2.98%, 2/15/41 to 7/15/42		10,002,349		1,251,936

3.03%, 7/15/41 to 6/15/42		2,461,636		286,916

3.11%, 12/15/41 to 8/15/42		8,447,359		976,676

3.13%, 6/15/32		613,074		59,372

3.16%, 5/15/42 to 1/15/43		15,803,942		2,038,317

3.19%, 8/15/39		1,533,112		164,751

3.21%, 12/15/26 to 10/15/42		16,456,089		1,948,821

3.23%, 2/15/41 to 4/15/42		4,393,678		465,675

3.24%, 7/15/28 to 4/15/42		2,693,296		245,773

3.28%, 6/21/26 to 7/15/42		6,395,828		672,275

3.36%, 3/15/42 to 5/15/42		3,071,816		397,096

3.41%, 4/15/42 to 12/15/42		5,667,048		774,238

3.43%, 11/7/39 to 9/15/41		1,557,204		182,475

3.46%, 2/15/27 to 8/15/42		13,364,809		1,430,536

3.48%, 5/15/36 to 7/15/42		3,405,860		433,206

3.53%, 6/15/26 to 8/15/42		3,063,936		311,829

3.61%, 5/15/32 to 6/15/42		10,796,045		1,563,708

3.64%, 8/15/41 to 12/15/41		3,690,248		556,777

3.66%, 5/15/42 to 7/15/42		9,153,658		1,388,150

3.68%, 11/15/31 to 5/15/42		3,927,128		524,817

3.71%, 1/15/24 to 8/15/42		30,908,724		3,446,823

3.73%, 12/15/36 to 1/15/37		3,063,434		353,236

3.78%, 11/15/26 to 6/15/42		7,827,722		930,660

Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $50,597,395)			$	49,096,290


Sovereign Loans — 0.0%⁽¹¹⁾
Borrower		Principal Amount (000’s omitted)		Value

Nigeria — 0.0%⁽¹¹⁾

Bank of Industry Limited

Term Loan, 6.22%, (3 mo. USD LIBOR + 6.00%), Maturing April 11, 2021^(5)(12)		$	453	$	438,128

Total Sovereign Loans (identified cost $452,149)				$	438,128

Foreign Government Bonds — 20.4%
Security		Principal Amount (000’s omitted)		Value

Iceland — 2.8%

Republic of Iceland, 5.00%, 11/15/28	ISK		1,278,572	$	10,433,403

Republic of Iceland, 6.50%, 1/24/31	ISK		1,622,639		14,998,843

Republic of Iceland, 8.00%, 6/12/25	ISK		1,465,382		12,896,818

Total Iceland				$	38,329,064

Indonesia — 2.4%

Indonesia Government Bond, 6.50%, 2/15/31	IDR		199,409,000	$	13,563,174

Indonesia Government Bond, 7.00%, 9/15/30	IDR		153,000,000		10,780,615

Indonesia Government Bond, 7.50%, 4/15/40	IDR		74,225,000		5,212,752

Indonesia Government Bond, 8.375%, 4/15/39	IDR		45,746,000		3,394,744

Total Indonesia				$	32,951,285

New Zealand — 6.4%

New Zealand Government Bond, 2.00%, 9/20/25^(13)(14)	NZD		44,429	$	33,301,828

New Zealand Government Bond, 2.50%, 9/20/35^(13)(14)	NZD		622		598,181

New Zealand Government Bond, 3.00%, 9/20/30^(13)(14)	NZD		59,090		53,303,093

Total New Zealand				$	87,203,102

Peru — 2.4%

Peru Government Bond, 5.94%, 2/12/29^(4)(13)	PEN		56,477	$	18,653,574

Peru Government Bond, 6.15%, 8/12/32^(4)(13)	PEN		37,752		12,043,734

Peru Government Bond, 6.95%, 8/12/31	PEN		5,285		1,805,005

Total Peru				$	32,502,313


		28		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount (000’s omitted)		Value

Russia — 0.7%

Russia Government Bond, 2.50%, 2/2/28⁽¹⁴⁾	RUB		774,020	$	9,699,155

Total Russia				$	9,699,155

Serbia — 0.9%

Serbia Treasury Bond, 5.75%, 7/21/23	RSD		1,035,720	$	11,250,426

Serbia Treasury Bond, 5.875%, 2/8/28	RSD		97,420		1,126,515

Total Serbia				$	12,376,941

Thailand — 2.5%

Thailand Government Bond, 1.25%, 3/12/28^(13)(14)	THB		1,073,645	$	33,523,433

Total Thailand				$	33,523,433

Ukraine — 2.3%

Ukraine Government Bond, 16.00%, 8/11/21	UAH		151,050	$	5,527,874

Ukraine Government Bond, 16.06%, 8/3/22	UAH		25,000		949,159

Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40^(4)(13)(15)	USD		4,433		3,854,183

Ukraine Government International Bond, 11.67%, 11/22/23	UAH		25,000		887,160

Ukraine Government International Bond, 15.84%, 2/26/25	UAH		255,480		10,107,066

Ukraine Government International Bond, 17.00%, 5/11/22	UAH		238,050		9,099,082

Total Ukraine				$	30,424,524

Total Foreign Government Bonds (identified cost $265,577,786)				$	277,009,817

Foreign Corporate Bonds — 3.9%
Security		Principal Amount (000’s omitted)		Value

Argentina — 0.2%

Generacion Mediterranea S.A./Central Termica Roca S.A., 15.00%, 5/5/23^(4)(16)	USD		1,250	$	800,582

Telecom Argentina S.A., 8.00%, 7/18/26⁽¹³⁾	USD		1,900		1,571,319

Transportadora de Gas del Sur S.A., 6.75%, 5/2/25⁽¹³⁾	USD		1,000		825,000

Total Argentina				$	3,196,901

Belarus — 0.0%⁽¹¹⁾

Eurotorg, LLC Via Bonitron DAC, 9.00%, 10/22/25⁽¹³⁾	USD		484	$	486,420

Total Belarus				$	486,420


Security		Principal Amount (000’s omitted)		Value

Brazil — 0.1%

Odebrecht Offshore Drilling Finance, Ltd., 6.72%, 12/1/22⁽¹³⁾	USD		1,619	$	1,473,108

Total Brazil				$	1,473,108

Bulgaria — 0.1%

Eurohold Bulgaria AD, 6.50%, 12/7/22⁽¹³⁾	EUR		1,200	$	1,323,934

Total Bulgaria				$	1,323,934

Canada — 0.1%

Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25⁽⁴⁾	USD		278	$	97,995

Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25⁽¹³⁾	USD		2,238		788,895

Total Canada				$	886,890

China — 0.2%

CIFI Holdings Group Co., Ltd., 5.50%, 1/23/22⁽¹³⁾	USD		500	$	507,497

Logan Property Holdings Co., Ltd., 6.875%, 4/24/21⁽¹³⁾	USD		500		507,500

Shimao Group Holdings, Ltd., 5.60%, 7/15/26⁽¹³⁾	USD		1,300		1,426,662

Total China				$	2,441,659

Colombia — 0.1%

Frontera Energy Corp., 9.70%, 6/25/23⁽¹³⁾	USD		1,333	$	1,076,398

Total Colombia				$	1,076,398

El Salvador — 0.1%

AES El Salvador Trust II, 6.75%, 3/28/23⁽¹³⁾	USD		1,254	$	1,145,711

Total El Salvador				$	1,145,711

Georgia — 0.2%

Georgia Capital JSC, 6.125%, 3/9/24⁽¹³⁾	USD		1,850	$	1,813,000

Silknet JSC, 11.00%, 4/2/24⁽¹³⁾	USD		1,159		1,238,415

Total Georgia				$	3,051,415

Iceland — 0.4%

Arion Banki HF, 6.00%, 4/12/24⁽¹³⁾	ISK		440,000	$	3,458,713

Islandsbanki HF, 6.40%, 10/26/23	ISK		120,000		943,668

Landsbankinn HF, 5.00%, 11/23/23⁽¹³⁾	ISK		120,000		911,303

WOW Air HF, 0.00%^(16)(17)(18)	EUR		20		0

WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24^(16)(17)	EUR		900		0

Total Iceland				$	5,313,684


		29		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount (000’s omitted)		Value

Indonesia — 0.1%

Bayan Resources Tbk PT, 6.125%, 1/24/23⁽¹³⁾	USD		1,660	$	1,619,362

Total Indonesia				$	1,619,362

Ireland — 0.2%

Aragvi Finance International DAC, 12.00%, 4/9/24⁽¹³⁾	USD		2,000	$	2,095,000

Total Ireland				$	2,095,000

Mauritius — 0.0%⁽¹¹⁾

HTA Group, Ltd./Mauritius, 7.00%, 12/18/25⁽¹³⁾	USD		350	$	367,437

Total Mauritius				$	367,437

Mexico — 0.2%

Braskem Idesa SAPI, 7.45%, 11/15/29⁽¹³⁾	USD		2,170	$	2,072,350

Grupo Kaltex S.A. de CV, 8.875%, 4/11/22⁽¹³⁾	USD		1,962		1,233,166

Total Mexico				$	3,305,516

Netherlands — 0.5%

Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25⁽¹³⁾	USD		2,200	$	1,980,000

Braskem Netherlands Finance BV, 4.50%, 1/31/30⁽¹³⁾	USD		1,206		1,115,309

Metinvest BV, 5.625%, 6/17/25⁽¹³⁾	EUR		840		921,119

Metinvest BV, 7.75%, 4/23/23⁽¹³⁾	USD		461		472,903

Metinvest BV, 8.50%, 4/23/26⁽¹³⁾	USD		506		513,008

Petrobras Global Finance BV, 6.90%, 3/19/49	USD		1,530		1,733,704

Total Netherlands				$	6,736,043

Nigeria — 0.1%

SEPLAT Petroleum Development Co. PLC, 9.25%, 4/1/23⁽¹³⁾	USD		1,100	$	1,104,125

Total Nigeria				$	1,104,125

Paraguay — 0.2%

Frigorifico Concepcion S.A., 10.25%, 1/29/25⁽¹³⁾	USD		2,300	$	2,242,500

Total Paraguay				$	2,242,500

Peru — 0.1%

Telefonica del Peru S.A., 7.375%, 4/10/27⁽¹³⁾	PEN		3,500	$	980,639

Total Peru				$	980,639


Security		Principal Amount (000’s omitted)		Value

Russia — 0.2%

Gazprom PJSC via Gaz Finance PLC, 4.599% to 10/26/25^(13)(18)	USD		870	$	870,397

Petropavlovsk 2016 Ltd., 8.125%, 11/14/22⁽¹³⁾	USD		1,231		1,241,469

Total Russia				$	2,111,866

Saint Lucia — 0.1%

Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd., 8.75%, 5/25/24⁽¹³⁾	USD		1,503	$	1,506,757

Total Saint Lucia				$	1,506,757

Saudi Arabia — 0.1%

Dar Al-Arkan Sukuk Co., Ltd., 6.75%, 2/15/25⁽¹³⁾	USD		550	$	524,854

Dar Al-Arkan Sukuk Co., Ltd., 6.875%, 4/10/22⁽¹³⁾	USD		1,500		1,497,030

Total Saudi Arabia				$	2,021,884

Singapore — 0.3%

Alam Synergy Pte Ltd., 6.625%, 4/24/22⁽¹³⁾	USD		1,725	$	1,213,593

Puma International Financing S.A., 5.00%, 1/24/26⁽¹³⁾	USD		1,722		1,426,677

TBLA International Pte Ltd., 7.00%, 1/24/23⁽¹³⁾	USD		1,000		939,972

Total Singapore				$	3,580,242

Turkey — 0.1%

QNB Finansbank AS, 6.875%, 9/7/24⁽¹³⁾	USD		530	$	541,263

Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25⁽¹³⁾	USD		1,022		1,015,940

Total Turkey				$	1,557,203

Ukraine — 0.1%

Kernel Holding S.A., 8.75%, 1/31/22⁽¹³⁾	USD		1,500	$	1,571,625

Total Ukraine				$	1,571,625

United Kingdom — 0.1%

Ellaktor Value PLC, 6.375%, 12/15/24⁽¹³⁾	EUR		1,050	$	1,056,571

Total United Kingdom				$	1,056,571

Uzbekistan — 0.0%⁽¹¹⁾

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22⁽¹³⁾	UZS		3,000,000	$	288,094

Total Uzbekistan				$	288,094

Total Foreign Corporate Bonds (identified cost $54,658,518)				$	52,540,984


		30		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Convertible Bonds — 0.3%
Security		Principal Amount (000’s omitted)		Value

Bermuda — 0.3%

Liberty Latin America, Ltd., 2.00%, 7/15/24	USD		3,985	$	3,494,994

Total Bermuda				$	3,494,994

Total Convertible Bonds (identified cost $3,313,872)				$	3,494,994

Common Stocks — 0.3%
Security		Shares		Value

Iceland — 0.3%

Arion Banki HF^(4)(19)			2,497,017	$	1,481,022

Eik Fasteignafelag HF⁽¹⁹⁾			3,180,300		164,414

Eimskipafelag Islands HF⁽¹⁹⁾			326,400		433,463

Hagar HF⁽¹⁹⁾			1,349,100		519,904

Reginn HF⁽¹⁹⁾			1,843,700		210,076

Reitir Fasteignafelag HF			875,500		285,264

Siminn HF			13,623,900		719,598

Total Iceland				$	3,813,741

Total Common Stocks (identified cost $5,902,392)				$	3,813,741

Loan Participation Notes — 0.0%⁽¹¹⁾
Security		Principal Amount (000’s omitted)		Value

Uzbekistan — 0.0%⁽¹¹⁾

Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23^(13)(16)(20)	UZS		2,619,000	$	266,247

Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), 18.70%, 7/26/23^(13)(16)(20)	UZS		2,952,000		297,600

Total Uzbekistan				$	563,847

Total Loan Participation Notes (identified cost $558,933)				$	563,847


Closed-End Funds — 1.0%
Security	Shares		Value

BlackRock Multi-Sector Income Trust		156,650	$	2,451,572

Nuveen Global High Income Fund		83,400		1,135,074

PGIM Global High Yield Fund, Inc.		430,326		5,478,050

Western Asset High Income Opportunity Fund, Inc.		804,975		3,928,278

Total Closed-End Funds (identified cost $13,337,045)			$	12,992,974

Exchange-Traded Funds — 2.3%
Security	Shares		Value

VanEck Vectors Fallen Angel High Yield Bond ETF		1,044,000	$	31,205,160

Total Exchange-Traded Funds (identified cost $28,474,657)			$	31,205,160

Reinsurance Side Cars — 2.6%
Security	Principal Amount/ Shares		Value

Altair VI Reinsurance^{(16)(19)(21)(22)}		1,000	$	214,500

Blue Lotus Re, Ltd.^{(16)(19)(21)(22)}		242		273,764

Eden Re II, Ltd., Series 2018A, 0.00%, 3/22/22^(4)(16)(21)	$	7,471		81,236

Eden Re II, Ltd., Series 2018B, 0.00%, 3/22/22^(4)(16)(21)	$	8,667		234,634

Eden Re II, Ltd., Series 2019A, 0.00%, 3/22/23^(4)(16)(21)	$	5,000		40,583

Eden Re II, Ltd., Series 2019B, 0.00%, 3/22/23^(4)(16)(21)	$	95,000		793,468

Eden Re II, Ltd., Series 2020A, 0.00%, 3/22/24^(4)(16)(21)	$	9,900,000		10,989,000

Mt. Logan Re, Ltd., Series 13, Preference Shares^{(16)(19)(21)(22)}		10,000		9,659,610

Mt. Logan Re, Ltd., Special Investment Series 13, 12/18^{(16)(19)(21)(22)}		2,000		694,775

Mt. Logan Re, Ltd., Special Investment Series 13, 12/19^{(16)(19)(21)(22)}		1,829		1,655,302

Sussex Capital, Ltd., Designated Investment Series 5, 5/19^{(16)(19)(21)(22)}		249		38,398

Sussex Capital, Ltd., Designated Investment Series 5, 12/19^{(16)(19)(21)(22)}		791		262,678

Sussex Capital, Ltd., Designated Investment Series 5, 6/20^{(16)(19)(21)(22)}		434		434,117

Sussex Capital, Ltd., Series 5, Preference Shares^{(16)(19)(21)(22)}		6,000		6,053,535

Sussex Re, Ltd., Series 2020A^{(16)(19)(21)(22)}		4,081,939		4,400,330


		31		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Security		Principal Amount/ Shares		Value

Versutus Re, Ltd., Series 2019^{(16)(19)(21)(22)}			234,323	$	258,693

Total Reinsurance Side Cars (identified cost $32,574,324)				$	36,084,623

U.S. Treasury Obligations — 3.1%
Security		Principal Amount		Value

U.S. Treasury Inflation-Protected Note, 0.50%, 4/15/24⁽²³⁾		$	39,363,572	$	41,565,952

Total U.S. Treasury Obligations (identified cost $39,727,183)				$	41,565,952

Short-Term Investments — 25.6%

Foreign Government Securities — 4.3%
Security		Principal Amount (000’s omitted)		Value

Egypt — 4.3%

Egypt Treasury Bill, 0.00%, 11/3/20	EGP		277,000	$	17,643,312

Egypt Treasury Bill, 0.00%, 11/10/20	EGP		90,325		5,751,156

Egypt Treasury Bill, 0.00%, 11/17/20	EGP		206,850		13,189,381

Egypt Treasury Bill, 0.00%, 12/8/20	EGP		21,900		1,378,464

Egypt Treasury Bill, 0.00%, 12/29/20	EGP		26,275		1,649,825

Egypt Treasury Bill, 0.00%, 2/2/21	EGP		22,625		1,402,190

Egypt Treasury Bill, 0.00%, 2/16/21	EGP		213,650		13,175,423

Egypt Treasury Bill, 0.00%, 3/2/21	EGP		15,325		940,404

Egypt Treasury Bill, 0.00%, 3/30/21	EGP		51,100		3,105,001

Total Egypt				$	58,235,156

Total Foreign Government Securities (identified cost $57,201,236)				$	58,235,156

U.S. Treasury Obligations — 0.5%
Security		Principal Amount (000’s omitted)		Value

U.S. Treasury Bill, 0.00%, 11/19/20⁽²⁴⁾		$	7,000	$	6,999,760

Total U.S. Treasury Obligations (identified cost $6,999,729)				$	6,999,760


Other — 20.8%
Description	Units			Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²⁵⁾		282,555,462		$	282,555,462

Total Other (identified cost $282,550,403)				$	282,555,462

Total Short-Term Investments (identified cost $346,751,368)				$	347,790,378

Total Purchased Options and Swaptions — 0.1% (identified cost $2,944,923)				$	2,925,779

Total Investments — 96.1% (identified cost $1,380,643,792)				$	1,306,175,406

Total Written Options and Swaptions — (0.0)%⁽¹¹⁾ (premiums received $806,571)				$	(755,298	)

Securities Sold Short — (0.4)%

Common Stocks — (0.4)%
Security	Shares			Value

Ashmore Group PLC		(1,119,000	)	$	(5,177,107	)

Total Common Stocks				$	(5,177,107	)

Total Securities Sold Short (proceeds $7,195,403)				$	(5,177,107	)

Other Assets, Less Liabilities — 4.3%				$	58,873,433

Net Assets — 100.0%				$	1,359,116,434

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

⁽¹⁾

Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at October 31, 2020.

⁽²⁾

⁽³⁾

Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁴⁾

⁽⁵⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.


		32		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

⁽⁶⁾

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at October 31, 2020.

⁽⁷⁾

⁽⁸⁾

Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽⁹⁾

Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro-rata basis with all securities in the trust.

⁽¹⁰⁾	The stated interest rate represents the weighted average fixed interest rate at October 31, 2020 of all interest only securities comprising the certificate.

⁽¹¹⁾	Amount is less than 0.05% or (0.05)%, as applicable.

⁽¹²⁾	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹³⁾

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 October 31, 2020, the aggregate value of these securities is $204,806,908 or 15.1% of the Portfolio’s net assets.

⁽¹⁴⁾	Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽¹⁵⁾	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.

⁽¹⁶⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽¹⁷⁾	Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽¹⁸⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹⁹⁾	Non-income producing security.

⁽²⁰⁾	Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower.

⁽²¹⁾	Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

⁽²²⁾	Restricted security (see Note 5).

⁽²³⁾	Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

⁽²⁴⁾	Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽²⁵⁾	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 October 31, 2020.

Purchased Currency Options — 0.0%⁽¹¹⁾

Description

Counterparty

Notional

Amount

Exercise
Price

Expiration
Date

Value

Call EUR/Put USD

Goldman Sachs International

USD

82,000,000

USD

1.24

7/28/21

600,076

Total

600,076

Purchased Interest Rate Swaptions — 0.0%⁽¹¹⁾

Description

Counterparty

Notional
Amount

Expiration
Date

Value

Option to enter into interest rate swap expiring 3/5/51 to receive 3-month USD-LIBOR and pay 1.70%

The Toronto-Dominion Bank

12,500,000

3/3/21

229,368

Total

229,368


		33		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Purchased Call Options — 0.1%

Description

Counterparty

Notional
Amount

Spread

Expiration
Date

Value

2-year 10 Constant Maturity Swap Curve Cap

Goldman Sachs International

USD

320,000,000

0.74

7/5/22

665,178

2-year 10 Constant Maturity Swap Curve Cap

Morgan Stanley & Co. International PLC

USD

450,000,000

0.45

6/21/21

1,431,157

Total

2,096,335

Written Currency Options — (0.0)%⁽¹¹⁾

Description

Counterparty

Notional

Amount

Exercise
Price

Expiration
Date

Value

Call EUR/Put USD

Goldman Sachs International

USD

82,000,000

USD

1.33

7/28/21

(123,984

)

Total

(123,984

)

Written Interest Rate Swaptions — (0.0)%⁽¹¹⁾

Description

Counterparty

Notional

Amount

Expiration
Date

Value

Option to enter into interest rate swap expiring 7/5/32 to pay 3-month USD-LIBOR and receive 0.98%

Goldman Sachs International

USD

17,000,000

6/30/22

$(631,314)

Total

$(631,314)


Forward Commodity Contracts⁽¹⁾

Settlement Date	Deliver	In Exchange For	Counterparty	Value/Unrealized Appreciation (Depreciation)

2/2/21	United States Dollar 387,250	Gold 200 Troy Ounces	Citibank, N.A.	$	(11,376	)

2/2/21	United States Dollar 392,200	Gold 200 Troy Ounces	Citibank, N.A.		(16,326	)

2/2/21	United States Dollar 394,000	Gold 200 Troy Ounces	Citibank, N.A.		(18,126	)

2/2/21	United States Dollar 768,147	Gold 400 Troy Ounces	Citibank, N.A.		(16,399	)

2/2/21	United States Dollar 776,116	Gold 400 Troy Ounces	Citibank, N.A.		(24,368	)

2/2/21	United States Dollar 785,860	Gold 400 Troy Ounces	Citibank, N.A.		(34,112	)

9/1/22	United States Dollar 8,366,876	Gold 4,300 Troy Ounces	Citibank, N.A.		(252,475	)

				$	(373,182	)

⁽¹⁾	Non-deliverable contracts that are settled with the counterparty in cash.


		34		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

EUR	37,574,117	USD	43,768,210		11/3/20	$	(7,512	)

EUR	54,726,332	USD	63,747,968		11/3/20		(10,941	)

USD	44,471,485	EUR	37,574,117		11/3/20		710,787

USD	64,215,468	EUR	54,726,332		11/3/20		478,441

PEN	34,366,098	USD	9,561,543		11/5/20		(56,405	)

USD	21,155,180	PEN	75,037,422		11/5/20		400,974

USD	11,254,995	PEN	40,360,412		11/5/20		91,921

USD	1,005,191	PEN	3,563,000		11/5/20		19,720

NZD	7,114,644	USD	4,717,748		11/9/20		(13,547	)

USD	3,000,600	NZD	4,474,000		11/9/20		42,392

NZD	79,000	USD	51,823		11/16/20		412

USD	2,964,520	NZD	4,519,155		11/16/20		(23,568	)

JPY	46,190,000	USD	434,206		11/19/20		7,056

USD	951,091	IDR	13,946,512,875		11/23/20		9,028

USD	30,008,600	NZD	45,422,497		11/23/20		(25,263	)

JPY	9,766,145,567	USD	92,482,439		11/25/20		821,854

USD	78,934,863	JPY	8,335,521,525		11/25/20		(701,463	)

GBP	36,927,000	USD	47,451,195		11/30/20		395,713

GBP	4,427,508	USD	5,689,348		11/30/20		47,446

USD	45,617,500	GBP	35,500,000		11/30/20		(380,421	)

KRW	3,684,303,858	USD	3,108,019		12/1/20		131,764

KRW	3,505,747,142	USD	2,955,920		12/1/20		126,849

USD	107,581,988	EUR	92,300,449		12/2/20		15,561

USD	17,179,078	NZD	25,497,061		12/2/20		319,937

USD	8,662,467	NZD	12,856,769		12/2/20		161,327

USD	9,875,010	PEN	34,832,122		12/3/20		240,234

CHF	17,050,094	USD	18,543,232		12/7/20		70,128

NOK	60,126,840	USD	6,443,841		12/7/20		(146,621	)

JPY	1,648,997,982	USD	15,539,052		12/8/20		218,142

KRW	7,408,260,000	USD	6,242,583		12/10/20		272,512

KRW	13,955,500,000	USD	11,749,339		12/10/20		523,637

KRW	6,978,000,000	USD	5,877,547		12/10/20		259,161

USD	10,394,777	NZD	15,505,155		12/17/20		142,395

USD	166,212	ZAR	2,807,831		12/17/20		(5,438	)

USD	5,184,507	MXN	110,500,000		12/18/20		722

USD	6,723,849	IDR	101,590,637,396		1/4/21		(105,312	)

JPY	1,342,368,120	USD	12,729,479		1/7/21		105,195

USD	8,473,989	NZD	12,744,373		1/7/21		47,028

PHP	3,215,114	USD	66,073		1/11/21		53

NZD	47,000	USD	30,821		1/13/21		257

USD	6,363,664	NZD	9,704,151		1/13/21		(53,011	)

KRW	1,561,582,000	USD	1,366,249		1/19/21		7,503

USD	10,991,340	NZD	16,494,845		1/19/21		84,456

USD	7,227,255	SGD	9,805,000		1/26/21		48,621


		35		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

USD	66,229	PHP	3,216,000		1/27/21	$	120

AUD	42,245,000	USD	30,092,381		1/28/21		(385,180	)

USD	12,045,143	NZD	18,000,000		1/28/21		143,005

						$	4,029,669


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

EUR	92,300,449	USD	107,516,178	BNP Paribas		11/3/20	$	—	$	(18,453	)

USD	107,516,178	EUR	92,300,449	BNP Paribas		11/3/20		18,453		—

USD	1,230,195	UAH	35,282,000	Bank of America, N.A.		11/6/20		—		(5,543	)

CNH	16,069,809	USD	2,348,254	Citibank, N.A.		11/9/20		50,529		—

USD	3,656,527	CNH	25,600,000	Citibank, N.A.		11/9/20		—		(164,853	)

USD	5,867,925	CNH	41,078,000	Standard Chartered Bank		11/9/20		—		(263,897	)

USD	9,097,481	RUB	707,784,000	Standard Chartered Bank		11/9/20		194,213		—

USD	2,436,324	RUB	189,546,000	Standard Chartered Bank		11/9/20		52,010		—

EGP	46,620,000	USD	2,850,940	Goldman Sachs International		11/10/20		110,832		—

USD	341,708	UAH	9,643,000	BNP Paribas		11/13/20		4,718		—

USD	257,417	UAH	7,254,000	BNP Paribas		11/13/20		3,914		—

USD	258,103	UAH	7,374,000	Bank of America, N.A.		11/18/20		835		—

USD	12,753,755	IDR	187,014,132,030	Standard Chartered Bank		11/23/20		121,270		—

EUR	371,311	USD	433,377	BNP Paribas		11/30/20		—		(673	)

EUR	75,382,841	USD	88,423,273	BNP Paribas		11/30/20		—		(576,401	)

USD	44,074,041	EUR	37,574,117	BNP Paribas		11/30/20		287,304		—

USD	17,859,937	EUR	15,226,000	BNP Paribas		11/30/20		116,423		—

USD	7,269,120	EUR	6,197,089	BNP Paribas		11/30/20		47,385		—

USD	6,681,785	EUR	5,696,373	BNP Paribas		11/30/20		43,556		—

USD	5,760,593	EUR	4,911,036	BNP Paribas		11/30/20		37,551		—

USD	1,419,060	EUR	1,209,781	BNP Paribas		11/30/20		9,250		—

USD	1,231,639	EUR	1,050,000	BNP Paribas		11/30/20		8,029		—

USD	1,055,690	EUR	900,000	BNP Paribas		11/30/20		6,882		—

USD	703,815	EUR	600,018	BNP Paribas		11/30/20		4,588		—

USD	22,887	EUR	19,512	BNP Paribas		11/30/20		149		—

KRW	7,057,000,000	USD	5,946,681	Australia and New Zealand Banking Group Limited		12/1/20		258,874		—

KRW	4,070,412,000	USD	3,502,737	Australia and New Zealand Banking Group Limited		12/1/20		76,569		—

USD	1,197,197	UAH	34,599,000	Bank of America, N.A.		12/7/20		—		(2,439	)

USD	2,593,068	UAH	74,810,000	Goldman Sachs International		12/8/20		17		—

CNH	12,052,357	USD	1,758,390	Citibank, N.A.		12/9/20		36,790		—

KRW	2,460,046,104	USD	2,084,107	Australia and New Zealand Banking Group Limited		12/10/20		79,347		—


		36		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	1,618,899	MYR	6,750,000	Morgan Stanley & Co. International PLC		12/14/20	$	528	$	—

ZAR	2,807,831	USD	170,388	UBS AG		12/14/20		1,322		—

USD	1,500,343	UAH	43,780,000	BNP Paribas		1/5/21		—		(4,099	)

CNH	16,069,809	USD	2,338,754	Bank of America, N.A.		1/11/21		48,989		—

CNH	16,069,809	USD	2,338,651	UBS AG		1/11/21		49,091		—

USD	550,685	UAH	16,080,000	Bank of America, N.A.		1/11/21		—		(859	)

USD	1,095,862	UAH	31,780,000	BNP Paribas		1/11/21		5,807		—

USD	1,321,748	UAH	38,410,000	Bank of America, N.A.		1/13/21		5,097		—

USD	10,441,508	IDR	155,505,375,000	JPMorgan Chase Bank, N.A.		1/19/21		6,310		—

CNH	6,416,216	USD	951,960	Goldman Sachs International		1/21/21		694		—

THB	453,670,000	USD	14,478,522	Standard Chartered Bank		1/26/21		72,646		—

USD	30,896,569	THB	968,113,089	Standard Chartered Bank		1/26/21		—		(155,023	)

USD	759,023	UAH	22,376,000	Bank of America, N.A.		2/22/21		1,446		—

TRY	5,685,000	USD	760,552	Citibank, N.A.		2/26/21		—		(120,009	)

TRY	1,871,500	USD	250,365	Standard Chartered Bank		2/26/21		—		(39,498	)

TRY	23,509,000	USD	3,141,537	Standard Chartered Bank		2/26/21		—		(492,719	)

TRY	39,155,000	USD	5,236,026	Standard Chartered Bank		2/26/21		—		(824,334	)

TRY	39,150,000	USD	5,236,057	Standard Chartered Bank		2/26/21		—		(824,929	)

TRY	40,430,500	USD	5,470,767	Standard Chartered Bank		2/26/21		—		(915,361	)

USD	6,926,924	TRY	48,333,000	Standard Chartered Bank		2/26/21		1,481,124		—

USD	5,541,456	TRY	38,572,000	Standard Chartered Bank		2/26/21		1,195,452		—

USD	5,541,536	TRY	38,582,000	Standard Chartered Bank		2/26/21		1,194,405		—

USD	3,463,474	TRY	24,222,000	Standard Chartered Bank		2/26/21		734,321		—

USD	13,194	TRY	92,000	Standard Chartered Bank		2/26/21		2,829		—

USD	5,044,942	BHD	1,911,024	Standard Chartered Bank		3/11/21		—		(15,903	)

USD	4,204,022	SAR	15,887,000	Standard Chartered Bank		3/11/21		—		(29,547	)

USD	6,744,071	BHD	2,554,000	Standard Chartered Bank		3/16/21		—		(19,155	)

USD	11,881,604	OMR	4,666,500	BNP Paribas		4/8/21		—		(186,374	)

USD	11,896,188	OMR	4,664,971	Standard Chartered Bank		4/26/21		—		(160,080	)

TRY	55,096,000	USD	7,173,641	Standard Chartered Bank		5/17/21		—		(1,206,992	)

USD	2,660,846	TRY	21,332,000	Standard Chartered Bank		5/17/21		350,686		—

USD	1,330,486	TRY	10,749,000	Standard Chartered Bank		5/17/21		166,418		—

USD	798,222	TRY	6,303,000	Standard Chartered Bank		5/17/21		115,635		—

USD	532,266	TRY	4,157,000	Standard Chartered Bank		5/17/21		82,082		—

USD	532,225	TRY	4,162,000	Standard Chartered Bank		5/17/21		81,499		—

USD	532,186	TRY	4,175,000	Standard Chartered Bank		5/17/21		80,052		—

USD	532,139	TRY	4,218,000	Standard Chartered Bank		5/17/21		75,349		—

USD	8,234,546	OMR	3,237,000	BNP Paribas		7/6/21		—		(107,107	)

USD	5,188,295	OMR	2,039,000	BNP Paribas		7/12/21		—		(64,849	)

USD	961,832	OMR	378,000	BNP Paribas		7/19/21		—		(11,742	)

USD	4,209,726	BHD	1,605,000	Bank of America, N.A.		3/14/22		—		(20,611	)

USD	8,407,724	SAR	32,004,000	Standard Chartered Bank		3/14/22		—		(102,576	)

USD	20,243,572	SAR	77,035,000	Standard Chartered Bank		3/14/22		—		(241,083	)

USD	8,429,122	BHD	3,217,000	Standard Chartered Bank		3/16/22		—		(49,735	)

USD	4,215,852	BHD	1,625,000	Standard Chartered Bank		3/16/22		—		(67,065	)


		37		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	4,112,475	BHD	1,585,976	Standard Chartered Bank		3/16/22	$	—	$	(67,588	)

USD	8,651,101	SAR	32,792,000	BNP Paribas		3/24/22		—		(68,026	)

USD	12,976,517	SAR	49,181,000	HSBC Bank USA, N.A.		3/24/22		—		(100,314	)

USD	15,526,212	SAR	58,790,000	Standard Chartered Bank		3/28/22		—		(105,064	)

USD	23,292,293	OMR	9,293,625	BNP Paribas		8/29/22		—		(200,618	)

							$	7,321,270	$	(7,233,519	)


Futures Contracts

Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)

Interest Rate Futures

U.S. 5-Year Treasury Note		32		Long	12/31/20	$	4,019,250		$	(6,803	)

U.S. 10-Year Treasury Note		56		Long	12/21/20		7,740,250			(56,716	)

U.S. Ultra 10-Year Treasury Note		175		Long	12/21/20		27,524,219			(271,102	)

U.S. Ultra-Long Treasury Bond		8		Long	12/21/20		1,720,000			(29,262	)

Euro-Buxl		(20	)	Short	12/8/20		(5,328,507	)		(188,208	)

									$	(552,091	)

Centrally Cleared Inflation Swaps

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual

Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

EUR

5,003

Receives

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Pays

1.60% (pays upon termination)

8/15/32

(704,374

)

EUR

19,000

Receives

Eurostat Eurozone HICP ex Tobacco NSA

(pays upon termination)

Pays

1.69% (pays upon termination)

11/15/32

(2,998,801

)

EUR

5,003

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.79% (pays upon termination)

8/15/42

1,302,811

EUR

19,000

Pays

Eurostat Eurozone HICP ex Tobacco NSA
(pays upon termination)

Receives

1.89% (pays upon termination)

11/15/42

5,779,716

USD

36,500

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

1.89% (pays upon termination)

7/16/24

(625,930

)

USD

58,000

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

1.58% (pays upon termination)

9/6/24

35,292


		38		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual

Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

USD

16,500

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

0.84% (pays upon termination)

3/24/30

1,763,359

USD

14,300

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

1.28% (pays upon termination)

4/20/30

911,650

USD

25,300

Pays

Return on CPI-U (NSA)
(pays upon termination)

Receives

2.22% (pays upon termination)

11/14/32

1,122,521

USD

25,300

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.20% (pays upon termination)

11/14/42

(1,444,135

)

USD

2,309

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.13% (pays upon termination)

8/22/47

(79,609

)

USD

2,295

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.15% (pays upon termination)

8/25/47

(91,840

)

USD

4,400

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.42% (pays upon termination)

6/8/48

(720,973

)

4,249,687



CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted

HICP	–	Harmonised Indices of Consumer Prices

Inflation Swaps

Counterparty

Notional
Amount
(000’s omitted)

Portfolio
Pays/Receives
Return on
Reference Index

Reference Index

Portfolio
Pays/Receives
Rate

Annual
Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Bank of America, N.A.

USD

19,500

Receives

Return on CPI-U (NSA)
(pays upon termination)

Pays

2.09%
(pays upon termination)

4/2/29

(448,019

)

(448,019

)



CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted


		39		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

BRL	413,556	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	3.08% (pays upon termination)		1/3/22	$	(210,500	)	$	—		$	(210,500	)

CAD	69,760	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	0.88% (pays semi-annually)		6/5/25		(453,686	)		—			(453,686	)

CAD	6,730	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.03% (pays semi-annually)		8/19/30		43,936			(71	)		43,865

CAD	10,270	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.04% (pays semi-annually)		8/19/30		63,233			(110	)		63,123

CNY	892,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.31% (pays quarterly)		7/28/22		(250,850	)		—			(250,850	)

EUR	750	Receives	6-month EURIBOR (pays semi-annually)	(0.30)% (pays annually)		6/16/25		(7,476	)		—			(7,476	)

GBP	26,000	Receives	6-month GBP LIBOR (pays semi-annually)	1.00% (pays semi-annually)		1/9/30		(1,876,213	)		—			(1,876,213	)

KRW	31,500,000	Receives	3-month KRW Certificate of Deposit Rate (pays quarterly)	0.92% (pays quarterly)		7/28/30		504,315			—			504,315

MXN	1,081,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.54% (pays monthly)		12/15/23		5,670,182			—			5,670,182

MXN	298,383	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.76% (pays monthly)		3/7/24		(856,396	)		—			(856,396	)

MXN	82,926	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.79% (pays monthly)		3/7/24		(241,723	)		—			(241,723	)

MXN	350,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)		5/2/25		154,632			—			154,632

NZD	65,710	Receives	3-month NZD Bank Bill (pays quarterly)	3.32% (pays semi-annually)		2/19/28		(9,792,289	)		—			(9,792,289	)

NZD	5,220	Receives	3-month NZD Bank Bill (pays quarterly)	2.49% (pays semi-annually)		2/22/29		(613,716	)		—			(613,716	)

NZD	6,500	Receives	3-month NZD Bank Bill (pays quarterly)	2.50% (pays semi-annually)		2/22/29		(766,927	)		—			(766,927	)

PLN	62,600	Pays	6-month PLN WIBOR (pays semi-annually)	0.64% (pays annually)		9/8/25		129,938			—			129,938

SGD	18,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.42% (pays semi-annually)		10/19/23		865,100			—			865,100

SGD	9,630	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		454,788			—			454,788

SGD	10,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		472,262			—			472,262

SGD	15,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		708,393			—			708,393


		40		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

SGD	26,350	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.09% (pays semi-annually)		12/13/23	$	1,204,283		$	—		$	1,204,283

SGD	2,885	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)		8/14/24		99,325			—			99,325

SGD	3,245	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)		8/14/24		113,139			—			113,139

SGD	5,640	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.06% (pays semi-annually)		3/31/25		117,712			—			117,712

SGD	16,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.07% (pays semi-annually)		3/31/25		351,394			—			351,394

SGD	3,300	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.08% (pays semi-annually)		3/31/25		71,035			—			71,035

SGD	30,100	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	0.52% (pays semi-annually)		8/21/25		64,637			—			64,637

USD	1,010	Receives	3-month USD-LIBOR (pays quarterly)	0.32% (pays semi-annually)		6/11/23		(2,185	)		—			(2,185	)

USD	555	Receives	3-month USD-LIBOR (pays quarterly)	0.26% (pays semi-annually)		6/25/23		(284	)		—			(284	)

USD	1,755	Receives	3-month USD-LIBOR (pays quarterly)	0.26% (pays semi-annually)		6/26/23		(584	)		—			(584	)

USD	320	Receives	3-month USD-LIBOR (pays quarterly)	0.24% (pays semi-annually)		7/8/23		119			—			119

USD	360	Receives	3-month USD-LIBOR (pays quarterly)	0.24% (pays semi-annually)		7/8/23		96			—			96

USD	40,459	Pays	3-month USD-LIBOR (pays quarterly)	1.86% (pays semi-annually)		7/16/24		2,494,318			—			2,494,318

USD	64,000	Pays	3-month USD-LIBOR (pays quarterly)	1.26% (pays semi-annually)		9/6/24		2,356,684			—			2,356,684

USD	332	Receives	3-month USD-LIBOR (pays quarterly)	0.44% (pays semi-annually)		6/12/25		(831	)		—			(831	)

USD	1,010	Receives	3-month USD-LIBOR (pays quarterly)	0.36% (pays semi-annually)		6/15/25		1,393			—			1,393

USD	1,316	Receives	3-month USD-LIBOR (pays quarterly)	0.37% (pays semi-annually)		6/23/25		1,601			—			1,601

USD	1,180	Receives	3-month USD-LIBOR (pays quarterly)	0.32% (pays semi-annually)		7/14/25		4,547			—			4,547

USD	1,000	Receives	3-month USD-LIBOR (pays quarterly)	0.50% (pays semi-annually)		6/4/27		5,116			—			5,116

USD	34,731	Pays	3-month USD-LIBOR (pays quarterly)	2.34% (pays semi-annually)		5/17/29		4,895,148			—			4,895,148

USD	11,693	Receives	3-month USD-LIBOR (pays quarterly)	2.50% (pays semi-annually)		9/20/47		(3,356,210	)		(100,822	)		(3,457,032	)


		41		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

USD	10,766		Receives	3-month USD-LIBOR (pays quarterly)	2.54% (pays semi-annually)		5/17/49	$	(3,427,103	)	$	—		$	(3,427,103	)

USD	2,450		Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)		3/11/50		(461,800	)		—			(461,800	)

USD	2,450		Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)		3/11/50		(434,978	)		—			(434,978	)

USD	3,670		Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)		3/20/50		(326,683	)		—			(326,683	)

USD	700		Receives	3-month USD-LIBOR (pays quarterly)	0.94% (pays semi-annually)		5/21/50		64,444			—			64,444

USD	5,000		Receives	3-month USD-LIBOR (pays quarterly)	1.18% (pays semi-annually)		6/10/50		154,345			—			154,345

USD	3,000		Receives	3-month USD-LIBOR (pays quarterly)	1.24% (pays semi-annually)		3/5/51		69,376			—			69,376

USD	3,000		Pays	3-month USD-LIBOR (pays quarterly)	1.26% (pays semi-annually)		3/5/51		(55,738	)		—			(55,738	)

ZAR	169,000		Pays	3-month ZAR JIBAR (pays quarterly)	4.94% (pays quarterly)		10/1/25		62,906			435			63,341

Total								$	(1,937,775	)	$	(100,568	)	$	(2,038,343	)

Interest Rate Swaps

Counterparty

Notional Amount
(000’s omitted)

Portfolio
Pays/Receives
Floating Rate

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

BNP Paribas

MYR

89,300

Pays

3-month MYR KLIBOR
(pays quarterly)

3.13%
(pays quarterly)

10/4/24

1,034,296

BNP Paribas

MYR

33,832

Pays

3-month MYR KLIBOR
(pays quarterly)

2.00%
(pays quarterly)

10/14/25

5,631

Citibank, N.A.

MYR

30,298

Pays

3-month MYR KLIBOR
(pays quarterly)

2.00%
(pays quarterly)

10/14/25

4,144

Goldman Sachs International

RUB

1,539,500

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

6.51%
(pays annually)

4/16/25

1,441,933

Goldman Sachs International

RUB

785,500

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.51%
(pays annually)

5/15/25

162,261

Goldman Sachs International

RUB

706,636

Pays

3-month Moscow Prime Offered Rate
(pays quarterly)

5.34%
(pays annually)

5/18/25

78,255

Standard Chartered Bank

MYR

72,700

Pays

3-month MYR KLIBOR
(pays quarterly)

3.12%
(pays quarterly)

10/4/24

836,786

3,563,306


		42		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Centrally Cleared Credit Default Swaps — Buy Protection

Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate*		Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)

Malaysia	$	26,266		1.00% (pays quarterly)⁽¹⁾		12/20/25	$	(735,255	)	$	651,863		$	(83,392	)

Turkey		24,617		1.00% (pays quarterly)⁽¹⁾		12/20/25		4,823,682			(4,461,229	)		362,453

							$	4,088,427		$	(3,809,366	)	$	279,061

*	The contract annual fixed rate represents the fixed rate of interest paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract.

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

Total Return Swaps

Counterparty

Notional
Amount
(000’s omitted)

Portfolio Receives

Portfolio Pays

Termination
Date

Value/Unrealized
Appreciation
(Depreciation)

Citibank, N.A.

USD

396

Notional Amount

(pays upon termination)

Value of 2 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

$18,960

Citibank, N.A.

USD

395

Notional Amount

(pays upon termination)

Value of 2 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

17,160

Citibank, N.A.

USD

791

Notional Amount

(pays upon termination)

Value of 4 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

35,920

Citibank, N.A.

USD

782

Notional Amount

(pays upon termination)

Value of 4 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

27,120

Citibank, N.A.

USD

390

Notional Amount

(pays upon termination)

Value of 2 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

12,760

Citibank, N.A.

USD

774

Notional Amount

(pays upon termination)

Value of 4 Gold 100 oz. Feb. 2021 futures contracts (pays upon termination)

1/29/21

19,120

$131,040


		43		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Portfolio of Investments — continued


Cross-Currency Swaps

Counterparty	Portfolio Receives*	Portfolio Pays*	Effective Date/ Termination Date⁽¹⁾	Value/Unrealized Appreciation (Depreciation)

Bank of America, N.A.	3-month COP Interbank Nominal Rate on COP 42,295,000,000 (Notional Amount) (pays quarterly) plus USD equivalent of Notional Amount at effective date	3-month USD-LIBOR minus 0.70% on USD equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount	11/3/21/ 11/3/26	$	124,284

Goldman Sachs International	3-month COP Interbank Nominal Rate on COP 38,650,000,000 (Notional Amount) (pays quarterly) plus USD equivalent of Notional Amount at effective date	3-month USD-LIBOR minus 0.67% on USD equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount	9/27/21/ 9/27/26		44,708

Goldman Sachs International	3-month COP Interbank Nominal Rate on COP 19,450,000,000 (Notional Amount) (pays quarterly) plus USD equivalent of Notional Amount at effective date	3-month USD-LIBOR minus 0.54% on USD equivalent of Notional Amount at effective date (pays quarterly) plus Notional Amount	10/6/21/ 10/6/26		(42,233	)

JPMorgan Chase Bank, N.A.	3-month USD-LIBOR on USD 1,303,234 (pays quarterly) plus TRY 10,377,000	13.77% on TRY 10,377,000 (pays annually) plus USD 1,303,234	Not applicable/ 12/16/25		63,612

				$	190,371

*	The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

⁽¹⁾	Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual.

Abbreviations:



COF	–	Cost of Funds 11th District

EURIBOR	–	Euro Interbank Offered Rate

GDP	–	Gross Domestic Product

LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:



AUD	–	Australian Dollar

BHD	–	Bahraini Dinar

BRL	–	Brazilian Real

CAD	–	Canadian Dollar

CHF	–	Swiss Franc

CNH	–	Yuan Renminbi Offshore

CNY	–	Yuan Renminbi

EGP	–	Egyptian Pound

EUR	–	Euro

GBP	–	British Pound Sterling

IDR	–	Indonesian Rupiah

ISK	–	Icelandic Krona

JPY	–	Japanese Yen

KRW	–	South Korean Won

MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit



NOK	–	Norwegian Krone

NZD	–	New Zealand Dollar

OMR	–	Omani Rial

PEN	–	Peruvian Sol

PHP	–	Philippine Peso

PLN	–	Polish Zloty

RSD	–	Serbian Dinar

RUB	–	Russian Ruble

SAR	–	Saudi Riyal

SGD	–	Singapore Dollar

THB	–	Thai Baht

TRY	–	New Turkish Lira

UAH	–	Ukrainian Hryvnia

USD	–	United States Dollar

UZS	–	Uzbekistani Som

ZAR	–	South African Rand


		44		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $1,098,093,389)	$	1,023,619,944

Affiliated investment, at value (identified cost, $282,550,403)		282,555,462

Cash		8,441,935

Deposits for derivatives collateral —

Futures contracts		819,119

Centrally cleared derivatives		25,764,883

OTC derivatives		5,119,000

Foreign currency, at value (identified cost, $4,315,366)		4,978,863

Interest and dividends receivable		10,031,135

Dividends receivable from affiliated investment		34,365

Receivable for investments sold		5,540,571

Receivable for variation margin on open centrally cleared derivatives		723,278

Receivable for open forward foreign currency exchange contracts		7,321,270

Receivable for open swap contracts		3,926,950

Prepaid expenses		481

Total assets	$	1,378,877,256

Liabilities

Cash collateral due to brokers	$	3,929,000

Written options and swaptions outstanding, at value (premiums received, $806,571)		755,298

Payable for investments purchased		550,000

Payable for securities sold short, at value (proceeds, $7,195,403)		5,177,107

Payable for variation margin on open futures contracts		64,348

Payable for open forward commodity contracts		373,182

Payable for open forward foreign currency exchange contracts		7,233,519

Payable for open swap contracts		490,252

Payable to affiliates:

Investment adviser fee		682,274

Trustees’ fees		5,857

Accrued foreign capital gains taxes		66,707

Accrued expenses		433,278

Total liabilities	$	19,760,822

Net Assets applicable to investors’ interest in Portfolio	$	1,359,116,434


		45		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Statement of Operations


Investment Income	Year Ended October 31, 2020

Interest (net of foreign taxes, $683,063)	$	41,675,434

Dividends		4,082,668

Dividends from affiliated investment		1,070,457

Total investment income	$	46,828,559

Expenses

Investment adviser fee	$	7,886,138

Trustees’ fees and expenses		68,510

Custodian fee		817,913

Legal and accounting services		243,728

Dividend expense on securities sold short		69,407

Miscellaneous		84,859

Total expenses	$	9,170,555

Net investment income	$	37,658,004

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $580,925)	$	17,885,806

Investment transactions — affiliated investment		(106,657	)

Written options		158,824

Futures contracts		6,808,922

Swap contracts		32,180,750

Foreign currency transactions		(3,637,262	)

Forward foreign currency exchange contracts		(5,507,486	)

Net realized gain	$	47,782,897

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $226,991)	$	(12,660,162	)

Investments — affiliated investment		(5,246	)

Written options and swaptions		(90,051	)

Securities sold short		2,018,296

Futures contracts		(1,733,274	)

Swap contracts		5,176,970

Forward volatility agreements		(87,117	)

Forward commodity contracts		(373,182	)

Foreign currency		535,313

Forward foreign currency exchange contracts		6,823,347

Net change in unrealized appreciation (depreciation)	$	(395,106	)

Net realized and unrealized gain	$	47,387,791

Net increase in net assets from operations	$	85,045,795


		46		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	37,658,004		$	64,381,880

Net realized gain (loss)		47,782,897			(15,129,368	)

Net change in unrealized appreciation (depreciation)		(395,106	)		(3,111,881	)

Net increase in net assets from operations	$	85,045,795		$	46,140,631

Capital transactions —

Contributions	$	200,389,717		$	176,442,491

Withdrawals		(293,390,778	)		(345,993,255	)

Net decrease in net assets from capital transactions	$	(93,001,061	)	$	(169,550,764	)

Net decrease in net assets	$	(7,955,266	)	$	(123,410,133	)

Net Assets

At beginning of year	$	1,367,071,700		$	1,490,481,833

At end of year	$	1,359,116,434		$	1,367,071,700


		47		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Consolidated Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.69	%⁽¹⁾		0.69	%		0.69	%		0.68	%		0.66	%

Net investment income		2.85	%		4.61	%		4.47	%		3.84	%		3.75	%

Portfolio Turnover		87	%⁽²⁾		39	%		57	%		44	%		30	%

Total Return		7.52	%		3.21	%		2.74	%		6.70	%		0.04	%

Net assets, end of year (000’s omitted)	$	1,359,116		$	1,367,072		$	1,490,482		$	1,633,327		$	1,479,688

⁽¹⁾	Includes dividend expense on securities sold short of 0.01% of average daily net assets for the year ended October 31, 2020.

⁽²⁾	Includes the effect of To-Be-Announced (TBA) transactions.


		48		See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements

1 Significant Accounting Policies

Global Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 95.0% and 5.0%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GOP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The net assets of the Subsidiary at October 31, 2020 were $1,675,457 or 0.1% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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

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 (including options on securities, indices and foreign currencies) 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. Financial and commodities 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 Portfolio’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. Forward commodity contracts are generally valued at the price provided by the exchange on which they are traded or if unavailable, by a third party pricing service based on an interpolation of the forward rates. Swaps and options on interest rate swaps (“swaptions”) 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. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.


		49

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. 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 Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

F Use of Estimates — The preparation of the consolidated 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 consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio 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


		50

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities 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.

I Forward Foreign Currency Exchange and Forward Commodity Contracts — The Portfolio 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 Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio 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 Portfolio 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. Unrealized and realized gains and losses on forward commodity contracts, which are entered into for the purchase or sale of a specific commodity at a fixed price on a future date, are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, 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.

J Written Options — Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Consolidated 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 Portfolio’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 Portfolio 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 Portfolio. The Portfolio, 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 Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.


		51

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

O Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio 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 Portfolio 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 Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio 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 of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio 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 Portfolio 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. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. 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 Portfolio 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 Portfolio 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.

Q Volatility Swaps — Volatility swaps involve the exchange of cash flows between two parties based on the measured volatility of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike payment for the “floating rate” or realized price volatility on the underlying asset with respect to the notional amount. At inception, the strike is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the underlying asset and the strike multiplied by the notional amount. Changes in the value of the swap are recorded as unrealized gains and losses. Gains or losses are realized upon the termination of the contract. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying asset. Risk of loss is dependent on the volatility of the underlying instrument.

R Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.


		52

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

S Forward Volatility Agreements — Forward volatility agreements are transactions in which two parties agree to the purchase or sale of a swaption straddle (i.e., a receiver swaption and a payer swaption with the same expiration date) on an underlying floating-rate versus a fixed rate reference entity. The fixed rate shall equal the prevailing at-the-money forward rate of the benchmark swap at determination date. Changes in the value of the agreement are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying reference entity.

T When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

U Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

V Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $7,886,138 or 0.598% of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, principal repayments on Senior Loans, TBA transactions and securities sold short, for the year ended October 31, 2020 were as follows:


	Purchases		Sales

Investments (non-U.S. Government)	$	421,396,018	$	568,154,230

U.S. Government and Agency Securities		491,492,263		537,721,876

	$	912,888,281	$	1,105,876,106


		53

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

4 Federal Income Tax Basis of Investments



Aggregate cost	$	1,412,393,550

Gross unrealized appreciation	$	41,446,294

Gross unrealized depreciation		(150,093,792	)

Net unrealized depreciation	$	(108,647,498	)

5 Restricted Securities

At October 31, 2020, the Portfolio owned the following securities (representing 1.8% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.


Description	Date of Acquisition		Shares		Cost		Value

Reinsurance Side Cars

Altair VI Reinsurance		12/29/17		1,000	$	2,670,333	$	214,500

Blue Lotus Re, Ltd.		12/20/17		242		—		273,764

Mt. Logan Re, Ltd., Series 13, Preference Shares		1/2/18		10,000		7,231,214		9,659,610

Mt. Logan Re, Ltd., Special Investment Series 13, 12/18		1/22/19		2,000		1,446,242		694,775

Mt. Logan Re, Ltd., Special Investment Series 13, 12/19		1/17/20		1,829		1,322,544		1,655,302

Sussex Capital, Ltd., Designated Investment Series 5, 5/19		5/31/19		249		212,150		38,398

Sussex Capital, Ltd., Designated Investment Series 5, 12/19		1/17/20		791		673,953		262,678

Sussex Capital, Ltd., Designated Investment Series 5, 6/20		6/30/20		434		354,368		434,117

Sussex Capital, Ltd., Series 5, Preference Shares		12/17/18		6,000		4,759,530		6,053,535

Sussex Re, Ltd., Series 2020A		1/21/20		4,081,939		3,728,940		4,400,330

Versutus Re, Ltd., Series 2019		1/21/20		234,323		158,913		258,693

Total Restricted Securities					$	22,558,187	$	23,945,702

6 Financial Instruments

The Portfolio 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, swaptions, forward commodity contracts, forward foreign currency exchange contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio 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 October 31, 2020 is included in the Consolidated Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including forward commodity contracts, commodity futures contracts and total return swaps, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

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

Equity Price Risk: During the year ended October 31, 2020, the Portfolio entered into equity index options, total return swaps and volatility swaps to enhance total return and/or to manage certain investment risks.


		54

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps and swaptions, inflation swaps, cross-currency swaps, total return swaps, options contracts and forward volatility agreements to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

The Portfolio 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 Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $8,852,251. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $3,605,717 at October 31, 2020.

The OTC derivatives in which the Portfolio invests (except for written options and swaptions as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) 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 Portfolio 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 Portfolio (and Subsidiary) 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 Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio 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 Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’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 Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 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 9) at October 31, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:


	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity		Credit			Foreign Exchange			Interest Rate			Total

Unaffiliated investments, at value	$	—	$	—		$	600,076		$	2,325,703		$	2,925,779

Not applicable		—		4,823,682	*		5,944,351	*		32,113,746	*		42,881,779

Receivable for open forward foreign currency exchange contracts		—		—			7,321,270			—			7,321,270

Receivable for open swap contracts		131,040		—			—			3,795,910			3,926,950

Total Asset Derivatives	$	131,040	$	4,823,682		$	13,865,697		$	38,235,359		$	57,055,778

Derivatives not subject to master netting or similar agreements	$	—	$	4,823,682		$	5,944,351		$	32,113,746		$	42,881,779

Total Asset Derivatives subject to master netting or similar agreements	$	131,040	$	—		$	7,921,346		$	6,121,613		$	14,173,999


		55

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued


	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity			Credit			Foreign Exchange			Interest Rate			Total

Written options and swaptions outstanding, at value	$	—		$	—		$	(123,984	)	$	(631,314	)	$	(755,298	)

Not applicable		—			(735,255	)*		(1,914,682	)*		(30,353,925	)*		(33,003,862	)

Payable for open forward foreign currency exchange contracts		—			—			(7,233,519	)		—			(7,233,519	)

Payable for open swap contracts		—			—			—			(490,252	)		(490,252	)

Payable for open forward commodity contracts		(373,182	)		—			—			—			(373,182	)

Total Liability Derivatives	$	(373,182	)	$	(735,255	)	$	(9,272,185	)	$	(31,475,491	)	$	(41,856,113	)

Derivatives not subject to master netting or similar agreements	$	—		$	(735,255	)	$	(1,914,682	)	$	(30,353,925	)	$	(33,003,862	)

Total Liability Derivatives subject to master netting or similar agreements	$	(373,182	)	$	—		$	(7,357,503	)	$	(1,121,566	)	$	(8,852,251	)

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


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)		Total Cash Collateral Received

Australia and New Zealand Banking Group Limited	$	414,790	$	—		$	(287,758	)	$	—		$	127,032	$	—

Bank of America, N.A.		180,651		(180,651	)		—			—			—		—

BNP Paribas		1,633,936		(1,238,342	)		—			—			395,594		—

Citibank, N.A.		222,503		(222,503	)		—			—			—		—

Goldman Sachs International		3,103,954		(797,531	)		—			(2,280,000	)		26,423		2,280,000

JPMorgan Chase Bank, N.A.		69,922		—			—			—			69,922		—

Morgan Stanley & Co. International PLC		1,431,685		—			—			(1,339,000	)		92,685		1,339,000

Standard Chartered Bank		6,836,777		(5,580,549	)		—			—			1,256,228		—

The Toronto-Dominion Bank		229,368		—			—			(229,368	)		—		310,000

UBS AG		50,413		—			—			—			50,413		—

	$	14,173,999	$	(8,019,576	)	$	(287,758	)	$	(3,848,368	)	$	2,018,297	$	3,929,000


		56

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — 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)			Total Cash Collateral Pledged

Bank of America, N.A.	$	(477,471	)	$	180,651	$	296,820	$	—	$	—		$	—

BNP Paribas		(1,238,342	)		1,238,342		—		—		—			—

Citibank, N.A.		(658,044	)		222,503		170,794		242,142		(22,605	)		1,190,000

Goldman Sachs International		(797,531	)		797,531		—		—		—			—

HSBC Bank USA, N.A.		(100,314	)		—		100,314		—		—			—

Standard Chartered Bank		(5,580,549	)		5,580,549		—		—		—			—

	$	(8,852,251	)	$	8,019,576	$	567,928	$	242,142	$	(22,605	)	$	1,190,000

Total — Deposits for derivatives collateral — OTC derivatives													$	5,119,000

(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.


Consolidated Statement of Operations Caption	Commodity			Credit		Equity Price			Foreign Exchange			Interest Rate			Total

Net realized gain (loss) —

Investment transactions	$	—		$	—	$	(9,455	)	$	(1,459,362	)	$	7,134,861		$	5,666,044

Written options		—			—		—			158,824			—			158,824

Futures contracts		(591,577	)		—		—			—			7,400,499			6,808,922

Swap contracts		—			14,374,159		(1,634,134	)		—			19,440,725			32,180,750

Forward foreign currency exchange contracts		—			—		—			(5,507,486	)		—			(5,507,486	)

Total	$	(591,577	)	$	14,374,159	$	(1,643,589	)	$	(6,808,024	)	$	33,976,085		$	39,307,054

Change in unrealized appreciation (depreciation) —

Investments	$	—		$	—	$	530,658		$	226,954		$	(568,902	)	$	188,710

Written options and swaptions		—			—		—			41,263			(131,314	)		(90,051	)

Futures contracts		(707,800	)		—		—			—			(1,025,474	)		(1,733,274	)

Swap contracts		131,040			661,401		—			—			4,384,529			5,176,970

Forward volatility agreements		—			—		—			—			(87,117	)		(87,117	)

Forward commodity contracts		(373,182	)		—		—			—			—			(373,182	)

Forward foreign currency exchange contracts		—			—		—			6,823,347			—			6,823,347

Total	$	(949,942	)	$	661,401	$	530,658		$	7,091,564		$	2,571,722		$	9,905,403


		57

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued


Futures Contracts — Long		Futures Contracts — Short		Forward Commodity Contracts		Forward Foreign Currency Exchange Contracts*		Forward Volatility Agreements

	$54,428,000	$	34,708,000	$	2,618,000	$	1,464,251,000	$	21,538,000


Purchased Swaptions		Purchased Call Options		Written Swaptions		Swap Contracts

	$54,923,000	$	548,462,000	$	5,231,000	$	1,713,739,000

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

The average principal amount of purchased currency options contracts and written currency options contracts and average number of purchased options contracts and written options contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately $34,923,000, $25,231,000, 2,387 contracts and 862 contracts, respectively.

7 Line of Credit

8 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $282,555,462, which represents 20.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	132,568,586	$	1,387,940,174	$	(1,237,841,395	)	$	(106,657	)	$	(5,246	)	$	282,555,462	$	1,070,457		282,555,462

9 Fair Value Measurements

•

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)


		58

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Collateralized Mortgage Obligations	$	—		$	109,808,008		$	—	$	109,808,008

Mortgage Pass-Throughs		—			186,324,443			—		186,324,443

Commercial Mortgage-Backed Securities		—			12,484,056			—		12,484,056

Asset-Backed Securities		—			138,036,232			—		138,036,232

U.S. Government Guaranteed Small Business Administration Loans		—			49,096,290			—		49,096,290

Sovereign Loans		—			438,128			—		438,128

Foreign Government Bonds		—			277,009,817			—		277,009,817

Foreign Corporate Bonds		—			51,740,402			800,582		52,540,984

Convertible Bonds		—			3,494,994			—		3,494,994

Common Stocks		—			3,813,741	*		—		3,813,741

Loan Participation Notes		—			—			563,847		563,847

Closed-End Funds		12,992,974			—			—		12,992,974

Exchange-Traded Funds		31,205,160			—			—		31,205,160

Reinsurance Side Cars		—			—			36,084,623		36,084,623

U.S. Treasury Obligations		—			41,565,952			—		41,565,952

Short-Term Investments —

Foreign Government Securities		—			58,235,156			—		58,235,156

U.S. Treasury Obligations		—			6,999,760			—		6,999,760

Other		—			282,555,462			—		282,555,462

Purchased Currency Options		—			600,076			—		600,076

Purchased Interest Rate Swaptions		—			229,368			—		229,368

Purchased Call Options		—			2,096,335			—		2,096,335

Total Investments	$	44,198,134		$	1,224,528,220		$	37,449,052	$	1,306,175,406

Forward Foreign Currency Exchange Contracts	$	—		$	13,265,621		$	—	$	13,265,621

Swap Contracts		—			40,864,378			—		40,864,378

Total	$	44,198,134		$	1,278,658,219		$	37,449,052	$	1,360,305,405

Liability Description

Securities Sold Short	$	—		$	(5,177,107	)	$	—	$	(5,177,107	)

Written Currency Options		—			(123,984	)		—		(123,984	)

Written Interest Rate Swaptions		—			(631,314	)		—		(631,314	)

Forward Commodity Contracts		—			(373,182	)		—		(373,182	)

Forward Foreign Currency Exchange Contracts		—			(9,148,201	)		—		(9,148,201	)

Futures Contracts		(552,091	)		—			—		(552,091	)

Swap Contracts		—			(31,027,341	)		—		(31,027,341	)

Total	$	(552,091	)	$	(46,481,129	)	$	—	$	(47,033,220	)

*	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.


		59

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in Senior Floating-Rate Loans			Investments in Foreign Corporate Bonds			Investments in Loan Participation Notes			Investments in Reinsurance Side Cars			Total

Balance as of October 31, 2019	$	1,561,925		$	—		$	—		$	40,437,548		$	41,999,473

Realized gains (losses)		(28,391	)		—			—			(1,931,845	)		(1,960,236	)

Change in net unrealized appreciation (depreciation)		24,124			(458,263	)		4,914			3,872,489			3,443,264

Cost of purchases		—			—			560,031			16,191,955			16,751,986

Proceeds from sales, including return of capital		(1,557,658	)		—			—			(22,485,524	)		(24,043,182	)

Accrued discount (premium)		—			—			(1,098	)		—			(1,098	)

Transfers to Level 3⁽¹⁾		—			1,258,845			—			—			1,258,845

Transfers from Level 3		—			—			—			—			—

Balance as of October 31, 2020	$	—		$	800,582		$	563,847		$	36,084,623		$	37,449,052

Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2020	$	—		$	(458,263	)	$	4,914		$	3,992,646		$	3,539,297

⁽¹⁾	Investments transferred to Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2020:

Type of Investment

Fair Value as of
October 31, 2020

Valuation
Technique

Unobservable Inputs

Input

Impact to
Valuation from
an Increase to
Input*

Foreign Corporate Bonds

800,582

Matrix Pricing

Credit spread to U.S. Treasury

4.36

Decrease

Loan Participation Notes

563,847

Matrix Pricing

Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate

2.15

Decrease

Included in foreign corporate bonds are securities valued at $0 based on their estimated recovery value percentage.

*	Represents the directional change in the fair value of the Level 3 investments that would result in an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

10 Risks and Uncertainties

Risks Associated with Foreign Investments

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


		60

Global Opportunities Portfolio

October 31, 2020

Notes to Consolidated Financial Statements — continued

Pandemic Risk

11 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		61

Global Opportunities Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of Global Opportunities Portfolio and subsidiary (the “Portfolio”), including the consolidated portfolio of investments, as of October 31, 2020, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2020, by correspondence with the custodian, brokers, and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		62

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Liquidity Risk Management Program


		63

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		64

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		65

Eaton Vance

Short Duration Strategic Income Fund

October 31, 2020

Management and Organization — continued

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

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


		66

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		67

This Page Intentionally Left Blank

Investment Adviser of Emerging Markets Local

Income Portfolio, Global Macro Absolute Return

Advantage Portfolio, Global Opportunities Portfolio and Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Short Duration Strategic Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

28 10.31.20

LOGO

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Tax-Managed Equity Asset Allocation Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			21
Federal Tax Information			22
Liquidity Risk Management Program			23
Management and Organization			24
Important Notices			27

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst equity performances in over a decade.

For the period as a whole, the MSCI World Index, a broad measure of global equities, returned 4.36%; while the S&P 500^® Index, a broad measure of U.S. stocks, returned 9.71%; and the technology-laden Nasdaq Composite Index returned 32.84%. The MSCI EAFE Index of developed-market international equities returned -6.86%; while the MSCI Emerging Markets Index returned 8.25% in U.S. dollars.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Tax- Managed Equity Asset Allocation Fund (the Fund) returned 5.07% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the Russell 3000^® Index (the Index), which returned 10.15%. The Fund also underperformed its blended benchmark consisting of 80% the Index, 10% MSCI EAFE Index, and 10% ICE BofA Fixed Rate Preferred Securities Index (the Blended Index), which returned 7.83% during the period.

The Fund’s performance is a function of the returns of the underlying portfolios in which it invests and the Fund’s allocation among those portfolios, as well as the performance of the Fund’s direct investments. The Fund invests in tax-managed portfolios across equity market capitalizations and styles as well as direct investments, which include preferred stocks and hybrid securities.

During the period, U.S. large-cap growth stocks significantly outperformed virtually every other broad equity asset class, including large-cap value stocks, small- and mid-cap stocks, and international stocks. While value stocks participated in the broad equity rally in late spring and summer 2020, most U.S. value indexes — in contrast with growth indexes — were in negative territory for the period as a whole. In this market environment, the Fund’s broad diversification across investment styles and geographies constrained relative Fund performance against the U.S.-based large-cap weighted Index.

The Fund’s allocations to Tax-Managed Value Portfolio, Tax-Managed Small-Cap Portfolio, Tax-Managed International Equity Portfolio, and its direct investment in preferred stocks and other hybrid securities underperformed the Index and, thus, detracted from relative performance. In contrast, the Fund’s allocations to Tax-Managed Multi-Cap Growth Portfolio and Tax-Managed Growth Portfolio outperformed the Index during the period and contributed to Fund performance versus the Index.

Fund management made no significant changes to the Fund’s allocation mix during the period. As of period-end, allocations to the Fund’s underlying component portfolios were: Tax-Managed Multi-Cap Growth Portfolio – 16.3%; Tax-Managed Growth Portfolio – 35.3%; Tax-Managed Value Portfolio – 25.6%; Tax-Managed International Equity Portfolio – 5.7%; Tax-Managed Small-Cap Portfolio – 10.3%; and direct investments in preferred stocks and other hybrid securities (including exchange-traded funds that invest in preferred securities and similar instruments) – 6.8%.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Performance^2,3

Portfolio Managers Lewis R. Piantedosi and John H. Croft, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		03/04/2002		03/04/2002		5.07	%		8.57	%		9.77	%
Class A with 5.75% Maximum Sales Charge		—		—		–0.96			7.28			9.13
Class C at NAV		03/04/2002		03/04/2002		4.29			7.76			8.96
Class C with 1% Maximum Sales Charge		—		—		3.29			7.76			8.96
Class I at NAV		09/11/2015		03/04/2002		5.31			8.85			9.91



Russell 3000^® Index		—		—		10.15	%		11.47	%		12.79	%
MSCI EAFE Index		—		—		–6.86			2.84			3.82

ICE BofA Fixed Rate Preferred Securities Index		—		—		4.03			5.77			6.36
Blended Index		—		—		7.83			10.11			11.31

% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A After Taxes on Distributions		03/04/2002		03/04/2002		–1.32	%		6.60	%		8.42	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		–0.18			5.78			7.53

Class C After Taxes on Distributions		03/04/2002		03/04/2002		3.02			7.20			8.35
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		2.23			6.22			7.42

Class I After Taxes on Distributions		09/11/2015		03/04/2002		4.87			8.11			9.10
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		3.60			7.09			8.15

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						1.34	%		2.09	%		1.09	%

Growth of $10,000

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

LOGO

Growth of Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$23,596

N.A.

Class I

$250,000

10/31/2010

$643,443

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Fund Profile⁵

Portfolio Allocation (% of total investments)

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Endnotes and Additional Disclosures

Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. 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. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. 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 80% Russell 3000^® Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities 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.

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 I is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

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

⁵

Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests. Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

Fund profile subject to change due to active management.

Additional Information

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. 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. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund.


		5

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,132.00	$	6.75		1.26	%
Class C	$	1,000.00	$	1,127.50	$	10.80		2.02	%
Class I	$	1,000.00	$	1,133.20	$	5.42		1.01	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.80	$	6.39		1.26	%
Class C	$	1,000.00	$	1,015.00	$	10.23		2.02	%
Class I	$	1,000.00	$	1,020.10	$	5.13		1.01	%


		6

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Portfolio of Investments


Investments in Affiliated Portfolios — 93.2%
Description			Value

Tax-Managed Growth Portfolio (identified cost, $73,015,856)			$	181,828,405

Tax-Managed International Equity Portfolio (identified cost, $29,723,242)				29,586,962

Tax-Managed Multi-Cap Growth Portfolio (identified cost, $34,112,580)				84,020,820

Tax-Managed Small-Cap Portfolio (identified cost, $46,311,536)				52,903,887

Tax-Managed Value Portfolio (identified cost, $86,966,246)				131,956,102

Total Investments in Affiliated Portfolios (identified cost $270,129,460)			$	480,296,176

Preferred Stocks — 1.2%
Security	Shares		Value

Banks — 0.2%

Texas Capital Bancshares, Inc., 6.50%		17,272	$	439,054

Wells Fargo & Co., Series L, 7.50% (Convertible)		385		519,273

			$	958,327

Electric Utilities — 0.1%

SCE Trust III, Series H, 5.75% to 3/15/24⁽¹⁾		37,000	$	817,700

			$	817,700

Equity Real Estate Investment Trusts (REITs) — 0.1%

SITE Centers Corp., Series A, 6.375%		19,000	$	463,600

SITE Centers Corp., Series K, 6.25%		6,000		143,940

Vornado Realty Trust, Series K, 5.70%		3,435		84,570

			$	692,110

Independent Power and Renewable Electricity Producers — 0.1%

Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24⁽¹⁾		9,950	$	267,282

			$	267,282

Insurance — 0.3%

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25⁽¹⁾		25,890	$	674,693

Athene Holding, Ltd., Series C, 6.375% to 6/30/25⁽¹⁾		32,000		860,800

			$	1,535,493

Oil, Gas & Consumable Fuels — 0.2%

NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽¹⁾		59,850	$	990,518

			$	990,518


Security	Shares		Value

Pipelines — 0.1%

Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23⁽¹⁾		15,000	$	274,350

Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24⁽¹⁾		8,960		174,272

			$	448,622

Real Estate Management & Development — 0.1%

Brookfield Property Partners, L.P., Series A, 5.75%		2,121	$	41,147

Brookfield Property Partners, L.P., Series A, 6.50%		14,575		304,326

Brookfield Property Partners, L.P., Series A2, 6.375%		19,390		391,678

			$	737,151

Total Preferred Stocks (identified cost $7,208,505)			$	6,447,203

Debt Obligations — 4.3%⁽²⁾
Security	Principal Amount (000’s omitted)		Value

Automobiles — 0.1%

General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30⁽¹⁾⁽³⁾	$	274	$	284,275

			$	284,275

Banks — 2.1%

Banco Mercantil del Norte S.A./Grand Cayman, 8.375% to 10/14/30^(1)(3)(4)	$	400	$	425,104

Bank of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25⁽¹⁾⁽³⁾		195		209,137

Barclays PLC, 6.125% to 12/15/25⁽¹⁾⁽³⁾		1,000		1,019,884

Citigroup, Inc., 5.95% to 1/30/23⁽¹⁾⁽³⁾		330		342,533

Citigroup, Inc., Series M, 6.30% to 5/15/24⁽¹⁾⁽³⁾		940		976,425

Comerica, Inc., 5.625% to 7/1/25⁽¹⁾⁽³⁾		398		425,860

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(1)(3)(4)		473		473,385

HSBC Holdings PLC, 6.375% to 9/17/24⁽¹⁾⁽³⁾		251		258,857

HSBC Holdings PLC, 6.875% to 6/1/21⁽¹⁾⁽³⁾		599		607,916

Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30⁽¹⁾⁽³⁾		395		442,894

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽¹⁾⁽³⁾		1,392		1,465,188

KeyCorp, Series D, 5.00% to 9/15/26⁽¹⁾⁽³⁾		975		1,002,627

Lloyds Banking Group PLC, 7.50% to 6/27/24⁽¹⁾⁽³⁾		600		634,332

Natwest Group PLC, 6.00% to 12/29/25⁽¹⁾⁽³⁾		229		237,519

Natwest Group PLC, 8.00% to 8/10/25⁽¹⁾⁽³⁾		778		872,605

PNC Financial Services Group, Inc. (The), Series S, 5.00% to 11/1/26⁽¹⁾⁽³⁾		485		519,627


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Banks (continued)

Regions Financial Corp., Series D, 5.75% to 6/15/25⁽¹⁾⁽³⁾	$	204	$	219,045

Standard Chartered PLC, 6.00% to 7/26/25^(1)(3)(4)		456		469,680

Truist Financial Corp., Series P, 4.95% to 9/1/25⁽¹⁾⁽³⁾		198		210,375

Truist Financial Corp., Series Q, 5.10% to 3/1/30⁽¹⁾⁽³⁾		249		273,106

			$	11,086,099

Capital Markets — 0.6%

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79⁽¹⁾	$	425	$	337,197

Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25⁽¹⁾⁽³⁾		651		714,473

Morgan Stanley, Series J, 4.047% to 1/15/21⁽¹⁾⁽³⁾		800		785,126

UBS Group AG, 6.875% to 8/7/25^(1)(3)(5)		1,000		1,106,550

			$	2,943,346

Diversified Financial Services — 0.1%

Discover Financial Services, Series D, 6.125% to 6/23/25⁽¹⁾⁽³⁾	$	327	$	353,324

			$	353,324

Electric Utilities — 0.3%

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽¹⁾	$	450	$	499,160

Sempra Energy, 4.875% to 10/15/25⁽¹⁾⁽³⁾		775		807,937

Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57⁽¹⁾		366		376,393

			$	1,683,490

Food Products — 0.2%

Land O’ Lakes, Inc., 8.00%⁽³⁾⁽⁴⁾	$	1,324	$	1,317,380

			$	1,317,380

Gas Utilities — 0.1%

NiSource, Inc., 5.65% to 6/15/23⁽¹⁾⁽³⁾	$	645	$	645,316

			$	645,316

Insurance — 0.1%

QBE Insurance Group, Ltd., 5.875% to 5/12/25^(1)(3)(4)	$	694	$	742,580

			$	742,580

Multi-Utilities — 0.2%

Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23⁽¹⁾⁽³⁾	$	900	$	911,052

			$	911,052

Oil, Gas & Consumable Fuels — 0.4%

DCP Midstream, L.P., Series A, 7.375% to 12/15/22⁽¹⁾⁽³⁾	$	925	$	601,905

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽¹⁾⁽³⁾		1,422		604,350


Security	Principal Amount (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)

Odebrecht Oil & Gas Finance, Ltd., 0.00%⁽³⁾⁽⁴⁾	$	550	$	1,376

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽¹⁾⁽³⁾		1,050		649,687

			$	1,857,318

Pipelines — 0.1%

Energy Transfer Operating, L.P., Series B, 6.625% to 2/15/28⁽¹⁾⁽³⁾	$	502	$	357,296

			$	357,296

Total Debt Obligations (identified cost $23,141,149)			$	22,181,476

Exchange-Traded Funds — 1.2%
Security	Shares		Value

Equity Funds — 1.2%

iShares Preferred & Income Securities ETF		173,286	$	6,276,419

Total Exchange-Traded Funds (identified cost $6,801,017)			$	6,276,419

Total Investments — 99.9% (identified cost $307,280,131)			$	515,201,274

Other Assets, Less Liabilities — 0.1%			$	265,003

Net Assets — 100.0%			$	515,466,277

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

⁽¹⁾	Security converts to variable rate after the indicated fixed-rate coupon period.

⁽²⁾	Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

⁽³⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾

⁽⁵⁾


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Affiliated investments, at value (identified cost, $270,129,460)	$	480,296,176

Unaffiliated investments, at value (identified cost, $37,150,671)		34,905,098

Interest and dividends receivable		341,245

Receivable for investments sold		318,875

Receivable for Fund shares sold		148,854

Total assets	$	516,010,248

Liabilities

Payable for Fund shares redeemed	$	111,801

Payable to affiliates:

Investment adviser fee		106,886

Administration fee		68,573

Distribution and service fees		123,135

Trustees’ fees		42

Accrued expenses		133,534

Total liabilities	$	543,971

Net Assets	$	515,466,277

Sources of Net Assets

Paid-in capital	$	218,139,085

Distributable earnings		297,327,192

Total	$	515,466,277

Class A Shares

Net Assets	$	373,288,856

Shares Outstanding		16,180,680

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	23.07

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	24.48

Class C Shares

Net Assets	$	44,822,037

Shares Outstanding		2,103,713

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	21.31

Class I Shares

Net Assets	$	97,355,384

Shares Outstanding		4,221,641

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	23.06

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

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


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividend income	$	938,281

Dividend income allocated from affiliated Portfolios (net of foreign taxes, $161,881)		7,990,545

Interest income		1,476,122

Securities lending income allocated from affiliated Portfolios, net		18,910

Expenses allocated from affiliated Portfolios		(2,862,917	)

Total investment income	$	7,560,941

Expenses

Investment adviser fee	$	1,221,341

Administration fee		772,986

Distribution and service fees

Class A		922,012

Class C		507,075

Trustees’ fees and expenses		500

Custodian fee		38,216

Transfer and dividend disbursing agent fees		243,329

Legal and accounting services		68,913

Printing and postage		32,201

Registration fees		52,462

Miscellaneous		14,308

Total expenses	$	3,873,343

Net investment income	$	3,687,598

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(1,503,299	)

Net realized gain (loss) allocated from affiliated Portfolios —

Investment transactions		14,336,431	⁽¹⁾

Foreign currency transactions		(884	)

Net realized gain	$	12,832,248

Change in unrealized appreciation (depreciation) —

Unaffiliated investments	$	(2,022,029	)

Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios —

Investments		7,429,219

Foreign currency		15,046

Net change in unrealized appreciation (depreciation)	$	5,422,236

Net realized and unrealized gain	$	18,254,484

Net increase in net assets from operations	$	21,942,082

⁽¹⁾	Includes $13,080,896 of net realized gains from redemptions in-kind.


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	3,687,598		$	4,192,073

Net realized gain		12,832,248	⁽¹⁾		17,080,088	⁽²⁾

Net change in unrealized appreciation (depreciation)		5,422,236			33,789,463

Net increase in net assets from operations	$	21,942,082		$	55,061,624

Distributions to shareholders —

Class A	$	(7,227,583	)	$	(5,210,972	)

Class B		—			(10,671	)

Class C		(745,511	)		(1,812,999	)

Class I		(2,133,731	)		(1,463,256	)

Total distributions to shareholders	$	(10,106,825	)	$	(8,497,898	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	18,844,109		$	18,751,039

Class C		5,610,146			7,250,163

Class I		26,419,848			25,150,351

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		6,681,661			4,742,464

Class B		—			10,621

Class C		687,654			1,744,174

Class I		1,991,043			1,344,139

Cost of shares redeemed

Class A		(48,977,443	)		(39,208,993	)

Class B		—			(33,234	)

Class C		(11,943,464	)		(16,471,056	)

Class I		(21,966,361	)		(9,720,692	)

Net asset value of shares converted⁽³⁾

Class A		7,515,016			86,447,434

Class B		—			(958,970	)

Class C		(7,515,016	)		(85,488,464	)

Net decrease in net assets from Fund share transactions	$	(22,652,807	)	$	(6,441,024	)

Net increase (decrease) in net assets	$	(10,817,550	)	$	40,122,702

Net Assets

At beginning of year	$	526,283,827		$	486,161,125

At end of year	$	515,466,277		$	526,283,827

⁽¹⁾	Includes $13,080,896 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $9,768,908 of net realized gains from redemptions in-kind.

⁽³⁾	Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019, upon the termination of Class B.


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	22.370		$	20.450		$	19.970		$	16.770		$	17.630

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.165		$	0.193		$	0.160		$	0.186		$	0.193

Net realized and unrealized gain (loss)		0.969			2.122			0.951			3.207			(0.017	)

Total income from operations	$	1.134		$	2.315		$	1.111		$	3.393		$	0.176

Less Distributions

From net investment income	$	(0.154	)	$	(0.163	)	$	(0.171	)	$	(0.162	)	$	(0.123	)

From net realized gain		(0.280	)		(0.232	)		(0.460	)		(0.031	)		(0.913	)

Total distributions	$	(0.434	)	$	(0.395	)	$	(0.631	)	$	(0.193	)	$	(1.036	)

Net asset value — End of year	$	23.070		$	22.370		$	20.450		$	19.970		$	16.770

Total Return⁽²⁾		5.07	%		11.75	%		5.60	%		20.39	%		1.09	%

Ratios/Supplemental Data

Nets assets, end of year (000’s omitted)	$	373,289		$	379,547		$	272,567		$	265,204		$	227,186

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.28	%		1.33	%		1.31	%		1.31	%		1.32	%

Net investment income		0.74	%		0.91	%		0.77	%		1.01	%		1.17	%

Portfolio Turnover of the Fund⁽⁴⁾		7	%		7	%		6	%		10	%		6	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		12		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	20.700		$	18.930		$	18.520		$	15.570		$	16.430

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.001		$	0.043		$	0.005		$	0.047		$	0.064

Net realized and unrealized gain (loss)		0.889			1.965			0.892			2.978			(0.009	)

Total income from operations	$	0.890		$	2.008		$	0.897		$	3.025		$	0.055

Less Distributions

From net investment income	$	—		$	(0.006	)	$	(0.027	)	$	(0.044	)	$	(0.002	)

From net realized gain		(0.280	)		(0.232	)		(0.460	)		(0.031	)		(0.913	)

Total distributions	$	(0.280	)	$	(0.238	)	$	(0.487	)	$	(0.075	)	$	(0.915	)

Net asset value — End of year	$	21.310		$	20.700		$	18.930		$	18.520		$	15.570

Total Return⁽²⁾		4.29	%		10.88	%		4.86	%		19.49	%		0.32	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	44,822		$	56,979		$	147,004		$	163,689		$	162,450

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		2.03	%		2.08	%		2.06	%		2.06	%		2.07	%

Net investment income		0.00	%⁽⁴⁾		0.23	%		0.03	%		0.27	%		0.42	%

Portfolio Turnover of the Fund⁽⁵⁾		7	%		7	%		6	%		10	%		6	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Amount is less than 0.005%.

⁽⁵⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		13		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	22.360		$	20.450		$	19.970		$	16.760		$	17.620

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.220		$	0.244		$	0.207		$	0.229		$	0.226

Net realized and unrealized gain (loss)		0.968			2.113			0.952			3.217			(0.004	)

Total income from operations	$	1.188		$	2.357		$	1.159		$	3.446		$	0.222

Less Distributions

From net investment income	$	(0.208	)	$	(0.215	)	$	(0.219	)	$	(0.205	)	$	(0.169	)

From net realized gain		(0.280	)		(0.232	)		(0.460	)		(0.031	)		(0.913	)

Total distributions	$	(0.488	)	$	(0.447	)	$	(0.679	)	$	(0.236	)	$	(1.082	)

Net asset value — End of year	$	23.060		$	22.360		$	20.450		$	19.970		$	16.760

Total Return⁽²⁾		5.31	%		12.02	%		5.85	%		20.76	%		1.36	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	97,355		$	89,758		$	65,649		$	47,031		$	24,467

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.03	%		1.08	%		1.06	%		1.06	%		1.07	%

Net investment income		0.99	%		1.16	%		0.99	%		1.23	%		1.36	%

Portfolio Turnover of the Fund⁽⁴⁾		7	%		7	%		6	%		10	%		6	%

⁽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⁾	Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁴⁾	Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.


		14		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Tax-Managed Equity Asset Allocation 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 offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is to achieve long-term, after-tax returns for its shareholders. The Fund currently pursues its objective by investing directly in securities and in interests in five tax-managed equity portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2020 were as follows: Tax-Managed Growth Portfolio (0.8%), Tax-Managed Value Portfolio (18.7%), Tax-Managed International Equity Portfolio (49.3%), Tax-Managed Multi-Cap Growth Portfolio (41.8%) and Tax-Managed Small-Cap Portfolio (34.0%). The performance of the Fund is directly affected by the performance of the Portfolios. A copy of each Portfolio’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

A Investment Valuation — The valuation policies common to the Portfolios are as follows:

Affiliated Fund. The Portfolios may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by 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 Portfolios in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolios 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.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. Additional valuation policies of the Fund are as follows:


		15

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Notes to Financial Statements — continued

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.

Preferred Equity Securities. Preferred equity securities that are not listed or traded in the over-the-counter market are valued by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

B Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income on direct investments is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Interest income on direct investments is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by a Portfolio.

G Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

2 Distributions to Shareholders and Income Tax Information


		16

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	3,477,795	$	2,898,615

Long-term capital gains	$	6,629,030	$	5,599,283

During the year ended October 31, 2020, distributable earnings was decreased by $211,099 and paid-in capital was increased by $211,099 primarily due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	2,728,766

Deferred capital losses	$	(1,189,708	)

Net unrealized appreciation	$	295,638,333

Other temporary differences	$	149,801

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $1,189,708 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 October 31, 2020, $1,189,708 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	219,562,941

Gross unrealized appreciation	$	298,969,912

Gross unrealized depreciation		(3,331,579	)

Net unrealized appreciation	$	295,638,333

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million, 0.70% on net assets of $500 million but less than $1 billion and at reduced rates on daily net assets of $1 billion or more, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. The investment adviser fee payable by the Fund is reduced by the Fund’s allocable portion of the investment adviser fees paid by the Portfolios in which it invests. For the year ended October 31, 2020, the Fund’s investment adviser fee totaled $3,852,485, of which $2,631,144 was allocated from the Portfolios and $1,221,341 was paid or accrued directly by the Fund. For the year ended October 31, 2020, the Fund’s investment adviser fee, including the fees allocated from the Portfolios, was 0.75% of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $772,986.


		17

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Notes to Financial Statements — continued

received $43,716 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of EVM.

4 Distribution Plans

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $400 and $6,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolios were as follows:


Portfolio	Contributions		Withdrawals

Tax-Managed Growth Portfolio	$	7,134,751	$	16,769,860

Tax-Managed Value Portfolio		6,465,434		15,250,385

Tax-Managed International Equity Portfolio		1,877,061		4,427,531

Tax-Managed Multi-Cap Growth Portfolio		2,815,593		6,641,297

Tax-Managed Small-Cap Portfolio		2,607,030		6,149,349

7 Purchases and Sales of Direct Investments

Purchases and sales of direct investments, other than short-term obligations, aggregated $14,212,477 and $20,398,092, respectively, for the year ended October 31, 2020.


		18

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Notes to Financial Statements — continued

8 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		859,474			886,217

Issued to shareholders electing to receive payments of distributions in Fund shares		289,249			259,445

Redemptions		(2,278,274	)		(1,873,884	)

Converted from Class B shares		—			45,133

Converted from Class C shares		342,897			4,323,944

Net increase (decrease)		(786,654	)		3,640,855

Class B				Year Ended October 31, 2019⁽¹⁾

Sales					—

Issued to shareholders electing to receive payments of distributions in Fund shares					614

Redemptions					(1,681	)

Converted to Class A shares					(47,919	)

Net decrease					(48,986	)

	Year Ended October 31,
Class C	2020			2019

Sales		279,641			380,519

Issued to shareholders electing to receive payments of distributions in Fund shares		32,014			102,478

Redemptions		(590,902	)		(861,999	)

Converted to Class A shares		(370,039	)		(4,635,573	)

Net decrease		(649,286	)		(5,014,575	)

	Year Ended October 31,
Class I	2020			2019

Sales		1,198,842			1,205,037

Issued to shareholders electing to receive payments of distributions in Fund shares		86,417			73,732

Redemptions		(1,078,649	)		(474,283	)

Net increase		206,610			804,486

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

9 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments


		19

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Notes to Financial Statements — continued

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:


Asset Description	Level 1		Level 2		Level 3		Total

Investments in Affiliated Portfolios	$	480,296,176	$	—	$	—	$	480,296,176

Preferred Stocks		6,179,921		267,282		—		6,447,203

Debt Obligations		—		22,181,476		—		22,181,476

Exchange-Traded Funds		6,276,419		—		—		6,276,419

Total Investments	$	492,752,516	$	22,448,758	$	—	$	515,201,274

10 Risks and Uncertainties

Pandemic Risk

11 Additional Information


		20

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Equity Asset Allocation Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Equity Asset Allocation Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 22, 2020

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


		21

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $6,168,254, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2020 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.


		22

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Liquidity Risk Management Program


		23

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		24

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		25

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		26

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		27

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

1299 10.31.20

LOGO

Eaton Vance

Tax-Managed Global Dividend Income Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Tax-Managed Global Dividend Income Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			25
Federal Tax Information			26
Liquidity Risk Management Program			27
Management and Organization			28
Important Notices			31

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst equity performances in over a decade.

For the period as a whole, the MSCI World Index, a broad measure of global equities, returned 4.36%; while the S&P 500^® Index, a broad measure of U.S. stocks, returned 9.71%; and the technology-laden Nasdaq Composite Index returned 32.84%. The MSCI EAFE Index of developed-market international equities returned -6.86%; while the MSCI Emerging Markets Index returned 8.25% in U.S. dollars.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Tax-Managed Global Dividend Income Fund (the Fund) returned 3.20% for Class A shares at net asset value (NAV), underperforming its benchmark, the MSCI World Index (the Index), which returned 4.36%.

The key detractor from performance versus the Index was the Fund’s preferred securities allocation. The Fund’s preferred securities allocation (i.e., preferred stocks, exchange-traded funds investing primarily in preferred stock, and corporate bonds and other debt securities with preferred characteristics) underperformed both the Index and the overall preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index (the Preferred Index).

Overweight exposure to energy company securities, relative to the Preferred Index, was the main factor in the underperformance of the Fund’s preferred securities allocation versus the Preferred Index. As trade and travel declined precipitously around the world during the global pandemic, the energy sector was one of the hardest-hit areas of the market as demand plummeted. Security selections within the Fund’s preferred securities allocation also detracted from performance versus the Index during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Performance^2,3

Portfolio Managers Christopher M. Dyer, CFA, of Eaton Vance Advisers International Ltd.; Michael A. Allison, CFA and John H. Croft, CFA, each of Eaton Vance Management


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		05/30/2003		05/30/2003		3.20	%		5.71	%		6.98	%
Class A with 5.75% Maximum Sales Charge		—		—		–2.76			4.47			6.35
Class C at NAV		05/30/2003		05/30/2003		2.34			4.91			6.17
Class C with 1% Maximum Sales Charge		—		—		1.34			4.91			6.17
Class I at NAV		08/27/2007		05/30/2003		3.38			5.97			7.25



MSCI World Index		—		—		4.36	%		8.12	%		8.63	%

% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A After Taxes on Distributions		05/30/2003		05/30/2003		–3.43	%		3.66	%		5.48	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		–0.97			3.49			5.11
Class C After Taxes on Distributions		05/30/2003		05/30/2003		0.79			4.26			5.47
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		1.34			3.89			5.02
Class I After Taxes on Distributions		08/27/2007		05/30/2003		2.62			5.09			6.33
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		2.75			4.72			5.88

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						1.22	%		1.97	%		0.97	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$18,214

N.A.

Class I

$250,000

10/31/2010

$503,869

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Fund Profile

Common Stock Sector Allocation (% of total investments)

LOGO

Country Allocation (% of total investments)

LOGO

Top 10 Holdings (% of total investments)⁵



Amazon.com, Inc.	4.5	%

Alphabet, Inc., Class C	4.4

Microsoft Corp.	4.1

Apple, Inc.	3.0

Facebook, Inc., Class A	2.0

adidas AG	1.9

Mondelez International, Inc., Class A	1.8

Nestle S.A.	1.8

Unilever PLC	1.8

Keyence Corp.	1.8

Total	27.1	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Endnotes and Additional Disclosures

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

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information


		5

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,124.30	$	6.41		1.20	%
Class C	$	1,000.00	$	1,119.50	$	10.39		1.95	%
Class I	$	1,000.00	$	1,125.60	$	5.08		0.95	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.10	$	6.09		1.20	%
Class C	$	1,000.00	$	1,015.30	$	9.88		1.95	%
Class I	$	1,000.00	$	1,020.40	$	4.82		0.95	%


		6

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Portfolio of Investments


Common Stocks — 97.2%
Security	Shares		Value

Banks — 4.9%

Banco Santander S.A.⁽¹⁾		817,800	$	1,637,690

Bank of New York Mellon Corp. (The)		277,386		9,530,983

Citigroup, Inc.		121,500		5,032,530

HDFC Bank, Ltd.⁽¹⁾		216,762		3,458,312

ING Groep NV⁽¹⁾		637,030		4,363,475

KeyCorp.		247,085		3,207,163

			$	27,230,153

Beverages — 1.1%

Diageo PLC		178,912	$	5,782,050

			$	5,782,050

Biotechnology — 0.9%

CSL, Ltd.		23,368	$	4,731,022

			$	4,731,022

Building Products — 1.0%

Assa Abloy AB, Class B		245,993	$	5,272,236

			$	5,272,236

Chemicals — 0.8%

Sika AG		18,377	$	4,520,829

			$	4,520,829

Construction & Engineering — 0.0%

Abengoa S.A., Class A⁽¹⁾⁽²⁾		74,946	$	0

Abengoa S.A., Class B⁽¹⁾⁽²⁾		774,970		0

			$	0

Construction Materials — 1.0%

CRH PLC		156,364	$	5,471,454

			$	5,471,454

Consumer Finance — 1.0%

Capital One Financial Corp.		48,105	$	3,515,513

OneMain Holdings, Inc.		53,769		1,876,001

			$	5,391,514

Diversified Financial Services — 2.5%

Berkshire Hathaway, Inc., Class B⁽¹⁾		36,729	$	7,415,585

ORIX Corp.		518,995		6,069,769

			$	13,485,354


Security	Shares		Value

Electric Utilities — 2.1%

Iberdrola S.A.		450,805	$	5,322,914

NextEra Energy, Inc.		82,356		6,029,283

			$	11,352,197

Electrical Equipment — 2.8%

AMETEK, Inc.		85,537	$	8,399,734

Schneider Electric SE		59,707		7,254,783

			$	15,654,517

Electronic Equipment, Instruments & Components — 4.8%

CDW Corp.		36,529	$	4,478,455

Halma PLC		136,011		4,173,849

Keyence Corp.		21,137		9,592,446

Murata Manufacturing Co., Ltd.		54,117		3,795,152

Zebra Technologies Corp., Class A⁽¹⁾		15,770		4,473,003

			$	26,512,905

Entertainment — 2.1%

Nintendo Co., Ltd.		7,794	$	4,214,128

Walt Disney Co. (The)		61,174		7,417,348

			$	11,631,476

Equity Real Estate Investment Trusts (REITs) — 1.5%

American Tower Corp.		19,388	$	4,452,454

Equity Residential		82,453		3,873,642

			$	8,326,096

Food Products — 3.6%

Mondelez International, Inc., Class A		189,463	$	10,064,275

Nestle S.A.		89,082		10,019,755

			$	20,084,030

Health Care Equipment & Supplies — 5.3%

Alcon, Inc.⁽¹⁾		80,899	$	4,599,360

Baxter International, Inc.		43,840		3,400,669

Boston Scientific Corp.⁽¹⁾		212,543		7,283,849

Intuitive Surgical, Inc.⁽¹⁾		12,237		8,163,058

Straumann Holding AG		5,466		5,705,698

			$	29,152,634

Health Care Providers & Services — 0.9%

Anthem, Inc.		17,996	$	4,909,309

			$	4,909,309


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Hotels, Restaurants & Leisure — 1.2%

Compass Group PLC		486,152	$	6,654,319

			$	6,654,319

Industrial Conglomerates — 1.1%

DCC PLC		92,748	$	6,026,946

			$	6,026,946

Insurance — 2.3%

AIA Group, Ltd.		665,690	$	6,335,487

Aviva PLC		571,485		1,906,230

AXA S.A.		272,145		4,370,458

			$	12,612,175

Interactive Media & Services — 7.5%

Alphabet, Inc., Class C⁽¹⁾		14,852	$	24,075,240

Facebook, Inc., Class A⁽¹⁾		42,138		11,086,929

Tencent Holdings, Ltd.		79,628		6,084,026

			$	41,246,195

Internet & Direct Marketing Retail — 4.5%

Amazon.com, Inc.⁽¹⁾		8,171	$	24,808,382

			$	24,808,382

IT Services — 3.3%

Amadeus IT Group S.A.		140,489	$	6,693,760

Global Payments, Inc.		20,640		3,255,754

Visa, Inc., Class A		45,354		8,241,275

			$	18,190,789

Leisure Products — 1.2%

Yamaha Corp.		138,790	$	6,579,364

			$	6,579,364

Life Sciences Tools & Services — 0.7%

Lonza Group AG		6,251	$	3,787,544

			$	3,787,544

Machinery — 4.0%

Ingersoll Rand, Inc.⁽¹⁾		153,015	$	5,346,344

Sandvik AB⁽¹⁾		317,948		5,667,451

SMC Corp.		9,839		5,233,416

Stanley Black & Decker, Inc.		36,078		5,996,163

			$	22,243,374


Security	Shares		Value

Metals & Mining — 1.3%

Rio Tinto, Ltd.		111,787	$	7,272,175

			$	7,272,175

Mortgage Real Estate Investment Trusts (REITs) — 0.5%

AGNC Investment Corp.		204,204	$	2,852,730

			$	2,852,730

Multi-Utilities — 0.6%

CMS Energy Corp.		55,576	$	3,519,628

			$	3,519,628

Oil, Gas & Consumable Fuels — 1.9%

Chevron Corp.		59,626	$	4,144,007

EOG Resources, Inc.		117,093		4,009,264

Phillips 66		52,607		2,454,643

			$	10,607,914

Personal Products — 1.8%

Unilever PLC		173,822	$	9,905,910

			$	9,905,910

Pharmaceuticals — 6.5%

Eli Lilly & Co.		36,234	$	4,727,088

Novo Nordisk A/S, Class B		88,739		5,658,499

Roche Holding AG PC		25,357		8,147,999

Sanofi		91,888		8,296,874

Zoetis, Inc.		56,802		9,005,957

			$	35,836,417

Professional Services — 3.1%

Recruit Holdings Co., Ltd.		202,412	$	7,701,907

RELX PLC		293,618		5,810,085

Verisk Analytics, Inc.		21,108		3,756,591

			$	17,268,583

Semiconductors & Semiconductor Equipment — 4.9%

ASML Holding NV		21,406	$	7,744,752

Infineon Technologies AG		226,968		6,319,056

Micron Technology, Inc.⁽¹⁾		88,318		4,445,928

Taiwan Semiconductor Manufacturing Co., Ltd. ADR		100,765		8,451,161

			$	26,960,897


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Software — 5.6%

Dassault Systemes SE		26,803	$	4,570,188

Intuit, Inc.		12,534		3,944,199

Microsoft Corp.		110,047		22,281,216

			$	30,795,603

Specialty Retail — 2.5%

Lowe’s Cos., Inc.		43,689	$	6,907,231

TJX Cos., Inc. (The)		135,716		6,894,373

			$	13,801,604

Technology Hardware, Storage & Peripherals — 3.0%

Apple, Inc.		152,121	$	16,559,892

			$	16,559,892

Textiles, Apparel & Luxury Goods — 3.4%

adidas AG⁽¹⁾		35,609	$	10,579,607

LVMH Moet Hennessy Louis Vuitton SE		17,856		8,369,959

			$	18,949,566

Total Common Stocks (identified cost $466,215,667)			$	535,987,783

Preferred Stocks — 0.2%
Security	Shares		Value

Food Products — 0.2%

Ocean Spray Cranberries, Inc., Series A, 6.25%⁽³⁾		11,860	$	975,485

			$	975,485

Oil, Gas & Consumable Fuels — 0.0%⁽⁴⁾

NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽⁵⁾		15,465	$	255,946

			$	255,946

Total Preferred Stocks (identified cost $1,265,286)			$	1,231,431

Corporate Bonds & Notes — 1.2%
Security	Principal Amount (000’s omitted)		Value

Banks — 0.2%

Bank of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25⁽⁵⁾⁽⁶⁾	$	46	$	49,335


Security	Principal Amount (000’s omitted)		Value

Banks (continued)

Citigroup, Inc., Series M, 6.30% to 5/15/24⁽⁵⁾⁽⁶⁾	$	240	$	249,300

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(3)(5)(6)		280		280,228

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽⁵⁾⁽⁶⁾		237		249,461

			$	828,324

Capital Markets — 0.0%⁽⁴⁾

Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25⁽⁵⁾⁽⁶⁾	$	151	$	165,723

			$	165,723

Diversified Financial Services — 0.9%

PPTT, 2006-A GS, Class A, 5.802%^(3)(6)(7)	$	4,541	$	4,766,136

			$	4,766,136

Electric Utilities — 0.0%⁽⁴⁾

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽⁵⁾	$	80	$	88,740

			$	88,740

Gas Utilities — 0.1%

NiSource, Inc., 5.65% to 6/15/23⁽⁵⁾⁽⁶⁾	$	290	$	290,142

			$	290,142

Insurance — 0.0%⁽⁴⁾

QBE Insurance Group, Ltd., 5.875% to 5/12/25^(3)(5)(6)	$	200	$	214,000

			$	214,000

Oil, Gas & Consumable Fuels — 0.0%⁽⁴⁾

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽⁵⁾⁽⁶⁾	$	207	$	87,975

Odebrecht Oil & Gas Finance, Ltd., 0.00%⁽³⁾⁽⁶⁾		2,008		5,019

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽⁵⁾⁽⁶⁾		195		120,656

			$	213,650

Pipelines — 0.0%⁽⁴⁾

Energy Transfer Operating, L.P., Series B, 6.625% to 2/15/28⁽⁵⁾⁽⁶⁾	$	172	$	122,420

			$	122,420

Total Corporate Bonds & Notes (identified cost $8,403,584)			$	6,689,135


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Portfolio of Investments — continued


Exchange-Traded Funds — 0.2%
Security	Shares		Value

Equity Funds — 0.2%

iShares Preferred & Income Securities ETF	$	25,815	$	935,019

Total Exchange-Traded Funds (identified cost $905,251)			$	935,019

Short-Term Investments — 0.5%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁸⁾		2,744,375	$	2,744,375

Total Short-Term Investments (identified cost $2,744,375)			$	2,744,375

Total Investments — 99.3% (identified cost $479,534,163)			$	547,587,743

Other Assets, Less Liabilities — 0.7%			$	3,662,977

Net Assets — 100.0%			$	551,250,720

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

⁽¹⁾	Non-income producing security.

⁽²⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽³⁾

⁽⁴⁾	Amount is less than 0.05%.

⁽⁵⁾	Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁶⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁷⁾	Variable rate security. The stated interest rate, which resets quarterly, is determined at auction and represents the rate in effect at October 31, 2020.

⁽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 October 31, 2020.


Country Concentration of Portfolio
Country	Percentage of Total Investments			Value

United States		53.4	%	$	292,192,870

United Kingdom		8.7			47,531,564

Japan		7.9			43,186,182

Switzerland		6.7			36,781,185

France		6.0			32,862,262

Germany		3.1			16,898,663

Spain		2.5			13,654,364

Netherlands		2.2			12,108,227

Sweden		2.0			10,939,687

Taiwan		1.5			8,451,161

Hong Kong		1.2			6,335,487

China		1.1			6,084,026

Denmark		1.0			5,658,499

Ireland		1.0			5,471,454

Australia		0.9			4,945,022

India		0.6			3,458,312

Canada		0.0	⁽¹⁾		88,740

Brazil		0.0	⁽¹⁾		5,019

Exchange-Traded Funds		0.2			935,019

Total Investments		100.0	%	$	547,587,743

⁽¹⁾	Amount is less than 0.05%.

Abbreviations:



ADR	–	American Depositary Receipt

PC	–	Participation Certificate

PPTT	–	Preferred Pass-Through Trust


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $476,789,788)	$	544,843,368

Affiliated investment, at value (identified cost, $2,744,375)		2,744,375

Dividends and interest receivable		685,904

Dividends receivable from affiliated investment		59

Receivable for investments sold		1,630,982

Receivable for Fund shares sold		51,653

Tax reclaims receivable		4,585,581

Total assets	$	554,541,922

Liabilities

Payable for investments purchased	$	1,993,905

Payable for Fund shares redeemed		516,380

Payable to affiliates:

Investment adviser fee		320,721

Administration fee		74,432

Distribution and service fees		119,161

Trustees’ fees		2,635

Accrued expenses		263,968

Total liabilities	$	3,291,202

Net Assets	$	551,250,720

Sources of Net Assets

Paid-in capital	$	494,087,759

Distributable earnings		57,162,961

Total	$	551,250,720

Class A Shares

Net Assets	$	357,048,277

Shares Outstanding		28,144,039

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	12.69

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	13.46

Class C Shares

Net Assets	$	42,936,401

Shares Outstanding		3,393,269

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	12.65

Class I Shares

Net Assets	$	151,266,042

Shares Outstanding		11,912,908

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	12.70

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

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


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $3,113,267)	$	24,659,702

Dividends from affiliated investment		13,021

Interest		462,355

Other income		391,474

Total investment income	$	25,526,552

Expenses

Investment adviser fee	$	3,835,900

Administration fee		890,704

Distribution and service fees

Class A		923,207

Class C		581,140

Trustees’ fees and expenses		32,003

Custodian fee		283,767

Transfer and dividend disbursing agent fees		288,713

Legal and accounting services		77,627

Printing and postage		97,343

Registration fees		51,898

Miscellaneous		108,004

Total expenses	$	7,170,306

Net investment income	$	18,356,246

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	13,400,294

Investment transactions — affiliated investment		(5,109	)

Financial futures contracts		12,298,131

Foreign currency transactions		(911,282	)

Forward foreign currency exchange contracts		(5,218,867	)

Net realized gain	$	19,563,167

Change in unrealized appreciation (depreciation) —

Investments	$	(24,758,142	)

Investments — affiliated investment		(2	)

Foreign currency		308,145

Net change in unrealized appreciation (depreciation)	$	(24,449,999	)

Net realized and unrealized loss	$	(4,886,832	)

Net increase in net assets from operations	$	13,469,414


		12		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	18,356,246		$	24,616,750

Net realized gain (loss)	$	19,563,167			(26,331,950	)

Net change in unrealized appreciation (depreciation)		(24,449,999	)		69,621,146

Net increase in net assets from operations	$	13,469,414		$	67,905,946

Distributions to shareholders —

Class A	$	(12,553,114	)	$	(12,625,723	)

Class B		—			(37,602	)

Class C		(1,540,154	)		(3,013,189	)

Class I		(6,061,094	)		(6,707,555	)

Total distributions to shareholders	$	(20,154,362	)	$	(22,384,069	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	14,249,990		$	18,697,774

Class B		—			650

Class C		1,767,110			4,946,896

Class I		23,180,966			24,495,111

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		10,760,043			10,815,082

Class B		—			35,650

Class C		1,326,041			2,644,602

Class I		5,125,166			5,468,443

Cost of shares redeemed

Class A		(62,668,158	)		(70,807,266	)

Class B		—			(856,222	)

Class C		(18,251,819	)		(31,292,892	)

Class I		(51,170,237	)		(46,936,799	)

Net asset value of shares converted⁽¹⁾

Class A		13,260,451			93,420,994

Class B		—			(1,641,239	)

Class C		(13,260,451	)		(91,779,755	)

Net decrease in net assets from Fund share transactions	$	(75,680,898	)	$	(82,788,971	)

Net decrease in net assets	$	(82,365,846	)	$	(37,267,094	)

Net Assets

At beginning of year	$	633,616,566		$	670,883,660

At end of year	$	551,250,720		$	633,616,566

⁽¹⁾	Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.


		13		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	12.730		$	11.830		$	12.520		$	10.880		$	11.510

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.392		$	0.494		$	0.389		$	0.419		$	0.427	⁽²⁾

Net realized and unrealized gain (loss)		—			0.838			(0.647	)		1.653			(0.625	)

Total income (loss) from operations	$	0.392		$	1.332		$	(0.258	)	$	2.072		$	(0.198	)

Less Distributions

From net investment income	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.432	)

Total distributions	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.432	)

Net asset value — End of year	$	12.690		$	12.730		$	11.830		$	12.520		$	10.880

Total Return⁽³⁾		3.20	%		11.52	%		(2.24	)%		19.39	%		(1.71	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	357,048		$	383,956		$	302,220		$	347,080		$	367,882

Ratios (as a percentage of average daily net assets):

Expenses		1.20	%		1.22	%		1.18	%		1.19	%		1.18	%

Net investment income		3.09	%		4.08	%		3.07	%		3.58	%		3.88	%⁽²⁾

Portfolio Turnover		173	%		128	%		136	%		157	%		134	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.112 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.86% for the year ended October 31, 2016.

⁽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.


		14		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	12.700		$	11.800		$	12.480		$	10.860		$	11.480

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.300		$	0.312		$	0.295		$	0.351		$	0.342	⁽²⁾

Net realized and unrealized gain (loss)		(0.014	)		0.927			(0.639	)		1.613			(0.613	)

Total income (loss) from operations	$	0.286		$	1.239		$	(0.344	)	$	1.964		$	(0.271	)

Less Distributions

From net investment income	$	(0.336	)	$	(0.339	)	$	(0.336	)	$	(0.344	)	$	(0.349	)

Total distributions	$	(0.336	)	$	(0.339	)	$	(0.336	)	$	(0.344	)	$	(0.349	)

Net asset value — End of year	$	12.650		$	12.700		$	11.800		$	12.480		$	10.860

Total Return⁽³⁾		2.34	%		10.70	%		(2.90	)%		18.35	%		(2.36	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	42,936		$	72,014		$	184,009		$	227,643		$	256,000

Ratios (as a percentage of average daily net assets):

Expenses		1.96	%		1.97	%		1.93	%		1.94	%		1.93	%

Net investment income		2.38	%		2.62	%		2.33	%		3.01	%		3.12	%⁽²⁾

Portfolio Turnover		173	%		128	%		136	%		157	%		134	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.111 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.10% for the year ended October 31, 2016.

⁽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.


		15		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	12.750		$	11.850		$	12.530		$	10.890		$	11.520

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.424		$	0.503		$	0.419		$	0.491		$	0.452	⁽²⁾

Net realized and unrealized gain (loss)		(0.010	)		0.859			(0.635	)		1.611			(0.622	)

Total income (loss) from operations	$	0.414		$	1.362		$	(0.216	)	$	2.102		$	(0.170	)

Less Distributions

From net investment income	$	(0.464	)	$	(0.462	)	$	(0.464	)	$	(0.462	)	$	(0.460	)

Total distributions	$	(0.464	)	$	(0.462	)	$	(0.464	)	$	(0.462	)	$	(0.460	)

Net asset value — End of year	$	12.700		$	12.750		$	11.850		$	12.530		$	10.890

Total Return⁽³⁾		3.38	%		11.78	%		(1.91	)%		19.67	%		(1.47	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	151,266		$	177,646		$	182,260		$	190,334		$	117,382

Ratios (as a percentage of average daily net assets):

Expenses		0.95	%		0.97	%		0.93	%		0.94	%		0.93	%

Net investment income		3.34	%		4.16	%		3.30	%		4.15	%		4.10	%⁽²⁾

Portfolio Turnover		173	%		128	%		136	%		157	%		134	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.108 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 3.12% for year ended October 31, 2016.

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


		16		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Tax-Managed Global Dividend Income 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 achieve after-tax total return for its shareholders. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. 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.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts 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 and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts 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 and foreign financial futures contracts that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts 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 and foreign financial futures contracts.

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


		17

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued

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.

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, interest and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended October 31, 2020, the Fund received approximately $391,000 for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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. 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.


		18

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	20,154,362	$	22,384,069

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	4,011,518

Deferred capital losses	$	(412,882	)

Net unrealized appreciation	$	53,547,524

Other temporary differences	$	16,801

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $412,882 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 October 31, 2020, $412,882 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	494,211,926

Gross unrealized appreciation	$	70,769,963

Gross unrealized depreciation		(17,394,146	)

Net unrealized appreciation	$	53,375,817

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million, 0.625% from $500 million up to $1 billion, and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund’s investment adviser fee amounted to $3,835,900 or 0.65% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2020, the administration fee amounted to $890,704.


		19

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued

received $17,675 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $8,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,010,665,114 and $1,082,970,187, respectively, for the year ended October 31, 2020.

7 Shares of Beneficial Interest


	Year Ended October 31,
Class A	2020			2019

Sales		1,115,610			1,591,152

Issued to shareholders electing to receive payments of distributions in Fund shares		864,867			892,535

Redemptions		(5,040,082	)		(5,869,632	)

Converted from Class B shares		—			146,062

Converted from Class C shares		1,049,348			7,857,390

Net increase (decrease)		(2,010,257	)		4,617,507


		20

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued


Class B				Year Ended October 31, 2019⁽¹⁾

Sales					56

Issued to shareholders electing to receive payments of distributions in Fund shares					3,010

Redemptions					(66,847	)

Converted to Class A shares					(138,947	)

Net decrease					(202,728	)

	Year Ended October 31,
Class C	2020			2019

Sales		138,855			415,762

Issued to shareholders electing to receive payments of distributions in Fund shares		107,096			223,443

Redemptions		(1,471,521	)		(2,636,848	)

Converted to Class A shares		(1,052,021	)		(7,921,084	)

Net decrease		(2,277,591	)		(9,918,727	)

	Year Ended October 31,
Class I	2020			2019

Sales		1,772,518			2,037,848

Issued to shareholders electing to receive payments of distributions in Fund shares		411,811			452,760

Redemptions		(4,209,785	)		(3,937,757	)

Net decrease		(2,025,456	)		(1,447,149	)

⁽¹⁾	At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8 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 futures contracts and forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2020, there were no obligations outstanding under these financial instruments.

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

Equity Price Risk: The Fund entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: The Fund engaged in forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates.


		21

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued

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.


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Equity Price	Futures contracts	$	12,298,131		$	—

Foreign Exchange	Forward foreign currency exchange contracts		(5,218,867	)		—

Total		$	7,079,264		$	—

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.


Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*

	$50,473,000		$51,126,000	$	20,072,000

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

9 Line of Credit


		22

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued

10 Investment in Affiliated Funds

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $2,744,375, which represents 0.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 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	$	397,033	$	178,802,629	$	(176,450,176	)	$	(5,109	)	$	(2	)	$	2,744,375	$	13,021		2,744,375

11 Fair Value Measurements

•

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)

At October 31, 2020, 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

Communication Services	$	42,579,517	$	10,298,154		$	—	$	52,877,671

Consumer Discretionary		38,609,986		32,183,249			—		70,793,235

Consumer Staples		10,064,275		25,707,715			—		35,771,990

Energy		10,607,914		—			—		10,607,914

Financials		33,430,505		28,141,421			—		61,571,926

Health Care		37,489,930		40,926,996			—		78,416,926

Industrials		23,498,832		42,966,824			0		66,465,656

Information Technology		76,130,883		42,889,203			—		119,020,086

Materials		—		17,264,458			—		17,264,458

Real Estate		8,326,096		—			—		8,326,096

Utilities		9,548,911		5,322,914			—		14,871,825

Total Common Stocks	$	290,286,849	$	245,700,934	**	$	0	$	535,987,783

Preferred Stocks

Consumer Staples	$	—	$	975,485		$	—	$	975,485

Energy		255,946		—			—		255,946

Total Preferred Stocks	$	255,946	$	975,485		$	—	$	1,231,431

Corporate Bonds & Notes	$	—	$	6,689,135		$	—	$	6,689,135


		23

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Notes to Financial Statements — continued


Asset Description	Level 1		Level 2		Level 3*		Total

Exchange-Traded Funds	$	935,019	$	—	$	—	$	935,019

Short-Term Investments		—		2,744,375		—		2,744,375

Total Investments	$	291,477,814	$	256,109,929	$	0	$	547,587,743

*	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.

12 Risks and Uncertainties

Risks Associated with Foreign Investments

Pandemic Risk

13 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on December 11, 2020 are entitled to be present and vote at a joint special meeting of shareholders to be held on February 18, 2021 and at any adjournments or postponements thereof.


		24

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Global Dividend Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Global Dividend Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		25

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $30,770,388, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2020 ordinary income dividends, 26.97% qualifies for the corporate dividends received deduction.


		26

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Liquidity Risk Management Program


		27

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Management and Organization


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		28

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		29

Eaton Vance

Tax-Managed Global Dividend Income Fund

October 31, 2020

Management and Organization — continued

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

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


		30

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		31

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

1857 10.31.20

LOGO

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Tax-Managed Multi-Cap Growth Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			15 and 27
Federal Tax Information			16
Special Joint Meeting of Shareholders			28
Liquidity Risk Management Program			29
Management and Organization			30
Important Notices			33

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst U.S. equity performances in over a decade.

The period began with stocks rallying in the closing months of 2019, supported by better-than-expected U.S. employment reports, cautious optimism about a détente in U.S.-China trade relations, and interest-rate reductions by the U.S. Federal Reserve (the Fed).

In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Economic activity declined dramatically and equity markets, along with credit markets, plunged in value amid unprecedented volatility.

In response, the Fed announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%- 0.25% — along with other measures designed to shore up equity and credit markets. At its July meeting, the Fed provided additional reassurances that it would use all the tools at its disposal to support the U.S. economy.

These moves helped calm the markets and initiated a new equity rally that began in April and lasted through most of the summer. As consumers started to emerge from coronavirus lockdowns and factories gradually resumed production, stock prices reflected investor optimism. In the second quarter of 2020, U.S. stocks reported their best quarterly returns since 1998 — on the heels of the worst first quarter for American stocks since the 2007-2008 global financial crisis.

In September 2020, however, the equity rally stalled, as stock prices on Wall Street began to reflect the reality on Main Street. In the final two months of the period, coronavirus cases were on the rise in most U.S. states. Of the 22 million jobs lost in the early months of the pandemic, only about half had returned, and over 20 million Americans were collecting unemployment benefits. Reflecting concerns about the economic outlook for fall and winter, uncertainties related to the presidential election, and the failure of Congress to pass additional financial relief for struggling businesses and laid-off workers, most U.S. stock indexes reported negative returns in September and October.

For the period as a whole, largely positive equity returns belied the dramatic volatility during the period, but demonstrated the dominance of technology stocks. The S&P 500^® Index, a broad measure of U.S. stocks, returned 9.71%; the blue-chip Dow Jones Industrial Average^® returned 0.34%; and the technology-laden Nasdaq Composite Index returned 32.84%. Large-cap U.S. stocks, as measured by the S&P 500^® Index and Russell 1000^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks significantly outpaced value stocks, which were in negative territory in both large- and small-cap categories, as measured by the Russell growth and value indexes.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Tax-Managed Multi-Cap Growth Fund (the Fund) returned 25.65% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the Russell 3000^® Growth Index (the Index), which returned 28.20%; but outperforming the 9.71% return of the Fund’s secondary benchmark, the S&P 500^® Index.

The Fund’s underperformance was largely the result of its not owning or having underweight positions in a concentrated group of stocks that drove a disproportionate amount of the Index’s returns. During the period, the five largest stocks within the Index contributed more than half of the Index’s returns.

The Fund’s underweight exposure to key information technology (IT) stocks, including Apple, Inc. (Apple) and NVIDIA Corp. (NVIDIA), was a leading source of underperformance. Apple’s stock price rose with the onset of the COVID-19 pandemic as interest rates fell and investors migrated toward larger Index names. Optimism about demand for NVIDIA’s new gaming and data center products, assisted by work-from-home tailwinds, sent its stock price higher.

In consumer discretionary, the Fund’s lack of exposure to Tesla, Inc. (Tesla) was also a top source of underperformance during the period. Tesla’s stock price rose sharply on broad investor confidence in the company as the market leader in electric vehicles. Tesla’s leadership in battery technology helped drive its stock price higher during the period as consumer demand has been rising along with efforts to reduce the use of fossil fuels.

Security selections in consumer staples and communication services also detracted from relative returns during the period, as did an overweight exposure to materials.

While an underweight exposure to IT detracted, security selections within the sector were positive and several of the Fund’s leading relative performers were in the sector during the period. They included Monolithic Power Systems, Inc., a provider of power circuits for cloud computing, telecommunications, and other applications; and Adobe, Inc., a developer of multimedia and graphic design software. Demand for products from both companies grew as the pandemic drove many activities online.

Although stock selections within the consumer discretionary sector weighed on performance overall, the Fund’s overweight exposure to Amazon.com, Inc. added to returns relative to the Index as the pandemic accelerated the shift toward online commerce.

A lack of exposure to the real estate sector was also a leading contributor to relative returns. Security selections in the industrials and health care sectors further contributed to returns relative to the Index during the period.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Performance^2,3

Portfolio Managers Lewis R. Piantedosi, Yana S. Barton, CFA, Douglas R. Rogers, CFA, CMT and Kenneth D. Zinner, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		06/30/2000		06/30/2000		25.65	%		14.42	%		13.40	%
Class A with 5.75% Maximum Sales Charge		—		—		18.42			13.08			12.73
Class C at NAV		07/10/2000		07/10/2000		24.67			13.57			12.55
Class C with 1% Maximum Sales Charge		—		—		23.67			13.57			12.55



Russell 3000^®Growth Index		—		—		28.20	%		16.82	%		15.98	%
S&P 500^®Index		—		—		9.71			11.70			13.00

% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A After Taxes on Distributions		06/30/2000		06/30/2000		17.90	%		12.86	%		12.62	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		11.31			10.86			11.01
Class C After Taxes on Distributions		07/10/2000		07/10/2000		23.02			13.31			12.43
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		14.52			11.27			10.85

% Total Annual Operating Expense Ratios⁴								Class A			Class C

									1.34	%		2.09	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$32,660

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Fund Profile⁵

Sector Allocation (% of net assets)⁶

LOGO

Top 10 Holdings (% of net assets)⁶



Amazon.com, Inc.	9.7	%

Apple, Inc.	8.9

Microsoft Corp.	7.5

Facebook, Inc., Class A	4.6

Visa, Inc., Class A	3.8

Adobe, Inc.	3.7

salesforce.com, inc.	3.2

Alphabet, Inc., Class C	3.2

Alphabet, Inc., Class A	3.1

Monolithic Power Systems, Inc.	2.6

Total	50.3	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Endnotes and Additional Disclosures

Russell 3000^® Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. 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. 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.

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

⁵	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 1000^® Index is an unmanaged index of 1,000 U.S. large-cap stocks. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks.

Important Notice to Shareholders

At a special meeting of shareholders held on September 17, 2020, shareholders of the Fund approved a change in the Fund’s diversification status from diversified to non-diversified as such terms are defined under the Investment Company Act of 1940, as amended.


		5

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,207.50	$	6.88		1.24	%
Class C	$	1,000.00	$	1,202.70	$	11.02		1.99	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	6.29		1.24	%
Class C	$	1,000.00	$	1,015.10	$	10.08		1.99	%


		6

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Tax-Managed Multi-Cap Growth Portfolio, at value (identified cost, $47,916,061)	$	116,773,069

Receivable for Fund shares sold		46,750

Total assets	$	116,819,819

Liabilities

Payable for Fund shares redeemed	$	89,560

Payable to affiliates:

Administration fee		15,646

Distribution and service fees		36,227

Trustees’ fees		43

Accrued expenses		47,656

Total liabilities	$	189,132

Net Assets	$	116,630,687

Sources of Net Assets

Paid-in capital	$	48,920,806

Distributable earnings		67,709,881

Total	$	116,630,687

Class A Shares

Net Assets	$	101,648,805

Shares Outstanding		2,565,239

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	39.63

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	42.05

Class C Shares

Net Assets	$	14,981,882

Shares Outstanding		448,409

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	33.41

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends allocated from Portfolio (net of foreign taxes, $7,120)	$	672,066

Securities lending income allocated from Portfolio, net		3,335

Expenses allocated from Portfolio		(755,930	)

Total investment loss from Portfolio	$	(80,529	)

Expenses

Administration fee	$	159,674

Distribution and service fees

Class A		229,351

Class C		147,088

Trustees’ fees and expenses		500

Custodian fee		19,422

Transfer and dividend disbursing agent fees		54,432

Legal and accounting services		27,859

Printing and postage		18,138

Registration fees		35,799

ReFlow liquidity program fees		15,504

Miscellaneous		8,115

Total expenses	$	715,882

Net investment loss	$	(796,411	)

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	7,058,908	⁽¹⁾

Foreign currency transactions		(298	)

Net realized gain	$	7,058,610

Change in unrealized appreciation (depreciation) —

Investments	$	17,539,634

Foreign currency		138

Net change in unrealized appreciation (depreciation)	$	17,539,772

Net realized and unrealized gain	$	24,598,382

Net increase in net assets from operations	$	23,801,971

⁽¹⁾	Includes $2,775,335 of net realized gains from redemptions in-kind.


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment loss	$	(796,411	)	$	(709,216	)

Net realized gain		7,058,610	⁽¹⁾		4,157,926	⁽²⁾

Net change in unrealized appreciation (depreciation)		17,539,772			7,813,314

Net increase in net assets from operations	$	23,801,971		$	11,262,024

Distributions to shareholders —

Class A	$	(1,926,089	)	$	(1,389,484	)

Class C		(383,663	)		(604,943	)

Total distributions to shareholders	$	(2,309,752	)	$	(1,994,427	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	14,436,962		$	8,699,205

Class C		1,269,707			1,548,874

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		1,825,868			1,314,083

Class C		366,923			588,439

Cost of shares redeemed

Class A		(17,424,633	)		(10,984,432	)

Class C		(2,466,214	)		(2,589,349	)

Net asset value of shares converted

Class A		1,186,099			11,186,380

Class C		(1,186,099	)		(11,186,380	)

Net decrease in net assets from Fund share transactions	$	(1,991,387	)	$	(1,423,180	)

Net increase in net assets	$	19,500,832		$	7,844,417

Net Assets

At beginning of year	$	97,129,855		$	89,285,438

At end of year	$	116,630,687		$	97,129,855

⁽¹⁾	Includes $2,775,335 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $1,723,174 of net realized gains from redemptions in-kind.


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	32.250		$	29.220		$	26.040		$	21.220		$	21.200

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.229	)	$	(0.192	)	$	(0.186	)	$	(0.126	)	$	(0.079	)

Net realized and unrealized gain		8.361			3.849			3.429			4.946			0.099

Total income from operations	$	8.132		$	3.657		$	3.243		$	4.820		$	0.020

Less Distributions

From net realized gain	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—

Total distributions	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—

Net asset value — End of year	$	39.630		$	32.250		$	29.220		$	26.040		$	21.220

Total Return⁽²⁾		25.65	%		13.07	%		12.52	%		22.67	%		0.09	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	101,649		$	82,914		$	64,579		$	57,243		$	47,363

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.28	%		1.33	%		1.31	%		1.34	%		1.40	%

Net investment loss		(0.64	)%		(0.63	)%		(0.63	)%		(0.53	)%		(0.38	)%

Portfolio Turnover of the Portfolio		24	%		18	%		18	%		34	%		33	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	27.510		$	25.210		$	22.640		$	18.590		$	18.710

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.418	)	$	(0.353	)	$	(0.352	)	$	(0.264	)	$	(0.207	)

Net realized and unrealized gain		7.070			3.280			2.985			4.314			0.087

Total income (loss) from operations	$	6.652		$	2.927		$	2.633		$	4.050		$	(0.120	)

Less Distributions

From net realized gain	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—

Total distributions	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—

Net asset value — End of year	$	33.410		$	27.510		$	25.210		$	22.640		$	18.590

Total Return⁽²⁾		24.67	%		12.24	%		11.65	%		21.79	%		(0.64	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	14,982		$	14,216		$	24,706		$	23,484		$	20,827

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		2.03	%		2.09	%		2.06	%		2.09	%		2.15	%

Net investment loss		(1.39	)%		(1.37	)%		(1.38	)%		(1.28	)%		(1.14	)%

Portfolio Turnover of the Portfolio		24	%		18	%		18	%		34	%		33	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Tax-Managed Multi-Cap Growth 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 offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed Multi-Cap Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (58.2% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		12

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Long-term capital gains	$	2,309,752	$	1,994,427

During the year ended October 31, 2020, distributable earnings was decreased by $4,296,927 and paid-in capital was increased by $4,296,927 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for net operating losses and redemptions in-kind. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed long-term capital gains	$	4,073,014

Late year ordinary losses	$	(634,172	)

Net unrealized appreciation	$	64,271,039

At October 31, 2020, the Fund had a late year ordinary loss of $634,172 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

3 Transactions with Affiliates

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $6,487 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 $11,844 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

4 Distribution Plans

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


		13

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Notes to Financial Statements — continued

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $1,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $4,850,746 and $9,812,399, respectively. Decreases in the Fund’s investment in the Portfolio include distribution of securities as the result of redemptions in-kind of $5,383,894.

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. Sales and redemptions of Class A shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:


	Year Ended October 31,
Class A	2020			2019

Sales		430,570			291,249

Issued to shareholders electing to receive payments of distributions in Fund shares		54,716			51,331

Redemptions		(523,836	)		(367,834	)

Converted from Class C shares		32,956			386,285

Net increase (decrease)		(5,594	)		361,031

	Year Ended October 31,
Class C	2020			2019

Sales		44,694			62,438

Issued to shareholders electing to receive payments of distributions in Fund shares		12,952			26,772

Redemptions		(87,152	)		(101,814	)

Converted to Class A shares		(38,915	)		(450,516	)

Net decrease		(68,421	)		(463,120	)


		14

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Multi-Cap Growth Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Multi-Cap Growth Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		15

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Federal Tax Information (Unaudited)

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $4,317,889 or, if subsequently determined to be different, the net capital gain of such year.


		16

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Portfolio of Investments


Common Stocks — 99.9%
Security	Shares		Value

Aerospace & Defense — 0.9%

Lockheed Martin Corp.		5,028	$	1,760,454

			$	1,760,454

Beverages — 1.6%

Constellation Brands, Inc., Class A		10,232	$	1,690,633

PepsiCo, Inc.		10,664		1,421,405

			$	3,112,038

Biotechnology — 2.2%

Immunovant, Inc.⁽¹⁾		19,759	$	861,887

Royalty Pharma PLC, Class A		12,788		469,320

Vertex Pharmaceuticals, Inc.⁽¹⁾		15,175		3,161,863

			$	4,493,070

Building Products — 1.0%

AZEK Co., Inc. (The)⁽¹⁾		26,667	$	891,744

Trex Co., Inc.⁽¹⁾		15,892		1,105,130

			$	1,996,874

Capital Markets — 1.0%

S&P Global, Inc.		5,966	$	1,925,407

			$	1,925,407

Chemicals — 1.8%

Celanese Corp.		6,569	$	745,647

Ecolab, Inc.		7,531		1,382,617

Sherwin-Williams Co. (The)		2,190		1,506,676

			$	3,634,940

Commercial Services & Supplies — 2.0%

Copart, Inc.⁽¹⁾		12,355	$	1,363,498

Terminix Global Holdings, Inc.⁽¹⁾		21,179		997,319

Waste Connections, Inc.		16,156		1,604,614

			$	3,965,431

Electrical Equipment — 1.7%

AMETEK, Inc.		34,300	$	3,368,260

			$	3,368,260

Entertainment — 2.2%

Electronic Arts, Inc.⁽¹⁾		7,649	$	916,580

Netflix, Inc.⁽¹⁾		4,084		1,942,922


Security	Shares		Value

Entertainment (continued)

Walt Disney Co. (The)		12,454	$	1,510,047

			$	4,369,549

Food Products — 0.7%

Mondelez International, Inc., Class A		27,827	$	1,478,170

			$	1,478,170

Health Care Equipment & Supplies — 5.5%

Danaher Corp.		11,868	$	2,724,181

Haemonetics Corp.⁽¹⁾		29,150		2,946,773

Intuitive Surgical, Inc.⁽¹⁾		2,858		1,906,514

Pulmonx Corp.⁽¹⁾		23,062		969,988

Stryker Corp.		12,668		2,559,063

			$	11,106,519

Health Care Providers & Services — 2.9%

Amedisys, Inc.⁽¹⁾		4,463	$	1,155,917

UnitedHealth Group, Inc.		15,597		4,759,269

			$	5,915,186

Hotels, Restaurants & Leisure — 0.5%

Starbucks Corp.		12,443	$	1,082,043

			$	1,082,043

Household Products — 0.7%

Procter & Gamble Co. (The)		10,001	$	1,371,137

			$	1,371,137

Interactive Media & Services — 11.7%

Alphabet, Inc., Class A⁽¹⁾		3,900	$	6,302,829

Alphabet, Inc., Class C⁽¹⁾		3,911		6,339,770

Facebook, Inc., Class A⁽¹⁾		35,003		9,209,639

Twitter, Inc.⁽¹⁾		41,385		1,711,684

			$	23,563,922

Internet & Direct Marketing Retail — 10.2%

Amazon.com, Inc.⁽¹⁾		6,385	$	19,385,818

Booking Holdings, Inc.⁽¹⁾		735		1,192,537

			$	20,578,355

IT Services — 10.9%

Accenture PLC, Class A		13,038	$	2,828,073

Fiserv, Inc.⁽¹⁾		13,974		1,334,098


		17		See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

IT Services (continued)

GoDaddy, Inc., Class A⁽¹⁾		44,180	$	3,125,293

Okta, Inc.⁽¹⁾		15,035		3,154,794

PayPal Holdings, Inc.⁽¹⁾		20,587		3,831,858

Visa, Inc., Class A		42,000		7,631,820

			$	21,905,936

Life Sciences Tools & Services — 0.5%

Illumina, Inc.⁽¹⁾		3,432	$	1,004,547

			$	1,004,547

Personal Products — 1.2%

Estee Lauder Cos., Inc. (The), Class A		10,679	$	2,345,749

			$	2,345,749

Pharmaceuticals — 3.3%

Eli Lilly & Co.		13,033	$	1,700,285

Novartis AG		9,869		769,018

Zoetis, Inc.		26,003		4,122,776

			$	6,592,079

Road & Rail — 2.3%

J.B. Hunt Transport Services, Inc.		14,100	$	1,716,534

Norfolk Southern Corp.		8,734		1,826,454

Uber Technologies, Inc.⁽¹⁾		29,243		977,009

			$	4,519,997

Semiconductors & Semiconductor Equipment — 4.4%

Broadcom, Inc.		4,357	$	1,523,338

Monolithic Power Systems, Inc.		16,579		5,298,648

NVIDIA Corp.		4,008		2,009,451

			$	8,831,437

Software — 15.4%

Adobe, Inc.⁽¹⁾		16,502	$	7,378,044

Intuit, Inc.		6,414		2,018,358

Microsoft Corp.		74,352		15,054,049

salesforce.com, inc.⁽¹⁾		27,530		6,394,393

			$	30,844,844

Specialty Retail — 2.2%

Home Depot, Inc. (The)		9,189	$	2,450,798

TJX Cos., Inc. (The)		38,432		1,952,346

			$	4,403,144


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 8.9%

Apple, Inc.		164,702	$	17,929,460

			$	17,929,460

Textiles, Apparel & Luxury Goods — 3.2%

Lululemon Athletica, Inc.⁽¹⁾		13,063	$	4,170,885

NIKE, Inc., Class B		19,321		2,320,066

			$	6,490,951

Trading Companies & Distributors — 1.0%

United Rentals, Inc.⁽¹⁾		11,573	$	2,063,350

			$	2,063,350

Total Common Stocks (identified cost $81,916,940)			$	200,652,849

Short-Term Investments — 0.2%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²⁾		271,576	$	271,576

Total Short-Term Investments (identified cost $271,576)			$	271,576

Total Investments — 100.1% (identified cost $82,188,516)			$	200,924,425

Other Assets, Less Liabilities — (0.1)%			$	(129,710	)

Net Assets — 100.0%			$	200,794,715

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

⁽¹⁾	Non-income producing security.

⁽²⁾	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 October 31, 2020.


		18		See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $81,916,940)	$	200,652,849

Affiliated investment, at value (identified cost, $271,576)		271,576

Dividends receivable		25,786

Dividends receivable from affiliated investment		16

Securities lending income receivable		1,580

Tax reclaims receivable		5,002

Total assets	$	200,956,809

Liabilities

Payable to affiliates:

Investment adviser fee	$	116,817

Trustees’ fees		914

Accrued expenses		44,363

Total liabilities	$	162,094

Net Assets applicable to investors’ interest in Portfolio	$	200,794,715


		19		See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $12,283)	$	1,146,973

Dividends from affiliated investment		12,576

Securities lending income, net		5,744

Total investment income	$	1,165,293

Expenses

Investment adviser fee	$	1,194,823

Trustees’ fees and expenses		10,186

Custodian fee		48,968

Legal and accounting services		43,596

Miscellaneous		6,265

Total expenses	$	1,303,838

Net investment loss	$	(138,545	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	12,166,059	⁽¹⁾

Investment transactions — affiliated investment		396

Foreign currency transactions		(589	)

Net realized gain	$	12,165,866

Change in unrealized appreciation (depreciation) —

Investments	$	29,992,684

Investments — affiliated investment		(312	)

Foreign currency		293

Net change in unrealized appreciation (depreciation)	$	29,992,665

Net realized and unrealized gain	$	42,158,531

Net increase in net assets from operations	$	42,019,986

⁽¹⁾	Includes $4,793,073 of net realized gains from redemptions in-kind.


		20		See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment loss	$	(138,545	)	$	(14,309	)

Net realized gain		12,165,866	⁽¹⁾		7,149,767	⁽²⁾

Net change in unrealized appreciation (depreciation)		29,992,665			13,351,474

Net increase in net assets from operations	$	42,019,986		$	20,486,932

Capital transactions —

Contributions	$	7,666,337		$	4,163,053

Withdrawals		(16,453,695	)		(10,454,116	)

Net decrease in net assets from capital transactions	$	(8,787,358	)	$	(6,291,063	)

Net increase in net assets	$	33,232,628		$	14,195,869

Net Assets

At beginning of year	$	167,562,087		$	153,366,218

At end of year	$	200,794,715		$	167,562,087

⁽¹⁾	Includes $4,793,073 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $2,957,208 of net realized gains from redemptions in-kind.


		21		See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.71	%		0.72	%		0.72	%		0.73	%		0.73	%

Net investment income (loss)		(0.08	)%		(0.01	)%		(0.04	)%		0.09	%		0.28	%

Portfolio Turnover		24	%		18	%		18	%		34	%		33	%

Total Return		26.36	%		13.76	%		13.18	%		23.40	%		0.77	%

Net assets, end of year (000’s omitted)	$	200,795		$	167,562		$	153,366		$	139,541		$	119,188


		22		See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Tax-Managed Multi-Cap Growth Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Tax-Managed Multi-Cap Growth Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 58.2% and 41.8%, respectively, in the Portfolio.

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

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.


		23

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Notes to Financial Statements — continued

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $1,194,823 or 0.65% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $42,960,024 and $44,922,496, respectively, for the year ended October 31, 2020. In-kind sales for the year ended October 31, 2020 aggregated $5,383,894.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	82,374,636

Gross unrealized appreciation	$	118,613,421

Gross unrealized depreciation		(63,632	)

Net unrealized appreciation	$	118,549,789

5 Line of Credit


		24

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Notes to Financial Statements — continued

6 Securities Lending Agreement

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $271,576, which represents 0.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	1,812,415	$	14,780,249	$	(16,321,172	)	$	396	$	(312	)	$	271,576	$	12,576		271,576

8 Fair Value Measurements

•

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)


		25

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks

Communication Services	$	27,933,471	$	—		$	—	$	27,933,471

Consumer Discretionary		33,551,812		—			—		33,551,812

Consumer Staples		8,307,094		—			—		8,307,094

Financials		1,925,407		—			—		1,925,407

Health Care		28,342,383		769,018			—		29,111,401

Industrials		16,677,047		—			—		16,677,047

Information Technology		79,511,677		—			—		79,511,677

Materials		3,634,940		—			—		3,634,940

Total Common Stocks	$	199,883,831	$	769,018	*	$	—	$	200,652,849

Short-Term Investments	$	—	$	271,576		$	—	$	271,576

Total Investments	$	199,883,831	$	1,040,594		$	—	$	200,924,425

*	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.

9 Risks and Uncertainties

Pandemic Risk

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		26

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Tax-Managed Multi-Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Multi-Cap Growth Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		27

Eaton Vance Tax-Managed Multi-Cap Growth Fund

Tax-Managed Multi-Cap Growth Portfolio

October 31, 2020

Special Joint Meeting of Shareholders (Unaudited)

Eaton Vance Tax-Managed Multi-Cap Growth Fund

Eaton Vance Tax-Managed Multi-Cap Growth Fund (the “Fund”) held a Special Joint Meeting of Shareholders on Thursday, September 17, 2020 to approve a change in the Fund’s diversification status from diversified to non-diversified, as such terms are defined under the Investment Company Act of 1940, as amended. The shareholder meeting results are as follows:


Number of Shares⁽¹⁾
For	Against/Withhold		Abstain

1,297,871		114,274		129,341

⁽¹⁾	Excludes fractional shares.

The Proposal was also approved for Tax-Managed Multi-Cap Growth Portfolio.

Tax-Managed Multi-Cap Growth Portfolio

The Portfolio held a Special Meeting of Interestholders on Thursday, September 17, 2020 to approve a change in the Portfolio’s diversification status from diversified to non-diversified, as such terms are defined under the Investment Company Act of 1940, as amended. The interestholder meeting results are as follows:


Interest in the Portfolio
For			Against/Withhold			Abstain

	84	%		7	%		8	%

Results are rounded to the nearest whole number and may not total 100% due to rounding.


		28

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Liquidity Risk Management Program


		29

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Tax-Managed Multi-Cap Growth Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		30

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.



Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.


		31

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

October 31, 2020

Management and Organization — continued



Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		32

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		33

This Page Intentionally Left Blank

Investment Adviser of Tax-Managed Multi-Cap Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Multi-Cap Growth Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

824 10.31.20

LOGO

Eaton Vance

Tax-Managed Small-Cap Fund

Annual Report

October 31, 2020

LOGO

Annual Report October 31, 2020

Eaton Vance

Tax-Managed Small-Cap Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			16 and 28
Federal Tax Information			17
Liquidity Risk Management Program			29
Management and Organization			30
Important Notices			33

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst U.S. equity performances in over a decade.

In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Economic activity declined dramatically and equity markets, along with credit markets, plunged in value amid unprecedented volatility.

In response, the Fed announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up equity and credit markets. At its July meeting, the Fed provided additional reassurances that it would use all the tools at its disposal to support the U.S. economy.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Tax-Managed Small-Cap Fund (the Fund) returned -3.09% for Class A shares at net asset value (NAV), underperforming its benchmark, the Russell 2000^® Index (the Index), which returned -0.14%.

Security selection detracted from performance relative to the Index during the period. Selections within industrials, information technology, and health care particularly weighed on returns. Selections in materials, consumer staples, and utilities also had a negative impact on relative performance.

While sector allocation overall contributed to relative returns, underweight exposures to the consumer discretionary and real estate sectors hurt relative performance. However, security selections within these two sectors were strong and outweighed the impact of their underweight positions.

The Fund’s underweight exposure to energy, the worst-performing sector within the Index, was particularly beneficial. Lack of exposure to communication services and an underweight exposure to financials further enhanced Fund performance relative to the Index during the period.

Hexcel Corp. (Hexcel), a provider of carbon fiber and other materials for the aerospace industry, was one of the largest individual detractors. Hexcel’s stock price, already hurt by problems with Boeing’s 737 MAX, was further weighed down by the spread of the COVID-19 pandemic and the resulting slowdown in airline travel. Investors also reacted negatively to Hexcel’s proposed merger with Woodward, Inc., a supplier of flight and engine controls to the aerospace industry.

The stock price of Kirby Corp. (Kirby), which transports products and provides services for the oil, petrochemicals, and refined products industries, fell sharply with the advent of COVID-19. The pandemic- driven shutdown of economies worldwide severely reduced demand for Kirby’s transportation business and other services.

NewMarket Corp., a manufacturer of fuel and oil additives, also detracted as demand for energy products fell with the COVID-19- induced slowdown of the U.S. economy. By period-end, the stock was sold from the Fund.

Many of the leading individual contributors during the period were in the health care sector. The stock price of Amedisys, Inc., a home health care and hospice care provider, rose as the spread of COVID-19 drove growth in demand for its services.

Catalent, Inc. (Catalent), another important contributor, is a contract manufacturer of biologics, a class of drugs that includes vaccines and antibodies, and the maker of technologies for drug delivery. Catalent’s stock price advanced strongly with the onset of COVID-19. Catalent’s stock was sold from the Fund by period-end.

Emergent BioSolutions, Inc. (Emergent), a leading supplier of vaccines, antibodies, and other medications, was also a top contributor to returns relative to the Index during the period. Most of the company’s revenues came from long-term government contracts, which made Emergent particularly attractive amid market volatility during the period. The company benefited from the U.S. government’s heavy investment in search of a COVID-19 vaccine.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Performance^2,3

Portfolio Managers J. Griffith Noble, CFA and Michael D. McLean, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		09/25/1997		09/25/1997		–3.09	%		7.97	%		9.38	%
Class A with 5.75% Maximum Sales Charge		—		—		–8.65			6.70			8.73
Class C at NAV		09/29/1997		09/29/1997		–3.86			7.16			8.56
Class C with 1% Maximum Sales Charge		—		—		–4.74			7.16			8.56
Class I at NAV		10/01/2009		09/25/1997		–2.89			8.23			9.65



Russell 2000^® Index		—		—		–0.14	%		7.26	%		9.63	%

% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A After Taxes on Distributions		09/25/1997		09/25/1997		–9.77	%		4.99	%		7.81	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		–3.83			5.12			7.20
Class C After Taxes on Distributions		09/29/1997		09/29/1997		–6.23			5.10			7.46
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		–1.07			5.46			7.02
Class I After Taxes on Distributions		10/01/2009		09/25/1997		–4.05			6.61			8.77
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		–0.38			6.46			8.06

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						1.20	%		1.95	%		0.95	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$22,747

N.A.

Class I

$250,000

10/31/2010

$628,478

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Fund Profile⁵

Sector Allocation (% of net assets)⁶

LOGO

Top 10 Holdings (% of net assets)⁶


Terminix Global Holdings, Inc.	2.9	%

National Vision Holdings, Inc.	2.6

Valvoline, Inc.	2.6

LHC Group, Inc.	2.5

RealPage, Inc.	2.4

ACI Worldwide, Inc.	2.3

R1 RCM, Inc.	2.3

Haemonetics Corp.	2.2

Mueller Water Products, Inc., Class A	2.2

Altair Engineering, Inc., Class A	2.2

Total	24.2	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Endnotes and Additional Disclosures

²	Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. 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.

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

⁵	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. 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. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 1000^® Index is an unmanaged index of 1,000 U.S. large-cap stocks.


		5

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,119.10	$	6.02		1.13	%
Class C	$	1,000.00	$	1,115.10	$	10.05		1.89	%
Class I	$	1,000.00	$	1,120.20	$	4.69		0.88	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.50	$	5.74		1.13	%
Class C	$	1,000.00	$	1,015.60	$	9.58		1.89	%
Class I	$	1,000.00	$	1,020.70	$	4.47		0.88	%


		6

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Tax-Managed Small-Cap Portfolio, at value (identified cost, $85,101,914)	$	102,523,197

Receivable for Fund shares sold		39,664

Total assets	$	102,562,861

Liabilities

Payable for Fund shares redeemed	$	138,995

Payable to affiliates:

Distribution and service fees		20,283

Trustees’ fees		43

Accrued expenses		62,535

Total liabilities	$	221,856

Net Assets	$	102,341,005

Sources of Net Assets

Paid-in capital	$	88,136,862

Distributable earnings		14,204,143

Total	$	102,341,005

Class A Shares

Net Assets	$	78,430,482

Shares Outstanding		3,199,004

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	24.52

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	26.02

Class C Shares

Net Assets	$	3,564,677

Shares Outstanding		187,712

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	18.99

Class I Shares

Net Assets	$	20,345,846

Shares Outstanding		802,120

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	25.37

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends allocated from Portfolio	$	1,326,993

Expenses allocated from Portfolio		(741,972	)

Total investment income from Portfolio	$	585,021

Expenses

Distribution and service fees

Class A	$	203,281

Class C		44,306

Trustees’ fees and expenses		501

Custodian fee		17,411

Transfer and dividend disbursing agent fees		94,885

Legal and accounting services		28,315

Printing and postage		22,381

Registration fees		48,726

ReFlow liquidity program fees		21,980

Miscellaneous		10,672

Total expenses	$	492,458

Net investment income	$	92,563

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	1,825,162	⁽¹⁾

Net realized gain	$	1,825,162

Change in unrealized appreciation (depreciation) —

Investments	$	(6,245,617	)

Net change in unrealized appreciation (depreciation)	$	(6,245,617	)

Net realized and unrealized loss	$	(4,420,455	)

Net decrease in net assets from operations	$	(4,327,892	)

⁽¹⁾	Includes $4,127,555 of net realized gains from redemptions in-kind.


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	92,563		$	15,143

Net realized gain		1,825,162	⁽¹⁾		10,908,442	⁽²⁾

Net change in unrealized appreciation (depreciation)		(6,245,617	)		2,428,794

Net increase (decrease) in net assets from operations	$	(4,327,892	)	$	13,352,379

Distributions to shareholders —

Class A	$	(5,656,659	)	$	(4,933,122	)

Class C		(445,828	)		(1,447,870	)

Class I		(1,533,412	)		(1,619,722	)

Total distributions to shareholders	$	(7,635,899	)	$	(8,000,714	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	1,467,156		$	2,229,832

Class C		330,579			735,916

Class I		14,861,804			15,757,588

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		5,259,032			4,546,014

Class C		398,402			1,383,949

Class I		1,494,977			1,580,873

Cost of shares redeemed

Class A		(9,912,554	)		(9,959,332	)

Class C		(1,029,409	)		(1,787,838	)

Class I		(18,355,025	)		(18,356,868	)

Net asset value of shares converted

Class A		1,083,118			12,109,833

Class C		(1,083,118	)		(12,109,833	)

Net decrease in net assets from Fund share transactions	$	(5,485,038	)	$	(3,869,866	)

Net increase (decrease) in net assets	$	(17,448,829	)	$	1,481,799

Net Assets

At beginning of year	$	119,789,834		$	118,308,035

At end of year	$	102,341,005		$	119,789,834

⁽¹⁾	Includes $4,127,555 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $2,988,418 of net realized gains from redemptions in-kind.


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	26.960		$	25.910		$	27.390		$	23.420		$	24.000

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	0.016		$	(0.001	)	$	(0.059	)	$	(0.050	)	$	(0.055	)

Net realized and unrealized gain (loss)		(0.739	)		2.765			1.583			5.494			0.680

Total income (loss) from operations	$	(0.723	)	$	2.764		$	1.524		$	5.444		$	0.625

Less Distributions

From net investment income	$	—		$	(0.032	)	$	—		$	—		$	—

From net realized gain		(1.717	)		(1.682	)		(3.004	)		(1.474	)		(1.205	)

Total distributions	$	(1.717	)	$	(1.714	)	$	(3.004	)	$	(1.474	)	$	(1.205	)

Net asset value — End of year	$	24.520		$	26.960		$	25.910		$	27.390		$	23.420

Total Return⁽²⁾		(3.09	)%		12.26	%		5.79	%		23.96	%		2.90	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	78,430		$	89,352		$	75,199		$	76,407		$	66,058

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.17	%		1.20	%		1.17	%		1.19	%		1.22	%

Net investment income (loss)		0.06	%		(0.01	)%		(0.22	)%		(0.19	)%		(0.24	)%

Portfolio Turnover of the Portfolio		44	%		51	%		51	%		70	%		66	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	21.410		$	21.070		$	22.970		$	19.990		$	20.820

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.126	)	$	(0.111	)	$	(0.212	)	$	(0.202	)	$	(0.192	)

Net realized and unrealized gain (loss)		(0.577	)		2.133			1.316			4.656			0.567

Total income (loss) from operations	$	(0.703	)	$	2.022		$	1.104		$	4.454		$	0.375

Less Distributions

From net realized gain	$	(1.717	)	$	(1.682	)	$	(3.004	)	$	(1.474	)	$	(1.205	)

Total distributions	$	(1.717	)	$	(1.682	)	$	(3.004	)	$	(1.474	)	$	(1.205	)

Net asset value — End of year	$	18.990		$	21.410		$	21.070		$	22.970		$	19.990

Total Return⁽²⁾		(3.86	)%		11.45	%		4.99	%		23.07	%		2.09	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	3,565		$	5,675		$	18,482		$	21,002		$	20,326

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.92	%		1.95	%		1.92	%		1.94	%		1.97	%

Net investment loss		(0.66	)%		(0.55	)%		(0.96	)%		(0.94	)%		(0.99	)%

Portfolio Turnover of the Portfolio		44	%		51	%		51	%		70	%		66	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	27.770		$	26.650		$	28.020		$	23.870		$	24.380

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.081		$	0.071		$	0.007		$	0.007		$	0.001

Net realized and unrealized gain (loss)		(0.764	)		2.833			1.627			5.617			0.694

Total income (loss) from operations	$	(0.683	)	$	2.904		$	1.634		$	5.624		$	0.695

Less Distributions

From net investment income	$	—		$	(0.102	)	$	—		$	—		$	—

From net realized gain		(1.717	)		(1.682	)		(3.004	)		(1.474	)		(1.205	)

Total distributions	$	(1.717	)	$	(1.784	)	$	(3.004	)	$	(1.474	)	$	(1.205	)

Net asset value — End of year	$	25.370		$	27.770		$	26.650		$	28.020		$	23.870

Total Return⁽²⁾		(2.89	)%		12.52	%		6.07	%		24.28	%		3.14	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	20,346		$	24,763		$	24,628		$	20,565		$	13,210

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		0.92	%		0.95	%		0.92	%		0.94	%		0.97	%

Net investment income		0.32	%		0.27	%		0.02	%		0.03	%		0.00	%⁽⁴⁾

Portfolio Turnover of the Portfolio		44	%		51	%		51	%		70	%		66	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁴⁾	Amount is less than 0.005%.


		12		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Tax-Managed Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed Small-Cap Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (66.0% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		13

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	—	$	184,851

Long-term capital gains	$	7,635,899	$	7,815,863

During the year ended October 31, 2020, distributable earnings was decreased by $6,032,164 and paid-in capital was increased by $6,032,164 due to differences between book and tax accounting, primarily for net operating losses and redemptions in-kind. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(2,387,422	)

Net unrealized appreciation	$	16,591,565

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $2,387,422 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 October 31, 2020, $2,387,422 are short-term.

3 Transactions with Affiliates

Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., serves as the administrator to the Fund, but receives no compensation. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $9,915 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 $1,506 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

4 Distribution Plans


		14

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Notes to Financial Statements — continued

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. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $700 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $625,861 and $14,299,886, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind of $10,505,916.

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. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:


	Year Ended October 31,
Class A	2020			2019

Sales		60,552			89,012

Issued to shareholders electing to receive payments of distributions in Fund shares		200,573			209,108

Redemptions		(421,842	)		(395,045	)

Converted from Class C shares		45,546			508,727

Net increase (decrease)		(115,171	)		411,802

	Year Ended October 31,
Class C	2020			2019

Sales		16,649			35,920

Issued to shareholders electing to receive payments of distributions in Fund shares		19,482			79,675

Redemptions		(54,995	)		(90,395	)

Converted to Class A shares		(58,506	)		(637,276	)

Net decrease		(77,370	)		(612,076	)

	Year Ended October 31,
Class I	2020			2019

Sales		618,303			611,924

Issued to shareholders electing to receive payments of distributions in Fund shares		55,226			70,732

Redemptions		(763,036	)		(715,188	)

Net decrease		(89,507	)		(32,532	)


		15

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Small-Cap Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		16

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Federal Tax Information (Unaudited)


		17

Tax-Managed Small-Cap Portfolio

October 31, 2020

Portfolio of Investments


Common Stocks — 100.0%
Security	Shares		Value

Aerospace & Defense — 2.5%

Hexcel Corp.		34,968	$	1,170,729

Mercury Systems, Inc.⁽¹⁾		38,993		2,685,838

			$	3,856,567

Auto Components — 3.7%

Dana, Inc.		154,542	$	2,162,043

Dorman Products, Inc.⁽¹⁾		21,083		1,882,079

Visteon Corp.⁽¹⁾		19,981		1,791,297

			$	5,835,419

Banks — 9.2%

Commerce Bancshares, Inc.		25,281	$	1,573,742

Community Bank System, Inc.		33,979		1,970,442

First Citizens BancShares, Inc., Class A		3,892		1,800,828

Glacier Bancorp, Inc.		62,427		2,234,887

Independent Bank Corp.		26,690		1,529,070

South State Corp.		36,328		2,230,539

Stock Yards Bancorp, Inc.		41,630		1,591,099

Westamerica BanCorp.		25,454		1,333,026

			$	14,263,633

Biotechnology — 2.4%

Emergent BioSolutions, Inc.⁽¹⁾		25,353	$	2,281,009

Ligand Pharmaceuticals, Inc.⁽¹⁾		17,353		1,430,755

			$	3,711,764

Building Products — 2.6%

AZEK Co., Inc. (The)⁽¹⁾		69,626	$	2,328,293

CSW Industrials, Inc.		18,749		1,603,602

Trex Co., Inc.⁽¹⁾		1,705		118,566

			$	4,050,461

Capital Markets — 0.9%

Cohen & Steers, Inc.		26,215	$	1,476,167

			$	1,476,167

Chemicals — 4.3%

Balchem Corp.		26,408	$	2,639,479

Valvoline, Inc.		207,549		4,082,489

			$	6,721,968


Security	Shares		Value

Commercial Services & Supplies — 1.6%

Herman Miller, Inc.		44,865	$	1,367,036

Kimball International, Inc., Class B		34,859		359,048

UniFirst Corp.		4,252		696,520

			$	2,422,604

Diversified Consumer Services — 2.9%

Terminix Global Holdings, Inc.⁽¹⁾		97,332	$	4,583,364

			$	4,583,364

Electric Utilities — 1.1%

ALLETE, Inc.		32,033	$	1,652,262

			$	1,652,262

Equity Real Estate Investment Trusts (REITs) — 8.4%

CubeSmart		89,577	$	3,039,348

EastGroup Properties, Inc.		21,711		2,889,300

Healthcare Realty Trust, Inc.		84,552		2,350,545

Rexford Industrial Realty, Inc.		54,430		2,528,818

STORE Capital Corp.		85,006		2,184,654

			$	12,992,665

Food & Staples Retailing — 0.9%

Performance Food Group Co.⁽¹⁾		41,912	$	1,408,662

			$	1,408,662

Food Products — 3.5%

Flowers Foods, Inc.		61,948	$	1,460,734

Lancaster Colony Corp.		5,860		973,580

Nomad Foods, Ltd.⁽¹⁾		121,448		2,945,114

			$	5,379,428

Gas Utilities — 1.7%

ONE Gas, Inc.		38,222	$	2,638,847

			$	2,638,847

Health Care Equipment & Supplies — 6.9%

Envista Holdings Corp.⁽¹⁾		50,998	$	1,347,367

Haemonetics Corp.⁽¹⁾		34,476		3,485,179

ICU Medical, Inc.⁽¹⁾		16,749		2,977,805

Integra LifeSciences Holdings Corp.⁽¹⁾		46,649		2,057,221

Tandem Diabetes Care, Inc.⁽¹⁾		8,152		888,568

			$	10,756,140


		18		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Health Care Providers & Services — 7.9%

Addus HomeCare Corp.⁽¹⁾		25,547	$	2,492,621

Amedisys, Inc.⁽¹⁾		16		4,144

Chemed Corp.		4,976		2,380,120

LHC Group, Inc.⁽¹⁾		17,794		3,853,291

R1 RCM, Inc.⁽¹⁾		195,743		3,507,714

			$	12,237,890

Health Care Technology — 1.1%

Phreesia, Inc.⁽¹⁾		46,637	$	1,724,170

			$	1,724,170

Hotels, Restaurants & Leisure — 0.4%

Choice Hotels International, Inc.		7,009	$	612,236

			$	612,236

Household Durables — 0.7%

Tempur Sealy International, Inc.⁽¹⁾		11,656	$	1,037,384

			$	1,037,384

Insurance — 4.1%

AMERISAFE, Inc.		24,670	$	1,455,037

First American Financial Corp.		24,339		1,085,276

Horace Mann Educators Corp.		2,100		71,211

RLI Corp.		19,589		1,698,366

Selective Insurance Group, Inc.		38,694		2,014,410

			$	6,324,300

IT Services — 2.4%

Euronet Worldwide, Inc.⁽¹⁾		6,673	$	592,829

NIC, Inc.		140,945		3,159,987

			$	3,752,816

Leisure Products — 2.1%

Brunswick Corp.		39,849	$	2,538,780

Polaris, Inc.		7,405		672,818

			$	3,211,598

Machinery — 4.8%

Middleby Corp.⁽¹⁾		16,679	$	1,660,228

Mueller Water Products, Inc., Class A		332,119		3,440,753

RBC Bearings, Inc.⁽¹⁾		8,909		1,060,616

Woodward, Inc.		16,997		1,352,111

			$	7,513,708


Security	Shares		Value

Marine — 0.7%

Kirby Corp.⁽¹⁾		30,083	$	1,157,895

			$	1,157,895

Professional Services — 1.6%

CBIZ, Inc.⁽¹⁾		112,006	$	2,539,176

			$	2,539,176

Road & Rail — 1.9%

Landstar System, Inc.		23,324	$	2,908,503

			$	2,908,503

Semiconductors & Semiconductor Equipment — 1.7%

Ambarella, Inc.⁽¹⁾		20,485	$	1,119,915

Silicon Laboratories, Inc.⁽¹⁾		14,394		1,474,809

			$	2,594,724

Software — 10.4%

ACI Worldwide, Inc.⁽¹⁾		123,229	$	3,594,590

Altair Engineering, Inc., Class A⁽¹⁾		79,915		3,438,743

CDK Global, Inc.		52,288		2,253,613

Envestnet, Inc.⁽¹⁾		41,764		3,204,969

RealPage, Inc.⁽¹⁾		66,409		3,698,317

			$	16,190,232

Specialty Retail — 4.6%

Asbury Automotive Group, Inc.⁽¹⁾		7,891	$	812,615

Lithia Motors, Inc., Class A		9,750		2,238,308

National Vision Holdings, Inc.⁽¹⁾		102,016		4,114,305

			$	7,165,228

Textiles, Apparel & Luxury Goods — 0.9%

Columbia Sportswear Co.		7,925	$	591,126

Deckers Outdoor Corp.⁽¹⁾		3,416		865,512

			$	1,456,638

Trading Companies & Distributors — 1.0%

Applied Industrial Technologies, Inc.		26,213	$	1,600,304

			$	1,600,304

Water Utilities — 1.1%

Middlesex Water Co.		25,733	$	1,650,515

			$	1,650,515

Total Common Stocks (identified cost $124,176,345)			$	155,427,268


		19		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Portfolio of Investments — continued


Short-Term Investments — 0.1%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²⁾		92,958	$	92,958

Total Short-Term Investments (identified cost $92,958)			$	92,958

Total Investments — 100.1% (identified cost $124,269,303)			$	155,520,226

Other Assets, Less Liabilities — (0.1)%			$	(91,149	)

Net Assets — 100.0%			$	155,429,077

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

⁽¹⁾	Non-income producing security.

⁽²⁾	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 October 31, 2020.


		20		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $124,176,345)	$	155,427,268

Affiliated investment, at value (identified cost, $92,958)		92,958

Dividends receivable		12,967

Dividends receivable from affiliated investment		58

Receivable for investments sold		1,509,863

Tax reclaims receivable		2,071

Total assets	$	157,045,185

Liabilities

Demand note payable	$	100,000

Payable for investments purchased		1,386,535

Payable to affiliates:

Investment adviser fee		84,770

Trustees’ fees		735

Accrued expenses		44,068

Total liabilities	$	1,616,108

Net Assets applicable to investors’ interest in Portfolio	$	155,429,077


		21		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends	$	1,981,478

Dividends from affiliated investment		9,553

Total investment income	$	1,991,031

Expenses

Investment adviser fee	$	1,010,702

Trustees’ fees and expenses		9,056

Custodian fee		47,640

Legal and accounting services		40,444

Miscellaneous		7,080

Total expenses	$	1,114,922

Net investment income	$	876,109

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	2,728,368	⁽¹⁾

Investment transactions — affiliated investment		699

Net realized gain	$	2,729,067

Change in unrealized appreciation (depreciation) —

Investments	$	(9,459,536	)

Investments — affiliated investment		(114	)

Net change in unrealized appreciation (depreciation)	$	(9,459,650	)

Net realized and unrealized loss	$	(6,730,583	)

Net decrease in net assets from operations	$	(5,854,474	)

⁽¹⁾	Includes $6,213,549 of net realized gains from redemptions in-kind.


		22		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	876,109		$	894,902

Net realized gain		2,729,067	⁽¹⁾		15,999,352	⁽²⁾

Net change in unrealized appreciation (depreciation)		(9,459,650	)		3,626,131

Net increase (decrease) in net assets from operations	$	(5,854,474	)	$	20,520,385

Capital transactions —

Contributions	$	3,232,891		$	3,984,197

Withdrawals		(20,449,236	)		(18,328,553	)

Net decrease in net assets from capital transactions	$	(17,216,345	)	$	(14,344,356	)

Net increase (decrease) in net assets	$	(23,070,819	)	$	6,176,029

Net Assets

At beginning of year	$	178,499,896		$	172,323,867

At end of year	$	155,429,077		$	178,499,896

⁽¹⁾	Includes $6,213,549 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $4,396,805 of net realized gains from redemptions in-kind.


		23		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Financial Highlights



	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.69	%		0.69	%		0.69	%		0.70	%		0.70	%

Net investment income		0.54	%		0.51	%		0.26	%		0.30	%		0.27	%

Portfolio Turnover		44	%		51	%		51	%		70	%		66	%

Total Return		(2.63	)%		12.82	%		6.30	%		24.56	%		3.43	%

Net assets, end of year (000’s omitted)	$	155,429		$	178,500		$	172,324		$	170,770		$	146,746


		24		See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Tax-Managed Small-Cap Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of publicly-traded equity securities of small-cap companies. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Tax-Managed Small-Cap Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 66.0% and 34.0%, respectively, in the Portfolio.

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

F Indemnifications — Under the Portfolio’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 Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.


		25

Tax-Managed Small-Cap Portfolio

October 31, 2020

Notes to Financial Statements — continued

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.625% of the Portfolio’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $1,010,702 or 0.625% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $71,244,458 and $74,550,031, respectively, for the year ended October 31, 2020. In-kind sales for the year ended October 31, 2020 aggregated $10,505,916.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	124,640,832

Gross unrealized appreciation	$	34,931,781

Gross unrealized depreciation		(4,052,387	)

Net unrealized appreciation	$	30,879,394

5 Line of Credit

The Portfolio 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 Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio 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 Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. At October 31, 2020, the Portfolio had a balance outstanding pursuant to this line of credit of $100,000, at an interest rate of 1.34%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at October 31, 2020. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 7) at October 31, 2020. The Portfolio’s average borrowings or allocated fees during the year ended October 31, 2020 were not significant.

6 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $92,958, which represents 0.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 were as follows:


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	2,264,271	$	25,212,332	$	(27,384,230	)	$	699	$	(114	)	$	92,958	$	9,553		92,958


		26

Tax-Managed Small-Cap Portfolio

October 31, 2020

Notes to Financial Statements — continued

7 Fair Value Measurements

•

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)

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2		Level 3		Total

Common Stocks	$	155,427,268	*	$	—	$	—	$	155,427,268

Short-Term Investments		—			92,958		—		92,958

Total Investments	$	155,427,268		$	92,958	$	—	$	155,520,226

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

8 Risks and Uncertainties

Pandemic Risk

9 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		27

Tax-Managed Small-Cap Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Tax-Managed Small-Cap Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Small-Cap Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 18, 2020

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


		28

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Liquidity Risk Management Program


		29

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Tax-Managed Small-Cap Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		30

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		31

Eaton Vance

Tax-Managed Small-Cap Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		32

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		33

This Page Intentionally Left Blank

Investment Adviser of Tax-Managed Small-Cap Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Small-Cap Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

130 10.31.20

LOGO

Eaton Vance

Tax-Managed Value Fund

Annual Report

October 31, 2020

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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 is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Annual Report October 31, 2020

Eaton Vance

Tax-Managed Value Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			16 and 29
Federal Tax Information			17
Liquidity Risk Management Program			30
Management and Organization			31
Important Notices			34

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst U.S. equity performances in over a decade.

In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Economic activity declined dramatically and equity markets, along with credit markets, plunged in value amid unprecedented volatility.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Tax-Managed Value Fund (the Fund) returned -4.66% for Class A shares at net asset value (NAV), outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned -7.57%.

Stock selections in the information technology (IT), consumer discretionary and utilities sectors contributed to Fund performance versus the Index. Within IT, the Fund’s out-of-Index position in computer and cell phone hardware and services firm Apple, Inc. (Apple) contributed to performance relative to the Index. Heading into 2020, there was concern that market saturation might leave little room for strong Apple hardware sales to continue. Apple’s stock price rose, however, as hardware sales proved sustainable during the pandemic and as Apple TV and other services delivered increased revenue from consumers spending more time at home.

Elsewhere in IT, the Fund’s out-of-Index position in QUALCOMM, Inc. (QUALCOMM), which produces and licenses chip technology for mobile devices, rose in value as Apple and other firms introduced 5G cell phones using QUALCOMM technology. The favorable resolution of an antitrust suit before the Federal Communications Commission was an additional tailwind for QUALCOMM’s stock during the period.

In the consumer discretionary sector, the Fund’s out-of-Index position in athletic clothing retailer Lululemon Athletica, Inc. (Lululemon) contributed to performance relative to the Index. The stock’s price rose in value following a business turnaround strategy put into place by Lululemon’s management team before the pandemic, which included a greater online presence. The internal change positioned the firm to benefit strongly from rising sales of casual and exercise clothing catering to consumers increasingly working and exercising from home.

In the utilities sector, an overweight position in NextEra Energy, Inc. (NextEra) helped returns relative to the Index. NextEra’s stock price rose during the period as it reported steady revenue streams and profit growth from renewable energy production, both wind and solar, and from its subsidiary, Florida Power & Light Co.

In contrast, detractors from Fund performance relative to the Index included security selections and an underweight position in the industrials sector, security selections in the financials sector, and an underweight position in the materials sector. In the industrials sector, the Fund’s positions in Hexcel Corp., which makes carbon fiber material used in jetliner wings and fuselages, and aerospace firm Boeing Co. (Boeing) hurt performance relative to the Index. Both stocks declined in value as airlines canceled or delayed jetliner orders after air travel worldwide ground to a near-halt during the pandemic. By period-end, Boeing had been sold from the Fund.

An overweight Fund position in diversified financial services firm Wells Fargo & Co. (Wells Fargo) detracted from results versus the Index. Like much of the financials sector, Wells Fargo’s stock price was negatively impacted by falling interest rates during the pandemic, which lowered profits on lending, and increased concerns about worsening corporate and consumer credit trends. In addition, Wells Fargo’s new management team continued to struggle to turn the business around after legal issues surfaced under the previous administration.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Performance^2,3

Portfolio Managers Edward J. Perkin, CFA, Aaron S. Dunn, CFA and Brad Galko, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A at NAV		12/27/1999		12/27/1999		–4.66	%		6.80	%		9.17	%
Class A with 5.75% Maximum Sales Charge		—		—		–10.13			5.55			8.53
Class C at NAV		01/24/2000		01/24/2000		–5.38			6.00			8.35
Class C with 1% Maximum Sales Charge		—		—		–6.32			6.00			8.35
Class I at NAV		11/30/2007		12/27/1999		–4.42			7.06			9.44



Russell 1000^®Value Index		—		—		–7.57	%		5.82	%		9.47	%

% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

Class A After Taxes on Distributions		12/27/1999		12/27/1999		–10.34	%		4.93	%		7.81	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		–5.76			4.35			7.00
Class C After Taxes on Distributions		01/24/2000		01/24/2000		–6.34			5.55			7.78
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		–3.73			4.77			6.89
Class I After Taxes on Distributions		11/30/2007		12/27/1999		–4.69			6.37			8.65
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		–2.31			5.60			7.79

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						1.18	%		1.93	%		0.93	%

Growth of $10,000

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

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

10/31/2010

$22,315

N.A.

Class I

$250,000

10/31/2010

$616,539

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Fund Profile⁵

Sector Allocation (% of net assets)⁶

LOGO

Top 10 Holdings (% of net assets)⁶



NextEra Energy, Inc.	4.9	%

JPMorgan Chase & Co.	4.8

Verizon Communications, Inc.	3.7

Home Depot, Inc. (The)	3.1

Johnson & Johnson	3.0

Estee Lauder Cos., Inc. (The), Class A	3.0

Sempra Energy	2.9

Thermo Fisher Scientific, Inc.	2.7

Ball Corp.	2.6

Zoetis, Inc.	2.3

Total	33.0	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Endnotes and Additional Disclosures

²	Russell 1000^® Value Index is an unmanaged index of U.S. large-cap value stocks. 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.

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

⁵	Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information


		5

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Fund Expenses


	Beginning Account Value (5/1/20)		Ending Account Value (10/31/20)		Expenses Paid During Period* (5/1/20 – 10/31/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,090.20	$	6.09		1.16	%
Class C	$	1,000.00	$	1,086.00	$	10.07		1.92	%
Class I	$	1,000.00	$	1,091.30	$	4.78		0.91	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	5.89		1.16	%
Class C	$	1,000.00	$	1,015.50	$	9.73		1.92	%
Class I	$	1,000.00	$	1,020.60	$	4.62		0.91	%


		6

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Investment in Tax-Managed Value Portfolio, at value (identified cost, $272,992,694)	$	572,750,967

Receivable for Fund shares sold		427,096

Total assets	$	573,178,063

Liabilities

Payable for Fund shares redeemed	$	627,160

Payable to affiliates:

Administration fee		75,416

Distribution and service fees		97,651

Trustees’ fees		43

Accrued expenses		112,922

Total liabilities	$	913,192

Net Assets	$	572,264,871

Sources of Net Assets

Paid-in capital	$	303,582,521

Distributable earnings		268,682,350

Total	$	572,264,871

Class A Shares

Net Assets	$	362,650,722

Shares Outstanding		12,874,561

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	28.17

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	29.89

Class C Shares

Net Assets	$	20,065,513

Shares Outstanding		742,695

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	27.02

Class I Shares

Net Assets	$	189,548,636

Shares Outstanding		6,750,129

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	28.08

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

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


		7		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends allocated from Portfolio (net of foreign taxes, $92,823)	$	14,395,342

Securities lending income allocated from Portfolio, net		2,927

Expenses allocated from Portfolio		(4,083,277	)

Total investment income from Portfolio	$	10,314,992

Expenses

Administration fee	$	893,566

Distribution and shareholder service fees

Class A		954,621

Class C		236,189

Trustees’ fees and expenses		501

Custodian fee		42,347

Transfer and dividend disbursing agent fees		254,311

Legal and accounting services		34,997

Printing and postage		36,434

Registration fees		51,179

ReFlow liquidity program fees		74,960

Miscellaneous		13,133

Total expenses	$	2,592,238

Net investment income	$	7,722,754

Realized and Unrealized Gain (Loss) from Portfolio

Net realized gain (loss) —

Investment transactions	$	18,697,365	⁽¹⁾

Foreign currency transactions		3,654

Net realized gain	$	18,701,019

Change in unrealized appreciation (depreciation) —

Investments	$	(58,390,680	)

Foreign currency		14,918

Net change in unrealized appreciation (depreciation)	$	(58,375,762	)

Net realized and unrealized loss	$	(39,674,743	)

Net decrease in net assets from operations	$	(31,951,989	)

⁽¹⁾	Includes $19,447,354 of net realized gains from redemptions in-kind.


		8		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	7,722,754		$	7,630,618

Net realized gain		18,701,019	⁽¹⁾		14,759,482	⁽²⁾

Net change in unrealized appreciation (depreciation)		(58,375,762	)		49,192,031

Net increase (decrease) in net assets from operations	$	(31,951,989	)	$	71,582,131

Distributions to shareholders —

Class A	$	(4,921,111	)	$	(4,421,163	)

Class C		(22,205	)		(759,182	)

Class I		(2,819,279	)		(2,869,613	)

Total distributions to shareholders	$	(7,762,595	)	$	(8,049,958	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	8,979,231		$	10,259,271

Class C		3,230,949			6,630,935

Class I		68,726,640			53,204,293

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		4,288,228			3,754,725

Class C		18,656			726,934

Class I		2,484,851			2,505,203

Cost of shares redeemed

Class A		(45,408,174	)		(38,557,802	)

Class C		(5,764,641	)		(7,877,713	)

Class I		(64,701,912	)		(48,085,858	)

Net asset value of shares converted

Class A		2,414,854			84,835,557

Class C		(2,414,854	)		(84,835,557	)

Net decrease in net assets from Fund share transactions	$	(28,146,172	)	$	(17,440,012	)

Net increase (decrease) in net assets	$	(67,860,756	)	$	46,092,161

Net Assets

At beginning of year	$	640,125,627		$	594,033,466

At end of year	$	572,264,871		$	640,125,627

⁽¹⁾	Includes $19,447,354 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $14,667,147 of net realized gains from redemptions in-kind.


		9		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Financial Highlights


	Class A

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	29.890		$	27.000		$	25.240		$	21.200		$	23.090

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.354		$	0.344		$	0.268		$	0.292		$	0.297

Net realized and unrealized gain (loss)		(1.720	)		2.931			1.744			3.997			(0.354	)

Total income (loss) from operations	$	(1.366	)	$	3.275		$	2.012		$	4.289		$	(0.057	)

Less Distributions

From net investment income	$	(0.339	)	$	(0.278	)	$	(0.252	)	$	(0.249	)	$	(0.286	)

From net realized gain		(0.015	)		(0.107	)		—			—			(1.547	)

Total distributions	$	(0.354	)	$	(0.385	)	$	(0.252	)	$	(0.249	)	$	(1.833	)

Net asset value — End of year	$	28.170		$	29.890		$	27.000		$	25.240		$	21.200

Total Return⁽²⁾		(4.66	)%		12.35	%		8.02	%		20.37	%		(0.17	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	362,651		$	417,533		$	312,065		$	308,854		$	290,402

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.17	%		1.18	%		1.17	%		1.19	%		1.21	%

Net investment income		1.25	%		1.24	%		1.00	%		1.25	%		1.40	%

Portfolio Turnover of the Portfolio		25	%		18	%		10	%		30	%		45	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		10		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Financial Highlights — continued


	Class C

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	28.580		$	25.810		$	24.140		$	20.290		$	22.160

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.137		$	0.150		$	0.066		$	0.114		$	0.133

Net realized and unrealized gain (loss)		(1.673	)		2.794			1.664			3.828			(0.338	)

Total income (loss) from operations	$	(1.536	)	$	2.944		$	1.730		$	3.942		$	(0.205	)

Less Distributions

From net investment income	$	(0.009	)	$	(0.067	)	$	(0.060	)	$	(0.092	)	$	(0.118	)

From net realized gain		(0.015	)		(0.107	)		—			—			(1.547	)

Total distributions	$	(0.024	)	$	(0.174	)	$	(0.060	)	$	(0.092	)	$	(1.665	)

Net asset value — End of year	$	27.020		$	28.580		$	25.810		$	24.140		$	20.290

Total Return⁽²⁾		(5.38	)%		11.50	%		7.17	%		19.48	%		(0.91	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	20,066		$	26,672		$	112,571		$	125,813		$	132,286

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		1.92	%		1.93	%		1.92	%		1.94	%		1.96	%

Net investment income		0.50	%		0.58	%		0.26	%		0.51	%		0.65	%

Portfolio Turnover of the Portfolio		25	%		18	%		10	%		30	%		45	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		11		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Financial Highlights — continued


	Class I

	Year Ended October 31,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	29.790		$	26.920		$	25.170		$	21.140		$	23.030

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.421		$	0.411		$	0.331		$	0.346		$	0.348

Net realized and unrealized gain (loss)		(1.707	)		2.914			1.732			3.989			(0.345	)

Total income (loss) from operations	$	(1.286	)	$	3.325		$	2.063		$	4.335		$	0.003

Less Distributions

From net investment income	$	(0.409	)	$	(0.348	)	$	(0.313	)	$	(0.305	)	$	(0.346	)

From net realized gain		(0.015	)		(0.107	)		—			—			(1.547	)

Total distributions	$	(0.424	)	$	(0.455	)	$	(0.313	)	$	(0.305	)	$	(1.893	)

Net asset value — End of year	$	28.080		$	29.790		$	26.920		$	25.170		$	21.140

Total Return⁽²⁾		(4.42	)%		12.61	%		8.25	%		20.68	%		0.07	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	189,549		$	195,921		$	169,397		$	146,032		$	107,621

Ratios (as a percentage of average daily net assets):⁽³⁾

Expenses		0.92	%		0.93	%		0.92	%		0.94	%		0.96	%

Net investment income		1.49	%		1.49	%		1.24	%		1.48	%		1.65	%

Portfolio Turnover of the Portfolio		25	%		18	%		10	%		30	%		45	%

⁽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⁾	Includes the Fund’s share of the Portfolio’s allocated expenses.


		12		See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Tax-Managed Value 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 offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed Value Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (81.3% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

G Other — Investment transactions are accounted for on a trade date basis.

2 Distributions to Shareholders and Income Tax Information


		13

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:


	Year Ended October 31,
	2020		2019

Ordinary income	$	7,442,687	$	5,682,193

Long-term capital gains	$	319,908	$	2,367,765

During the year ended October 31, 2020, distributable earnings was decreased by $24,483,527 and paid-in capital was increased by $24,483,527 due to the Fund’s use of equalization accounting and differences between book and tax accounting for redemptions in-kind. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	5,984,920

Undistributed long-term capital gains	$	1,530,967

Net unrealized appreciation	$	261,166,463

3 Transactions with Affiliates

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $16,909 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 $9,911 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

4 Distribution Plans

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

5 Contingent Deferred Sales Charges


		14

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Notes to Financial Statements — continued

based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $1,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions

For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $6,276,188 and $44,575,855, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind of $31,362,235.

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. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:


	Year Ended October 31,
Class A	2020			2019

Sales		316,504			377,985

Issued to shareholders electing to receive payments of distributions in Fund shares		140,690			144,691

Redemptions		(1,635,502	)		(1,391,204	)

Converted from Class C shares		83,618			3,278,106

Net increase (decrease)		(1,094,690	)		2,409,578

	Year Ended October 31,
Class C	2020			2019

Sales		116,457			254,129

Issued to shareholders electing to receive payments of distributions in Fund shares		634			29,101

Redemptions		(220,846	)		(303,600	)

Converted to Class A shares		(86,914	)		(3,408,525	)

Net decrease		(190,669	)		(3,428,895	)

	Year Ended October 31,
Class I	2020			2019

Sales		2,519,355			1,947,470

Issued to shareholders electing to receive payments of distributions in Fund shares		81,954			97,063

Redemptions		(2,427,269	)		(1,762,098	)

Net increase		174,040			282,435


		15

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Tax-Managed Value Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Value Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		16

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $13,287,198, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2020 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $1,643,959 or, if subsequently determined to be different, the net capital gain of such year.


		17

Tax-Managed Value Portfolio

October 31, 2020

Portfolio of Investments


Common Stocks — 99.8%
Security	Shares		Value

Aerospace & Defense — 1.8%

Hexcel Corp.		190,373	$	6,373,688

Raytheon Technologies Corp.		113,000		6,138,160

			$	12,511,848

Banks — 13.9%

Bank of America Corp.		584,365	$	13,849,450

Citigroup, Inc.		81,079		3,358,292

JPMorgan Chase & Co.		345,410		33,863,996

KeyCorp.		669,553		8,690,798

PNC Financial Services Group, Inc. (The)		142,029		15,890,205

Truist Financial Corp.		257,513		10,846,448

U.S. Bancorp		187,164		7,290,038

Wells Fargo & Co.		188,847		4,050,768

			$	97,839,995

Biotechnology — 0.4%

Royalty Pharma PLC, Class A		82,011	$	3,009,804

			$	3,009,804

Building Products — 0.5%

Carrier Global Corp.		113,000	$	3,773,070

			$	3,773,070

Capital Markets — 3.6%

Ameriprise Financial, Inc.		32,971	$	5,302,726

Goldman Sachs Group, Inc. (The)		62,358		11,788,156

Raymond James Financial, Inc.		107,736		8,235,340

			$	25,326,222

Consumer Finance — 0.8%

American Express Co.		59,190	$	5,400,496

			$	5,400,496

Containers & Packaging — 4.2%

Ball Corp.		203,965	$	18,152,885

Packaging Corp. of America		102,107		11,690,230

			$	29,843,115

Diversified Telecommunication Services — 3.7%

Verizon Communications, Inc.		462,890	$	26,380,101

			$	26,380,101


Security	Shares		Value

Electric Utilities — 4.9%

NextEra Energy, Inc.		467,556	$	34,229,775

			$	34,229,775

Electrical Equipment — 1.1%

Rockwell Automation, Inc.		33,916	$	8,042,162

			$	8,042,162

Entertainment — 0.9%

Walt Disney Co. (The)		49,648	$	6,019,820

			$	6,019,820

Equity Real Estate Investment Trusts (REITs) — 4.4%

AvalonBay Communities, Inc.		47,915	$	6,666,414

Boston Properties, Inc.		59,105		4,279,793

CubeSmart		334,925		11,364,005

Mid-America Apartment Communities, Inc.		77,009		8,981,560

			$	31,291,772

Food Products — 4.5%

General Mills, Inc.		53,745	$	3,177,404

Mondelez International, Inc., Class A		244,813		13,004,467

Nestle S.A.		138,900		15,623,179

			$	31,805,050

Health Care Equipment & Supplies — 3.0%

Baxter International, Inc.		61,563	$	4,775,442

Medtronic PLC		47,517		4,778,785

Stryker Corp.		58,093		11,735,367

			$	21,289,594

Health Care Providers & Services — 1.5%

UnitedHealth Group, Inc.		34,362	$	10,485,221

			$	10,485,221

Household Durables — 0.9%

D.R. Horton, Inc.		99,360	$	6,638,242

			$	6,638,242

Industrial Conglomerates — 2.0%

Honeywell International, Inc.		83,731	$	13,811,428

			$	13,811,428


		18		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Portfolio of Investments — continued


Security	Shares		Value

Insurance — 1.9%

Arch Capital Group, Ltd.⁽¹⁾		183,981	$	5,558,066

Travelers Cos., Inc. (The)		64,030		7,729,061

			$	13,287,127

Interactive Media & Services — 3.7%

Alphabet, Inc., Class A⁽¹⁾		7,924	$	12,806,056

Alphabet, Inc., Class C⁽¹⁾		8,199		13,290,661

			$	26,096,717

IT Services — 3.3%

Cognizant Technology Solutions Corp., Class A		207,422	$	14,814,079

Visa, Inc., Class A		44,697		8,121,892

			$	22,935,971

Life Sciences Tools & Services — 2.7%

Thermo Fisher Scientific, Inc.		40,907	$	19,353,920

			$	19,353,920

Machinery — 4.0%

Caterpillar, Inc.		18,748	$	2,944,373

Ingersoll Rand, Inc.⁽¹⁾		353,722		12,359,047

Otis Worldwide Corp.		56,500		3,462,320

Parker-Hannifin Corp.		32,913		6,857,753

Stanley Black & Decker, Inc.		16,103		2,676,318

			$	28,299,811

Multi-Utilities — 3.5%

CMS Energy Corp.		68,853	$	4,360,461

Sempra Energy		162,537		20,375,638

			$	24,736,099

Oil, Gas & Consumable Fuels — 3.7%

Chevron Corp.		182,306	$	12,670,267

EOG Resources, Inc.		85,021		2,911,119

Phillips 66		217,699		10,157,835

			$	25,739,221

Personal Products — 3.0%

Estee Lauder Cos., Inc. (The), Class A		94,712	$	20,804,438

			$	20,804,438

Pharmaceuticals — 8.4%

Eli Lilly & Co.		76,320	$	9,956,707


Security	Shares		Value

Pharmaceuticals (continued)

Johnson & Johnson		152,761	$	20,945,061

Merck & Co., Inc.		167,049		12,563,756

Zoetis, Inc.		101,295		16,060,322

			$	59,525,846

Road & Rail — 1.3%

Union Pacific Corp.		50,876	$	9,014,718

			$	9,014,718

Semiconductors & Semiconductor Equipment — 2.8%

Intel Corp.		258,430	$	11,443,280

QUALCOMM, Inc.		69,710		8,599,426

			$	20,042,706

Software — 1.2%

Microsoft Corp.		25,630	$	5,189,306

Oracle Corp.		52,884		2,967,321

			$	8,156,627

Specialty Retail — 4.9%

Best Buy Co., Inc.		84,496	$	9,425,529

Home Depot, Inc. (The)		81,060		21,619,512

TJX Cos., Inc. (The)		68,155		3,462,274

			$	34,507,315

Technology Hardware, Storage & Peripherals — 2.1%

Apple, Inc.		136,720	$	14,883,339

			$	14,883,339

Textiles, Apparel & Luxury Goods — 1.2%

Lululemon Athletica, Inc.⁽¹⁾		26,779	$	8,550,267

			$	8,550,267

Total Common Stocks (identified cost $358,821,267)			$	703,631,837


		19		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Portfolio of Investments — continued


Short-Term Investments — 0.1%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²⁾		457,105	$	457,105

Total Short-Term Investments (identified cost $457,105)			$	457,105

Total Investments — 99.9% (identified cost $359,278,372)			$	704,088,942

Other Assets, Less Liabilities — 0.1%			$	618,162

Net Assets — 100.0%			$	704,707,104

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

⁽¹⁾	Non-income producing security.

⁽²⁾	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 October 31, 2020.


		20		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Statement of Assets and Liabilities


Assets	October 31, 2020

Unaffiliated investments, at value (identified cost, $358,821,267)	$	703,631,837

Affiliated investment, at value (identified cost, $457,105)		457,105

Dividend receivable		907,487

Dividends receivable from affliated investment		71

Tax reclaims receivable		228,257

Total assets	$	705,224,757

Liabilities

Payable to affiliates:

Investment adviser fee	$	397,913

Trustees’ fees		3,170

Accrued expenses		116,570

Total liabilities	$	517,653

Net Assets applicable to investors’ interest in Portfolio	$	704,707,104


		21		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Statement of Operations


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $114,224)	$	17,708,701

Dividends from affiliated investment		11,118

Securities lending income, net		3,598

Total investment income	$	17,723,417

Expenses

Investment adviser fee	$	4,712,428

Trustees’ fees and expenses		39,368

Custodian fee		185,467

Legal and accounting services		64,780

Miscellaneous		24,356

Total expenses	$	5,026,399

Net investment income	$	12,697,018

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	23,005,267	⁽¹⁾

Investment transactions — affiliated investment		1,259

Foreign currency transactions		4,505

Net realized gain	$	23,011,031

Change in unrealized appreciation (depreciation) —

Investments	$	(72,182,573	)

Investments — affiliated investment		(12	)

Foreign currency		18,346

Net change in unrealized appreciation (depreciation)	$	(72,164,239	)

Net realized and unrealized loss	$	(49,153,208	)

Net decrease in net assets from operations	$	(36,456,190	)

⁽¹⁾	Includes $23,935,485 of net realized gains from redemptions in-kind.


		22		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Statements of Changes in Net Assets


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	12,697,018		$	12,925,330

Net realized gain		23,011,031	⁽¹⁾		18,115,110	⁽²⁾

Net change in unrealized appreciation (depreciation)		(72,164,239	)		60,307,614

Net increase (decrease) in net assets from operations	$	(36,456,190	)	$	91,348,054

Capital transactions —

Contributions	$	12,741,621		$	10,475,538

Withdrawals		(59,826,240	)		(44,054,463	)

Net decrease in net assets from capital transactions	$	(47,084,619	)	$	(33,578,925	)

Net increase (decrease) in net assets	$	(83,540,809	)	$	57,769,129

Net Assets

At beginning of year	$	788,247,913		$	730,478,784

At end of year	$	704,707,104		$	788,247,913

⁽¹⁾	Includes $23,935,485 of net realized gains from redemptions in-kind.

⁽²⁾	Includes $18,003,051 of net realized gains from redemptions in-kind.


		23		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Financial Highlights


	Year Ended October 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016

Ratios (as a percentage of average daily net assets):

Expenses		0.68	%		0.68	%		0.68	%		0.69	%		0.69	%

Net investment income		1.73	%		1.74	%		1.49	%		1.74	%		1.91	%

Portfolio Turnover		25	%		18	%		10	%		30	%		45	%

Total Return		(4.18	)%		12.90	%		8.55	%		20.97	%		0.35	%

Net assets, end of year (000’s omitted)	$	704,707		$	788,248		$	730,479		$	712,901		$	646,452


		24		See Notes to Financial Statements.

Tax-Managed Value Portfolio

October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Tax-Managed Value Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing primarily in value stocks. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Tax-Managed Value Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 81.3% and 18.7%, respectively, in the Portfolio.

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


		25

Tax-Managed Value Portfolio

October 31, 2020

Notes to Financial Statements — continued

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, 0.625% on net assets of $500 million but less than $1 billion, 0.60% on net assets of $1 billion but less than $2 billion, 0.575% on net assets of $2 billion but less than $5 billion and 0.555% on net assets of $5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $4,712,428 or 0.64% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $182,447,926 and $184,620,105, respectively, for the year ended October 31, 2020. In-kind sales for the year ended October 31, 2020 aggregated $31,362,235.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	361,974,724

Gross unrealized appreciation	$	343,468,576

Gross unrealized depreciation		(1,354,358	)

Net unrealized appreciation	$	342,114,218

5 Line of Credit


		26

Tax-Managed Value Portfolio

October 31, 2020

Notes to Financial Statements — continued

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 Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2020.

6 Securities Lending Agreement

7 Investments in Affiliated Funds

At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $457,105, which represents 0.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 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	$	1,365,228	$	41,291,995	$	(42,201,365	)	$	1,259	$	(12	)	$	457,105	$	11,118		457,105

8 Fair Value Measurements

•

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)


		27

Tax-Managed Value Portfolio

October 31, 2020

Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks

Communication Services	$	58,496,638	$	—		$	—	$	58,496,638

Consumer Discretionary		49,695,824		—			—		49,695,824

Consumer Staples		36,986,309		15,623,179			—		52,609,488

Energy		25,739,221		—			—		25,739,221

Financials		141,853,840		—			—		141,853,840

Health Care		113,664,385		—			—		113,664,385

Industrials		75,453,037		—			—		75,453,037

Information Technology		66,018,643		—			—		66,018,643

Materials		29,843,115		—			—		29,843,115

Real Estate		31,291,772		—			—		31,291,772

Utilities		58,965,874		—			—		58,965,874

Total Common Stocks	$	688,008,658	$	15,623,179	*	$	—	$	703,631,837

Short-Term Investments	$	—	$	457,105		$	—	$	457,105

Total Investments	$	688,008,658	$	16,080,284		$	—	$	704,088,942

*	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.

9 Risks and Uncertainties

Pandemic Risk

10 Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.


		28

Tax-Managed Value Portfolio

October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Tax-Managed Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Value Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 21, 2020

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


		29

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Liquidity Risk Management Program


		30

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Tax-Managed Value Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		31

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Eric A. Stein 1980	President of the Trust	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Edward J. Perkin 1972	President of the Portfolio	2014	Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of CRM.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.


		32

Eaton Vance

Tax-Managed Value Fund

October 31, 2020

Management and Organization — continued


Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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


		33

Eaton Vance Funds

IMPORTANT NOTICES

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•


		34

This Page Intentionally Left Blank

Investment Adviser of Tax-Managed Value Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Value Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

501 10.31.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging and Frontier Countries Equity Fund, Eaton Vance Emerging Markets Local Income Fund, Eaton Vance Floating-Rate Fund, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Floating-Rate & High Income Fund, Eaton Vance Global Bond Fund, Eaton Vance Global Income Builder Fund, Eaton Vance Global Macro Absolute Return Fund, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Global Small-Cap Equity Fund, Eaton Vance Government Opportunities Fund, Eaton Vance High Income Opportunities Fund, Eaton Vance Multi-Asset Credit Fund, Eaton Vance Short Duration Government Income Fund, Eaton Vance Short Duration High Income Fund, Eaton Vance Short Duration Strategic Income Fund, Eaton Vance Tax-Managed Equity Asset Allocation Fund, Eaton Vance Tax-Managed Global Dividend Income Fund, Eaton Vance Tax-Managed Multi-Cap Growth Fund, Eaton Vance Tax-Managed Small-Cap Fund, Eaton Vance Tax-Managed Value Fund and Parametric Tax-Managed International Equity Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 33 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following table presents the aggregate fees billed to the fund for the fund’s fiscal years ended October 31, 2019 and October 31, 2020 by the Fund’s principal accountant, Deloitte and Touche LLP (“D&T”), for professional services rendered for the audit of the fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.



Eaton Vance Emerging and Frontier Countries Equity Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	15,350	$	15,530
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	14,562	$	8,752
All Other Fees⁽³⁾	$	0	$	0

Total	$	29,912	$	24,102


Eaton Vance Emerging Markets Local Income Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	21,550	$	21,550
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	12,369	$	10,659
All Other Fees⁽³⁾	$	0	$	0

Total	$	33,919	$	32,209


Eaton Vance Floating-Rate Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	27,250	$	27,250
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	18,089	$	16,879
All Other Fees⁽³⁾	$	0	$	0

Total	$	45,339	$	44,129


Eaton Vance Floating-Rate Advantage Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	29,100	$	27,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	15,898	$	14,688
All Other Fees⁽³⁾	$	0	$	0

Total	$	44,998	$	41,738


Eaton Vance Floating-Rate & High Income Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	29,150	$	29,150
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	15,525	$	14,315
All Other Fees⁽³⁾	$	0	$	0

Total	$	44,675	$	43,465


Eaton Vance Global Bond Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	22,950	$	24,225
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	12,225	$	9,015
All Other Fees⁽³⁾	$	0	$	0

Total	$	35,175	$	33,240


Eaton Vance Global Income Builder Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	15,150	$	15,150
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	12,013	$	7,003
All Other Fees⁽³⁾	$	0	$	0

Total	$	27,163	$	22,153


Eaton Vance Global Macro Absolute Return Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	27,250	$	27,250
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	15,906	$	10,896
All Other Fees⁽³⁾	$	0	$	0

Total	$	43,156	$	38,146


Eaton Vance Global Macro Absolute Return Advantage Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	25,750	$	25,750
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	14,978	$	13,268
All Other Fees⁽³⁾	$	0	$	0

Total	$	40,728	$	39,018


Eaton Vance Global Small-Cap Equity Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	28,750	$	28,750
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	17,759	$	10,949
All Other Fees⁽³⁾	$	0	$	0

Total	$	46,509	$	39,699


Eaton Vance Government Opportunities Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	57,270	$	57,608
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	15,889	$	13,379
All Other Fees⁽³⁾	$	0	$	0

Total	$	73,159	$	70,987


Eaton Vance High Income Opportunities Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	25,150	$	25,150
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,094	$	8,584
All Other Fees⁽³⁾	$	0	$	0

Total	$	36,244	$	33,734


Eaton Vance Multi-Asset Credit Fund * Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	52,650	$	70,913
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	24,181	$	16,421
All Other Fees⁽³⁾	$	0	$	0

Total	$	76,831	$	87,334

*	Eaton Vance Multisector Income Fund, a series of Eaton Vance Special Investment Trust, merged into the fund on 12/14/19.


Eaton Vance Short Duration Government Income Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	72,338	$	79,929
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	14,721	$	12,211
All Other Fees⁽³⁾	$	0	$	0

Total	$	87,059	$	92,140


Eaton Vance Short Duration High Income Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	17,750	$	50,550
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,274	$	11,848
All Other Fees⁽³⁾	$	0	$	0

Total	$	29,024	$	62,398


Eaton Vance Short Duration Strategic Income Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	48,750	$	48,750
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	41,050	$	25,540
All Other Fees⁽³⁾	$	0	$	0

Total	$	89,800	$	74,290


Eaton Vance Tax-Managed Equity Asset Allocation Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	39,625	$	39,450
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	23,222	$	19,687
All Other Fees⁽³⁾	$	0	$	0

Total	$	62,847	$	59,137


Eaton Vance Tax-Managed Global Dividend Income Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	39,925	$	39,750
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	15,264	$	10,254
All Other Fees⁽³⁾	$	0	$	0

Total	$	55,189	$	50,004


Eaton Vance Tax-Managed Multi-Cap Growth Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	15,050	$	15,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	9,145	$	6,635
All Other Fees⁽³⁾	$	0	$	0

Total	$	24,195	$	21,685


Eaton Vance Tax-Managed Small-Cap Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	17,050	$	17,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	9,660	$	6,625
All Other Fees⁽³⁾	$	0	$	0

Total	$	26,710	$	23,675


Eaton Vance Tax-Managed Value Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	18,750	$	18,750
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	9,135	$	6,625
All Other Fees⁽³⁾	$	0	$	0

Total	$	27,885	$	25,375


Parametric Tax-Managed International Equity Fund Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	15,150	$	15,150
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,521	$	6,486
All Other Fees⁽³⁾	$	0	$	0

Total	$	26,671	$	21,636

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

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

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

The various Series comprising the Trust have differing fiscal year ends (January 31, February 28/29, July 31, September 30, October 31 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.


Fiscal Years Ended	12/31/18		1/31/19		2/28/19		7/31/19		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20		9/30/20		10/31/20
Audit Fees	$	105,320	$	191,680	$	25,850	$	37,050	$	98,300	$	661,708	$	106,700	$	156,850	$	26,250	$	110,800	$	719,575
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413	$	24,948	$	260,719
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Total	$	170,409	$	277,637	$	37,040	$	53,050	$	123,068	$	1,007,188	$	170,178	$	225,923	$	37,663	$	135,748	$	980,294

⁽¹⁾

Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. Includes consent fee for N-14 registration statements related to fund mergers.

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

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

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

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

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

(f) Not applicable.

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


Fiscal Years Ended	12/31/18		1/31/19		2/28/19		7/31/19		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20		9/30/20		10/31/20
Registrant⁽¹⁾	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413	$	24,948	$	260,719
Eaton Vance⁽²⁾	$	126,485	$	126,485	$	126,485	$	60,130	$	59,903	$	59,903	$	59,903	$	59,903	$	59,903	$	51,800	$	51,800

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

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

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

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


Eaton Vance Mutual Funds Trust

By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date: December 22, 2020

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


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date: December 22, 2020


By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date: December 22, 2020

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I,	James F. Kirchner, certify that:

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

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

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

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

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

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

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

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

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

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

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

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Eric A. Stein, certify that:

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

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

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

(a)

The Annual Report of the Trust on Form N-CSR for the period ended October 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b)

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

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

Eaton Vance Mutual Funds Trust

Date: December 22, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: December 22, 2020

/s/ Eric A. Stein

Eric A. Stein

President