EATON VANCE MUTUAL FUNDS TRUST (Form: N-CSR, Received: 03/28/2022 16:29:19)

Name and Year of Birth

Trust

Position(s)

Length of
Service

Principal Occupation(s) and Other Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Scott E. Wennerholm

1959

Since 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. None.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

January 31, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

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Eaton Vance

Emerging Markets Debt Fund

Annual Report

January 31, 2022

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

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

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

Annual Report January 31, 2022

Eaton Vance

Emerging Markets Debt 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			24
Federal Tax Information			25
Management and Organization			26
Privacy Notice			29
Important Notices			31

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period ended January 31, 2022, was a volatile time for global bond markets. Investor sentiment see-sawed between optimism about the reopening of the global economy and concerns about rising interest rates and inflation. Second, third, and fourth waves of COVID-19 spread around the world, and were particularly tough on emerging-market (EM) nations with limited access to vaccines. Outside of U.S. high yield — which performed well as investors searched for yield in a historically low-yield environment — a majority of U.S. and overseas bond indexes finished the period in negative territory.

In the opening months of the period, EM yields rose and bond prices declined along with most other bond markets around the world as inflationary pressures increased globally. In April 2021, however, yields stabilized and EM bonds began a rally that would continue through August, powered by optimism about a global recovery of trade and travel, the accelerating rollout of COVID-19 vaccines in many parts of the world, and local governments relaxing some social-distancing restrictions.

In September, however, EM and developed-market bond performance turned negative again and remained volatile through the end of the period. Rising inflation, slowing economic growth in China, and the spread of the Delta variant of COVID-19 all dragged on fixed-income markets. Signals from the U.S. Federal Reserve (the Fed) that it would begin tapering its monthly bond purchases and might raise short-term interest rates sooner than previously indicated weighed particularly heavy on EM debt.

Throughout much of the period, many EM central banks raised short-term interest rates to help curb inflation. Later in the period, major developed-market central banks joined their EM counterparts in tightening their respective monetary policies. The Bank of England raised its main interest rate in December, and the Fed began tapering bond purchases and projected three interest rate increases in 2022.

As the period came to a close, markets seemed to fully digest the potential negative impact of rising interest rates and inflation. The J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified (the Index), a broad measure of the asset class, declined 2.85% in January 2022 — its worst monthly return during the period. For the period as a whole, the Index returned –3.54%; while the Bloomberg U.S. Aggregate Bond Index, a broad measure of the U.S. fixed-income market, returned –2.97%.

Fund Performance

For the 12-month period ended January 31, 2022, Eaton Vance Emerging Markets Debt Fund (the Fund) returned –5.03% for Class I shares at net asset value (NAV), underperforming its benchmark, the Index, which returned –3.54%.

On a regional basis, the largest detractors from Fund performance versus the Index were the Fund’s allocations to Eastern Europe, Africa, and the Middle East. In Eastern Europe, the Fund’s overweight position relative to the Index in Romanian sovereign debt declined in value due to increased political uncertainty, after the country’s ruling coalition of parties came apart in September 2021. Elsewhere in Eastern Europe, the Fund’s overweight position in Ukrainian sovereign debt performed well for much of the period, but declined in value and detracted from relative performance late in the period amid the threat of a Russian invasion.

In Africa, Egyptian sovereign debt, one of the Fund’s largest positions on a country basis, also declined in price as Egyptian debt was negatively impacted by volatility and widening spreads across the emerging markets debt asset class. Underweight exposure to the Middle East, where sovereign debt was positively impacted by rising oil prices during the period, detracted from performance versus the Index as well.

In contrast, the Fund’s exposure to Latin American and Asian debt contributed to performance versus the Index. In Latin America, the Fund’s overweight position in Argentinian sovereign debt rose in price after Argentina’s more market-friendly political opposition performed well against the governing party in the October 2021 midterm elections. In the final month of the period, progress on the country’s debt relief program with the International Monetary Fund was an additional tailwind for Argentinian bonds.

In Asia, the Fund’s overweight position in Vietnamese corporate debt benefited from an acceleration during the pandemic of many companies’ “China-plus-one” strategies — diversifying their manufacturing locations across Southeast Asia to avoid total dependence on China.

The Fund’s duration positioning contributed to performance versus the Index as well. The Fund’s average duration, or sensitivity to interest-rate changes, was less than that of the Index. As a result, the Fund was less exposed than the Index to the negative effect of rising interest rates and declining bond prices during the period.

The Fund’s use of derivatives helped returns versus the Index. Currency forwards, generally used to hedge euro exposure in the Fund’s euro-denominated holdings, contributed to performance as the U.S. dollar strengthened in value against the euro during the period. Interest rate futures and swaps — used to manage interest rate exposures — and sovereign credit default swaps did not have a significant impact on performance during the period.

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) John R. Baur, Akbar Causer and Federico Sequeda, CFA


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

Class I at NAV		05/01/2018		5/01/2018		–5.03	%		—			3.64	%



J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified		—		—		–3.54	%		3.75	%		3.69	%

% Total Annual Operating Expense Ratios⁴											Class I

Gross												3.09	%
Net												0.86

Growth of $250,000

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

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See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Fund Profile

Asset Allocation (% of net assets)⁵

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Country Allocation (% of net assets)⁶

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See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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.

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 2022, 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.

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

⁴

Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/22. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

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

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

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

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


		5

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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

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

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


	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio

Actual
Class I	$	1,000.00	$	947.60	$	4.22	**		0.86	%

Hypothetical*
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.87	$	4.38	**		0.86	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

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


		6

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Portfolio of Investments


Foreign Corporate Bonds — 5.2%
Security		Principal Amount (000’s omitted)		Value

Brazil — 0.9%

Petrobras Global Finance BV, 6.90%, 3/19/49		$	72	$	73,482

Total Brazil				$	73,482

Mexico — 2.1%

Petroleos Mexicanos:

6.75%, 9/21/47		$	142	$	122,055

6.84%, 1/23/30			51		52,274

Total Mexico				$	174,329

Vietnam — 2.2%

Debt and Asset Trading Corp., 1.00%, 10/10/25⁽¹⁾		$	200	$	182,855

Total Vietnam				$	182,855

Total Foreign Corporate Bonds (identified cost $422,670)				$	430,666

Sovereign Government Bonds — 59.6%
Security		Principal Amount* (000’s omitted)		Value

Albania — 1.3%

Republic of Albania, 3.50%, 11/23/31⁽¹⁾	EUR		100	$	110,433

Total Albania				$	110,433

Argentina — 3.1%

Republic of Argentina:

1.125% to 7/9/22, 7/9/35⁽²⁾			135	$	41,818

2.00% to 7/9/22, 1/9/38⁽²⁾			471		179,215

2.50% to 7/9/22, 7/9/41⁽²⁾			116		41,773

Total Argentina				$	262,806

Bahrain — 2.3%

Kingdom of Bahrain, 5.45%, 9/16/32⁽¹⁾			200	$	189,248

Total Bahrain				$	189,248

Barbados — 2.5%

Government of Barbados, 6.50%, 10/1/29⁽³⁾			206	$	206,114

Total Barbados				$	206,114


Security		Principal Amount* (000’s omitted)		Value

Belarus — 2.3%

Republic of Belarus, 6.875%, 2/28/23⁽¹⁾			200	$	190,154

Total Belarus				$	190,154

Benin — 2.4%

Benin Government International Bond, 6.875%, 1/19/52⁽¹⁾	EUR		180	$	197,358

Total Benin				$	197,358

Brazil — 0.6%

Federative Republic of Brazil, 8.25%, 1/20/34			37	$	46,956

Total Brazil				$	46,956

Colombia — 2.6%

Republic of Colombia, 3.25%, 4/22/32			250	$	213,125

Total Colombia				$	213,125

Croatia — 2.7%

Croatia Government International Bond, 1.75%, 3/4/41⁽¹⁾	EUR		200	$	221,489

Total Croatia				$	221,489

Dominican Republic — 4.1%

Dominican Republic:

6.85%, 1/27/45⁽¹⁾			100	$	105,290

7.45%, 4/30/44⁽¹⁾			210		238,258

Total Dominican Republic				$	343,548

Ecuador — 1.5%

Republic of Ecuador:

0.50% to 7/31/22, 7/31/40⁽¹⁾⁽²⁾			182	$	92,043

5.00% to 7/31/22, 7/31/30⁽¹⁾⁽²⁾			38		32,799

Total Ecuador				$	124,842

Egypt — 8.0%

Arab Republic of Egypt:

8.15%, 11/20/59⁽¹⁾			200	$	161,962

8.50%, 1/31/47⁽¹⁾			400		335,327

8.875%, 5/29/50⁽¹⁾			200		171,874

Total Egypt				$	669,163

El Salvador — 0.6%

Republic of El Salvador, 7.75%, 1/24/23⁽¹⁾			61	$	47,886

Total El Salvador				$	47,886


		7		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Portfolio of Investments — continued


Security		Principal Amount* (000’s omitted)		Value

India — 2.5%

Export-Import Bank of India, 2.25%, 1/13/31⁽¹⁾			227	$	206,531

Total India				$	206,531

Ivory Coast — 2.6%

Ivory Coast Government International Bond:

4.875%, 1/30/32⁽¹⁾	EUR		100	$	105,753

6.625%, 3/22/48⁽¹⁾	EUR		100		107,449

Total Ivory Coast				$	213,202

Lebanon — 0.2%

Lebanese Republic:

6.25%, 11/4/24⁽¹⁾⁽⁴⁾			33	$	3,583

6.40%, 5/26/23⁽⁴⁾			33		3,608

6.65%, 4/22/24⁽¹⁾⁽⁴⁾			24		2,622

6.65%, 11/3/28⁽¹⁾⁽⁴⁾			14		1,527

6.85%, 5/25/29⁽⁴⁾			36		3,911

7.00%, 12/3/24⁽⁴⁾			15		1,632

7.00%, 3/20/28⁽¹⁾⁽⁴⁾			11		1,125

7.05%, 11/2/35⁽¹⁾⁽⁴⁾			5		546

Total Lebanon				$	18,554

Oman — 2.6%

Oman Government International Bond, 6.25%, 1/25/31⁽¹⁾			200	$	213,196

Total Oman				$	213,196

Romania — 3.6%

Romania Government International Bond:

2.625%, 12/2/40⁽¹⁾	EUR		13	$	12,177

2.75%, 2/26/26⁽¹⁾	EUR		30		35,649

3.375%, 1/28/50⁽¹⁾	EUR		23		22,572

4.625%, 4/3/49⁽¹⁾	EUR		191		225,957

Total Romania				$	296,355

Suriname — 3.7%

Republic of Suriname, 9.25%, 10/26/26⁽¹⁾⁽⁴⁾			405	$	309,521

Total Suriname				$	309,521

Ukraine — 8.1%

Ukraine Government International Bond:

1.258%, GDP-Linked, 5/31/40⁽¹⁾⁽⁵⁾			144	$	109,303

9.75%, 11/1/28⁽¹⁾			600		567,559

Total Ukraine				$	676,862


Security	Principal Amount* (000’s omitted)		Value

United Arab Emirates — 2.3%

Finance Department Government of Sharjah, 4.375%, 3/10/51⁽¹⁾		210	$	190,011

Total United Arab Emirates			$	190,011

Total Sovereign Government Bonds (identified cost $5,351,242)			$	4,947,354

Sovereign Loans — 11.0%
Borrower	Principal Amount (000’s omitted)		Value

Kenya — 2.8%

Government of Kenya, Term Loan, 6.616%, (6 mo. USD LIBOR + 6.45%), 6/29/25⁽⁶⁾	$	228	$	232,198

Total Kenya			$	232,198

Nigeria — 2.0%

Bank of Industry Limited, Term Loan, 6.116%, (3 mo. USD LIBOR + 6.00%), 12/14/23⁽⁶⁾⁽⁷⁾	$	164	$	166,913

Total Nigeria			$	166,913

Tanzania — 6.2%

Government of the United Republic of Tanzania:

Term Loan, 5.456%, (6 mo. USD LIBOR + 5.20%), 6/23/22⁽⁶⁾	$	171	$	173,840

Term Loan, 6.446%, (3 mo. USD LIBOR + 6.30%), 4/28/31⁽⁶⁾		340		338,514

Total Tanzania			$	512,354

Total Sovereign Loans (identified cost $902,607)			$	911,465

Short-Term Investments — 17.4%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.08%⁽⁸⁾		1,448,692	$	1,448,547

Total Short-Term Investments (identified cost $1,448,547)			$	1,448,547

Total Investments — 93.2% (identified cost $8,125,066)			$	7,738,032

Other Assets, Less Liabilities — 6.8%			$	565,979

Net Assets — 100.0%			$	8,304,011


		8		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At January 31, 2022, the aggregate value of these securities is $4,392,057 or 52.9% of the Fund’s net assets.

⁽²⁾	Step coupon security. Interest rate represents the rate in effect at January 31, 2022.

⁽³⁾

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2022, the aggregate value of these securities is $206,114 or 2.5% of the Fund’s net assets.

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

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

⁽⁶⁾	Variable rate security. The stated interest rate represents the rate in effect at January 31, 2022.

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

⁽⁸⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2022.


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)

EUR	161,673	USD	182,848		3/16/22	$	(1,049	)

EUR	378,916	USD	428,546		3/16/22		(2,457	)

USD	789,486	EUR	698,057		3/16/22		4,527

USD	411,877	EUR	364,178		3/16/22		2,362

USD	228,600	EUR	202,127		3/16/22		1,311

USD	204,730	EUR	181,020		3/16/22		1,174

USD	110,776	EUR	97,947		3/16/22		635

USD	657	EUR	581		3/16/22		4

						$	6,507


Futures Contracts

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

Interest Rate Futures

U.S. 5-Year Treasury Note		14			Long		3/31/22	$	1,668,844		$	(17,506	)

U.S. 10-Year Treasury Note		6			Long		3/22/22		767,812			(1,339	)

U.S. Long Treasury Bond		2			Long		3/22/22		311,250			(785	)

U.S. Ultra-Long Treasury Bond		5			Long		3/22/22		944,687			(23,134	)

Euro-Bobl		(4	)		Short		3/8/22		(594,260	)		8,061

Euro-Bund		(6	)		Short		3/8/22		(1,139,920	)		31,537

											$	(3,166	)


		9		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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	$	480	1.00% (pays quarterly)⁽¹⁾		12/20/26		2.26	%	$	(26,787	)	$	25,553		$	(1,234	)

Indonesia		320	1.00% (pays quarterly)⁽¹⁾		12/20/26		0.91			1,802			(4,526	)		(2,724	)

Total	$	800							$	(24,985	)	$	21,027		$	(3,958	)


Credit Default Swaps — Sell Protection

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation Depreciation

Mexico	Citibank, N.A.	$	251	1.00% (pays quarterly)⁽¹⁾		12/20/31		1.71	%	$	(15,055	)	$	11,087	$	(3,968	)

Total		$	251							$	(15,055	)	$	11,087	$	(3,968	)

If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2022, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $1,051,000.

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

***

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

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

Abbreviations:



GDP	–	Gross Domestic Product

LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:



EUR	–	Euro

USD	–	United States Dollar


		10		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Statement of Assets and Liabilities


Assets	January 31, 2022

Unaffiliated investments, at value (identified cost, $6,676,519)	$	6,289,485

Affiliated investment, at value (identified cost, $1,448,547)		1,448,547

Cash		59,579

Deposits for derivatives collateral —

Financial futures contracts		86,482

Centrally cleared derivatives		433,191

Foreign currency, at value (identified cost, $88,880)		88,510

Interest receivable		99,830

Dividends receivable from affiliated investment		171

Receivable for variation margin on open financial futures contracts		5,521

Receivable from affiliate		9,545

Total assets	$	8,520,861

Liabilities

Payable for investments purchased	$	105,415

Payable for variation margin on open centrally cleared derivatives		9,256

Payable for open swap contracts		3,968

Upfront receipts on open non-centrally cleared swap contracts		11,087

Payable to affiliate:

Investment adviser and administration fee		4,619

Accrued expenses		82,505

Total liabilities	$	216,850

Net Assets	$	8,304,011

Sources of Net Assets

Paid-in capital	$	8,918,092

Accumulated loss		(614,081	)

Total	$	8,304,011

Class I Shares

Net Assets	$	8,304,011

Shares Outstanding		890,173

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.33


		11		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Statement of Operations


Investment Income	Year Ended January 31, 2022

Interest	$	458,140

Dividends from affiliated investment		806

Total investment income	$	458,946

Expenses

Investment adviser and administration fee	$	56,141

Trustees’ fees and expenses		913

Custodian fee		54,583

Transfer and dividend disbursing agent fees		501

Legal and accounting services		64,213

Printing and postage		5,464

Registration fees		23,635

Interest expense		1,693

Miscellaneous		8,480

Total expenses	$	215,623

Deduct —

Allocation of expenses to affiliate	$	140,606

Total expense reductions	$	140,606

Net expenses	$	75,017

Net investment income	$	383,929

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	149,334

Investment transactions — affiliated investment		(115	)

Financial futures contracts		(132,524	)

Swap contracts		85,990

Foreign currency transactions		135

Forward foreign currency exchange contracts		128,015

Net realized gain	$	230,835

Change in unrealized appreciation (depreciation) —

Investments	$	(1,054,429	)

Financial futures contracts		49,440

Swap contracts		(28,667	)

Foreign currency		(1,884	)

Forward foreign currency exchange contracts		(10,922	)

Net change in unrealized appreciation (depreciation)	$	(1,046,462	)

Net realized and unrealized loss	$	(815,627	)

Net decrease in net assets from operations	$	(431,698	)


		12		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021

From operations —

Net investment income	$	383,929		$	410,275

Net realized gain (loss)		230,835			(362,444	)

Net change in unrealized appreciation (depreciation)		(1,046,462	)		99,121

Net increase (decrease) in net assets from operations	$	(431,698	)	$	146,952

Distributions to shareholders —

Class I	$	(384,407	)	$	(446,396	)

Total distributions to shareholders	$	(384,407	)	$	(446,396	)

Tax return of capital to shareholders —

Class I	$	(61,798	)	$	—

Total tax return of capital to shareholders	$	(61,798	)	$	—

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	2,362,415		$	1,796,027

Net asset value of shares issued to shareholders in payment of distributions declared		32,445			32,636

Cost of shares redeemed		(2,035,688	)		(1,236,464	)

Net increase in net assets from Fund share transactions	$	359,172		$	592,199

Net increase (decrease) in net assets	$	(518,731	)	$	292,755

Net Assets

At beginning of year	$	8,822,742		$	8,529,987

At end of year	$	8,304,011		$	8,822,742


		13		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Financial Highlights


	Class I

	Year Ended January 31,									Period Ended January 31, 2019⁽¹⁾
	2022			2021			2020			Period Ended January 31, 2019⁽¹⁾

Net asset value — Beginning of period	$	10.350		$	10.620		$	9.840		$	10.000

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.444		$	0.476		$	0.526		$	0.286

Net realized and unrealized gain (loss)		(0.947	)		(0.229	)		0.956			(0.151	)

Total income (loss) from operations	$	(0.503	)	$	0.247		$	1.482		$	0.135

Less Distributions

From net investment income	$	(0.445	)	$	(0.517	)	$	(0.577	)	$	(0.219	)

From net realized gain		—			—			(0.125	)		(0.076	)

Tax return of capital		(0.072	)		—			—			—

Total distributions	$	(0.517	)	$	(0.517	)	$	(0.702	)	$	(0.295	)

Net asset value — End of period	$	9.330		$	10.350		$	10.620		$	9.840

Total Return⁽³⁾⁽⁴⁾		(5.03	)%		2.81	%		15.57	%		1.34	%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	8,304		$	8,823		$	8,530		$	7,878

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

Expenses⁽⁴⁾		0.87	%⁽⁶⁾		0.86	%⁽⁶⁾		0.85	%		0.85	%⁽⁷⁾

Net investment income		4.45	%		4.88	%		5.12	%		3.92	%⁽⁷⁾

Portfolio Turnover		176	%		220	%		187	%		82	%⁽⁵⁾

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

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾

The investment adviser and administrator reimbursed certain operating expenses (equal to 1.63%, 2.23%, 1.88% and 2.24% of average daily net assets for the years ended January 31, 2022, 2021, 2020 and the period ended January 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Includes interest expense of 0.02% and 0.01% for the years ended January 31, 2022 and 2021, respectively.

⁽⁷⁾	Annualized.


		14		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

As of January 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.


		15

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Notes to Financial Statements — continued

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

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

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

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

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

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

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

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


		16

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Notes to Financial Statements — continued

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 as presented in Notes 6 and 9. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:


	Year Ended January 31,
	2022		2021

Ordinary income	$	384,407	$	446,396

Tax return of capital	$	61,798	$	—

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(260,771	)

Net unrealized depreciation		(353,310	)

Accumulated Loss	$	(614,081	)

At January 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $260,771 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2022, $260,771 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	8,088,892

Gross unrealized appreciation	$	83,559

Gross unrealized depreciation		(435,663	)

Net unrealized depreciation	$	(352,104	)


		17

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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


Average Daily Net Assets	Annual Fee Rate

Up to $500 million		0.650	%

$500 million but less than $1.0 billion		0.625	%

$1.0 billion but less than $2.5 billion		0.600	%

$2.5 billion but less than $5.0 billion		0.580	%

$5.0 billion and over		0.565	%

For the year ended January 31, 2022, the investment adviser and administration fee amounted to $56,141 or 0.65% of the Fund’s average daily net assets. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.85% of the Fund’s average daily net assets for Class I. This agreement may be changed or terminated after May 31, 2022. Pursuant to this agreement, EVM was allocated $140,606 of the Fund’s operating expenses for the year ended January 31, 2022.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $12,570,240 and $13,106,566, respectively, for the year ended January 31, 2022.

5 Shares of Beneficial Interest

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


	Year Ended January 31,
	2022			2021

Sales		235,538			180,018

Issued to shareholders electing to receive payments of distributions in Fund shares		3,297			3,429

Redemptions		(200,972	)		(134,224	)

Net increase		37,863			49,223

At January 31, 2022, EVM owned 89.9% of the outstanding shares of the Fund.


		18

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Notes to Financial Statements — continued

6 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, financial futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2022 is included in the Portfolio of Investments. At January 31, 2022, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

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

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At January 31, 2022, the fair value of derivatives with credit-related contingent features in a net liability position was $15,055. At January 31, 2022, there were no assets pledged by the Fund for such liability.

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

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


		19

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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 January 31, 2022 was as follows:


	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total

Distributable earnings	$	1,802	*	$	10,013	*	$	39,598	*	$	51,413

Total Asset Derivatives	$	1,802		$	10,013		$	39,598		$	51,413

Derivatives not subject to master netting or similar agreements	$	1,802		$	10,013		$	39,598		$	51,413

Total Asset Derivatives subject to master netting or similar agreements	$	—		$	—		$	—		$	—

Distributable earnings	$	(26,787	)*	$	(3,506	)*	$	(42,764	)*	$	(73,057	)

Payable for open swap contracts;

Upfront receipts on open non-centrally cleared swap contracts		(15,055	)		—			—			(15,055	)

Total Liability Derivatives	$	(41,842	)	$	(3,506	)	$	(42,764	)	$	(88,112	)

Derivatives not subject to master netting or similar agreements	$	(26,787	)	$	(3,506	)	$	(42,764	)	$	(73,057	)

Total Liability Derivatives subject to master netting or similar agreements	$	(15,055	)	$	—		$	—		$	(15,055	)

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

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Fund for such liabilities as of January 31, 2022.


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^(b)

Citibank, N.A.	$	(15,055	)	$	—	$	—	$	—	$	(15,055	)

	$	(15,055	)	$	—	$	—	$	—	$	(15,055	)

^(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 payable to the counterparty in the event of default.


		20

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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 by risk exposure for the year ended January 31, 2022 was as follows:


Statement of Operations Caption	Credit			Foreign Exchange			Interest Rate			Total

Net realized gain (loss) —

Financial futures contracts	$	—		$	—		$	(132,524	)	$	(132,524	)

Swap contracts		35,243			—			50,747			85,990

Forward foreign currency exchange contracts		—			128,015			—			128,015

Total	$	35,243		$	128,015		$	(81,777	)	$	(81,481	)

Change in unrealized appreciation (depreciation) —

Financial futures contracts	$	—		$	—		$	49,440		$	49,440

Swap contracts		(28,254	)		—			(413	)		(28,667	)

Forward foreign currency exchange contracts		—			(10,922	)		—			(10,922	)

Total	$	(28,254	)	$	(10,922	)	$	49,027		$	9,851

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended January 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:


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

	$2,602,000	$	1,776,000	$	2,722,000	$	3,976,000

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

7 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2022.

8 Investments in Affiliated Funds

At January 31, 2022, the value of the Fund’s investment in affiliated funds was $1,448,547, which represents 17.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2022 were as follows:


Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	499,206	$	8,847,873	$	(7,898,417	)	$	(115	)	$	—	$	1,448,547	$	806		1,448,692


		21

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Notes to Financial Statements — continued

9 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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

At January 31, 2022, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Foreign Corporate Bonds	$	—		$	430,666		$	—	$	430,666

Sovereign Government Bonds		—			4,947,354			—		4,947,354

Sovereign Loans		—			911,465			—		911,465

Short-Term Investments		—			1,448,547			—		1,448,547

Total Investments	$	—		$	7,738,032		$	—	$	7,738,032

Forward Foreign Currency Exchange Contracts	$	—		$	10,013		$	—	$	10,013

Futures Contracts		39,598			—			—		39,598

Swap Contracts		—			1,802			—		1,802

Total	$	39,598		$	7,749,847		$	—	$	7,789,445

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(3,506	)	$	—	$	(3,506	)

Futures Contracts		(42,764	)		—			—		(42,764	)

Swap Contracts		—			(41,842	)		—		(41,842	)

Total	$	(42,764	)	$	(45,348	)	$	—	$	(88,112	)

10 Risks and Uncertainties

Risks Associated with Foreign Investments

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

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.


		22

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Notes to Financial Statements — continued

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

LIBOR Transition Risk

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

Pandemic Risk

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

11 Subsequent Event

On February 24, 2022, Russia launched an invasion of Ukraine, following rising tensions over the buildup of Russian troops along the Ukrainian border and joint military exercises by Russia with Belarus. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals. The conflict and sanctions have had a negative impact on the Russian economy, on the Russian currency, and on investments having exposure to Russia, Belarus and Ukraine. The conflict could also have a significant effect on investments outside the region. The duration and extent of the military conflict with Russia and the related sanctions cannot be predicted at this time.


		23

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Debt Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from the start of business, May 1, 2018, to January 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period from the start of business, May 1, 2018, to January 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, 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

March 22, 2022

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


		24

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

163(j) Interest Dividends. For the fiscal year ended January 31, 2022, the Fund designates 96.07% of distributions from net investment income as a 163(j) interest dividend.


		25

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

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 Board members 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. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. 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 Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	Since 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. None.

Cynthia E. Frost 1961	Trustee	Since 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. None.

George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.


		26

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. 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).

William H. Park 1947	Trustee	Since 2003	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. None.

Helen Frame Peters 1948	Trustee	Since 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. None.

Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).


		27

Eaton Vance

Emerging Markets Debt Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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

Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.

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

Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).

Richard F. Froio 1968	Chief Compliance Officer	Since 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).

The SAI for the Fund includes additional information about the Trustees and officers of the Trust 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


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ^∎ Social Security number and income ^∎ investment experience and risk tolerance ^∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


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


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



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		29

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


Who we are
Who is providing this notice?		Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
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		30

Eaton Vance Funds

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		31

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

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(617) 482-8260

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State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

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Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

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Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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29948 1.31.22

LOGO

Parametric

Emerging Markets Fund

Annual Report

January 31, 2022

LOGO

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

Annual Report January 31, 2022

Parametric

Emerging Markets Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			36
Federal Tax Information			37
Management and Organization			38
Privacy Notice			41
Important Notices			43

Parametric

Emerging Markets Fund

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Emerging market equities declined in 2021 against a backdrop of rising inflation and recurring waves of COVID-19 variants. In total, the MSCI Emerging Markets Index (the Index) returned -7.23% for the 12-month period ended January 31, 2022. Performance was influenced by significant weakness in parts of Asia. Returns were generally better for stocks in medium and small countries, along with the larger economies of India and Taiwan during the period.

Substantial underperformance from China and South Korea was the largest source of weakness. Chinese stocks delivered the worst performance of any emerging market during the period, dropping significantly as investor sentiment weakened in response to China’s widespread regulatory crackdowns on major corporations.

Performance in South Korea was also challenged, with local stocks and its currency, the won, declining in value during the period. In contrast, strong exports supported Taiwan’s market, while India also rallied as monetary stimulus worked through its economy. More broadly, a significant rebound in commodity prices buoyed many small- and medium-size countries, while a rally in oil prices benefited energy-producing countries in the Middle East and Europe.

Fund Performance

For the 12-month period ended January 31, 2022, Parametric Emerging Markets Fund (the Fund) returned 4.41% for Investor Class shares at net asset value (NAV), outperforming its benchmark, the Index, which returned -7.23%.

The Fund’s emphasis on diversification, via a system of targeting country weights and systematically rebalancing as they diverge from the target, contributed to performance relative to the Index during the period. Based on diversification targets, the Fund held underweight exposures to larger countries, and overweight exposures to smaller countries during the period. The Fund’s emphasis on diversification at the sector level within each emerging market also aided relative returns. The Fund’s overweight positions in out-of-Index frontier market countries — with performance levels that exceeded the Index — were an additional source of outperformance during the period.

An underweight exposure to China contributed to performance relative to the Index during the period. The Fund’s sector diversification process, creating underweight positions in larger industries and overweight positions in smaller ones within the country, also contributed. China’s stock market declined significantly following a series of regulatory crackdowns on major corporations by the central government. Much of the attention was directed at larger sectors, which led to strong outperformance from smaller industries such as energy, materials, and utilities.

An underweight exposure to South Korea also benefited relative returns, as weakness across most sectors and a fall in the won versus the U.S. dollar led to a loss for U.S.-based investors. Furthermore, the sector allocation process in South Africa helped performance relative to the Index during the period. This was partially a result of an underweight exposure to the consumer discretionary sector, which was weighed down by its main constituent’s ties to the Chinese economy.

An underweight exposure to Taiwan detracted from relative results during the period. The country’s stock market performed well following a strong rebound in economic growth driven by heavy demand for technology exports. An underweight exposure to India also harmed relative returns, as Indian equity markets outperformed the Index in response to monetary stimulus to support the economy. In addition, the stock selection process in Brazil weighed on relative performance. This was largely a result of including small-cap stocks in the technology sector, which trailed their larger peers during the period.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Emerging Markets Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) Thomas C. Seto, Paul Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC


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

Investor Class at NAV		06/30/2006		06/30/2006		4.41	%		4.52	%		2.53	%
Class C at NAV		06/30/2006		06/30/2006		3.59			3.72			1.92

Class C with 1% Maximum Sales Charge		—		—		2.59			3.72			1.92
Institutional Class at NAV		06/30/2006		06/30/2006		4.64			4.77			2.79

Class R6 at NAV		07/01/2014		06/30/2006		4.82			4.84			2.84



MSCI Emerging Markets Index		—		—		–7.23	%		8.29	%		4.16	%

% Total Annual Operating Expense Ratios⁴			Investor Class		Class C			Institutional Class			Class R6

				1.55%		2.30	%		1.30	%		1.21	%

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 Investment³

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

01/31/2012

$12,097

N.A.

Institutional Class

$50,000

01/31/2012

$65,834

N.A.

Class R6

$1,000,000

01/31/2012

$1,323,045

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Emerging Markets Fund

January 31, 2022

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Geographic Allocation (% of common stocks)

LOGO

Top 10 Holdings (% of net assets)⁵



Tencent Holdings, Ltd.	1.2	%

Samsung Electronics Co., Ltd.	0.9

Taiwan Semiconductor Manufacturing Co., Ltd.	0.8

Saudi Arabian Oil Co.	0.6

America Movil SAB de CV, Series L	0.6

Turkiye Petrol Rafinerileri AS	0.6

Petroleo Brasileiro S.A. PFC Shares	0.6

Naspers, Ltd., Class N	0.6

Alibaba Group Holding, Ltd. ADR	0.5

Delta Electronics (Thailand) PCL	0.5

Total	6.9	%

See Endnotes and Additional Disclosures in this report.


		4

Parametric

Emerging Markets Fund

January 31, 2022

Endnotes and Additional Disclosures

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

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

Effective November 5, 2020, Class C shares automatically convert to Investor Class shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Investor Class shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Investor Class shares ten years after purchase.

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

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

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

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


		5

Parametric

Emerging Markets Fund

January 31, 2022

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).


	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	992.20	$	7.98		1.59	%
Class C	$	1,000.00	$	988.10	$	11.73		2.34	%
Institutional Class	$	1,000.00	$	993.10	$	6.73		1.34	%
Class R6	$	1,000.00	$	993.40	$	6.53		1.30	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.19	$	8.08		1.59	%
Class C	$	1,000.00	$	1,013.41	$	11.88		2.34	%
Institutional Class	$	1,000.00	$	1,018.45	$	6.82		1.34	%
Class R6	$	1,000.00	$	1,018.65	$	6.61		1.30	%


		6

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments


Common Stocks— 99.9%
Security	Shares		Value

Argentina— 0.6%

Adecoagro S.A.⁽¹⁾		15,700	$	127,170

Arcos Dorados Holdings, Inc., Class A⁽¹⁾		14,445		93,315

Banco Macro S.A. ADR⁽¹⁾⁽²⁾		3,600		51,948

Cresud S.A. ADR⁽¹⁾		8,700		44,196

Grupo Financiero Galicia S.A., Class B ADR⁽²⁾		6,587		63,762

Loma Negra Cia Industrial Argentina S.A. ADR⁽¹⁾		14,800		91,316

MercadoLibre, Inc.⁽¹⁾		989		1,119,607

Pampa Energia S.A. ADR⁽¹⁾		2,099		41,728

Telecom Argentina S.A. ADR⁽¹⁾⁽²⁾		11,400		57,912

Transportadora de Gas del Sur S.A. ADR⁽¹⁾⁽²⁾		11,563		56,890

YPF S.A. ADR⁽¹⁾⁽²⁾		11,024		47,624

			$	1,795,468

Bahrain— 0.7%

Ahli United Bank BSC		1,547,365	$	1,436,597

Al Salam Bank-Bahrain BSC⁽¹⁾		1,024,748		269,319

GFH Financial Group BSC		1,312,993		441,240

			$	2,147,156

Bangladesh— 0.6%

Bangladesh Export Import Co., Ltd.		66,933	$	116,282

Beximco Pharmaceuticals, Ltd.		106,430		241,720

City Bank, Ltd. (The)		248,964		79,034

Grameenphone, Ltd.		18,840		78,083

Heidelberger Cement Bangladesh, Ltd.		18,065		62,505

Jamuna Oil Co., Ltd.		41,841		81,508

Olympic Industries, Ltd.		41,067		77,291

Pubali Bank, Ltd.		240,880		76,388

Renata, Ltd.		14,121		218,711

Square Pharmaceuticals, Ltd.		171,709		440,157

Summit Power, Ltd.		107,026		48,083

Titas Gas Transmission & Distribution Co., Ltd.		150,108		72,802

Unique Hotel & Resorts, Ltd.		114,627		70,671

United Commercial Bank, Ltd.		611,623		114,730

			$	1,777,965

Botswana— 0.6%

Absa Bank Botswana, Ltd.		332,114	$	132,019

Botswana Insurance Holdings, Ltd.		129,055		193,663

First National Bank of Botswana, Ltd.		983,549		214,420

Letshego Holdings, Ltd.		1,448,236		177,701

Sechaba Breweries Holdings, Ltd.		651,828		952,997

			$	1,670,800


Security	Shares		Value

Brazil— 4.9%

Alpargatas S.A., PFC Shares		14,500	$	79,407

Ambev S.A.		117,850		332,238

Americanas S.A.⁽¹⁾		37,772		225,560

B3 S.A. - Brasil Bolsa Balcao		49,900		137,387

Banco Bradesco S.A., PFC Shares		51,175		219,730

Banco do Brasil S.A.		22,198		136,530

BB Seguridade Participacoes S.A.		19,700		85,847

BRF S.A.⁽¹⁾		20,640		86,795

CCR S.A.		73,900		180,919

Centrais Eletricas Brasileiras S.A., PFC Shares		33,600		218,174

Cia de Saneamento Basico do Estado de Sao Paulo		20,960		147,467

Cia Energetica de Minas Gerais, PFC Shares		65,043		160,828

Cia Siderurgica Nacional S.A.		9,800		47,135

Cielo S.A.		566,406		245,331

Cogna Educacao⁽¹⁾		289,536		140,676

Cosan S.A.		39,700		177,712

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		15,200		50,036

Embraer S.A. ADR⁽¹⁾		9,248		141,957

Engie Brasil Energia S.A.		16,250		124,550

Equatorial Energia S.A.		31,800		137,498

Fleury S.A.		87,400		332,805

Gerdau S.A., PFC Shares		15,900		83,361

GRUPO DE MODA SOMA S.A.⁽¹⁾		36,077		98,514

Hypera S.A.		99,100		580,592

Iochpe Maxion S.A.		22,100		62,720

Itau Unibanco Holding S.A., PFC Shares		51,620		246,235

Itausa S.A., PFC Shares		50,688		97,270

JBS S.A.		31,625		208,983

Klabin S.A., PFC Shares		103,800		93,047

Localiza Rent a Car S.A.		25,589		282,389

Locaweb Servicos de Internet S.A.⁽¹⁾⁽³⁾		34,800		63,569

Lojas Renner S.A.		57,484		304,411

Magazine Luiza S.A.		139,900		184,422

Marfrig Global Foods S.A.		38,855		164,490

MRV Engenharia e Participacoes S.A.		45,900		115,915

Multiplan Empreendimentos Imobiliarios S.A.		30,700		124,301

Natura & Co. Holding S.A.⁽¹⁾		23,300		99,605

Notre Dame Intermedica Participacoes S.A.		71,500		958,701

Odontoprev S.A.		110,900		260,641

Pagseguro Digital, Ltd., Class A⁽¹⁾⁽²⁾		29,000		655,980

Petroleo Brasileiro S.A., PFC Shares		291,800		1,777,694

Qualicorp Consultoria e Corretora de Seguros S.A.		60,200		208,599

Raia Drogasil S.A.		31,100		135,643

Rede D’Or Sao Luiz S.A.⁽³⁾		76,600		639,331

Rumo S.A.⁽¹⁾		75,019		220,673

Sendas Distribuidora S.A.		30,845		72,784


		7		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Brazil(continued)

StoneCo, Ltd., Class A⁽¹⁾		28,800	$	448,704

Suzano S.A.		10,620		118,398

Telefonica Brasil S.A.		51,400		480,886

TIM S.A.		80,550		201,295

TOTVS S.A.		80,170		438,889

Transmissora Alianca de Energia Electrica S.A.		24,900		178,986

Ultrapar Participacoes S.A.		46,968		133,648

Vale S.A.		60,947		928,190

Via S.A.⁽¹⁾		79,000		70,221

Vibra Energia S.A.		59,200		255,302

Weg S.A.		53,004		321,013

XP, Inc.⁽¹⁾		1,191		39,587

YDUQS Participacoes S.A.		24,300		101,180

			$	14,864,751

Bulgaria— 0.2%

CB First Investment Bank AD⁽¹⁾		101,904	$	104,156

Chimimport AD⁽¹⁾		329,922		173,571

MonBat AD		60,235		200,571

Sopharma AD⁽¹⁾		98,906		256,769

			$	735,067

Chile— 2.7%

Aguas Andinas S.A., Series A		483,322	$	116,200

Banco de Chile		4,032,063		403,194

Banco de Credito e Inversiones S.A.		5,033		182,323

Banco Santander Chile		6,739,212		334,837

CAP S.A.		7,626		85,696

Cencosud S.A.		243,352		448,481

Cia Cervecerias Unidas S.A.		28,753		238,297

Cia Sud Americana de Vapores S.A.		8,583,228		746,010

Colbun S.A.		1,199,487		99,241

Embotelladora Andina S.A., Class B, PFC Shares		93,248		200,575

Empresa Nacional de Telecomunicaciones S.A.		44,883		186,146

Empresas CMPC S.A.		143,316		263,125

Empresas COPEC S.A.		130,877		1,097,184

Enel Americas S.A.		2,767,585		326,314

Enel Chile S.A.		4,067,614		159,172

Falabella S.A.		290,477		1,033,790

Parque Arauco S.A.⁽¹⁾		496,799		574,940

Ripley Corp. S.A.		484,810		100,463

Sociedad Matriz SAAM S.A.		3,952,527		268,974

Sociedad Quimica y Minera de Chile S.A., Series B, PFC Shares		18,316		980,893

Sonda S.A.		225,936		97,166


Security	Shares		Value

Chile(continued)

Vina Concha y Toro S.A.		92,943	$	148,734

			$	8,091,755

China— 18.3%

3SBio, Inc.⁽¹⁾⁽³⁾		377,500	$	298,902

AAC Technologies Holdings, Inc.⁽²⁾		69,500		211,028

AECC Aviation Power Co., Ltd.		7,921		60,384

Agile Group Holdings, Ltd.⁽²⁾		92,000		48,769

Aier Eye Hospital Group Co., Ltd., Class A		14,273		73,152

Air China, Ltd., Class H⁽¹⁾		178,000		134,192

Alibaba Group Holding, Ltd. ADR⁽¹⁾		12,100		1,522,059

Aluminum Corp. of China, Ltd., Class H⁽¹⁾		352,000		185,246

Angang Steel Co., Ltd., Class H		306,400		134,449

Anhui Conch Cement Co., Ltd., Class H		106,000		560,690

ANTA Sports Products, Ltd.		15,000		225,229

Baidu, Inc., ADR⁽¹⁾		4,232		676,020

Bank of Beijing Co., Ltd.		182,760		129,375

Bank of China, Ltd., Class H		896,000		349,254

Bank of Ningbo Co., Ltd., Class A		19,850		122,861

BeiGene, Ltd. ADR⁽¹⁾		2,200		533,676

Beijing Capital International Airport Co., Ltd., Class H⁽¹⁾		436,000		291,085

Beijing Enterprises Holdings, Ltd.		39,500		134,654

Beijing Enterprises Water Group, Ltd.		648,000		252,746

Beijing Originwater Technology Co., Ltd., Class A		127,500		132,965

BOE Technology Group Co., Ltd., Class A		341,100		261,813

Brilliance China Automotive Holdings, Ltd.⁽¹⁾⁽⁴⁾		326,000		0

BYD Co., Ltd., Class H		7,654		226,383

BYD Electronic (International) Co., Ltd.⁽²⁾		29,000		87,710

Changchun High & New Technology Industry Group, Inc., Class A		6,200		172,536

Changjiang Securities Co., Ltd., Class A		112,200		124,237

Chengdu Xingrong Environment Co., Ltd., Class A		125,700		112,430

China Bluechemical, Ltd., Class H		216,000		59,131

China Coal Energy Co., Ltd., Class H		268,000		149,989

China Communications Services Corp., Ltd., Class H		658,000		350,253

China Construction Bank Corp., Class H		857,630		658,101

China Everbright Environment Group, Ltd.		373,925		277,769

China Evergrande Group⁽²⁾		135,000		28,849

China Fortune Land Development Co., Ltd.⁽¹⁾		68,027		35,125

China Gas Holdings, Ltd.		165,400		281,012

China International Marine Containers Co., Ltd.		44,906		81,011

China Jinmao Holdings Group, Ltd.		352,000		127,871

China Life Insurance Co., Ltd., Class H		92,000		161,727

China Longyuan Power Group Corp., Ltd., Class H		248,000		505,991

China Mengniu Dairy Co., Ltd.		109,000		644,258

China Merchants Bank Co., Ltd., Class H		35,024		292,735


		8		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

China(continued)

China Merchants Port Holdings Co., Ltd.		198,035	$	366,002

China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		159,594

China Molybdenum Co., Ltd., Class H		570,000		292,908

China National Building Material Co., Ltd., Class H		382,000		496,161

China Northern Rare Earth Group High-Tech Co., Ltd.		15,200		90,450

China Oilfield Services, Ltd., Class H		198,000		194,725

China Overseas Land & Investment, Ltd.		196,660		580,437

China Petroleum & Chemical Corp., Class H		2,237,741		1,171,658

China Railway Group, Ltd., Class H		412,000		254,320

China Resources Beer Holdings Co., Ltd.		72,000		537,543

China Resources Gas Group, Ltd.		64,000		320,592

China Resources Land, Ltd.		148,000		715,375

China Resources Medical Holdings Co., Ltd.		355,000		200,428

China Resources Power Holdings Co., Ltd.		139,600		339,965

China Shenhua Energy Co., Ltd., Class H		339,000		833,820

China Shineway Pharmaceutical Group, Ltd.		381,000		342,973

China Southern Airlines Co., Ltd., Class H⁽¹⁾		564,000		361,098

China State Construction Engineering Corp., Ltd.		156,440		128,258

China Tourism Group Duty Free Corp., Ltd., Class A		6,700		219,774

China Travel International Investment Hong Kong, Ltd.⁽¹⁾⁽²⁾		1,372,855		283,167

China Vanke Co., Ltd., Class H		149,577		386,694

China Yangtze Power Co., Ltd.		162,200		559,940

Chongqing Changan Automobile Co., Ltd., Class A		138,320		284,069

CIFI Holdings Group Co., Ltd.		374,000		244,331

CITIC, Ltd.		142,000		159,481

COSCO SHIPPING Energy Transportation Co., Ltd., Class H		186,000		70,426

COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾⁽²⁾		198,866		361,783

COSCO SHIPPING Ports, Ltd.		110,000		87,626

Country Garden Holdings Co., Ltd.		533,880		438,506

Country Garden Services Holdings Co., Ltd.		56,589		334,283

CSPC Pharmaceutical Group, Ltd.		323,760		393,494

Daqo New Energy Corp. ADR⁽¹⁾		6,200		248,744

Dong-E-E-Jiao Co., Ltd., Class A		16,200		96,917

Dongfeng Motor Group Co., Ltd., Class H		264,000		232,807

East Money Information Co., Ltd., Class A		40,389		201,897

Focus Media Information Technology Co., Ltd., Class A		196,344		237,391

Ganfeng Lithium Co., Ltd., Class A		10,550		227,151

GDS Holdings, Ltd. ADR⁽¹⁾		9,300		408,084

Gemdale Corp.		80,700		164,499

Great Wall Motor Co., Ltd., Class H		50,000		135,654

Guangdong Baolihua New Energy Stock Co., Ltd., Class A		86,500		70,215

Guangdong Investment, Ltd.		258,000		368,536

Guangzhou Automobile Group Co., Ltd., Class H		199,218		195,689

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H⁽²⁾		26,000		66,391


Security	Shares		Value

China(continued)

Guangzhou R&F Properties Co., Ltd., Class H⁽²⁾		178,000	$	79,229

Haier Smart Home Co., Ltd., Class H		47,553		190,642

Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		175,746

Hengan International Group Co., Ltd.		24,500		119,764

Huadian Power International Corp., Ltd., Class H		460,000		168,149

Huadong Medicine Co., Ltd., Class A		56,653		327,425

Huaneng Power International, Inc., Class H		420,000		221,090

Huayu Automotive Systems Co., Ltd.		53,308		232,935

Hubei Energy Group Co., Ltd., Class A		94,014		65,219

Hundsun Technologies, Inc.		24,224		224,384

Iflytek Co., Ltd., Class A		34,550		239,173

Industrial & Commercial Bank of China, Ltd., Class H		495,000		299,893

Industrial Bank Co., Ltd.		25,302		83,792

Inner Mongolia BaoTou Steel Union Co., Ltd.⁽¹⁾		707,000		263,787

Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		320,937

Innovent Biologics, Inc.⁽¹⁾⁽³⁾		44,000		186,331

JD.com, Inc. ADR⁽¹⁾⁽²⁾		8,606		644,417

JD.com, Inc., Class A⁽⁴⁾⁽⁵⁾		2,859		102,489

Jiangsu Expressway Co., Ltd., Class H		214,000		223,599

Jiangsu Hengrui Medicine Co., Ltd., Class A		38,761		250,249

Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		362,630

Jiangxi Copper Co., Ltd., Class H		154,000		252,523

Jinke Properties Group Co., Ltd., Class A		130,499		92,509

Jizhong Energy Resources Co., Ltd., Class A		231,400		185,514

Kingboard Holdings., Ltd.		87,100		420,495

Kingdee International Software Group Co., Ltd.⁽¹⁾		99,000		226,843

Kingsoft Corp, Ltd.		75,800		340,635

Kunlun Energy Co., Ltd.		338,000		350,522

Kweichow Moutai Co., Ltd., Class A		2,900		866,963

KWG Group Holdings, Ltd.		156,000		85,298

KWG Living Group Holdings, Ltd.		78,000		34,313

Lee & Man Paper Manufacturing, Ltd.		275,000		188,337

Lenovo Group, Ltd.		502,000		544,021

Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		108,903

Li Ning Co., Ltd.		21,208		206,948

Longfor Group Holdings, Ltd.⁽³⁾		86,000		515,899

LONGi Green Energy Technology Co., Ltd.		45,278		507,569

Luxshare Precision Industry Co., Ltd., Class A		71,034		532,713

Luye Pharma Group, Ltd.^(1)(2)(3)		496,500		216,867

Maanshan Iron & Steel Co., Ltd., Class H		286,000		112,197

NARI Technology Co., Ltd.		41,020		229,482

NetEase, Inc. ADR		7,510		776,234

New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		23,000		32,890

Nine Dragons Paper Holdings, Ltd.		195,000		194,780

Oceanwide Holdings Co., Ltd., Class A⁽¹⁾		204,000		58,314

Offshore Oil Engineering Co., Ltd.		141,100		99,666


		9		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

China(continued)

OFILM Group Co., Ltd., Class A⁽¹⁾		65,800	$	83,112

PetroChina Co., Ltd., Class H		1,922,000		953,104

Ping An Bank Co., Ltd., Class A		35,488		89,036

Ping An Insurance Group Co. of China, Ltd., Class H		44,000		349,176

Poly Developments and Holdings Group Co., Ltd., Class A		94,900		234,096

Poly Property Group Co., Ltd.		700,000		184,059

Power Construction Corp. of China, Ltd.		53,800		73,703

RiseSun Real Estate Development Co., Ltd., Class A		163,200		114,860

SAIC Motor Corp., Ltd.		55,100		163,848

Sanan Optoelectronics Co., Ltd.		84,900		380,576

SDIC Power Holdings Co., Ltd.		98,000		154,863

Shan Xi Hua Yang Group New Energy Co., Ltd.		126,000		208,136

Shandong Gold Mining Co., Ltd.		50,680		150,640

Shandong Weigao Group Medical Polymer Co., Ltd., Class H		112,000		138,028

Shanghai Electric Group Co., Ltd., Class H		282,000		77,600

Shanghai Industrial Holdings, Ltd.		204,000		300,952

Shanxi Lu’an Environmental Energy Development Co., Ltd.		41,000		78,352

Shenzhen Inovance Technology Co., Ltd., Class A		27,900		267,135

Shenzhen Investment, Ltd.		674,000		158,311

Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		124,731

Shimao Group Holdings, Ltd.		118,500		87,334

Siasun Robot & Automation Co., Ltd., Class A⁽¹⁾		55,000		88,094

Sichuan Chuantou Energy Co., Ltd.		88,600		154,755

Sihuan Pharmaceutical Holdings Group, Ltd.⁽²⁾		240,000		44,993

Sino Biopharmaceutical, Ltd.		639,500		441,033

Sino-Ocean Group Holding, Ltd.		659,000		161,848

Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,307,000		288,423

Sinopharm Group Co., Ltd., Class H		60,400		135,102

Sunac China Holdings, Ltd.		133,000		163,899

Sunny Optical Technology Group Co., Ltd.		26,700		689,329

Tencent Holdings, Ltd.		60,039		3,762,180

Tingyi (Cayman Islands) Holding Corp.		238,000		493,085

Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		229,044

Trip.com Group, Ltd. ADR⁽¹⁾		9,254		246,249

Tsingtao Brewery Co., Ltd., Class H		23,566		212,093

Vnet Group, Inc. ADR⁽¹⁾		14,100		139,872

Wanhua Chemical Group Co., Ltd.		19,665		283,896

Want Want China Holdings, Ltd.		162,920		159,844

Weichai Power Co., Ltd., Class H		102,742		186,439

Weimob, Inc.^(1)(2)(3)		219,000		165,434

Wens Foodstuffs Group Co., Ltd., Class A⁽¹⁾		51,000		162,412

West China Cement, Ltd.		1,502,000		252,986

WH Group, Ltd.⁽³⁾		641,121		428,916

Wuliangye Yibin Co., Ltd., Class A		18,600		585,542

Wuxi Biologics Cayman, Inc.⁽¹⁾⁽³⁾		90,000		902,049

Xinyi Solar Holdings, Ltd.		170,000		272,725


Security	Shares		Value

China(continued)

Yangzijiang Shipbuilding Holdings, Ltd.		326,900	$	313,645

Yankuang Energy Group Co., Ltd., Class H⁽²⁾		218,000		461,865

Yuan Longping High-Tech Agriculture Co., Ltd., Class A⁽¹⁾		65,900		192,961

Yuexiu Property Co., Ltd.		226,000		229,638

Yunnan Baiyao Group Co., Ltd., Class A		21,200		302,016

Zhaojin Mining Industry Co., Ltd., Class H		372,500		298,856

Zhejiang Dahua Technology Co., Ltd., Class A		69,550		210,462

Zhejiang Expressway Co., Ltd., Class H		258,000		221,461

Zhejiang Huahai Pharmaceutical Co., Ltd.		41,250		136,380

Zhongjin Gold Corp., Ltd., Class A		115,900		146,317

Zhongtian Financial Group Co., Ltd., Class A⁽¹⁾		315,000		123,353

Zhuzhou CRRC Times Electric Co., Ltd., Class H		32,800		173,239

Zijin Mining Group Co., Ltd., Class H		318,000		412,831

ZTE Corp., Class H		155,303		419,666

ZTO Express Cayman, Inc. ADR		6,900		207,276

			$	55,413,698

Colombia— 1.3%

Bancolombia S.A.		22,923	$	229,359

Bancolombia S.A. ADR, PFC Shares		10,155		361,315

Cementos Argos S.A.		143,656		234,527

Corp. Financiera Colombiana S.A.⁽¹⁾		7,103		53,563

Ecopetrol S.A.		1,844,948		1,357,616

Grupo Argos S.A.		82,564		337,552

Grupo Aval Acciones y Valores S.A., PFC Shares		467,549		133,474

Grupo de Inversiones Suramericana S.A.		20,221		139,578

Grupo Nutresa S.A.		75,093		639,124

Interconexion Electrica S.A.		96,238		575,314

			$	4,061,422

Croatia— 0.6%

Adris Grupa DD, PFC Shares		4,117	$	260,651

Atlantic Grupa DD		304		81,870

Ericsson Nikola Tesla DD		639		181,261

Hrvatski Telekom DD		11,170		307,544

Koncar-Elektroindustrija DD		631		84,966

Podravka Prehrambena Ind DD		1,816		185,393

Valamar Riviera DD⁽¹⁾		130,586		662,627

Zagrebacka Banka DD⁽¹⁾		8,951		88,180

			$	1,852,492

Czech Republic— 0.6%

CEZ AS		32,204	$	1,194,878

Komercni Banka AS		8,757		388,314

O2 Czech Republic AS⁽¹⁾		8,600		106,424


		10		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Czech Republic(continued)

Philip Morris CR AS		119	$	90,664

			$	1,780,280

Egypt— 0.6%

Cleopatra Hospital⁽¹⁾		330,000	$	102,448

Commercial International Bank Egypt SAE⁽¹⁾		138,218		453,045

Eastern Co. SAE		349,265		231,522

Egypt Kuwait Holding Co. SAE⁽¹⁾		229,500		320,516

Egyptian Financial Group-Hermes Holding Co.⁽¹⁾		52,747		49,498

ElSewedy Electric Co.		125,156		73,801

Ibnsina Pharma SAE⁽¹⁾		257,560		62,372

Juhayna Food Industries		143,563		64,447

Oriental Weavers		271,447		147,020

Talaat Moustafa Group		316,254		187,652

Telecom Egypt Co.		67,509		72,879

			$	1,765,200

Estonia— 0.6%

AS Merko Ehitus		5,570	$	97,649

AS Tallink Grupp⁽¹⁾		1,541,008		1,041,074

AS Tallinna Kaubamaja Grupp		43,232		544,981

			$	1,683,704

Ghana— 0.6%

Ghana Commercial Bank, Ltd.		1,347,533	$	1,121,256

Standard Chartered Bank of Ghana, Ltd.		175,500		565,684

			$	1,686,940

Greece— 1.2%

Aegean Airlines S.A.⁽¹⁾		19,784	$	122,194

Alpha Services and Holdings S.A.⁽¹⁾		120,393		182,197

Costamare, Inc.		8,819		115,882

Eurobank Ergasias Services and Holdings S.A.⁽¹⁾		220,993		249,944

GEK Terna Holding Real Estate Construction S.A.⁽¹⁾		11,096		115,220

Hellenic Petroleum S.A.		7,821		58,120

Hellenic Telecommunications Organization S.A.		32,274		627,321

Holding Co. ADMIE IPTO S.A.		26,908		76,021

JUMBO S.A.		25,105		373,419

Motor Oil (Hellas) Corinth Refineries S.A.		15,873		254,196

Mytilineos S.A.		13,977		239,099

National Bank of Greece S.A.⁽¹⁾		31,588		124,325

OPAP S.A.		46,978		697,762

Public Power Corp. S.A.⁽¹⁾		15,885		154,628

Terna Energy S.A.		7,268		106,004


Security	Shares		Value

Greece(continued)

Titan Cement International S.A.		12,190	$	190,718

Tsakos Energy Navigation, Ltd.		7,720		57,051

			$	3,744,101

Hungary— 0.7%

Magyar Telekom Telecommunications PLC		43,733	$	57,977

MOL Hungarian Oil & Gas PLC		81,926		714,433

OTP Bank Nyrt.⁽¹⁾		9,428		547,080

Richter Gedeon Nyrt.		25,651		677,019

			$	1,996,509

India— 4.7%

ACC, Ltd.		1,578	$	48,556

Adani Enterprises, Ltd.		5,574		129,035

Adani Ports and Special Economic Zone, Ltd.		18,849		182,744

Apollo Hospitals Enterprise, Ltd.		4,712		282,885

Asian Paints, Ltd.		3,500		148,681

Aurobindo Pharma, Ltd.		20,924		178,607

Axis Bank, Ltd.⁽¹⁾		16,772		175,181

Bajaj Auto, Ltd.		2,234		106,718

Bharat Forge, Ltd.		14,189		140,787

Bharat Petroleum Corp., Ltd.		16,891		90,404

Bharti Airtel, Ltd.⁽¹⁾		55,821		548,456

Biocon, Ltd.⁽¹⁾		20,599		101,810

Cadila Healthcare, Ltd.		18,997		104,041

Cipla, Ltd.		24,093		305,857

Coal India, Ltd.		25,404		54,550

Container Corp. of India, Ltd.		9,400		81,859

Crompton Greaves Consumer Electricals, Ltd.		19,469		111,351

Cummins India, Ltd.		7,301		92,599

Divi’s Laboratories, Ltd.		5,850		317,264

DLF, Ltd.		20,247		107,494

Dr. Reddy’s Laboratories, Ltd.		5,217		301,167

Eicher Motors, Ltd.		3,860		137,507

GAIL (India), Ltd.		104,139		202,646

Godrej Consumer Products, Ltd.⁽¹⁾		12,875		154,162

Grasim Industries, Ltd.		4,143		96,434

Gujarat State Petronet, Ltd.		19,482		79,008

Havells India, Ltd.		5,343		85,628

HCL Technologies, Ltd.		18,017		267,459

Hero MotoCorp, Ltd.		3,443		126,023

Hindalco Industries, Ltd.		10,436		69,261

Hindustan Unilever, Ltd.		12,101		370,536

Housing Development Finance Corp., Ltd.		6,372		217,159

ICICI Bank, Ltd.		28,620		307,547


		11		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

India(continued)

Indian Oil Corp., Ltd.		49,207	$	83,248

Indus Towers, Ltd.		18,446		62,958

Infosys, Ltd.		53,369		1,256,843

Ipca Laboratories, Ltd.		6,080		84,641

ITC, Ltd.		76,886		228,138

JSW Steel, Ltd.		14,970		127,831

Kotak Mahindra Bank, Ltd.		3,824		95,861

Larsen & Toubro, Ltd.		6,635		171,240

Lupin, Ltd.		10,226		125,158

Mahindra & Mahindra, Ltd.		17,502		208,913

Maruti Suzuki India, Ltd.		2,254		260,760

Nestle India, Ltd.		559		139,084

NTPC, Ltd.		142,226		272,267

Oil & Natural Gas Corp., Ltd.		63,509		148,417

Piramal Enterprises, Ltd.		1,868		60,204

Power Grid Corp. of India, Ltd.		45,766		132,736

Reliance Industries, Ltd.		36,174		1,164,540

Siemens, Ltd.		5,381		168,556

Sun Pharmaceutical Industries, Ltd.		40,076		449,966

Sun TV Network, Ltd.		7,988		53,620

Tata Consultancy Services, Ltd.		18,251		921,184

Tata Consumer Products, Ltd.		7,384		72,268

Tata Motors, Ltd.⁽¹⁾		22,152		152,753

Tata Power Co., Ltd. (The)		53,099		176,834

Tata Steel, Ltd.		6,780		99,924

Tech Mahindra, Ltd.		14,661		293,440

Titan Co., Ltd.		9,132		290,543

Torrent Pharmaceuticals, Ltd.		4,744		169,867

UltraTech Cement, Ltd.		1,522		147,954

UPL, Ltd.		7,038		74,079

Vedanta, Ltd.		20,367		88,870

Vodafone Idea, Ltd.⁽¹⁾		759,569		110,326

Voltas, Ltd.		6,353		101,091

Wipro, Ltd.		21,949		169,584

WNS Holdings, Ltd. ADR⁽¹⁾		2,100		176,736

Zee Entertainment Enterprises, Ltd.		44,401		173,605

			$	14,237,455

Indonesia— 2.3%

Ace Hardware Indonesia Tbk PT		1,088,200	$	93,709

Adaro Energy Tbk PT		2,299,100		359,997

AKR Corporindo Tbk PT		2,350,000		119,781

Aneka Tambang Tbk		939,800		117,248

Astra International Tbk PT		2,312,300		884,979

Bank Central Asia Tbk PT		676,800		359,988


Security	Shares		Value

Indonesia(continued)

Bank Mandiri Persero Tbk PT		256,000	$	134,146

Bank Negara Indonesia Persero Tbk PT		205,800		105,626

Bank Rakyat Indonesia Persero Tbk PT		776,568		221,039

Bukit Asam Tbk PT		1,334,900		265,827

Bumi Serpong Damai Tbk PT⁽¹⁾		3,215,100		204,023

Charoen Pokphand Indonesia Tbk PT		346,400		152,209

Erajaya Swasembada Tbk PT		4,907,500		188,993

Gudang Garam Tbk PT		57,100		121,863

Indocement Tunggal Prakarsa Tbk PT		241,800		185,237

Indofood Sukses Makmur Tbk PT		271,700		119,819

Jasa Marga (Persero) Tbk PT⁽¹⁾		780,500		178,998

Kalbe Farma Tbk PT		4,445,600		507,868

Lippo Karawaci Tbk PT⁽¹⁾		19,017,880		174,872

Medco Energi Internasional Tbk PT⁽¹⁾		3,858,120		150,142

Mitra Adiperkasa Tbk PT⁽¹⁾		1,163,700		63,386

Mitra Keluarga Karyasehat Tbk PT		1,185,700		208,327

Perusahaan Gas Negara Tbk PT⁽¹⁾		542,500		52,509

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,193,000		104,908

PP Persero Tbk PT⁽¹⁾		1,377,389		89,996

Semen Indonesia Persero Tbk PT		320,600		150,993

Telkom Indonesia Persero Tbk PT		1,606,600		470,534

Tower Bersama Infrastructure Tbk PT		577,800		116,363

Unilever Indonesia Tbk PT		596,900		167,879

United Tractors Tbk PT		243,783		394,158

Vale Indonesia Tbk PT		404,600		133,840

Waskita Karya Persero Tbk PT⁽¹⁾		2,474,900		101,151

Wijaya Karya Persero Tbk PT⁽¹⁾		982,300		71,262

XL Axiata Tbk PT		485,100		112,626

			$	6,884,296

Jordan— 0.6%

Arab Bank PLC		130,734	$	882,017

Arab Potash Co. PLC		8,962		335,077

Bank of Jordan		47,647		154,090

Jordan Islamic Bank		30,248		155,910

Jordan Petroleum Refinery		37,300		188,318

Jordanian Electric Power Co.		60,519		99,725

			$	1,815,137

Kazakhstan— 0.2%

Halyk Savings Bank of Kazakhstan JSC GDR⁽⁶⁾		16,192	$	211,422

Kcell JSC GDR⁽⁶⁾		96,329		380,919

			$	592,341


		12		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Kenya^{— 0.6%}

British American Tobacco Kenya PLC		16,600	$	68,735

East African Breweries, Ltd.⁽¹⁾		238,480		346,926

Equity Group Holdings PLC⁽¹⁾		580,700		264,533

KCB Group, Ltd.		255,920		101,139

Safaricom PLC		2,821,172		909,474

			$	1,690,807

Kuwait— 1.2%

Agility Public Warehousing Co. KSC		158,900	$	528,913

Boubyan Bank KSCP⁽¹⁾		25,253		67,244

Boubyan Petrochemicals Co. KSCP		100,806		305,293

Burgan Bank SAK		135,471		121,005

Gulf Bank KSCP		110,971		108,975

Kuwait Finance House KSCP		185,518		555,471

Mabanee Co. KPSC		149,783		407,921

Mobile Telecommunications Co. KSCP		267,504		528,654

National Bank of Kuwait SAK		251,642		862,611

National Industries Group Holding SAK⁽¹⁾		223,435		217,200

			$	3,703,287

Lithuania— 0.5%

Apranga PVA⁽¹⁾		167,326	$	407,040

Klaipedos Nafta AB		432,131		147,111

Rokiskio Suris		112,172		357,444

Siauliu Bankas AB		657,003		561,473

			$	1,473,068

Malaysia— 2.3%

Axiata Group Bhd		104,550	$	92,885

Berjaya Sports Toto Bhd		274,265		124,686

CIMB Group Holdings Bhd		90,800		113,109

Dialog Group Bhd		884,031		542,405

Digi.com Bhd		79,844		72,591

Gamuda Bhd⁽¹⁾		148,100		98,164

Genting Bhd		263,000		275,462

Genting Malaysia Bhd		265,500		173,833

Globetronics Technology Bhd		582,200		205,561

Hartalega Holdings Bhd		212,408		298,218

Hong Leong Bank Bhd		15,800		73,362

IGB Real Estate Investment Trust		192,600		70,830

IHH Healthcare Bhd		476,500		734,269

IJM Corp. Bhd		173,880		59,181

Inari Amertron Bhd		658,600		526,233

IOI Properties Group Bhd		266,058		64,918

KLCCP Stapled Group		42,600		65,206


Security	Shares		Value

Malaysia(continued)

Kossan Rubber Industries Bhd		210,000	$	90,381

Kuala Lumpur Kepong Bhd		14,600		75,286

Magnum Bhd		192,167		86,584

Malayan Banking Bhd		113,587		224,580

Malaysia Airports Holdings Bhd⁽¹⁾		50,000		68,268

Maxis Bhd		70,100		70,871

MISC Bhd		75,200		125,514

My EG Services Bhd		1,671,100		389,719

Nestle Malaysia Bhd		2,600		82,155

Petronas Chemicals Group Bhd		66,900		142,221

Petronas Dagangan Bhd		79,300		368,240

Petronas Gas Bhd		19,600		79,638

Press Metal Aluminium Holdings Bhd		79,740		117,617

Public Bank Bhd		166,990		168,210

Silverlake Axis, Ltd.		627,992		109,874

Sime Darby Plantation Bhd		81,539		68,905

Supermax Corp. Bhd		220,554		62,285

Telekom Malaysia Bhd		62,300		75,493

Tenaga Nasional Bhd		30,638		67,210

Top Glove Corp. Bhd		696,800		355,110

VS Industry Bhd		1,353,400		390,297

YTL Corp. Bhd		404,791		53,722

			$	6,863,093

Mauritius— 0.6%

Alteo, Ltd.		245,799	$	181,927

CIEL, Ltd.		1,444,295		208,424

MCB Group, Ltd.		55,102		399,832

Phoenix Beverages, Ltd.		15,244		211,612

Rogers & Co., Ltd.		568,149		379,663

SBM Holdings, Ltd.⁽¹⁾		1,674,963		172,602

Sun, Ltd., Class A⁽¹⁾		121,200		54,144

Terra Mauricia, Ltd.		133,055		98,174

United Basalt Products, Ltd.		21,996		78,711

			$	1,785,089

Mexico— 4.6%

Alfa SAB de CV, Series A		506,572	$	367,135

Alsea SAB de CV⁽¹⁾		119,900		246,101

America Movil SAB de CV, Series L		2,040,705		1,920,210

Arca Continental SAB de CV		41,280		243,622

Bolsa Mexicana de Valores SAB de CV		46,975		80,250

Cemex SAB de CV, Series CPO⁽¹⁾		1,261,339		772,897

Coca-Cola Femsa SAB de CV, Series L		45,085		237,774

Corporacion Inmobiliaria Vesta SAB de CV		182,300		346,077


		13		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Mexico(continued)

El Puerto de Liverpool SAB de CV⁽²⁾		47,280	$	217,376

Fibra Uno Administracion S.A. de CV		597,990		614,572

Fomento Economico Mexicano SAB de CV, Series UBD		119,356		898,757

Genomma Lab Internacional SAB de CV⁽²⁾		76,500		76,025

Gruma SAB de CV, Class B		15,455		202,118

Grupo Aeroportuario del Centro Norte SAB de CV		38,200		256,833

Grupo Aeroportuario del Pacifico SAB de CV, Class B		59,687		822,128

Grupo Aeroportuario del Sureste SAB de CV, Class B		36,235		733,799

Grupo Bimbo SAB de CV, Series A		101,045		316,733

Grupo Carso SAB de CV, Series A1		77,100		215,662

Grupo Elektra SAB de CV		3,913		256,086

Grupo Financiero Banorte SAB de CV, Class O		113,300		716,666

Grupo Financiero Inbursa SAB de CV, Class O⁽¹⁾		114,900		166,602

Grupo Mexico SAB de CV, Series B		247,279		1,063,415

Grupo Televisa SAB ADR		35,500		363,165

Industrias Penoles SAB de CV		9,580		102,892

Kimberly-Clark de Mexico SAB de CV, Class A		139,700		201,477

Macquarie Mexico Real Estate Management S.A. de CV⁽³⁾		240,600		281,563

Orbia Advance Corporation, SAB de CV		88,999		208,475

PLA Administradora Industrial S de RL de CV		127,200		178,702

Promotora y Operadora de Infraestructura SAB de CV		28,415		208,167

Telesites SAB de CV⁽²⁾		87,368		92,671

Ternium S.A. ADR⁽²⁾		5,500		221,540

Vista Oil & Gas SAB de CV ADR⁽¹⁾		22,500		141,075

Wal-Mart de Mexico SAB de CV, Series V		305,780		1,037,203

			$	13,807,768

Morocco— 0.6%

Attijariwafa Bank		3,868	$	202,532

Bank of Africa		5,578		127,849

Banque Centrale Populaire		4,848		147,858

Co Sucrerie Marocaine et de Raffinage		8,110		234,875

Itissalat AI-Maghrib		23,401		343,004

Label Vie		228		127,033

LafargeHolcim Maroc S.A.		1,240		300,761

Societe d’Exploitation des Ports		4,496		137,931

TAQA Morocco S.A.		695		88,238

TotalEnergies Marketing Maroc S.A.		466		87,977

			$	1,798,058

Nigeria— 1.2%

Access Bank PLC⁽⁴⁾		9,080,193	$	156,930

Dangote Cement PLC⁽⁴⁾		2,401,432		1,111,961

FBN Holdings PLC⁽⁴⁾		8,190,197		163,122

Flour Mills of Nigeria PLC⁽⁴⁾		3,215,556		162,494


Security	Shares		Value

Nigeria(continued)

Guaranty Trust Holding Co. PLC⁽⁴⁾		8,113,125	$	383,318

Lafarge Africa PLC⁽⁴⁾		3,378,540		153,865

MTN Nigeria Communications PLC⁽⁴⁾		1,163,700		402,774

Nestle Nigeria PLC⁽⁴⁾		141,303		345,610

Nigerian Breweries PLC⁽⁴⁾		2,570,740		215,269

Stanbic IBTC Holdings PLC⁽⁴⁾		1,515,038		93,693

Transnational Corp. of Nigeria PLC⁽⁴⁾		44,100,342		87,813

United Bank for Africa PLC⁽⁴⁾		10,544,352		158,259

Zenith Bank PLC⁽⁴⁾		7,051,959		320,738

			$	3,755,846

Oman— 0.6%

Bank Muscat SAOG		426,343	$	577,411

HSBC Bank Oman SAOG⁽¹⁾		391,338		100,533

National Bank of Oman SAOG⁽¹⁾		149,081		73,022

Oman Cement Co. SAOG		72,148		43,552

Oman Flour Mills Co. SAOG		61,901		110,098

Oman Telecommunications Co. SAOG		181,416		371,819

Omani Qatari Telecommunications Co. SAOG		140,637		132,018

Ominvest		103,161		81,230

Renaissance Services SAOG		133,705		152,923

Sembcorp Salalah Power & Water Co.		410,180		76,548

Sohar International Bank SAOG⁽¹⁾		353,733		99,293

			$	1,818,447

Pakistan— 0.6%

Engro Corp., Ltd.		42,010	$	64,854

Fauji Fertilizer Co., Ltd.		101,890		61,689

Habib Bank, Ltd.		160,318		109,871

Hub Power Co., Ltd. (The)		202,646		86,692

Lucky Cement, Ltd.⁽¹⁾		20,831		80,478

Mari Petroleum Co., Ltd.		17,083		164,481

MCB Bank, Ltd.		163,295		149,022

Millat Tractors, Ltd.		52,608		262,675

Nishat Mills, Ltd.		110,771		51,857

Oil & Gas Development Co., Ltd.		382,291		188,751

Pakistan Oilfields, Ltd.		56,711		126,443

Pakistan Petroleum, Ltd.		387,571		174,915

Pakistan State Oil Co., Ltd.		144,660		154,026

Searle Co., Ltd. (The)		77,416		61,199

United Bank, Ltd.		77,168		61,187

			$	1,798,140

Panama— 0.2%

Banco Latinoamericano de Comercio Exterior S.A., Class E		13,100	$	215,888


		14		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Panama(continued)

Copa Holdings S.A., Class A⁽¹⁾		5,858	$	489,612

			$	705,500

Peru— 1.2%

Alicorp SAA		132,997	$	237,276

Cia de Minas Buenaventura SAA ADR⁽¹⁾⁽²⁾		63,150		511,515

Credicorp, Ltd.		6,000		859,320

Ferreycorp SAA		406,946		270,540

InRetail Peru Corp.⁽³⁾		5,682		198,870

Southern Copper Corp.		18,176		1,161,264

Volcan Cia Minera SAA, Class B⁽¹⁾		1,290,875		234,659

			$	3,473,444

Philippines— 2.4%

Aboitiz Equity Ventures, Inc.		202,000	$	249,340

Aboitiz Power Corp.		318,600		221,213

Alliance Global Group, Inc.		276,700		69,525

Ayala Corp.		14,895		254,709

Ayala Land, Inc.		463,731		327,439

Ayala Land, Inc. GDR, PFC Shares⁽⁴⁾		3,951,800		0

Bank of the Philippine Islands		89,460		172,128

BDO Unibank, Inc.		98,694		262,310

Bloomberry Resorts Corp.⁽¹⁾		952,800		117,358

Converge Information and Communications Technology Solutions, Inc.⁽¹⁾		241,400		145,571

Cosco Capital, Inc.		1,440,100		147,853

D&L Industries, Inc.		493,300		82,378

Emperador, Inc.		380,500		176,897

First Gen Corp.		319,822		176,110

Globe Telecom, Inc.		5,729		349,447

GT Capital Holdings, Inc.		8,000		89,713

International Container Terminal Services, Inc.		62,100		244,282

JG Summit Holdings, Inc.		178,958		218,971

Jollibee Foods Corp.		100,226		472,045

Manila Electric Co.		49,700		327,253

Manila Water Co.		415,800		204,410

Megaworld Corp.		1,361,400		82,964

Metropolitan Bank & Trust Co.		140,032		162,210

Petron Corp.⁽¹⁾		1,006,400		64,393

PLDT, Inc.		13,440		483,483

Puregold Price Club, Inc.		337,403		245,685

San Miguel Corp.		38,970		86,209

Semirara Mining & Power Corp.		158,920		78,236

SM Investments Corp.		28,971		540,059

SM Prime Holdings, Inc.		671,029		464,047


Security	Shares		Value

Philippines(continued)

Universal Robina Corp.		196,255	$	489,894

Wilcon Depot, Inc.		244,700		144,005

			$	7,150,137

Poland— 2.3%

AmRest Holdings SE⁽¹⁾		13,322	$	82,222

Asseco Poland S.A.		22,858		459,939

Bank Polska Kasa Opieki S.A.		9,961		331,914

Budimex S.A.		9,658		548,436

Cyfrowy Polsat S.A.		41,244		318,610

Enea S.A.⁽¹⁾		30,914		58,226

Eurocash S.A.		203,900		515,870

Grupa Azoty S.A.⁽¹⁾		9,267		80,641

Grupa Lotos S.A.⁽¹⁾		8,198		110,155

KGHM Polska Miedz S.A.		13,493		465,443

LPP S.A.		209		817,490

mBank S.A.⁽¹⁾		1,863		213,361

Neuca S.A.		662		119,988

Orange Polska S.A.⁽¹⁾		197,276		381,971

PGE S.A.⁽¹⁾		63,422		119,476

Polski Koncern Naftowy ORLEN S.A.		45,589		796,780

Polskie Gornictwo Naftowe i Gazownictwo S.A.		270,300		352,983

Powszechna Kasa Oszczednosci Bank Polski S.A.⁽¹⁾		54,532		638,368

Powszechny Zaklad Ubezpieczen S.A.		29,335		261,189

Santander Bank Polska S.A.		1,762		151,395

Tauron Polska Energia S.A.⁽¹⁾		144,008		85,227

			$	6,909,684

Qatar— 1.2%

Aamal Co. QSC		230,000	$	68,841

Al Meera Consumer Goods Co.		26,169		140,021

Barwa Real Estate Co.		224,034		205,827

Commercial Bank PSQC (The)		49,707		97,410

Gulf International Services QSC⁽¹⁾		443,811		218,223

Industries Qatar		154,045		708,584

Masraf Al Rayan QSC		147,361		197,591

Medicare Group		45,960		107,126

Ooredoo QPSC		91,470		181,729

Qatar Electricity & Water Co. QSC		44,621		217,895

Qatar Gas Transport Co., Ltd.		423,333		418,021

Qatar Islamic Bank		27,137		145,296

Qatar National Bank QPSC		129,185		772,439

United Development Co. QSC		396,214		180,432

Vodafone Qatar QSC		215,393		103,913

			$	3,763,348


		15		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Romania— 0.6%

Banca Transilvania S.A.		767,509	$	458,698

BRD-Groupe Societe Generale S.A.		27,477		123,801

OMV Petrom S.A.		6,482,920		696,557

Societatea Energetica Electrica S.A.		58,301		135,169

Societatea Nationala de Gaze Naturale ROMGAZ S.A.		38,546		331,815

Transgaz S.A. Medias		1,982		100,440

			$	1,846,480

Russia— 3.9%

Aeroflot PJSC⁽¹⁾		320,440	$	237,893

Alrosa PJSC		177,900		262,939

Detsky Mir PJSC⁽³⁾		105,940		140,406

Evraz PLC		34,831		236,628

Federal Grid Co. Unified Energy System PJSC		54,265,440		100,750

Gazprom PJSC ADR		144,233		1,255,594

Globaltrans Investment PLC GDR⁽⁶⁾		40,040		281,899

Inter RAO UES PJSC		6,829,770		342,815

Lukoil PJSC ADR		8,773		785,626

Magnit PJSC		13,121		856,185

Magnitogorsk Iron & Steel Works PJSC		182,710		144,715

MMC Norilsk Nickel PJSC ADR⁽⁷⁾		30,780		870,095

MMC Norilsk Nickel PJSC ADR⁽⁷⁾		3,095		87,589

Mobile TeleSystems PJSC		89,417		334,643

Moscow Exchange MICEX-RTS PJSC		47,890		90,328

Novatek PJSC GDR⁽⁶⁾		2,341		494,432

Novolipetsk Steel PJSC GDR⁽⁶⁾		11,326		314,717

OGK-2 PJSC		12,211,000		93,396

PhosAgro PJSC GDR⁽⁶⁾		7,692		154,304

PIK Group PJSC		20,850		257,154

Polymetal International PLC		20,817		299,112

QIWI PLC ADR⁽²⁾		6,066		45,313

Rosneft Oil Co. PJSC GDR⁽⁶⁾		61,111		455,404

Rosseti PJSC		3,556,000		47,966

Rostelecom PJSC		107,057		103,455

RusHydro PJSC		16,550,080		157,418

Sberbank of Russia PJSC		123,888		428,237

Severstal PAO GDR⁽⁶⁾		13,622		268,600

Sistema PJSFC		453,878		118,321

Surgutneftegas PJSC ADR		39,051		184,013

Surgutneftegas PJSC, PFC Shares		260,300		125,582

Tatneft PJSC ADR		6,215		241,195

Unipro PJSC		1,521,000		47,664

VEON, Ltd. ADR⁽¹⁾⁽²⁾		76,284		109,086

VK Co., Ltd. GDR⁽¹⁾		10,563		85,242

X5 Retail Group NV GDR⁽⁶⁾⁽⁷⁾		16,418		371,214


Security	Shares		Value

Russia(continued)

X5 Retail Group NV GDR⁽⁶⁾⁽⁷⁾		2,084	$	46,765

Yandex NV, Class A⁽¹⁾		26,400		1,268,784

			$	11,745,479

Saudi Arabia— 5.0%

Abdullah Al Othaim Markets Co.		6,103	$	172,074

Advanced Petrochemical Co.		3,404		68,294

Al Hammadi Co. for Development and Investment		11,461		128,734

Al Rajhi Bank		16,488		654,781

Alandalus Property Co.		22,858		117,128

Aldrees Petroleum and Transport Services Co.		4,272		89,260

Almarai Co. JSC		35,797		469,849

Arabian Centres Co., Ltd.		26,197		160,738

Arriyadh Development Co.		32,790		237,272

Astra Industrial Group		12,671		145,259

Banque Saudi Fransi		11,191		156,955

Dallah Healthcare Co.		6,434		149,847

Dar Al Arkan Real Estate Development Co.⁽¹⁾		139,820		385,251

Dr Sulaiman Al Habib Medical Services Group Co.		16,420		725,443

Dur Hospitality Co.⁽¹⁾		17,800		158,226

Emaar Economic City⁽¹⁾		134,468		464,249

Etihad Etisalat Co.		29,220		254,283

Fawaz Abdulaziz Al Hokair & Co.⁽¹⁾		30,477		134,521

Herfy Food Services Co.		4,801		82,288

Jarir Marketing Co.		13,116		705,807

Leejam Sports Co. JSC		9,292		295,098

Maharah Human Resources Co.		8,190		175,850

Mobile Telecommunications Co. Saudi Arabia⁽¹⁾		27,145		97,241

Mouwasat Medical Services Co.		9,539		504,275

National Gas & Industrialization Co.		7,147		103,236

National Medical Care Co.		8,200		149,016

Riyad Bank		16,422		149,300

SABIC Agri-Nutrients Co.		3,518		159,498

Sahara International Petrochemical Co.		6,353		73,488

Saudi Airlines Catering Co.⁽¹⁾		11,073		247,113

Saudi Arabian Mining Co.⁽¹⁾		7,176		176,850

Saudi Arabian Oil Co.⁽³⁾		195,634		1,952,628

Saudi Basic Industries Corp.		20,027		670,374

Saudi British Bank (The)		11,656		125,186

Saudi Ceramic Co.		8,453		126,138

Saudi Chemical Co. Holding		7,125		66,425

Saudi Electricity Co.		117,968		829,515

Saudi Ground Services Co.⁽¹⁾		22,667		205,824

Saudi Industrial Investment Group		10,164		92,946

Saudi Industrial Services Co.		9,935		89,363


		16		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Saudi Arabia(continued)

Saudi Kayan Petrochemical Co.⁽¹⁾		25,009	$	131,924

Saudi National Bank (The)		29,907		589,659

Saudi Pharmaceutical Industries & Medical Appliances Corp.		9,738		106,194

Saudi Public Transport Co.⁽¹⁾		16,000		102,539

Saudi Telecom Co.		34,946		1,099,437

Saudia Dairy & Foodstuff Co.		4,476		194,888

Savola Group (The)		49,483		451,089

Seera Group Holding⁽¹⁾		50,976		268,283

United Electronics Co.		5,409		201,882

United International Transportation Co.		7,246		97,328

Yanbu National Petrochemical Co.		5,300		96,372

			$	15,089,218

Slovenia— 0.6%

Cinkarna Celje DD		267	$	79,781

Krka dd Novo mesto		9,669		1,246,296

Luka Koper		2,454		70,337

Petrol		121		73,371

Pozavarovalnica Sava DD		3,525		115,197

Telekom Slovenije DD		1,159		75,841

Zavarovalnica Triglav DD		2,806		123,962

			$	1,784,785

South Africa— 5.1%

Anglo American Platinum, Ltd.		1,944	$	235,543

AngloGold Ashanti, Ltd.		9,504		178,170

Aspen Pharmacare Holdings, Ltd.		71,491		963,131

AVI, Ltd.		29,338		145,958

Barloworld, Ltd.		41,807		362,022

Bid Corp., Ltd.		19,000		410,640

Bidvest Group, Ltd. (The)		74,342		911,488

Capitec Bank Holdings, Ltd.		2,132		280,669

Clicks Group, Ltd.⁽²⁾		13,500		258,525

DataTec, Ltd.		72,300		179,447

Discovery, Ltd.⁽¹⁾⁽²⁾		21,090		213,129

Equites Property Fund, Ltd.		104,000		145,065

Exxaro Resources, Ltd.		51,110		552,908

FirstRand, Ltd.		77,535		312,551

Fortress REIT, Ltd., Class A		264,918		222,658

Foschini Group, Ltd. (The)		12,308		103,084

Gold Fields, Ltd.		25,997		278,583

Growthpoint Properties, Ltd.		441,000		419,130

Harmony Gold Mining Co., Ltd.		18,553		67,764

Hyprop Investments, Ltd.		31,700		74,459


Security	Shares		Value

South Africa(continued)

Impala Platinum Holdings, Ltd.		18,462	$	284,626

Imperial Logistics, Ltd.		60,958		256,697

Kumba Iron Ore, Ltd.		2,760		98,469

Life Healthcare Group Holdings, Ltd.		258,186		379,282

Mediclinic International PLC⁽¹⁾⁽²⁾		106,246		459,936

Mr Price Group, Ltd.		12,155		161,594

MTN Group, Ltd.⁽¹⁾		110,600		1,390,897

MultiChoice Group, Ltd.		29,957		245,694

Naspers, Ltd., Class N		10,607		1,714,601

NEPI Rockcastle PLC		66,180		450,041

Netcare, Ltd.⁽²⁾		314,337		304,191

Pick’n Pay Stores, Ltd.		36,562		121,570

Redefine Properties, Ltd.		579,291		154,140

Resilient REIT, Ltd.		48,463		190,631

Reunert, Ltd.		55,746		173,655

Sanlam, Ltd.		28,912		118,787

Sasol, Ltd.⁽¹⁾		16,993		382,553

Shoprite Holdings, Ltd.		39,215		536,535

Sibanye Stillwater, Ltd.		78,212		291,525

SPAR Group, Ltd. (The)		14,831		162,188

Standard Bank Group, Ltd.		16,101		157,149

Telkom S.A. SOC, Ltd.⁽¹⁾		33,018		106,411

Tiger Brands, Ltd.		10,940		130,301

Vodacom Group, Ltd.		48,400		464,579

Wilson Bayly Holmes-Ovcon, Ltd.		19,623		142,123

Woolworths Holdings, Ltd.		46,024		159,013

			$	15,352,112

South Korea— 4.2%

Alteogen, Inc.⁽¹⁾		1,548	$	62,864

AMOREPACIFIC Corp.⁽¹⁾		852		111,119

AMOREPACIFIC Group⁽¹⁾		2,180		75,016

Bukwang Pharmaceutical Co., Ltd.⁽¹⁾		7,850		70,379

Celltrion Healthcare Co., Ltd.		4,125		217,942

Celltrion Pharm, Inc.⁽¹⁾		1,286		89,375

Celltrion, Inc.		2,878		365,777

CJ CheilJedang Corp.⁽¹⁾		423		122,693

CJ Logistics Corp.⁽¹⁾		566		54,964

Coway Co., Ltd.⁽¹⁾		2,548		146,795

Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,657		8,782

DL E&C Co., Ltd.⁽¹⁾		962		94,696

E-MART, Inc.⁽¹⁾		1,232		137,123

GS Engineering & Construction Corp.		3,086		102,698

GS Holdings Corp.⁽¹⁾		3,569		115,232

Hankook Tire and Technology Co., Ltd.⁽¹⁾		3,779		106,708


		17		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

South Korea(continued)

Hanmi Pharm Co., Ltd.⁽¹⁾		928	$	191,537

Hanwha Solutions Corp.⁽¹⁾		4,103		111,977

Helixmith Co., Ltd.⁽¹⁾		6,986		120,402

Hugel, Inc.⁽¹⁾		653		74,696

Hyundai Department Store Co., Ltd.⁽¹⁾		1,615		97,262

Hyundai Engineering & Construction Co., Ltd.⁽¹⁾		2,645		94,723

Hyundai Glovis Co., Ltd.		758		103,703

Hyundai Heavy Industries Holdings Co., Ltd.		2,610		105,235

Hyundai Mobis Co., Ltd.		1,292		253,623

Hyundai Motor Co.		2,300		370,711

Hyundai Steel Co.		3,449		113,914

Kakao Corp.⁽¹⁾		3,776		272,747

Kangwon Land, Inc.⁽¹⁾		5,706		119,974

KB Financial Group, Inc.		3,231		160,127

Kia Corp.		3,041		212,036

Korea Electric Power Corp.⁽¹⁾		4,640		79,781

Korea Shipbuilding & Offshore Engineering Co., Ltd.⁽¹⁾		993		67,129

Korea Zinc Co., Ltd.⁽¹⁾		283		120,382

KT&G Corp.⁽¹⁾		3,552		229,444

Kumho Petrochemical Co., Ltd.⁽¹⁾		743		92,239

LG Chem, Ltd.		652		349,511

LG Corp.⁽¹⁾		1,914		118,365

LG Electronics, Inc.		2,209		239,991

LG Household & Health Care, Ltd.		241		196,041

LG Uplus Corp.		7,151		77,922

MedPacto, Inc.⁽¹⁾		1,418		42,036

Medytox, Inc.⁽¹⁾		1,001		97,467

Mezzion Pharma Co., Ltd.⁽¹⁾		1,299		200,575

Naver Corp.		1,691		446,662

NCSoft Corp.⁽¹⁾		372		167,610

Orion Corp. of Republic of Korea		1,268		103,756

POSCO		1,219		272,682

S-Oil Corp.		2,051		155,698

S1 Corp.		1,533		85,863

Samsung Biologics Co., Ltd.⁽¹⁾⁽³⁾		629		389,401

Samsung C&T Corp.		1,554		140,587

Samsung Electro-Mechanics Co., Ltd.		1,243		189,107

Samsung Electronics Co., Ltd.		42,405		2,637,552

Samsung SDI Co., Ltd.		523		259,556

Samsung SDS Co., Ltd.		1,370		162,626

Seegene, Inc.		1,860		85,134

Shinhan Financial Group Co., Ltd.		4,669		149,544

SK Hynix, Inc.		4,140		428,522

SK Innovation Co., Ltd.⁽¹⁾		2,402		440,834

SK, Inc.		913		169,014

Yuhan Corp.⁽¹⁾		4,054		192,203


Security	Shares		Value

South Korea(continued)

Zyle Motors Corp.⁽¹⁾		5,113	$	5,344

			$	12,677,408

Sri Lanka— 0.6%

Ceylon Tobacco Co. PLC		38,480	$	166,215

Chevron Lubricants Lanka PLC		343,215		215,415

Commercial Bank of Ceylon PLC		348,039		142,449

Dialog Axiata PLC		1,107,719		60,364

Expolanka Holdings PLC		185,620		325,018

Hatton National Bank PLC		114,136		78,445

John Keells Holdings PLC		495,487		390,997

Lanka IOC PLC		271,858		86,253

Melstacorp PLC		696,058		211,081

Sampath Bank PLC		286,546		76,180

Teejay Lanka PLC		460,029		115,760

			$	1,868,177

Taiwan— 4.7%

Accton Technology Corp.		10,000	$	96,567

Acer, Inc.		119,519		123,951

Advantech Co., Ltd.		8,697		120,543

AirTAC International Group		6,178		216,903

ASE Technology Holding Co., Ltd.		48,561		176,864

Asustek Computer, Inc.		7,325		95,763

AU Optronics Corp.		187,837		139,643

Catcher Technology Co., Ltd.		20,183		113,728

Cathay Financial Holding Co., Ltd.		65,916		152,895

Center Laboratories, Inc.		105,659		220,282

Cheng Shin Rubber Industry Co., Ltd.		110,672		139,131

China Motor Corp.		40,926		90,825

China Steel Corp.		288,734		353,355

Chunghwa Telecom Co., Ltd.		144,746		615,173

CTBC Financial Holding Co., Ltd.		70,275		70,648

Delta Electronics, Inc.		12,151		119,875

Eclat Textile Co., Ltd.		10,159		225,372

EVA Airways Corp.⁽¹⁾		212,861		190,022

Evergreen International Storage & Transport Corp.		93,000		96,814

Evergreen Marine Corp.		65,441		277,648

Far Eastern Department Stores, Ltd.		212,990		161,191

Far Eastern New Century Corp.		156,695		164,150

Far EasTone Telecommunications Co., Ltd.		90,084		211,144

Feng Hsin Steel Co., Ltd.		32,260		96,869

Formosa Chemicals & Fibre Corp.		82,014		235,099

Formosa Petrochemical Corp.		79,320		276,824

Formosa Plastics Corp.		90,183		345,804


		18		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Taiwan(continued)

Formosa Taffeta Co., Ltd.		182,149	$	188,420

Fubon Financial Holding Co., Ltd.		58,721		162,041

Giant Manufacturing Co., Ltd.		18,208		210,891

Great Wall Enterprise Co., Ltd.		58,815		111,210

Hiwin Technologies Corp.		16,564		160,377

Hon Hai Precision Industry Co., Ltd.		88,443		330,682

Hotai Motor Co., Ltd.		16,000		350,400

Inventec Corp.		89,966		82,522

Largan Precision Co., Ltd.		1,795		133,018

MediaTek, Inc.		9,462		375,823

Mega Financial Holding Co., Ltd.		63,303		84,723

Merida Industry Co., Ltd.		17,657		186,337

Nan Kang Rubber Tire Co., Ltd.		95,253		157,414

Nan Ya Plastics Corp.		76,214		240,664

Novatek Microelectronics Corp.		9,000		158,276

Pegatron Corp.		54,028		135,810

Pou Chen Corp.		151,819		176,505

President Chain Store Corp.		32,664		311,978

Quanta Computer, Inc.		42,508		143,876

Radium Life Tech Co., Ltd.		1		0	⁽⁸⁾

Realtek Semiconductor Corp.		6,002		116,440

Ruentex Development Co., Ltd.		79,506		185,131

St. Shine Optical Co., Ltd.		22,000		231,200

Tainan Spinning Co., Ltd.		58,822		52,117

Taiwan Cement Corp.		156,441		266,063

Taiwan Mobile Co., Ltd.		57,296		205,945

Taiwan Semiconductor Manufacturing Co., Ltd.		105,369		2,436,341

Teco Electric & Machinery Co., Ltd.		120,000		128,376

Tong Yang Industry Co., Ltd.		105,608		120,959

TTY Biopharm Co., Ltd.		94,096		229,587

Tung Ho Steel Enterprise Corp.		32,200		79,500

Uni-President Enterprises Corp.		141,831		347,623

United Microelectronics Corp.		102,090		213,296

Walsin Lihwa Corp.		270,000		256,199

Wei Chuan Foods Corp.		179,000		139,134

Win Semiconductors Corp.		8,000		99,106

Yageo Corp.		4,000		68,171

Yang Ming Marine Transport⁽¹⁾		42,621		157,864

Yieh Phui Enterprise Co., Ltd.⁽¹⁾		86,046		68,584

			$	14,229,686

Thailand— 4.6%

Advanced Info Service PCL⁽⁹⁾		63,400	$	421,137

Airports of Thailand PCL⁽¹⁾⁽⁹⁾		288,200		555,118

Asset World Corp. PCL⁽¹⁾⁽⁹⁾		1,353,900		200,837


Security	Shares		Value

Thailand(continued)

Bangkok Bank PCL⁽⁹⁾		32,300	$	132,144

Bangkok Chain Hospital PCL⁽⁹⁾		709,600		398,544

Bangkok Dusit Medical Services PCL⁽⁹⁾		1,383,700		934,532

Bangkok Expressway & Metro PCL⁽⁹⁾		647,000		160,042

Bangkok Land PCL⁽⁹⁾		4,163,800		132,561

Banpu PCL⁽⁹⁾		487,333		163,347

BTS Group Holdings PCL⁽⁹⁾		685,200		190,122

Bumrungrad Hospital PCL⁽⁹⁾		134,200		571,602

Carabao Group PCL⁽⁹⁾		27,500		84,420

Central Pattana PCL⁽⁹⁾		140,500		230,918

Central Retail Corp. PCL⁽⁹⁾		230,366		236,581

Charoen Pokphand Foods PCL⁽⁹⁾		188,700		143,818

Chularat Hospital PCL⁽⁹⁾		3,228,500		319,989

CP ALL PCL⁽⁹⁾		237,500		450,231

CPN Retail Growth Leasehold REIT⁽⁹⁾		146,500		80,961

Delta Electronics (Thailand) PCL⁽⁹⁾		139,400		1,476,602

Electricity Generating PCL⁽⁹⁾		12,700		65,110

Energy Absolute PCL⁽⁹⁾		89,500		241,375

Global Power Synergy PCL⁽⁹⁾		43,300		102,553

Gulf Energy Development PCL⁽⁹⁾		245,000		363,607

Hana Microelectronics PCL⁽⁹⁾		213,300		450,285

Home Product Center PCL⁽⁹⁾		409,255		174,656

Indorama Ventures PCL⁽⁹⁾		172,600		248,673

IRPC PCL⁽⁹⁾		914,800		105,262

Jasmine International PCL⁽¹⁾⁽⁹⁾		634,000		64,193

Jay Mart PCL⁽⁹⁾		164,100		265,660

Kasikornbank PCL⁽⁹⁾		70,700		320,093

KCE Electronics PCL⁽⁹⁾		152,800		332,794

Land & Houses PCL⁽⁹⁾		489,100		144,482

Mega Lifesciences PCL⁽⁹⁾		111,800		156,535

Minor International PCL⁽¹⁾⁽⁹⁾		400,144		369,872

Pruksa Holding PCL⁽⁹⁾		276,500		120,890

PTG Energy PCL⁽⁹⁾		277,800		122,651

PTT Exploration & Production PCL⁽⁹⁾		126,898		498,051

PTT Global Chemical PCL⁽⁹⁾		131,900		226,201

PTT PCL⁽⁹⁾		634,600		749,222

Samart Corp. PCL⁽¹⁾⁽⁹⁾		297,700		58,245

Siam Cement PCL⁽⁹⁾		30,900		358,933

Siam City Cement PCL⁽⁹⁾		23,983		115,935

Siam Commercial Bank PCL⁽⁹⁾		45,300		172,199

Siam Global House PCL⁽⁹⁾		305,155		175,303

Sino-Thai Engineering & Construction PCL⁽⁹⁾		251,357		109,691

Sri Trang Agro-Industry PCL⁽⁹⁾		89,600		80,733

Thai Beverage PCL⁽²⁾⁽⁹⁾		483,400		235,331

Thai Oil PCL⁽⁹⁾		63,600		101,360

Total Access Communication PCL⁽⁹⁾		105,100		146,142


		19		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Thailand(continued)

True Corp. PCL⁽⁹⁾		1,164,790	$	169,579

VGI PCL⁽⁹⁾		729,400		121,239

WHA Corp. PCL⁽⁹⁾		1,020,100		105,254

			$	13,955,615

Tunisia— 0.7%

Attijari Bank		12,409	$	136,509

Banque de Tunisie		44,328		79,488

Banque Internationale Arabe de Tunisie		8,258		179,659

Banque Nationale Agricole		24,362		65,173

Carthage Cement⁽¹⁾		402,032		185,784

Euro Cycles S.A.		20,636		224,346

Poulina Group		121,415		469,951

Societe d’Articles Hygieniques S.A.		26,297		101,171

Societe Frigorifique et Brasserie de Tunis S.A.		78,766		495,528

Telnet Holding		21,212		61,611

			$	1,999,220

Turkey— 4.9%

AG Anadolu Grubu Holding AS		15,600	$	44,510

Akbank T.A.S.		316,096		190,442

Aksa Akrilik Kimya Sanayii AS		64,402		155,377

Aksa Enerji Uretim AS⁽¹⁾		387,124		365,409

Anadolu Efes Biracilik ve Malt Sanayii AS		70,980		155,219

Arcelik AS		97,851		378,663

Aselsan Elektronik Sanayi Ve Ticaret AS		107,386		174,699

Aydem Yenilenebilir Enerji AS⁽¹⁾		157,000		77,526

Aygaz AS		150,371		268,259

Bera Holding AS⁽¹⁾		64,248		49,060

BIM Birlesik Magazalar AS		159,132		841,705

Biotrend Cevre VE Enerji Yatirimlari AS⁽¹⁾		140,666		71,654

Coca-Cola Icecek AS		28,900		248,575

Dogan Sirketler Grubu Holding AS		551,200		125,191

EGE Endustri VE Ticaret AS		780		102,587

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		128,300		85,536

Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,340,230		606,006

Enerjisa Enerji AS⁽³⁾		275,003		306,114

Enka Insaat ve Sanayi AS		271,711		320,402

Eregli Demir ve Celik Fabrikalari TAS		282,514		582,916

Fenerbahce Futbol AS⁽¹⁾		35,100		70,617

Ford Otomotiv Sanayi AS		27,741		517,549

Gubre Fabrikalari TAS⁽¹⁾		16,300		97,108

Haci Omer Sabanci Holding AS		77,227		88,474

Hektas Ticaret TAS⁽¹⁾		113,800		123,273


Security	Shares		Value

Turkey(continued)

Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS		181,800	$	122,208

Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS⁽¹⁾		90,659		104,071

Is Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		1,140,210		397,037

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D⁽¹⁾		200,727		180,808

KOC Holding AS		155,894		381,141

Kordsa Teknik Tekstil AS⁽¹⁾		30,820		79,162

Koza Altin Isletmeleri AS⁽¹⁾		11,612		112,410

Logo Yazilim Sanayi Ve Ticaret AS		93,480		285,467

Mavi Giyim Sanayi Ve Ticaret AS, Class B⁽³⁾		16,665		83,900

Migros Ticaret AS⁽¹⁾		29,279		90,095

MLP Saglik Hizmetleri AS⁽¹⁾⁽³⁾		140,219		359,690

ODAS Elektrik Uretim ve Sanayi Ticaret AS⁽¹⁾		1,160,037		118,171

Oyak Cimento Fabrikalari AS⁽¹⁾		103,200		70,292

Petkim Petrokimya Holding AS⁽¹⁾		312,396		202,852

RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret AS⁽¹⁾		97,868		143,540

Sasa Polyester Sanayi AS⁽¹⁾		31,909		112,502

Selcuk Ecza Deposu Ticaret ve Sanayi AS		235,109		216,042

Sinpas Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		647,773		204,943

Sok Marketler Ticaret AS		134,800		147,175

TAV Havalimanlari Holding AS⁽¹⁾		43,982		121,014

Tofas Turk Otomobil Fabrikasi AS		71,438		429,005

Turk Hava Yollari AO⁽¹⁾		151,508		326,669

Turk Ilac VE Serum Sanayi AS⁽¹⁾		140,853		118,852

Turk Telekomunikasyon AS		271,014		195,548

Turkcell Iletisim Hizmetleri AS		886,900		1,250,792

Turkiye Garanti Bankasi AS		211,898		189,936

Turkiye Is Bankasi AS, Class C		182,514		115,148

Turkiye Petrol Rafinerileri AS⁽¹⁾		143,003		1,841,985

Turkiye Sise ve Cam Fabrikalari AS		236,310		245,931

Ulker Biskuvi Sanayi AS		45,810		59,207

Vakif Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		1,238,757		160,480

Vestel Elektronik Sanayi ve Ticaret AS		32,694		59,572

Yapi ve Kredi Bankasi AS		323,100		99,160

			$	14,671,676

United Arab Emirates— 1.1%

Abu Dhabi Commercial Bank PJSC		124,253	$	301,310

Agthia Group PJSC		54,046		73,991

Air Arabia PJSC⁽¹⁾		212,497		84,187

Aldar Properties PJSC		251,673		284,033

Dana Gas PJSC		421,411		117,850

Dubai Investments PJSC		333,181		207,903

Dubai Islamic Bank PJSC		109,508		164,746


		20		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

United Arab Emirates(continued)

Emaar Development PJSC⁽¹⁾		104,800	$	123,677

Emaar Properties PJSC		376,838		502,129

Emirates Telecommunications Group Co. PJSC		103,870		935,379

First Abu Dhabi Bank PJSC		101,434		553,428

Network International Holdings PLC⁽¹⁾⁽³⁾		31,200		111,100

			$	3,459,733

Vietnam— 1.2%

Bank for Foreign Trade of Vietnam JSC		70,250	$	276,450

Bao Viet Holdings		28,030		68,003

FLC Faros Construction JSC⁽¹⁾		2		0	⁽⁸⁾

Hoa Phat Group JSC		314,529		591,176

Kinh Bac City Development Share Holding Corp.⁽¹⁾		60		144

Masan Group Corp.		49,880		316,728

No Va Land Investment Group Corp.⁽¹⁾		53,387		189,271

PetroVietnam Drilling & Well Services JSC⁽¹⁾		83,085		113,473

PetroVietnam Gas JSC		17,340		84,764

PetroVietnam Technical Services Corp.		27,400		33,057

Phu Nhuan Jewelry JSC		3		14

Saigon Beer Alcohol Beverage Corp.		14,610		95,577

Thaiholdings JSC⁽¹⁾		18,600		141,503

Vietjet Aviation JSC⁽¹⁾		109,066		588,229

Vietnam Dairy Products JSC		96,492		355,529

Vincom Retail JSC⁽¹⁾		72,380		113,126

Vingroup JSC⁽¹⁾		82,447		355,299

Vinhomes JSC⁽³⁾		47,020		168,444

			$	3,490,787

Total Common Stocks (identified cost $214,653,995)			$	301,262,629

Short-Term Investments— 0.3%
Description	Shares		Value

State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%⁽¹⁰⁾		962,730	$	962,730

Total Short-Term Investments (identified cost $962,730)			$	962,730

Total Investments — 100.2% (identified cost $215,616,725)			$	302,225,359

Other Assets, Less Liabilities — (0.2)%			$	(704,663	)

Net Assets — 100.0%			$	301,520,696

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 January 31, 2022. The aggregate market value of securities on loan at January 31, 2022 was $5,032,049.

⁽³⁾

⁽⁴⁾

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

⁽⁵⁾

Restricted security (see Note 8).

⁽⁶⁾

⁽⁷⁾

Securities are traded on separate exchanges for the same entity.

⁽⁸⁾

Amount rounds to less than $1.

⁽⁹⁾

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

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


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		12.2	%	$	36,831,731

Industrials		10.4			31,425,018

Materials		10.1			30,448,999

Consumer Staples		10.0			30,298,367

Energy		9.9			29,785,484

Consumer Discretionary		9.6			28,912,693

Communication Services		9.5			28,524,794

Health Care		8.8			26,672,722

Information Technology		8.7			26,106,905

Real Estate		5.8			17,362,503

Utilities		4.9			14,893,413

Short-Term Investments		0.3			962,730

Total Investments		100.2	%	$	302,225,359

Abbreviations:



ADR	–	American Depositary Receipt

GDR	–	Global Depositary Receipt

PCL	–	Public Company Ltd.

PFC Shares	–	Preference Shares


		21		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Statement of Assets and Liabilities


Assets	January 31, 2022

Unaffiliated investments, at value including $5,032,049 of securities on loan (identified cost, $215,616,725)	$	302,225,359

Cash		128,333

Foreign currency, at value (identified cost, $1,989,574)		1,711,650

Dividends receivable		386,807

Receivable for investments sold		104,023

Receivable for Fund shares sold		369,898

Securities lending income receivable		4,015

Tax reclaims receivable		104,652

Total assets	$	305,034,737

Liabilities

Collateral for securities loaned	$	962,730

Payable for investments purchased		208,432

Payable for Fund shares redeemed		960,750

Payable to affiliates:

Investment adviser fee		219,467

Administration fee		38,729

Distribution and service fees		7,480

Accrued foreign capital gains taxes		759,735

Accrued expenses		356,718

Total liabilities	$	3,514,041

Net Assets	$	301,520,696

Sources of Net Assets

Paid-in capital	$	505,641,879

Accumulated loss		(204,121,183	)

Net Assets	$	301,520,696

Investor Class Shares

Net Assets	$	33,428,433

Shares Outstanding		2,212,528

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.11

Class C Shares

Net Assets	$	338,703

Shares Outstanding		22,738

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	14.90

Institutional Class Shares

Net Assets	$	265,967,398

Shares Outstanding		17,612,861

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.10

Class R6 Shares

Net Assets	$	1,786,162

Shares Outstanding		118,345

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.09

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


		22		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Statement of Operations


Investment Income	Year Ended January 31, 2022

Dividends (net of foreign taxes, $1,370,300)	$	12,156,715

Securities lending income, net		54,678

Other income		245,183

Total investment income	$	12,456,576

Expenses

Investment adviser fee	$	3,308,404

Administration fee		584,093

Distribution and service fees

Investor Class		97,824

Class C		4,385

Trustees’ fees and expenses		16,365

Custodian fee		498,152

Transfer and dividend disbursing agent fees		313,487

Legal and accounting services		142,469

Printing and postage		18,215

Registration fees		76,211

Interest expense and fees		29,187

Miscellaneous		147,706

Total expenses	$	5,236,498

Net investment income	$	7,220,078

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $739,856)	$	56,717,259

Foreign currency transactions		(343,715	)

Net realized gain	$	56,373,544

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $77,130)	$	(36,248,216	)

Foreign currency		(26,494	)

Net change in unrealized appreciation (depreciation)	$	(36,274,710	)

Net realized and unrealized gain	$	20,098,834

Net increase in net assets from operations	$	27,318,912


		23		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021

From operations —

Net investment income	$	7,220,078		$	10,575,324

Net realized gain (loss)		56,373,544			(29,861,078	)

Net change in unrealized appreciation (depreciation)		(36,274,710	)		(19,953,492	)

Net increase (decrease) in net assets from operations	$	27,318,912		$	(39,239,246	)

Distributions to shareholders —

Investor Class	$	(552,260	)	$	(517,127	)

Class C		(2,408	)		(2,636	)

Institutional Class		(5,058,637	)		(6,548,939	)

Class R6		(92,299	)		(1,365,394	)

Total distributions to shareholders	$	(5,705,604	)	$	(8,434,096	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Investor Class	$	4,661,836		$	19,968,785

Class C		9,931			7,509

Institutional Class		41,394,852			113,192,804

Class R6		2,435,465			57,809,024

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

Investor Class		529,516			473,732

Class C		2,408			2,299

Institutional Class		2,875,560			4,692,336

Class R6		92,299			1,365,394

Cost of shares redeemed

Investor Class		(19,022,041	)		(102,246,783	)

Class C		(188,693	)		(2,368,248	)

Institutional Class		(178,632,931	)		(563,557,711	)

Class R6		(88,419,016	)		(31,591,503	)

Net asset value of shares converted

Investor Class		97,806			847,874

Class C		(97,806	)		(847,874	)

Net decrease in net assets from Fund share transactions	$	(234,260,814	)	$	(502,252,362	)

Net decrease in net assets	$	(212,647,506	)	$	(549,925,704	)

Net Assets

At beginning of year	$	514,168,202		$	1,064,093,906

At end of year	$	301,520,696		$	514,168,202


		24		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Financial Highlights


	Investor Class

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.710		$	13.870		$	14.280		$	16.850		$	13.340

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.252		$	0.213		$	0.326		$	0.283		$	0.223

Net realized and unrealized gain (loss)		0.395			0.786	⁽²⁾		(0.376	)		(2.570	)		3.650

Total income (loss) from operations	$	0.647		$	0.999		$	(0.050	)	$	(2.287	)	$	3.873

Less Distributions

From net investment income	$	(0.247	)	$	(0.159	)	$	(0.360	)	$	(0.283	)	$	(0.363	)

Total distributions	$	(0.247	)	$	(0.159	)	$	(0.360	)	$	(0.283	)	$	(0.363	)

Net asset value — End of year	$	15.110		$	14.710		$	13.870		$	14.280		$	16.850

Total Return⁽³⁾		4.41	%		7.23	%		(0.46	)%		(13.43	)%		29.33	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	33,428		$	45,629		$	136,829		$	172,773		$	400,814

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

Expenses		1.58	%		1.55	%		1.45	%		1.44	%		1.37	%

Net investment income		1.63	%		1.74	%		2.30	%		1.89	%		1.52	%

Portfolio Turnover		5	%		19	%		2	%		2	%		3	%

⁽¹⁾	Computed using average shares outstanding.

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

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


		25		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Financial Highlights — continued


	Class C

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.470		$	13.620		$	14.010		$	16.530		$	13.120

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.130		$	0.116		$	0.220		$	0.146		$	0.096

Net realized and unrealized gain (loss)		0.400			0.755	⁽²⁾		(0.379	)		(2.484	)		3.580

Total income (loss) from operations	$	0.530		$	0.871		$	(0.159	)	$	(2.338	)	$	3.676

Less Distributions

From net investment income	$	(0.100	)	$	(0.021	)	$	(0.231	)	$	(0.182	)	$	(0.266	)

Total distributions	$	(0.100	)	$	(0.021	)	$	(0.231	)	$	(0.182	)	$	(0.266	)

Net asset value — End of year	$	14.900		$	14.470		$	13.620		$	14.010		$	16.530

Total Return⁽³⁾		3.59	%		6.42	%		(1.21	)%		(14.10	)%		28.32	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	339		$	592		$	4,094		$	5,885		$	10,152

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

Expenses		2.33	%		2.30	%		2.20	%		2.19	%		2.12	%

Net investment income		0.85	%		0.96	%		1.59	%		1.01	%		0.66	%

Portfolio Turnover		5	%		19	%		2	%		2	%		3	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.


		26		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Financial Highlights — continued


	Institutional Class

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.710		$	13.900		$	14.310		$	16.910		$	13.400

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.297		$	0.210		$	0.367		$	0.304		$	0.245

Net realized and unrealized gain (loss)		0.384			0.827	⁽²⁾		(0.378	)		(2.565	)		3.673

Total income (loss) from operations	$	0.681		$	1.037		$	(0.011	)	$	(2.261	)	$	3.918

Less Distributions

From net investment income	$	(0.291	)	$	(0.227	)	$	(0.399	)	$	(0.339	)	$	(0.408	)

Total distributions	$	(0.291	)	$	(0.227	)	$	(0.399	)	$	(0.339	)	$	(0.408	)

Net asset value — End of year	$	15.100		$	14.710		$	13.900		$	14.310		$	16.910

Total Return⁽³⁾		4.64	%		7.50	%		(0.20	)%		(13.20	)%		29.56	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	265,967		$	383,984		$	868,666		$	1,268,618		$	2,030,663

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

Expenses		1.33	%		1.30	%		1.20	%		1.19	%		1.12	%

Net investment income		1.91	%		1.68	%		2.59	%		2.04	%		1.65	%

Portfolio Turnover		5	%		19	%		2	%		2	%		3	%

⁽¹⁾	Computed using average shares outstanding.

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

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


		27		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Financial Highlights — continued


	Class R6

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.690		$	13.890		$	14.300		$	16.910		$	13.400

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.217		$	0.228		$	0.379		$	0.380		$	0.249

Net realized and unrealized gain (loss)		0.489			0.813	⁽²⁾		(0.379	)		(2.639	)		3.676

Total income (loss) from operations	$	0.706		$	1.041		$	—		$	(2.259	)	$	3.925

Less Distributions

From net investment income	$	(0.306	)	$	(0.241	)	$	(0.410	)	$	(0.351	)	$	(0.415	)

Total distributions	$	(0.306	)	$	(0.241	)	$	(0.410	)	$	(0.351	)	$	(0.415	)

Net asset value — End of year	$	15.090		$	14.690		$	13.890		$	14.300		$	16.910

Total Return⁽³⁾		4.82	%		7.45	%		(0.13	)%		(13.18	)%		29.69	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,786		$	83,963		$	54,504		$	94,243		$	601,629

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

Expenses		1.24	%		1.21	%		1.14	%		1.13	%		1.07	%

Net investment income		1.42	%		1.83	%		2.67	%		2.48	%		1.67	%

Portfolio Turnover		5	%		19	%		2	%		2	%		3	%

⁽¹⁾	Computed using average shares outstanding.

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

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


		28		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2022

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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

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

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended January 31, 2022, the Fund received approximately $245,000 from Poland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.


		29

Parametric

Emerging Markets Fund

January 31, 2022

Notes to Financial Statements — continued

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

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

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.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:


	Year Ended January 31,
	2022		2021

Ordinary income	$	5,705,604	$	8,434,096

During the year ended January 31, 2022, accumulated loss was increased by $608,080 and paid-in capital was increased by $608,080 primarily due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.


		30

Parametric

Emerging Markets Fund

January 31, 2022

Notes to Financial Statements — continued

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(281,670,232	)

Net unrealized appreciation		77,549,049

Accumulated loss	$	(204,121,183	)

At January 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $281,670,232 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2022, $281,670,232 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	223,633,498

Gross unrealized appreciation	$	117,500,553

Gross unrealized depreciation		(38,908,692	)

Net unrealized appreciation	$	78,591,861

3 Investment Adviser Fee and Other Transactions with Affiliates

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


Average Daily Net Assets	Annual Fee Rate

Up to $500 million		0.850	%

$500 million but less than $1 billion		0.800	%

$1 billion but less than $2.5 billion		0.775	%

$2.5 billion but less than $5 billion		0.750	%

$5 billion but less than $7.5 billion		0.730	%

$7.5 billion and over		0.710	%

For the year ended January 31, 2022, the investment adviser fee amounted to $3,308,404 or 0.85% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended January 31, 2022, the administration fee amounted to $584,093.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2022, EVM earned $19,750 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).


		31

Parametric

Emerging Markets Fund

January 31, 2022

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 fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2022 amounted to $97,824 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2022, the Fund paid or accrued to EVD $3,289 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2022 amounted to $1,096 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2022, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $17,747,732 and $250,205,382, respectively, for the year ended January 31, 2022.

7 Shares of Beneficial Interest

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


	Year Ended January 31,
Investor Class	2022			2021

Sales		303,300			1,768,073

Issued to shareholders electing to receive payments of distributions in Fund shares		35,231			33,222

Redemptions		(1,234,116	)		(8,628,672	)

Converted from Class C shares		6,377			64,738

Net decrease		(889,208	)		(6,762,639	)


		32

Parametric

Emerging Markets Fund

January 31, 2022

Notes to Financial Statements — continued


	Year Ended January 31,
Class C	2022			2021

Sales		650			615

Issued to shareholders electing to receive payments of distributions in Fund shares		162			185

Redemptions		(12,489	)		(194,163	)

Converted to Investor Class shares		(6,491	)		(66,255	)

Net decrease		(18,168	)		(259,618	)

	Year Ended January 31,
Institutional Class	2022			2021

Sales		2,693,560			9,494,655

Issued to shareholders electing to receive payments of distributions in Fund shares		191,449			326,892

Redemptions		(11,375,726	)		(46,196,534	)

Net decrease		(8,490,717	)		(36,374,987	)

	Year Ended January 31,
Class R6	2022			2021

Sales		156,145			4,381,694

Issued to shareholders electing to receive payments of distributions in Fund shares		6,149			94,763

Redemptions		(5,758,194	)		(2,685,140	)

Net increase (decrease)		(5,595,900	)		1,791,317

8 Restricted Securities

At January 31, 2022, the Fund owned the following security (representing less than 0.1% of net assets) which was restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has limited registration rights with respect to this security. The value of restricted 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 Stock

JD.com, Inc., Class A

1/20/2022

2,859

104,297

102,489

Total Common Stock

104,297

102,489

Total Restricted Securities

104,297

102,489

9 Line of Credit


		33

Parametric

Emerging Markets Fund

January 31, 2022

Notes to Financial Statements — continued

totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. Average borrowings and the average annual interest rate (excluding fees) for the year ended January 31, 2022 were $2,080,521 and 1.32%, respectively.

10 Securities Lending Agreement

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

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

At January 31, 2022, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $5,032,049 and $5,113,759, respectively. Collateral received was comprised of cash of $962,730 and U.S. government and/or agencies securities of $4,151,029. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2022.


	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total

Common Stocks	$	962,730	$	—	$	—	$	—	$	962,730

The carrying amount of the liability for collateral for securities loaned at January 31, 2022 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at January 31, 2022.

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)


		34

Parametric

Emerging Markets Fund

January 31, 2022

Notes to Financial Statements — continued

At January 31, 2022, 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	$	6,761,822	$	134,074,487		$	102,489	$	140,938,798

Emerging Europe		2,057,139		48,166,186			—		50,223,325

Latin America		38,073,026		8,727,082			—		46,800,108

Middle East/Africa		1,146,660		58,397,892			3,755,846		63,300,398

Total Common Stocks	$	48,038,647	$	249,365,647	**	$	3,858,335	$	301,262,629

Short-Term Investments	$	962,730	$	—		$	—	$	962,730

Total Investments	$	49,001,377	$	249,365,647		$	3,858,335	$	302,225,359

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2022 is not presented.

12 Risks and Uncertainties

Risks Associated with Foreign Investments

Pandemic Risk

13 Subsequent Event


		35

Parametric

Emerging Markets Fund

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2022, 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 Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 22, 2022

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


		36

Parametric

Emerging Markets Fund

January 31, 2022

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2022, the Fund designates approximately $6,483,771, 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 2022 ordinary income dividends, 1.60% qualifies for the corporate dividends received deduction.

Foreign Tax Credit. For the fiscal year ended January 31, 2022, the Fund paid foreign taxes of $1,979,722 and recognized foreign source income of $13,682,845.


		37

Parametric

Emerging Markets Fund

January 31, 2022

Management and Organization


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	Since 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. None.

Cynthia E. Frost 1961	Trustee	Since 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. None.

George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.


		38

Parametric

Emerging Markets Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. 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).

William H. Park 1947	Trustee	Since 2003	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. None.

Helen Frame Peters 1948	Trustee	Since 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. None.

Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).


		39

Parametric

Emerging Markets Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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

Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.

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

Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).

Richard F. Froio 1968	Chief Compliance Officer	Since 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).


		40

Eaton Vance Funds


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ^∎ Social Security number and income ^∎ investment experience and risk tolerance ^∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


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


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



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		41

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


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


		42

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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


		43

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

2774 1.31.22

LOGO

Parametric

International Equity Fund

Annual Report

January 31, 2022

LOGO

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

Annual Report January 31, 2022

Parametric

International Equity Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			35
Federal Tax Information			36
Management and Organization			37
Privacy Notice			40
Important Notices			42

Parametric

International Equity Fund

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Developed equity markets outside the U.S. delivered positive returns during the 12-month period ended January 31, 2022. Despite widespread global supply-chain disruptions, growth of new COVID-19 variants, and increasing global inflation, the MSCI EAFE Index (the Index) returned 7.03%. Strong performances among most European countries more than offset a weaker showing from counterparts across the Pacific region during the period.

While the aggregate result was positive for investors, a view at the individual country level reveals a mixed picture. In the Pacific, New Zealand recorded the weakest return as local stocks and its currency plummeted after its central bank signaled it would tighten monetary policy in reaction to rising inflation. Furthermore, travel restrictions throughout 2021, designed to minimize the spread of COVID-19, hurt tourism to the island nation. In Japan, local stocks and the yen also declined, even while Prime Minister Fumio Kishida attempted to assuage recessionary pressures by promising to enact a series of economic stimulus measures. Markets in Hong Kong also fell as investor sentiment weakened in response to China’s widespread regulatory crackdowns on major corporations.

In Europe, countries with larger energy-producing industries were supported by rising commodity prices and generally outperformed their less energy-focused neighbors. Rising energy prices during the period contributed to relatively outsized returns in the U.K., Norway, Austria, and France.

Fund Performance

For the 12-month period ended January 31, 2022, the Parametric International Equity Fund (the Fund) returned 5.18% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned 7.03%.

The Fund’s emphasis on diversification, via a system of targeting country weights and systematically rebalancing them as they change, did not meaningfully impact Fund performance relative to the Index during the period. Based on diversification targets, the Fund held underweight exposures to larger countries, and overweight exposures to smaller countries. The Fund’s emphasis on diversification at the sector level within each country detracted from relative returns. The Fund’s emphasis on diversification via a system of broad security representation, with an emphasis on reducing portfolio risk, also detracted from relative performance during the period.

An underweight exposure to Japan contributed to performance relative to the Index as the country was weighed down by poor economic growth and a decline in the yen versus the U.S. dollar. In addition, the Fund’s sector and stock level diversification processes in Israel contributed to relative returns during the period. This was partially due to an underweight exposure to the information technology sector, which fell during the period; and the inclusion of small-cap stocks within the industrials sector, which outperformed their larger peers. Furthermore, the sector diversification process in Ireland aided relative returns, particularly due to an overweight exposure in the financials sector.

The Fund’s sector diversification process in Hong Kong detracted from performance relative to the Index during the period. This was largely due to the inclusion of health care stocks, which dropped sharply in 2021. An underweight exposure to the U.K. also detracted from relative returns, as U.K. markets benefited from commodity price increases during the period. In addition, the stock selection process in France hurt relative performance, which was partially the result of exposures to small-cap stocks in the utilities sector.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

International Equity Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) Thomas C. Seto, Paul Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC


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

Class A at NAV		04/01/2010		04/01/2010			5.18	%		8.26	%		7.22	%
Class A with 5.75% Maximum Sales Charge		—		—			–0.88			6.98			6.59
Institutional Class at NAV		04/01/2010		04/01/2010			5.45			8.54			7.50
Class R at NAV		08/10/2015		04/01/2010			4.93			8.00			7.06
Class R6 at NAV		08/10/2015		04/01/2010			5.51			8.57			7.52



MSCI EAFE Index		—		—			7.03	%		7.85	%		6.93	%

% Total Annual Operating Expense Ratios⁴			Class A			Institutional Class			Class R			Class R6

Gross				0.82	%		0.57	%		1.07	%		0.54	%
Net				0.75			0.50			1.00			0.47

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

Institutional Class

$50,000

01/31/2012

$103,108

N.A.

Class R

$10,000

01/31/2012

$19,785

N.A.

Class R6

$1,000,000

01/31/2012

$2,065,667

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Parametric

International Equity Fund

January 31, 2022

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Geographic Allocation (% of common stocks)

LOGO

Top 10 Holdings (% of net assets)⁵



Nestle S.A.	1.2	%

Cie Financiere Richemont S.A.	1.1

TotalEnergies SE	1.0

Air Liquide S.A.	0.9

CSL, Ltd.	0.8

Sanofi	0.8

Deutsche Telekom AG	0.7

SAP SE	0.7

Vonovia SE	0.6

ASML Holding NV	0.6

Total	8.4	%

See Endnotes and Additional Disclosures in this report.


		4

Parametric

International Equity Fund

January 31, 2022

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.

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

⁴

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

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


		5

Parametric

International Equity Fund

January 31, 2022

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).


	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	958.40	$	3.70	**		0.75	%
Institutional Class	$	1,000.00	$	960.20	$	2.47	**		0.50	%
Class R	$	1,000.00	$	957.90	$	4.93	**		1.00	%
Class R6	$	1,000.00	$	960.10	$	2.32	**		0.47	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.43	$	3.82	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.69	$	2.55	**		0.50	%
Class R	$	1,000.00	$	1,020.16	$	5.09	**		1.00	%
Class R6	$	1,000.00	$	1,022.84	$	2.40	**		0.47	%

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


		6

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments


Common Stocks— 99.6%
Security	Shares		Value

Australia— 8.9%

Abacus Property Group⁽¹⁾		53,600	$	130,990

AGL Energy, Ltd.		148,900		752,017

Alumina, Ltd.		168,000		227,014

Ampol, Ltd.		36,100		764,706

ARB Corp., Ltd.		10,500		345,964

ASX, Ltd.⁽¹⁾		7,100		421,090

Atlas Arteria, Ltd.		84,000		389,920

Atlassian Corp. PLC, Class A⁽²⁾		7,300		2,367,682

Aurizon Holdings, Ltd.		179,648		449,453

AusNet Services		490,200		902,016

Austal, Ltd.		72,300		103,130

Bank of Queensland, Ltd.		45,200		245,877

Bapcor, Ltd.		45,765		229,311

Beach Energy, Ltd.⁽¹⁾		428,666		452,813

Bendigo & Adelaide Bank, Ltd.⁽¹⁾		46,000		280,961

BHP Group, Ltd.⁽³⁾		43,200		1,363,599

BHP Group, Ltd.⁽¹⁾⁽³⁾		65,244		2,092,411

Brambles, Ltd.		113,965		782,945

Bravura Solutions, Ltd.		100,400		154,016

Breville Group, Ltd.⁽¹⁾		13,134		267,491

BWP Trust		79,954		225,508

Centuria Industrial REIT		91,244		246,718

Centuria Office REIT		67,500		103,393

Charter Hall Long Wale REIT		52,200		178,564

Charter Hall Retail REIT		75,300		214,864

Cimic Group, Ltd.⁽¹⁾		12,227		142,838

Cleanaway Waste Management, Ltd.		257,200		525,049

Coles Group, Ltd.		145,600		1,672,755

Collins Foods, Ltd.⁽¹⁾		20,500		170,998

Commonwealth Bank of Australia		30,923		2,062,247

Computershare, Ltd.		53,412		740,376

Cooper Energy, Ltd.⁽¹⁾⁽²⁾		664,724		141,621

Cromwell Property Group		165,783		98,901

Crown Resorts, Ltd.⁽¹⁾⁽²⁾		25,500		219,711

CSL, Ltd.		28,210		5,225,693

CSR, Ltd.		49,000		195,195

Dexus		66,800		486,298

Domain Holdings Australia, Ltd.		156,678		526,544

Domino’s Pizza Enterprises, Ltd.		4,231		312,092

EML Payments, Ltd.⁽¹⁾⁽²⁾		73,900		157,360

Endeavour Group, Ltd.		113,396		506,496

Evolution Mining, Ltd.		80,276		201,688

Fortescue Metals Group, Ltd.		44,569		625,842

Goodman Group		99,383		1,640,985

GPT Group (The)		166,566		590,252


Security	Shares		Value

Australia(continued)

GUD Holdings, Ltd.		15,500	$	135,601

GWA Group, Ltd.		67,200		120,511

Hansen Technologies, Ltd.		30,805		106,883

Harvey Norman Holdings, Ltd.⁽¹⁾		71,004		247,474

IDP Education, Ltd.		15,800		330,257

Infomedia, Ltd.⁽¹⁾		61,241		65,181

Ingenia Communities Group		56,700		221,737

InvoCare, Ltd.⁽¹⁾		17,400		138,168

IPH, Ltd.		40,216		233,354

IRESS, Ltd.		53,584		433,486

JB Hi-Fi, Ltd.		10,699		350,064

Karoon Energy, Ltd.⁽²⁾		257,876		353,336

Lendlease Corp., Ltd.		59,878		423,729

Lifestyle Communities, Ltd.		20,030		240,083

Link Administration Holdings, Ltd.		96,491		369,856

Medibank Pvt, Ltd.		167,700		367,476

Megaport, Ltd.⁽¹⁾⁽²⁾		29,807		286,737

Metcash, Ltd.⁽¹⁾		235,800		661,771

Mirvac Group		288,800		535,194

Monadelphous Group, Ltd.⁽¹⁾		19,351		123,268

National Australia Bank, Ltd.		61,500		1,186,670

National Storage REIT		157,700		276,458

Newcrest Mining, Ltd.		23,300		361,415

NEXTDC, Ltd.⁽²⁾		46,000		352,956

Northern Star Resources, Ltd.		56,796		338,500

Orica, Ltd.⁽¹⁾		16,599		164,455

Origin Energy, Ltd.⁽¹⁾		280,172		1,121,108

Orora, Ltd.		65,655		161,653

Premier Investments, Ltd.		11,500		235,955

Qube Holdings, Ltd.		200,231		413,211

REA Group, Ltd.		12,200		1,263,880

Regis Resources, Ltd.		52,500		63,859

Rio Tinto, Ltd.		9,700		771,205

Service Stream, Ltd.⁽¹⁾		198,800		110,189

Shopping Centres Australasia Property Group		118,852		237,454

Sigma Healthcare, Ltd.⁽¹⁾		463,931		148,137

St. Barbara, Ltd.		108,600		95,155

Suncorp Group, Ltd.		46,300		363,635

Tabcorp Holdings, Ltd.		131,400		461,684

Technology One, Ltd.		50,588		378,449

Telstra Corp., Ltd.		892,573		2,481,282

TPG Telecom, Ltd.⁽¹⁾		143,163		601,057

Transurban Group		207,541		1,833,464

Tuas, Ltd.⁽¹⁾⁽²⁾		53,150		72,136

Viva Energy Group, Ltd.⁽⁴⁾		238,523		363,616

Washington H. Soul Pattinson & Co., Ltd.⁽¹⁾		21,300		413,516


		7		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Australia(continued)

Waypoint REIT, Ltd.		90,348	$	173,543

Wesfarmers, Ltd.		60,785		2,268,041

Westpac Banking Corp.		68,400		986,528

Whitehaven Coal, Ltd.⁽²⁾		299,361		573,179

WiseTech Global, Ltd.		8,664		282,181

Woodside Petroleum, Ltd.		118,100		2,110,329

Woolworths Group, Ltd.		113,396		2,766,234

			$	59,110,694

Austria— 1.2%

Agrana Beteiligungs AG		5,979	$	116,181

ams-OSRAM AG⁽²⁾		27,700		465,730

ANDRITZ AG		12,066		641,954

BAWAG Group AG⁽²⁾⁽⁴⁾		2,540		152,438

CA Immobilien Anlagen AG		22,201		810,149

Erste Group Bank AG		15,837		740,231

Lenzing AG⁽²⁾		2,500		306,869

Mayr Melnhof Karton AG		459		89,300

Oesterreichische Post AG⁽¹⁾		6,444		270,480

OMV AG		18,977		1,161,475

PIERER Mobility AG		3,700		367,417

Porr AG⁽²⁾		3,440		48,679

Rhi Magnesita NV		4,792		221,029

S&T AG⁽¹⁾		9,400		172,638

Telekom Austria AG		70,800		612,411

UNIQA Insurance Group AG		14,300		132,550

Verbund AG		9,378		993,225

Vienna Insurance Group AG Wiener Versicherung Gruppe		2,987		87,489

voestalpine AG		6,646		220,947

			$	7,611,192

Belgium— 2.2%

Ackermans & van Haaren NV		1,660	$	320,421

Ageas S.A./NV		9,300		447,651

AGFA-Gevaert NV⁽²⁾		57,503		243,986

Anheuser-Busch InBev S.A./NV		26,344		1,660,755

Befimmo S.A.		5,550		208,084

bpost S.A.⁽²⁾		49,232		363,431

Care Property Invest NV		4,146		117,941

Cofinimmo S.A.		1,791		264,209

D’Ieteren Group		7,319		1,275,221

Econocom Group S.A./NV		65,622		262,426

Elia Group S.A./NV⁽¹⁾		10,200		1,376,436

Etablissements Franz Colruyt NV⁽¹⁾		1,550		62,960

Euronav S.A.		60,260		496,435


Security	Shares		Value

Belgium(continued)

EVS Broadcast Equipment S.A.		8,119	$	193,219

Fagron		11,540		198,371

Gimv NV		1,766		107,653

Groupe Bruxelles Lambert S.A.		5,034		540,163

Intervest Offices & Warehouses NV⁽¹⁾		3,632		111,431

Materialise NV ADR⁽¹⁾⁽²⁾		12,600		258,426

Melexis NV		7,198		754,731

Mithra Pharmaceuticals S.A.⁽¹⁾⁽²⁾		3,231		73,295

Montea NV		1,519		210,116

Proximus SADP		65,274		1,332,933

Shurgard Self Storage S.A.		3,517		202,731

Sofina S.A.		1,080		430,000

Telenet Group Holding NV		13,745		527,650

Tessenderlo Group S.A.⁽²⁾		11,279		439,352

UCB S.A.		10,221		1,017,043

Umicore S.A.		22,700		859,323

VGP NV		1,031		292,149

Xior Student Housing NV		4,221		231,056

			$	14,879,598

Denmark— 2.2%

Alm Brand A/S		16,800	$	31,851

Ambu AS		2,700		57,210

Ascendis Pharma A/S ADR⁽²⁾		700		85,148

Bakkafrost P/F		6,022		415,148

Carlsberg A/S, Class B		7,339		1,188,409

Chr. Hansen Holding A/S		9,839		789,043

Coloplast A/S, Class B		1,700		247,218

D/S Norden A/S		1,600		36,419

Drilling Co. of 1972 A/S (The)⁽²⁾		4,300		167,727

DSV A/S		3,300		670,496

Jyske Bank A/S⁽²⁾		8,666		510,447

Matas A/S		10,900		182,249

Netcompany Group A/S⁽⁴⁾		2,500		183,661

NKT A/S⁽²⁾		3,200		134,719

Novo Nordisk A/S, Class B		20,178		2,007,070

Novozymes A/S, Class B		17,900		1,228,789

Orsted A/S⁽⁴⁾		13,973		1,488,753

Pandora A/S		13,360		1,452,763

Per Aarsleff Holding AS		2,600		117,151

Ringkjoebing Landbobank A/S		4,160		547,620

Scandinavian Tobacco Group AS⁽⁴⁾		13,300		286,710

SimCorp A/S		7,565		705,362

Spar Nord Bank A/S		15,000		215,706

Sydbank A/S		6,400		225,904

Topdanmark A/S		4,627		264,633


		8		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Denmark(continued)

Tryg A/S		20,915	$	495,598

Vestas Wind Systems AS		25,505		690,175

			$	14,425,979

Finland— 2.2%

Elisa Oyj		23,197	$	1,362,634

Fortum Oyj		49,106		1,336,652

Huhtamaki Oyj		6,300		248,369

Kemira Oyj		9,600		141,111

Kesko Oyj, Class B		42,956		1,356,687

Kojamo Oyj		33,700		772,603

Kone Oyj, Class B		14,714		952,940

Metsa Board Oyj		21,700		233,939

Neste Oyj		25,835		1,165,146

Nokia Oyj⁽²⁾		186,127		1,109,991

Nokian Renkaat Oyj		9,400		317,814

Nordea Bank Abp		117,429		1,394,784

Orion Oyj, Class B⁽¹⁾		36,813		1,496,916

QT Group Oyj⁽²⁾		900		104,477

TietoEVRY Oyj		4,494		133,726

Tokmanni Group Corp.		46,810		979,465

UPM-Kymmene Oyj		21,860		796,720

Valmet Oyj		8,331		318,197

YIT Oyj		23,700		117,735

			$	14,339,906

France— 8.9%

Aeroports de Paris⁽¹⁾⁽²⁾		2,445	$	331,788

Air Liquide S.A.		34,685		5,933,190

Albioma S.A.		8,000		312,554

Alstom S.A.		7,150		231,801

Altarea SCA		2,100		374,283

Amundi S.A.⁽⁴⁾		8,135		632,385

Atos SE		8,580		307,567

AXA S.A.		69,600		2,204,301

BioMerieux		2,400		281,431

Bouygues S.A.⁽¹⁾		7,300		257,449

Bureau Veritas S.A.		12,318		352,447

Carmila S.A.		25,100		417,457

Casino Guichard Perrachon S.A.⁽²⁾		25,468		563,326

Cie Generale des Etablissements Michelin SCA		3,940		659,256

Credit Agricole S.A.		88,407		1,330,034

Danone S.A.		37,118		2,314,347

Dassault Aviation S.A.		2,000		237,685

Dassault Systemes SE		48,930		2,366,175


Security	Shares		Value

France(continued)

Edenred		9,450	$	405,900

Eiffage S.A.		3,370		354,097

Engie S.A.		176,500		2,714,888

EssilorLuxottica S.A.		5,934		1,122,626

Eurazeo SE		7,500		595,937

Eurofins Scientific SE		5,900		592,377

Eutelsat Communications S.A.		30,600		379,434

Gaztransport & Technigaz S.A.		1,301		119,356

Gecina S.A.		7,134		968,028

Getlink SE		15,500		244,510

Hermes International		670		1,005,951

ICADE		8,000		577,652

Klepierre S.A.		39,039		1,038,369

L’Oreal S.A.		6,600		2,819,168

La Francaise des Jeux SAEM⁽⁴⁾		7,500		310,527

Legrand S.A.		6,562		667,835

LVMH Moet Hennessy Louis Vuitton SE		3,170		2,603,766

Mercialys S.A.		25,100		278,246

Metropole Television S.A.		17,662		344,575

Neoen S.A.⁽²⁾⁽⁴⁾		7,631		271,361

Nexity S.A.		12,400		519,209

Orange S.A.		138,000		1,621,148

Quadient S.A.		11,000		224,790

Rothschild & Co.		5,492		238,304

Rubis SCA		15,200		492,066

Sanofi		49,604		5,186,694

Schneider Electric SE		6,400		1,084,130

SCOR SE		20,167		687,948

SEB S.A.		1,980		300,505

Societe BIC S.A.		3,200		182,205

SOITEC⁽²⁾		1,400		255,595

Sopra Steria Group SACA		1,900		334,045

Teleperformance		1,408		530,238

Thales S.A.		4,200		387,439

TotalEnergies SE		118,115		6,716,895

Ubisoft Entertainment S.A.⁽²⁾		7,800		447,599

Valneva SE⁽¹⁾⁽²⁾		11,600		200,511

Vinci S.A.		10,230		1,121,275

Vivendi SE		57,500		753,559

Voltalia S.A.⁽²⁾		12,800		236,461

Wendel SE		4,600		499,635

Worldline S.A.⁽²⁾⁽⁴⁾		8,496		411,803

			$	58,954,133


		9		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Germany— 9.0%

adidas AG		4,500	$	1,234,877

Allianz SE		11,080		2,844,818

BASF SE		48,181		3,690,129

Bayerische Motoren Werke AG		8,860		937,768

Bayerische Motoren Werke AG, PFC Shares		4,800		415,422

Bechtle AG		6,000		360,254

Befesa S.A.⁽⁴⁾		4,524		319,381

Beiersdorf AG		19,796		1,968,980

Carl Zeiss Meditec AG		2,900		466,379

CompuGroup Medical SE & Co. KgaA		3,284		217,672

Continental AG⁽²⁾		3,700		358,715

Covestro AG⁽⁴⁾		11,500		689,919

Cropenergies Ag		5,200		71,622

Delivery Hero SE⁽²⁾⁽⁴⁾		5,167		398,841

Deutsche Bank AG⁽²⁾		59,700		831,234

Deutsche Boerse AG		6,040		1,073,624

Deutsche Post AG		23,100		1,390,172

Deutsche Telekom AG		248,395		4,689,443

Deutsche Wohnen SE		13,800		562,231

E.ON SE		217,100		2,994,345

Evonik Industries AG		13,300		433,895

Evotec SE⁽²⁾		10,547		426,781

Fielmann AG		2,817		179,659

Fresenius Medical Care AG & Co. KGaA		10,428		709,035

FUCHS PETROLUB SE		3,686		123,703

FUCHS PETROLUB SE, PFC Shares		6,200		267,934

Gerresheimer AG		4,000		358,962

Hannover Rueck SE		2,400		484,181

HelloFresh SE⁽²⁾		11,100		739,046

Henkel AG & Co. KGaA, PFC Shares		30,430		2,488,823

Knorr-Bremse AG		3,291		333,673

KWS Saat SE and Co. KGaA		1,025		79,649

LEG Immobilien SE		9,980		1,323,934

Merck KGaA		3,620		793,860

MorphoSys AG⁽²⁾		3,473		111,217

Muenchener Rueckversicherungs-Gesellschaft AG		4,469		1,414,818

Nemetschek SE		3,482		321,849

Puma SE		4,602		492,195

QIAGEN NV⁽²⁾		12,000		593,187

Rational AG		340		285,028

RWE AG		65,537		2,764,499

SAP SE		35,452		4,447,851

Sartorius AG, PFC Shares		1,569		847,068

Scout24 SE⁽⁴⁾		7,300		436,134

Siemens AG		17,540		2,784,845

Siemens Energy AG⁽²⁾		9,770		219,755


Security	Shares		Value

Germany(continued)

Siemens Healthineers AG⁽⁴⁾		12,008	$	771,661

Suedzucker AG		42,800		599,234

Symrise AG		8,600		1,027,695

TeamViewer AG⁽²⁾⁽⁴⁾		21,345		322,524

Telefonica Deutschland Holding AG⁽⁴⁾		274,247		787,300

Uniper SE		13,300		601,822

United Internet AG		7,500		294,125

Varta AG⁽¹⁾		3,100		337,776

VERBIO Vereinigte BioEnergie AG		2,600		165,726

Vitesco Technologies Group AG⁽²⁾		2,740		135,645

Volkswagen AG		900		260,620

Volkswagen AG, PFC Shares		4,126		859,331

Vonovia SE		74,260		4,229,536

Zalando SE⁽²⁾⁽⁴⁾		6,200		492,081

			$	59,862,483

Hong Kong— 4.4%

AIA Group, Ltd.		233,800	$	2,440,828

Aidigong Maternal & Child Health, Ltd.⁽¹⁾⁽²⁾		1,448,000		111,580

Bank of East Asia, Ltd. (The)		76,600		130,734

Beijing Tong Ren Tang Chinese Medicine Co., Ltd.⁽¹⁾		83,000		130,401

BOC Hong Kong Holdings, Ltd.		88,500		341,728

Budweiser Brewing Co. APAC Ltd.⁽⁴⁾		443,900		1,172,577

C-Mer Eye Care Holdings, Ltd.		180,000		123,727

Cafe de Coral Holdings, Ltd.		84,000		142,626

Cathay Pacific Airways, Ltd.⁽¹⁾⁽²⁾		317,000		264,809

Champion REIT		349,000		175,606

China Evergrande New Energy Vehicle Group, Ltd.⁽¹⁾⁽²⁾		616,500		288,421

China Tobacco International HK Co., Ltd.⁽¹⁾		93,000		179,274

China Traditional Chinese Medicine Holdings Co., Ltd.		662,000		386,064

China Youzan, Ltd.⁽²⁾		6,036,000		234,269

Chow Sang Sang Holdings International, Ltd.		153,000		202,705

Chow Tai Fook Jewellery Group, Ltd.		321,800		565,394

CK Hutchison Holdings, Ltd.		176,000		1,250,889

CLP Holdings, Ltd.		169,000		1,691,268

Fortune REIT		129,000		133,037

Fosun International, Ltd.		362,000		410,741

Galaxy Entertainment Group, Ltd.⁽²⁾		246,000		1,424,651

Global Cord Blood Corp.⁽²⁾		29,600		118,400

Glory Sun Financial Group, Ltd.⁽¹⁾⁽²⁾		2,992,000		70,816

Glory Sun Land Group, Ltd.⁽¹⁾⁽²⁾		300,695		2,013

Hang Lung Properties, Ltd.		136,000		290,961

Hang Seng Bank, Ltd.		13,000		257,371

Henderson Land Development Co., Ltd.		71,867		314,288

HengTen Networks Group, Ltd.⁽¹⁾⁽²⁾		620,000		191,397

HK Electric Investments & HK Electric Investments, Ltd.		507,500		505,273


		10		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Hong Kong(continued)

HKT Trust and HKT, Ltd.		912,000	$	1,244,511

Hong Kong & China Gas Co., Ltd.		1,103,502		1,700,782

Hong Kong Exchanges & Clearing, Ltd.		23,300		1,329,864

Hongkong Land Holdings, Ltd.		88,600		479,850

Hysan Development Co., Ltd.		63,000		193,385

Jardine Matheson Holdings, Ltd.		17,700		1,045,414

Kerry Logistics Network, Ltd.		116,500		291,272

Kerry Properties, Ltd.		56,500		159,605

Lifestyle International Holdings, Ltd.⁽²⁾		152,500		83,183

Link REIT		107,200		920,367

Luk Fook Holdings International, Ltd.		83,000		218,768

MGM China Holdings, Ltd.⁽¹⁾⁽²⁾		166,400		110,865

MTR Corp., Ltd.		133,500		722,612

New World Development Co., Ltd.		77,000		314,338

NWS Holdings, Ltd.		295,000		294,029

Pacific Basin Shipping, Ltd.		802,000		342,338

Pacific Textiles Holdings, Ltd.		244,000		123,981

PCCW, Ltd.		1,166,000		614,035

Power Assets Holdings, Ltd.		151,000		927,836

S-Enjoy Service Group Co., Ltd.⁽²⁾		60,000		107,452

Sands China, Ltd.⁽²⁾		266,800		743,959

Shangri-La Asia, Ltd.⁽²⁾		200,000		156,438

Sino Land Co., Ltd.		210,000		272,096

SJM Holdings, Ltd.⁽²⁾		358,000		230,400

Sun Hung Kai Properties, Ltd.		71,500		872,336

SUNeVision Holdings, Ltd.		399,000		350,665

Superb Summit International Group, Ltd.⁽¹⁾⁽⁵⁾		230,000		0

Swire Properties, Ltd.		87,600		233,517

Vitasoy International Holdings, Ltd.⁽¹⁾		286,000		558,450

VSTECS Holdings, Ltd.		600,000		594,370

VTech Holdings, Ltd.		71,500		565,481

Yuexiu Real Estate Investment Trust⁽¹⁾		255,000		106,916

			$	29,460,963

Ireland— 2.3%

Bank of Ireland Group PLC⁽²⁾		434,265	$	2,926,891

CRH PLC		48,602		2,439,353

DCC PLC		8,700		731,527

Fineos Corp. Holdings PLC CDI⁽²⁾		41,347		104,505

Flutter Entertainment PLC⁽²⁾		12,153		1,849,003

Glenveagh Properties PLC⁽²⁾⁽⁴⁾		77,242		106,028

Hibernia REIT PLC		69,210		98,855

ICON PLC⁽²⁾		7,700		2,046,044

Irish Continental Group PLC⁽¹⁾⁽²⁾		69,445		345,508

Irish Residential Properties REIT PLC		311,874		587,248

Kerry Group PLC, Class A		19,618		2,471,820


Security	Shares		Value

Ireland(continued)

Kingspan Group PLC		13,022	$	1,253,459

Nabriva Therapeutics PLC⁽²⁾		13,289		6,419

Uniphar PLC		37,081		163,231

			$	15,129,891

Israel— 2.3%

Airport City, Ltd.⁽²⁾		16,700	$	407,093

Amot Investments, Ltd.		40,781		346,014

AudioCodes, Ltd.⁽¹⁾		3,200		94,784

Azrieli Group, Ltd.		6,267		566,632

Bank Hapoalim B.M.		46,157		479,005

Bank Leumi Le-Israel B.M.		49,731		533,365

Bezeq The Israeli Telecommunication Corp., Ltd.⁽²⁾		917,812		1,579,952

Check Point Software Technologies, Ltd.⁽²⁾		2,600		314,626

Compugen, Ltd.⁽¹⁾⁽²⁾		11,500		40,825

Danel Adir Yeoshua, Ltd.		1,100		262,395

Doral Group Renewable Energy Resources, Ltd.⁽²⁾		37,500		153,015

Elbit Systems, Ltd.		2,106		350,824

Electra, Ltd.		565		411,923

Energix-Renewable Energies, Ltd.		109,890		438,509

FIBI Holdings, Ltd.		2,300		105,026

First International Bank of Israel, Ltd. (The)		4,435		184,646

Fiverr International, Ltd.⁽¹⁾⁽²⁾		3,600		307,116

Hilan, Ltd.		3,200		206,249

ICL Group, Ltd		153,723		1,390,196

Inrom Construction Industries, Ltd.		40,400		199,746

Kenon Holdings, Ltd.		8,468		476,061

Matrix IT, Ltd.		7,477		209,017

Maytronics, Ltd.		41,700		893,638

Mizrahi Tefahot Bank, Ltd.		5,560		214,935

Nice, Ltd.⁽²⁾		1,294		331,235

Oil Refineries, Ltd.⁽²⁾		912,196		301,512

OPC Energy, Ltd.⁽²⁾		49,600		582,671

Paz Oil Co., Ltd.⁽²⁾		5,234		744,500

Radware, Ltd.⁽²⁾		1,700		57,171

Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		3,680		295,336

Redhill Biopharma, Ltd. ADR⁽¹⁾⁽²⁾		8,400		22,092

Reit 1, Ltd.		43,316		314,648

Shapir Engineering and Industry, Ltd.		30,000		289,449

Shufersal, Ltd.		82,353		774,588

Taro Pharmaceutical Industries, Ltd.⁽²⁾		2,100		98,322

Teva Pharmaceutical Industries, Ltd. ADR⁽²⁾		107,600		907,068

Tower Semiconductor, Ltd.⁽²⁾		4,400		151,742

Victory Supermarket Chain, Ltd.		10,200		221,787

			$	15,257,713


		11		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Italy— 4.4%

Assicurazioni Generali SpA⁽¹⁾		32,700	$	688,163

Atlantia SpA⁽²⁾		48,424		898,521

Banca Mediolanum SpA		14,000		136,093

Banca Popolare di Sondrio SCPA		35,600		149,742

Banco BPM SpA		78,600		245,040

Bio-On SpA^(1)(2)(5)		12,900		0

BPER Banca SpA		32,400		68,209

Brunello Cucinelli SpA⁽²⁾		6,234		362,028

Buzzi Unicem SpA		7,400		154,520

Cementir Holding NV		48,418		426,888

Cerved Group SpA⁽²⁾		9,600		110,183

Datalogic SpA		5,730		89,516

Davide Campari-Milano NV		127,434		1,599,972

De’Longhi SpA		10,450		360,123

DiaSorin SpA		7,620		1,174,709

Digital Bros SpA⁽¹⁾		8,900		282,924

Enav SpA⁽²⁾⁽⁴⁾		46,000		211,350

Enel SpA		242,788		1,868,641

Eni SpA		259,731		3,901,469

Ferrari NV		6,600		1,521,119

Fila SpA⁽¹⁾		5,500		56,486

Fincantieri SpA⁽¹⁾⁽²⁾		128,000		81,949

FinecoBank Banca Fineco SpA		24,111		405,360

GVS SpA⁽⁴⁾		23,883		267,425

Hera SpA		46,677		194,054

Infrastrutture Wireless Italiane SpA⁽¹⁾⁽⁴⁾		104,600		1,127,839

Interpump Group SpA		11,400		703,991

Intesa Sanpaolo SpA		535,073		1,590,150

Iren SpA		42,400		127,556

Italgas SpA		24,300		161,217

MFE-MediaForEurope NV, Class A⁽¹⁾⁽²⁾		257,715		213,673

MFE-MediaForEurope NV, Class B		257,715		328,853

Moncler SpA		7,800		500,600

Nexi SpA⁽²⁾⁽⁴⁾		11,200		163,828

Poste Italiane SpA⁽⁴⁾		16,700		224,157

Prada SpA		62,700		383,401

Prysmian SpA		24,700		832,922

RAI Way SpA⁽⁴⁾		74,400		422,750

Recordati Industria Chimica e Farmaceutica SpA		30,447		1,705,656

Reply SpA		4,480		752,867

Salvatore Ferragamo SpA⁽²⁾		11,072		237,259

Saras SpA⁽¹⁾⁽²⁾		254,500		159,620

Snam SpA		48,800		273,460

STMicroelectronics NV		57,100		2,686,895

Technogym SpA⁽⁴⁾		16,800		143,379

Terna SpA⁽¹⁾		52,300		410,943


Security	Shares		Value

Italy(continued)

Tinexta SpA		5,327	$	189,234

Unipol Gruppo SpA		33,400		187,900

UnipolSai Assicurazioni SpA⁽¹⁾		64,182		187,392

Webuild SpA⁽¹⁾		166,800		349,397

			$	29,319,423

Japan— 13.6%

Acom Co., Ltd.		41,900	$	117,596

Advance Residence Investment Corp.⁽¹⁾		88		259,450

Aeon Co., Ltd.⁽¹⁾		26,100		594,745

AGC, Inc.		4,800		220,298

Air Water, Inc.⁽¹⁾		12,300		187,482

Ajinomoto Co., Inc.		23,100		644,524

Alfresa Holdings Corp.		13,900		198,198

Asahi Intecc Co., Ltd.		8,800		150,137

Astellas Pharma, Inc.		45,900		740,852

Azbil Corp.		3,900		153,183

Bandai Namco Holdings, Inc.		4,200		295,210

Bank of Kyoto, Ltd. (The)		4,500		209,802

Bridgestone Corp.		8,600		376,604

Brother Industries, Ltd.		7,500		138,120

Calbee, Inc.		7,600		174,935

Canon, Inc.⁽¹⁾		19,500		461,189

Capcom Co., Ltd.		13,200		318,658

Casio Computer Co., Ltd.		15,400		192,606

Central Japan Railway Co.		2,700		354,269

Chiba Bank, Ltd. (The)		41,300		266,991

Chubu Electric Power Co., Inc.		62,200		622,989

Chugai Pharmaceutical Co., Ltd.		17,600		571,644

Chugoku Electric Power Co., Inc. (The)		36,100		283,733

Citizen Watch Co., Ltd.		27,900		119,424

Concordia Financial Group, Ltd.		70,500		289,709

COSMOS Pharmaceutical NV		1,900		237,281

CyberAgent, Inc.		26,800		312,494

Dai Nippon Printing Co., Ltd.		5,700		136,829

Daicel Corp.		19,800		146,053

Daido Steel Co., Ltd.		4,700		181,624

Daifuku Co., Ltd.		2,700		187,447

Daiichi Sankyo Co., Ltd.		45,400		1,020,137

Daikin Industries, Ltd.		3,100		650,827

Daito Trust Construction Co., Ltd.		3,600		412,800

Daiwa House Industry Co., Ltd.		30,100		878,413

Daiwa House REIT Investment Corp.		141		420,034

Daiwa Office Investment Corp.		35		219,300

Daiwa Securities Group, Inc.		73,100		440,478

DeNA Co., Ltd.		17,400		270,572


		12		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Japan(continued)

Denka Co., Ltd.		7,700	$	271,180

Dentsu Group, Inc.		15,500		536,792

DIC Corp.		5,600		143,670

Disco Corp.		800		219,963

East Japan Railway Co.		4,400		251,253

ENEOS Holdings, Inc.		262,200		1,044,244

Ezaki Glico Co., Ltd.		6,000		194,534

Fast Retailing Co., Ltd.		900		529,618

Frontier Real Estate Investment Corp.		64		270,067

FUJIFILM Holdings Corp.		7,400		496,066

Fujitsu, Ltd.		3,600		475,914

Fukuoka Financial Group, Inc.		17,600		345,649

GLP J-REIT		270		434,595

GMO Payment Gateway, Inc.		2,100		184,279

Hakuhodo DY Holdings, Inc.		21,800		333,927

Hamamatsu Photonics K.K.		6,800		347,897

Hankyu Hanshin Holdings, Inc.		4,400		128,134

Hikari Tsushin, Inc.⁽¹⁾		1,400		168,091

Hirose Electric Co., Ltd.		1,040		155,020

Hisamitsu Pharmaceutical Co., Inc.		4,700		143,199

Hitachi Metals, Ltd.⁽²⁾		12,900		232,622

House Foods Group, Inc.		7,700		197,870

Hoya Corp.		9,400		1,218,882

Hulic Co., Ltd.		29,000		280,304

Ibiden Co., Ltd.		3,900		217,933

Idemitsu Kosan Co., Ltd.		31,000		794,271

Industrial & Infrastructure Fund Investment Corp.⁽¹⁾		174		291,718

Ito En, Ltd.		3,200		172,365

ITOCHU Corp.		14,500		465,834

Iwatani Corp.		8,200		386,578

Japan Exchange Group, Inc.		19,100		392,903

Japan Logistics Fund, Inc.⁽¹⁾		71		196,800

Japan Post Bank Co., Ltd.⁽¹⁾		33,500		329,565

Japan Post Holdings Co., Ltd.		60,200		513,839

Japan Real Estate Investment Corp.		83		456,412

Japan Tobacco, Inc.		36,800		734,707

JSR Corp.		10,200		338,111

Kajima Corp.		10,500		126,815

Kakaku.com, Inc.		14,000		289,962

Kaneka Corp.		6,400		208,480

Kansai Paint Co., Ltd.		14,300		296,836

Kao Corp.		14,000		699,602

KDDI Corp.		50,600		1,616,604

Keikyu Corp.⁽¹⁾		13,700		140,217

Keio Corp.⁽¹⁾		2,200		98,957

Keisei Electric Railway Co., Ltd.		5,800		163,683


Security	Shares		Value

Japan(continued)

Kenedix Office Investment Corp.		45	$	273,231

Kewpie Corp.		9,800		202,170

Keyence Corp.		3,100		1,590,059

Kintetsu Group Holdings Co., Ltd.⁽²⁾		5,500		159,805

Kirin Holdings Co., Ltd.		30,200		484,050

Kobayashi Pharmaceutical Co., Ltd.		3,300		256,981

Kobe Bussan Co., Ltd.		10,500		326,859

Konami Holdings Corp.		7,700		415,105

Kubota Corp.		14,300		306,671

Kuraray Co., Ltd.		19,500		175,185

Kyocera Corp.		6,300		388,529

Kyowa Kirin Co., Ltd.		9,500		236,785

Kyushu Electric Power Co., Inc.		55,000		407,538

LaSalle Logiport REIT		165		263,947

Lasertec Corp.		2,000		448,675

Lawson, Inc.		4,600		201,614

Lion Corp.		17,300		226,041

M3, Inc.		12,100		465,204

Makita Corp.		4,000		149,694

Marubeni Corp.		31,400		323,104

Marui Group Co., Ltd.		14,700		283,619

Maruichi Steel Tube, Ltd.		9,300		207,166

MatsukiyoCocokara & Co.		7,300		249,864

Medipal Holdings Corp.		12,500		224,938

MEIJI Holdings Co., Ltd.		5,300		330,622

MISUMI Group, Inc.		7,800		253,047

Mitsubishi Chemical Holdings Corp.		50,700		397,700

Mitsubishi Corp.		14,300		485,520

Mitsubishi Electric Corp.		27,500		344,393

Mitsubishi Estate Co., Ltd.		60,800		875,667

Mitsubishi Gas Chemical Co., Inc.		14,200		272,005

Mitsubishi Heavy Industries, Ltd.		4,700		127,649

Mitsubishi Materials Corp.		12,200		217,630

Mitsubishi UFJ Financial Group, Inc.⁽⁶⁾		324,800		1,968,704

Mitsui & Co., Ltd.		18,200		453,824

Mitsui Chemicals, Inc.		10,600		283,493

Mitsui Fudosan Co., Ltd.		46,400		994,692

Mitsui Fudosan Logistics Park, Inc.⁽¹⁾		42		206,858

Mizuho Financial Group, Inc.		73,180		991,296

MS&AD Insurance Group Holdings, Inc.		16,500		565,942

Murata Manufacturing Co., Ltd.		11,100		834,534

Nagoya Railroad Co., Ltd.⁽²⁾		11,400		180,018

NEC Corp.		6,600		257,488

Nexon Co., Ltd.		20,900		393,999

Nichirei Corp.		7,300		167,983

Nidec Corp.		6,100		540,642


		13		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Japan(continued)

Nihon Kohden Corp.		9,200	$	244,012

Nihon M&A Center Holdings, Inc.		8,600		135,392

Nintendo Co., Ltd.		3,300		1,617,137

Nippon Accommodations Fund, Inc.		55		297,782

Nippon Building Fund, Inc.		91		526,994

NIPPON EXPRESS HOLDINGS, INC.		2,500		148,159

Nippon Gas Co., Ltd.		11,100		155,335

Nippon Kayaku Co., Ltd.		17,700		175,982

Nippon Paint Holdings Co., Ltd.⁽¹⁾		51,300		410,267

Nippon Paper Industries Co., Ltd.		10,000		101,328

Nippon Prologis REIT, Inc.		135		421,232

Nippon Shinyaku Co., Ltd.		4,300		281,094

Nippon Shokubai Co., Ltd.		3,500		164,823

Nippon Telegraph & Telephone Corp.		37,700		1,078,889

Nissan Motor Co., Ltd.⁽²⁾		58,500		309,616

Nissin Foods Holdings Co., Ltd.		5,000		354,663

Nitori Holdings Co., Ltd.		2,200		315,178

Nitto Denko Corp.		6,600		513,873

NOF Corp.		4,300		196,898

Nomura Research Institute, Ltd.		11,600		406,068

NTT Data Corp.		20,600		394,917

Obic Co., Ltd.		1,700		280,877

Odakyu Electric Railway Co., Ltd.⁽¹⁾		5,100		90,121

Oji Holdings Corp.		48,300		257,105

Omron Corp.		4,700		343,615

Ono Pharmaceutical Co., Ltd.		19,100		463,207

Oracle Corp. Japan		1,900		142,102

Oriental Land Co., Ltd.		3,700		644,108

Osaka Gas Co., Ltd.		39,200		666,650

Otsuka Corp.		4,400		178,538

Otsuka Holdings Co., Ltd.		16,800		573,171

Pan Pacific International Holdings Corp.		14,900		200,537

PeptiDream, Inc.⁽²⁾		5,800		104,126

Pigeon Corp.		8,000		155,933

Rakuten Group, Inc.		18,600		161,362

Relo Group, Inc.		14,400		259,870

Resona Holdings, Inc.		91,700		394,075

Ricoh Co., Ltd.		25,600		216,177

Rinnai Corp.		1,700		151,818

ROHM Co., Ltd.		3,200		269,559

Rohto Pharmaceutical Co., Ltd.		10,000		276,163

Ryohin Keikaku Co., Ltd.		9,000		129,234

Santen Pharmaceutical Co., Ltd.		16,700		189,615

Sawai Group Holdings Co., Ltd.		3,400		128,696

SECOM Co., Ltd.		3,600		253,491

Sekisui House Reit, Inc.		380		258,824


Security	Shares		Value

Japan(continued)

Sekisui House, Ltd.⁽¹⁾		16,000	$	324,163

Seven Bank, Ltd.		101,900		215,357

SG Holdings Co., Ltd.		11,400		242,002

Shikoku Electric Power Co., Inc.		45,400		315,595

Shimadzu Corp.		7,900		285,046

Shimano, Inc.		1,800		403,636

Shimizu Corp.		15,300		101,874

Shin-Etsu Chemical Co., Ltd.		12,300		2,057,904

Shizuoka Bank, Ltd. (The)		47,100		370,087

Showa Denko K.K.⁽¹⁾		12,600		261,750

SMC Corp.		700		390,433

SoftBank Corp.		51,900		650,611

Sony Group Corp.		14,700		1,644,466

Square Enix Holdings Co., Ltd.		7,100		348,169

Sumitomo Corp.		15,000		231,831

Sumitomo Mitsui Financial Group, Inc.		38,000		1,368,796

Sumitomo Mitsui Trust Holdings, Inc.		13,900		480,678

Sumitomo Osaka Cement Co., Ltd.		4,000		122,662

Sumitomo Realty & Development Co., Ltd.		21,300		659,026

Suntory Beverage & Food, Ltd.		6,700		257,271

Suzuken Co., Ltd.		5,100		151,370

Sysmex Corp.		4,900		466,435

Taisei Corp.		4,500		147,515

Taisho Pharmaceutical Holdings Co., Ltd.		4,000		196,449

Taiyo Yuden Co., Ltd.		3,600		174,856

Takashimaya Co., Ltd.		12,400		117,756

TEIJIN, Ltd.		12,200		153,802

Terumo Corp.		19,600		715,475

TIS, Inc.		8,700		228,816

Tobu Railway Co., Ltd.		9,300		217,836

Toho Co., Ltd.		9,300		360,260

Toho Gas Co., Ltd.⁽¹⁾		10,100		276,041

Tohoku Electric Power Co., Inc.		55,600		391,640

Tokai Carbon Co., Ltd.		18,400		190,839

Tokio Marine Holdings, Inc.		19,000		1,133,799

Tokyo Gas Co., Ltd.		33,700		680,462

Tokyo Ohka Kogyo Co., Ltd.		4,000		236,947

Tokyu Corp.		9,800		130,221

Toppan, Inc.		7,900		150,274

Toshiba Corp.		6,400		265,024

Tosoh Corp.		20,400		319,188

TOTO, Ltd.		3,200		137,729

Toyo Suisan Kaisha, Ltd.		7,200		295,004

Toyota Industries Corp.		4,600		358,839

Toyota Motor Corp.		142,500		2,816,252

Trend Micro, Inc.		3,900		206,905


		14		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Japan(continued)

Tsuruha Holdings, Inc.		2,400	$	193,306

Unicharm Corp.		14,700		568,059

USS Co., Ltd.		8,100		132,198

Welcia Holdings Co., Ltd.		8,400		226,866

West Japan Railway Co.		4,300		180,186

Yakult Honsha Co., Ltd.		6,500		329,560

Yamaguchi Financial Group, Inc.		32,200		199,800

Yamato Holdings Co., Ltd.		6,600		140,542

Yamazaki Baking Co., Ltd.⁽¹⁾		15,300		218,757

Z Holdings Corp.		120,000		609,440

Zeon Corp.		17,700		205,392

ZOZO, Inc.		8,300		221,174

			$	89,918,123

Netherlands— 4.4%

ABN AMRO Bank NV⁽¹⁾⁽⁴⁾		39,700	$	637,148

Aegon NV⁽¹⁾		114,300		644,823

ASML Holding NV		5,928		4,015,002

ASR Nederland NV		12,100		562,597

Boskalis Westminster NV		12,178		344,758

Corbion NV		20,000		835,069

CureVac NV⁽¹⁾⁽²⁾		2,600		50,206

Euronext NV⁽⁴⁾		7,000		674,886

Flow Traders NV⁽⁴⁾		7,300		283,132

IMCD NV		2,576		443,123

Intertrust NV^(1)(2)(4)		19,500		423,900

JDE Peet’s NV⁽¹⁾		36,560		1,094,757

Just Eat Takeaway.com NV⁽²⁾⁽⁴⁾		2,700		133,328

Koninklijke Ahold Delhaize NV		77,272		2,505,514

Koninklijke DSM NV		13,608		2,550,961

Koninklijke KPN NV		746,650		2,462,830

Koninklijke Philips NV		63,457		2,110,788

Koninklijke Vopak NV		13,000		446,041

NN Group NV		20,550		1,150,022

NSI NV		5,968		247,475

PostNL NV		71,792		307,537

Prosus NV		28,673		2,385,475

SBM Offshore NV		42,517		672,887

Signify NV⁽⁴⁾		11,700		619,736

Universal Music Group NV		57,500		1,419,625

Van Lanschot Kempen NV		2,900		73,054

Vastned Retail NV		7,610		213,021

Wolters Kluwer NV		15,395		1,566,881

			$	28,874,576


Security	Shares		Value

New Zealand— 1.0%

a2 Milk Co., Ltd. (The)⁽²⁾		138,464	$	510,587

Argosy Property, Ltd.		144,849		142,513

Auckland International Airport, Ltd.⁽²⁾		145,752		691,870

Contact Energy, Ltd.		53,366		276,635

Fisher & Paykel Healthcare Corp., Ltd.		29,761		547,559

Fletcher Building, Ltd.		202,321		860,487

Genesis Energy, Ltd.		38,800		68,274

Goodman Property Trust		179,900		294,248

Heartland Group Holdings, Ltd.		183,499		285,735

Infratil, Ltd.		32,081		160,104

Kathmandu Holdings, Ltd.		154,315		142,742

Mercury NZ, Ltd.		54,400		200,003

Precinct Properties New Zealand, Ltd.		265,100		281,661

Pushpay Holdings, Ltd.⁽²⁾		115,268		82,706

Restaurant Brands New Zealand, Ltd.⁽¹⁾⁽²⁾		19,660		187,683

SKYCITY Entertainment Group, Ltd.		231,739		416,426

Spark New Zealand, Ltd.		258,931		740,059

Volpara Health Technologies, Ltd.⁽¹⁾⁽²⁾		68,123		45,299

Xero, Ltd.⁽²⁾		6,814		551,971

Z Energy, Ltd.		168,235		393,491

			$	6,880,053

Norway— 2.3%

ArcticZymes Technologies ASA⁽¹⁾⁽²⁾		15,700	$	156,097

Atea ASA⁽²⁾		48,489		821,194

Bergenbio ASA⁽¹⁾⁽²⁾		25,475		53,050

Borregaard ASA		27,054		636,315

DHT Holdings, Inc.		13,700		66,856

DNB Bank ASA		54,951		1,307,844

Entra ASA⁽⁴⁾		58,483		1,288,045

Equinor ASA		53,389		1,471,818

Europris ASA⁽⁴⁾		82,000		612,470

Fjordkraft Holding ASA⁽⁴⁾		18,200		77,603

Frontline, Ltd.⁽¹⁾⁽²⁾		20,000		131,659

Gjensidige Forsikring ASA		16,200		395,709

Golar LNG, Ltd.⁽²⁾		17,900		256,865

Kongsberg Gruppen ASA		25,020		758,258

Mowi ASA		40,150		985,438

Nordic American Tankers, Ltd.⁽¹⁾		20,400		31,620

Nordic Nanovector ASA⁽¹⁾⁽²⁾		44,014		67,608

Opera, Ltd. ADR⁽²⁾		61,800		399,846

Orkla ASA		75,100		717,686

Sbanken ASA⁽⁴⁾		7,500		79,325

Scatec ASA⁽⁴⁾		40,263		594,685

Schibsted ASA, Class A		4,900		145,161

Schibsted ASA, Class B		6,500		170,339


		15		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Norway(continued)

SFL Corp, Ltd.		7,300	$	59,860

SpareBank 1 SMN		14,400		238,478

Telenor ASA		56,200		928,791

Tomra Systems ASA		17,800		889,913

Veidekke ASA		20,997		313,845

Yara International ASA		27,206		1,396,969

			$	15,053,347

Portugal— 1.2%

Banco Comercial Portugues S.A.⁽¹⁾⁽²⁾		6,312,453	$	1,072,702

Corticeira Amorim SGPS S.A.		27,338		314,401

CTT-Correios de Portugal S.A.		124,656		608,972

EDP Renovaveis S.A.		3,900		81,984

EDP-Energias de Portugal S.A.		211,095		1,080,619

Galp Energia SGPS S.A., Class B		123,229		1,358,757

Jeronimo Martins SGPS S.A.		66,921		1,608,182

Navigator Co. S.A. (The)		272,919		1,029,596

NOS SGPS S.A.		186,548		735,188

REN - Redes Energeticas Nacionais SGPS S.A.		29,300		83,540

			$	7,973,941

Singapore— 2.3%

AEM Holdings, Ltd.		49,600	$	166,753

Ascendas Real Estate Investment Trust		109,000		223,542

BW LPG, Ltd.⁽⁴⁾		9,091		49,040

CapitaLand Integrated Commercial Trust		240,410		346,598

CapitaLand Investment, Ltd.⁽²⁾		159,500		409,256

China Aviation Oil Singapore Corp, Ltd.		96,100		66,635

ComfortDelGro Corp., Ltd.		337,300		340,582

Flex, Ltd.⁽²⁾		70,700		1,143,926

Frasers Centrepoint Trust		56,900		95,525

Genting Singapore, Ltd.		1,170,700		639,720

Haw Par Corp, Ltd.		20,500		176,649

Jardine Cycle & Carriage, Ltd.		13,800		207,460

Keppel Corp., Ltd.		149,500		630,323

Keppel DC REIT		92,156		146,288

Keppel Infrastructure Trust		801,185		332,420

Keppel REIT		110,000		91,679

Manulife US Real Estate Investment Trust		113,000		73,050

Mapletree Commercial Trust		83,109		111,243

Mapletree Industrial Trust		71,610		133,396

Mapletree Logistics Trust		154,800		194,819

Nanofilm Technologies International, Ltd.⁽¹⁾		31,300		66,081

Oversea-Chinese Banking Corp., Ltd.		118,100		1,099,306

Parkway Life Real Estate Investment Trust		33,400		118,787


Security	Shares		Value

Singapore(continued)

Raffles Medical Group, Ltd.		220,700	$	209,551

Sembcorp Industries, Ltd.		141,300		239,968

Sheng Siong Group, Ltd.		269,200		297,488

Singapore Airlines, Ltd.⁽¹⁾⁽²⁾		139,000		518,485

Singapore Exchange, Ltd.		57,600		398,694

Singapore Post, Ltd.		292,300		137,932

Singapore Press Holdings, Ltd.		563,700		972,356

Singapore Technologies Engineering, Ltd.		186,800		519,203

Singapore Telecommunications, Ltd.⁽³⁾		84,700		154,755

Singapore Telecommunications, Ltd.⁽³⁾		464,300		841,880

SPH REIT		158,700		113,071

StarHub, Ltd.		360,700		344,899

Suntec Real Estate Investment Trust		89,800		101,418

UMS Holdings, Ltd.		140,625		126,259

United Overseas Bank, Ltd.		48,900		1,092,849

UOL Group, Ltd.		19,600		106,290

Venture Corp., Ltd.		48,100		630,194

Wilmar International, Ltd.		579,300		1,842,859

			$	15,511,229

Spain— 4.6%

Acerinox S.A.		74,810	$	953,321

Aena SME S.A.⁽²⁾⁽⁴⁾		7,571		1,223,342

Almirall S.A.		49,275		634,228

Amadeus IT Group S.A.⁽²⁾		53,750		3,695,861

Banco Santander S.A.		545,973		1,914,510

Bankinter S.A.		54,252		318,145

CaixaBank S.A.		172,666		555,532

Cellnex Telecom S.A.⁽⁴⁾		62,084		2,815,235

Cia de Distribucion Integral Logista Holdings S.A.		26,697		540,134

Ebro Foods S.A.⁽¹⁾		36,000		667,109

Enagas S.A.		18,800		406,495

Faes Farma S.A.		93,739		361,342

Fluidra S.A.		17,023		542,048

Gestamp Automocion S.A.⁽⁴⁾		28,900		130,198

Global Dominion Access S.A.⁽⁴⁾		31,250		154,362

Grifols S.A.⁽¹⁾		67,900		1,197,370

Grupo Catalana Occidente S.A.		2,596		87,553

Iberdrola S.A.		3,549		40,508

Iberdrola S.A.		212,933		2,441,290

Indra Sistemas S.A.⁽²⁾		10,400		105,968

Industria de Diseno Textil S.A.		95,075		2,883,567

Laboratorios Farmaceuticos Rovi S.A.		6,200		455,227

Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros⁽¹⁾		94,840		170,247

Mapfre S.A.		148,417		322,331


		16		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Spain(continued)

Merlin Properties Socimi S.A.		187,800	$	2,122,981

Neinor Homes S.A.⁽²⁾⁽⁴⁾		10,000		121,738

Pharma Mar S.A.⁽¹⁾		3,500		220,285

Red Electrica Corp. S.A.		26,578		535,765

Repsol S.A.		292,266		3,714,000

Siemens Gamesa Renewable Energy S.A.⁽²⁾		25,400		549,602

Tecnicas Reunidas S.A.⁽¹⁾⁽²⁾		17,706		158,761

Viscofan S.A.		5,805		352,003

Zardoya Otis S.A.		30,400		241,068

			$	30,632,126

Sweden— 4.3%

AcadeMedia AB⁽⁴⁾		7,500	$	43,540

Alfa Laval AB		6,950		234,779

Arjo AB, Class B		29,560		295,420

Assa Abloy AB, Class B		16,810		460,293

Atlas Copco AB, Class A		7,600		449,814

Atrium Ljungberg AB, Class B		7,700		166,660

Attendo AB⁽²⁾⁽⁴⁾		51,800		182,566

Avanza Bank Holding AB		19,760		625,177

Axfood AB		29,387		748,588

Betsson AB⁽²⁾		23,476		131,354

BHG Group AB⁽¹⁾⁽²⁾		4,300		41,218

BICO Group AB⁽²⁾		2,700		53,910

Bilia AB, Class A		7,790		116,912

BillerudKorsnas AB		45,811		728,394

BioGaia AB, Class B		4,249		231,011

Boozt AB^(1)(2)(4)		3,300		62,026

Camurus AB⁽¹⁾⁽²⁾		3,700		53,043

Castellum AB		23,939		563,853

Catena AB		3,800		215,702

Cibus Nordic Real Estate AB		7,400		203,814

Dios Fastigheter AB		19,400		215,964

Dometic Group AB⁽⁴⁾		13,100		145,113

Dustin Group AB⁽⁴⁾		10,600		108,848

Electrolux AB, Series B⁽¹⁾		11,000		228,879

Embracer Group AB⁽¹⁾⁽²⁾		41,890		420,296

Epiroc AB, Class A		7,626		162,732

Epiroc AB, Class B		11,200		202,707

Essity AB, Class B		62,085		1,750,200

Evolution AB⁽⁴⁾		7,898		982,646

Fabege AB		29,218		435,929

Fingerprint Cards AB, Class B⁽¹⁾⁽²⁾		205,863		412,030

Getinge AB, Class B		19,600		766,273

Hansa Biopharma AB⁽²⁾		4,500		35,886

Holmen AB, Class B		20,516		996,456


Security	Shares		Value

Sweden(continued)

Hufvudstaden AB, Class A		16,200	$	231,367

Husqvarna AB, Class B		4,470		62,151

Industrivarden AB, Class A		5,061		159,988

Indutrade AB		9,447		235,020

Investor AB		12,800		291,191

Investor AB, Class B		37,600		816,368

JM AB		7,000		265,134

Karo Pharma AB⁽²⁾		29,600		189,965

Lifco AB, Class B		10,000		234,402

Lundin Energy AB		29,152		1,185,550

MIPS AB		1,100		109,366

Mycronic AB⁽¹⁾		26,942		551,247

NCC AB, Class B		6,000		99,191

Nibe Industrier AB, Class B		17,992		171,006

Nobia AB		10,000		54,642

Paradox Interactive AB⁽¹⁾		8,600		178,246

RaySearch Laboratories AB⁽¹⁾⁽²⁾		11,321		56,134

Saab AB, Class B		4,437		105,219

Sagax AB, Class B		3,668		107,070

Samhallsbyggnadsbolaget i Norden AB⁽¹⁾		42,000		137,304

Sandvik AB		8,000		210,676

Sectra AB, Class B, Redemption Shares⁽¹⁾		17,315		285,209

Securitas AB, Class B		12,200		147,355

Sinch AB⁽²⁾⁽⁴⁾		29,400		302,259

Skanska AB, Class B		9,000		220,346

SkiStar AB		4,900		75,449

Spotify Technology S.A.⁽²⁾		6,700		1,314,942

Stillfront Group AB⁽¹⁾⁽²⁾		27,900		135,799

Svenska Cellulosa AB SCA, Class B		94,964		1,653,668

Svenska Handelsbanken AB, Class A		82,000		873,920

Swedbank AB, Class A		22,300		436,594

Swedish Orphan Biovitrum AB⁽²⁾		22,039		433,252

Tele2 AB, Class B		46,720		679,779

Telefonaktiebolaget LM Ericsson, Class B		140,700		1,756,793

Telia Co. AB⁽¹⁾		130,400		513,958

Tethys Oil AB		12,500		91,508

Thule Group AB⁽⁴⁾		4,200		202,719

Vitrolife AB		8,300		341,316

Wallenstam AB, Class B		24,800		390,318

Wihlborgs Fastigheter AB		18,900		390,754

			$	28,169,208

Switzerland— 8.7%

Allreal Holding AG		2,788	$	604,943

ALSO Holding AG⁽²⁾		1,366		384,420

Baloise Holding AG		3,668		642,547


		17		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Switzerland(continued)

Banque Cantonale Vaudoise		4,280	$	353,886

Belimo Holding AG		1,180		651,620

BKW AG		1,566		186,817

Bucher Industries AG		401		184,634

Bystronic AG		75		98,572

Cembra Money Bank AG		3,380		232,473

Cie Financiere Richemont S.A.		47,865		6,956,402

Comet Holding AG		1,879		599,432

Daetwyler Holding AG, Bearer Shares		493		193,579

DKSH Holding AG		6,642		532,545

dormakaba Holding AG		707		404,826

Ems-Chemie Holding AG		997		1,008,447

Forbo Holding AG		201		388,045

Galenica AG⁽⁴⁾		5,783		408,418

Geberit AG		1,491		1,013,030

Givaudan S.A.		558		2,311,752

Gurit Holding AG		178		276,876

Helvetia Holding AG		4,114		517,280

Huber+Suhner AG		3,060		278,589

Inficon Holding AG		428		522,786

Interroll Holding AG		40		169,304

Intershop Holding AG		234		154,548

Kuehne & Nagel International AG		2,083		588,212

Landis+Gyr Group AG⁽²⁾		5,524		364,349

LEM Holding S.A.		136		340,288

Logitech International S.A.		24,232		2,036,203

Mobimo Holding AG		949		310,547

Nestle S.A.		60,640		7,830,946

Novartis AG		32,851		2,854,407

Partners Group Holding AG		914		1,274,297

Roche Holding AG PC		9,751		3,773,629

Roche Holding AG, Bearer Shares		1,301		535,747

Schindler Holding AG		1,944		487,697

Schindler Holding AG PC		2,895		726,598

Schweiter Technologies AG		220		291,824

SFS Group AG		1,137		165,886

SGS S.A.		348		992,347

Siegfried Holding AG⁽²⁾		376		304,418

SIG Combibloc Group AG⁽²⁾		20,416		474,343

Sika AG		9,402		3,289,516

Stadler Rail AG⁽¹⁾		9,144		435,132

Swatch Group AG (The)		3,207		935,553

Swiss Life Holding AG		1,125		724,061

Swiss Prime Site AG		12,674		1,253,160

Swisscom AG		3,050		1,743,303

Tecan Group AG		681		331,111


Security	Shares		Value

Switzerland(continued)

u-blox Holding AG⁽²⁾		3,125	$	222,836

UBS Group AG		93,192		1,728,669

Valiant Holding AG		3,200		323,192

Valora Holding AG⁽²⁾		1,474		286,508

VAT Group AG⁽⁴⁾		1,537		626,800

Vontobel Holding AG		5,350		443,416

Zur Rose Group AG⁽²⁾		1,100		269,275

Zurich Insurance Group AG		5,566		2,662,264

			$	57,702,305

United Kingdom— 9.2%

3i Group PLC		23,056	$	429,390

abrdn PLC		48,718		159,327

Admiral Group PLC		5,900		250,872

Assura PLC		231,800		209,657

AstraZeneca PLC		25,400		2,954,730

Atlantica Sustainable Infrastructure PLC⁽¹⁾		7,100		231,673

Auto Trader Group PLC⁽⁴⁾		65,800		596,256

Avast PLC⁽⁴⁾		84,100		695,332

Aviva PLC		80,319		474,203

B&M European Value Retail S.A.		40,600		310,899

BAE Systems PLC		53,000		414,765

Bellway PLC		5,400		207,787

Berkeley Group Holdings PLC		4,063		231,875

Big Yellow Group PLC		13,089		264,101

BP PLC		629,500		3,263,279

British American Tobacco PLC		26,500		1,131,417

BT Group PLC		536,600		1,421,277

Bunzl PLC		6,100		228,488

Burberry Group PLC		9,000		228,320

Cazoo Group, Ltd.⁽²⁾		13,798		65,403

Centamin PLC		159,300		191,977

Civitas Social Housing PLC		80,000		104,004

Compass Group PLC		48,700		1,106,835

Countryside Partnerships PLC⁽²⁾⁽⁴⁾		32,015		133,520

Croda International PLC		5,987		646,584

Derwent London PLC		8,000		369,653

Diploma PLC		3,800		142,626

Direct Line Insurance Group PLC		42,288		174,317

Domino’s Pizza Group PLC		39,048		204,711

Electrocomponents PLC		17,859		270,400

Essentra PLC		29,000		135,142

Experian PLC		18,238		761,763

Farfetch, Ltd., Class A⁽²⁾		4,400		95,524

Ferguson PLC		3,745		589,053

Fresnillo PLC		32,200		272,889


		18		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

United Kingdom(continued)

G4S PLC⁽²⁾		65,386	$	215,447

Games Workshop Group PLC		1,807		193,742

GlaxoSmithKline PLC		113,400		2,530,633

Grainger PLC		69,506		283,061

Great Portland Estates PLC		23,683		245,378

Greggs PLC		7,435		269,647

Halma PLC		30,280		1,026,300

Hikma Pharmaceuticals PLC		9,900		278,122

Hill & Smith Holdings PLC		9,718		196,760

Hiscox, Ltd.		11,000		144,588

HomeServe PLC		10,900		112,350

Howden Joinery Group PLC		23,000		253,746

HSBC Holdings PLC		268,700		1,912,429

Ibstock PLC⁽⁴⁾		66,300		177,660

IG Group Holdings PLC		14,640		161,169

IMI PLC		12,880		287,775

Imperial Brands PLC		25,000		592,746

Inchcape PLC		19,600		223,503

Intertek Group PLC		4,100		297,539

J Sainsbury PLC		46,200		181,545

Kainos Group PLC		13,600		279,591

Kingfisher PLC		47,900		214,801

Land Securities Group PLC		51,600		554,207

Lloyds Banking Group PLC		1,173,520		814,389

London Stock Exchange Group PLC		4,413		432,092

LondonMetric Property PLC		90,700		326,799

LXi REIT PLC		62,400		123,801

Manchester United PLC, Class A⁽¹⁾		9,700		133,181

Marks & Spencer Group PLC⁽²⁾		83,100		245,927

Marshalls PLC		23,600		224,701

Micro Focus International PLC ADR		50,400		306,936

Mondi PLC		19,940		498,882

Moneysupermarket.com Group PLC		34,300		87,653

National Grid PLC		188,316		2,755,612

Natwest Group PLC		146,005		479,886

NCC Group PLC		72,058		185,394

Next PLC		3,900		397,354

Nomad Foods, Ltd.⁽²⁾		11,900		307,020

Ocado Group PLC⁽²⁾		12,900		262,845

Pearson PLC		61,614		514,443

Pennon Group PLC		32,533		476,693

Persimmon PLC		9,800		319,279

Phoenix Group Holdings PLC		17,800		159,353

Primary Health Properties PLC		175,969		341,279

QinetiQ Group PLC		19,500		70,768

Reckitt Benckiser Group PLC		11,400		923,652


Security	Shares		Value

United Kingdom(continued)

RELX PLC		26,380	$	811,459

Renishaw PLC		4,500		277,874

Rentokil Initial PLC		39,000		273,107

Rightmove PLC		66,300		584,334

Rio Tinto PLC		27,400		1,931,298

Rotork PLC		45,595		209,560

Royal Mail PLC		29,400		175,684

Safestore Holdings PLC		19,133		328,042

Sage Group PLC (The)		100,200		979,152

Savills PLC		14,162		258,070

Segro PLC		63,853		1,125,712

Serco Group PLC		78,000		141,095

Severn Trent PLC		24,400		947,312

Shaftesbury PLC		30,747		258,170

Shell PLC		128,270		3,295,091

Sirius Real Estate, Ltd.		111,884		195,562

Softcat PLC		18,500		409,917

Spectris PLC		13,500		616,054

Spirax-Sarco Engineering PLC		1,720		310,040

Spirent Communications PLC		89,600		299,223

St. James’s Place PLC		9,400		194,039

Standard Chartered PLC		38,500		280,386

Taylor Wimpey PLC		90,000		184,640

Telecom Plus PLC		12,700		257,327

THG PLC⁽²⁾		14,500		25,847

Tritax Big Box REIT PLC		152,000		487,561

UK Commercial Property REIT, Ltd.		77,300		85,485

Unilever PLC⁽³⁾		17,280		886,150

Unilever PLC⁽³⁾		25,541		1,304,564

United Utilities Group PLC		65,000		937,682

Vistry Group PLC		14,949		207,263

Vodafone Group PLC		1,379,000		2,421,337

			$	60,687,764

Total Common Stocks (identified cost $561,629,251)			$	659,754,647

Rights⁽²⁾— 0.0%⁽⁷⁾
Security	Shares		Value

LXi REIT PLC, Exp. 2/8/22		7,488	$	504

Total Rights (identified cost $0)			$	504


		19		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Portfolio of Investments — continued


Warrants⁽²⁾— 0.0%
Security	Shares		Value

Webuild SpA, Exp. 8/2/30⁽¹⁾		15,093	$	0

Total Warrants (identified cost $0)			$	0

Short-Term Investments — 1.6%

Affiliated Fund— 0.1%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.08%⁽⁸⁾		911,012	$	910,921

Total Affiliated Fund (identified cost $910,921)			$	910,921

Securities Lending Collateral— 1.5%
Security	Shares		Value

State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%⁽⁹⁾		9,918,598	$	9,918,598

Total Securities Lending Collateral (identified cost $9,918,598)			$	9,918,598

Total Short-Term Investments (identified cost $10,829,519)			$	10,829,519

Total Investments — 101.2% (identified cost $572,458,770)			$	670,584,670

Other Assets, Less Liabilities — (1.2)%			$	(8,146,807	)

Net Assets — 100.0%			$	662,437,863

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

⁽¹⁾	All or a portion of this security was on loan at January 31, 2022. The aggregate market value of securities on loan at January 31, 2022 was $26,964,704.

⁽²⁾	Non-income producing security.

⁽³⁾	Securities are traded on separate exchanges for the same entity.

⁽⁴⁾

⁽⁵⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽⁶⁾	Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021.

⁽⁷⁾	Amount is less than 0.05%.

⁽⁸⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2022.

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


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		12.1	%	$	80,215,470

Industrials		11.0			72,606,852

Consumer Discretionary		9.9			65,918,757

Consumer Staples		9.9			65,350,036

Health Care		9.3			61,611,391

Information Technology		9.2			60,783,330

Materials		9.1			60,540,259

Communication Services		8.4			55,978,935

Real Estate		8.1			53,384,230

Utilities		6.7			44,082,481

Energy		5.9			39,283,410

Short-Term Investments		1.6			10,829,519

Total Investments		101.2	%	$	670,584,670

Abbreviations:



ADR	–	American Depositary Receipt

CDI	–	CHESS Depositary Interest

PC	–	Participation Certificate

PFC Shares	–	Preference Shares


		20		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Statement of Assets and Liabilities


Assets	January 31, 2022

Unaffiliated investments, at value including $26,964,704 of securities on loan (identified cost, $569,924,510)	$	667,705,045

Affiliated investments, at value (identified cost, $2,534,260)		2,879,625

Foreign currency, at value (identified cost, $1,815,293)		1,792,624

Dividends receivable		521,960

Dividends receivable from affiliated investments		149

Receivable for Fund shares sold		973,417

Securities lending income receivable		24,757

Tax reclaims receivable		1,138,992

Receivable from affiliates		23,347

Total assets	$	675,059,916

Liabilities

Collateral for securities loaned	$	9,918,598

Payable for investments purchased		87,160

Payable for Fund shares redeemed		2,095,576

Payable to affiliates:

Investment adviser and administration fee		231,995

Distribution and service fees		25,833

Accrued expenses		262,891

Total liabilities	$	12,622,053

Net Assets	$	662,437,863

Sources of Net Assets

Paid-in capital	$	564,071,993

Distributable earnings		98,365,870

Net Assets	$	662,437,863

Class A Shares

Net Assets	$	99,422,588

Shares Outstanding		6,639,444

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.97

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	15.88

Institutional Class Shares

Net Assets	$	417,558,785

Shares Outstanding		27,735,054

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.06

Class R Shares

Net Assets	$	9,157,011

Shares Outstanding		617,599

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.83

Class R6 Shares

Net Assets	$	136,299,479

Shares Outstanding		9,063,729

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.04

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


		21		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Statement of Operations


Investment Income	Year Ended January 31, 2022

Dividends (net of foreign taxes, $2,316,957)	$	21,370,909

Dividends from affiliated investments (net of foreign taxes, $7,596)		70,294

Securities lending income, net		684,362

Other income		147,000

Total investment income	$	22,272,565

Expenses

Investment adviser and administration fee	$	2,896,109

Distribution and service fees

Class A		287,236

Class R		33,382

Trustees’ fees and expenses		35,065

Custodian fee		276,741

Transfer and dividend disbursing agent fees		380,886

Legal and accounting services		53,650

Printing and postage		37,295

Registration fees		84,640

Miscellaneous		115,180

Total expenses	$	4,200,184

Deduct —

Allocation of expenses to affiliates	$	293,233

Total expense reductions	$	293,233

Net expenses	$	3,906,951

Net investment income	$	18,365,614

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $14,274)	$	24,839,802

Investment transactions — affiliated investments		(58	)

Foreign currency transactions		(184,313	)

Net realized gain	$	24,655,431

Change in unrealized appreciation (depreciation) —

Investments	$	(5,025,988	)

Investments — affiliated investments		260,355

Foreign currency		(93,170	)

Net change in unrealized appreciation (depreciation)	$	(4,858,803	)

Net realized and unrealized gain	$	19,796,628

Net increase in net assets from operations	$	38,162,242


		22		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021

From operations —

Net investment income	$	18,365,614		$	11,614,460

Net realized gain (loss)		24,655,431			(1,499,077	)

Net change in unrealized appreciation (depreciation)		(4,858,803	)		48,311,534

Net increase in net assets from operations	$	38,162,242		$	58,426,917

Distributions to shareholders —

Class A	$	(4,607,356	)	$	(1,549,610	)

Institutional Class		(20,499,938	)		(6,125,067	)

Class R		(425,350	)		(64,563	)

Class R6		(7,403,478	)		(2,442,274	)

Total distributions to shareholders	$	(32,936,122	)	$	(10,181,514	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	21,875,503		$	44,397,162

Institutional Class		95,915,678			139,733,312

Class R		5,547,999			1,563,824

Class R6		39,243,788			68,788,701

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

Class A		4,591,939			1,543,298

Institutional Class		19,789,096			5,899,391

Class R		425,339			64,560

Class R6		7,403,478			2,442,274

Cost of shares redeemed

Class A		(42,466,480	)		(47,308,228	)

Institutional Class		(100,003,980	)		(130,778,358	)

Class R		(1,483,932	)		(794,029	)

Class R6		(62,268,969	)		(44,347,344	)

Net increase (decrease) in net assets from Fund share transactions	$	(11,430,541	)	$	41,204,563

Net increase (decrease) in net assets	$	(6,204,421	)	$	89,449,966

Net Assets

At beginning of year	$	668,642,284		$	579,192,318

At end of year	$	662,437,863		$	668,642,284


		23		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Financial Highlights


	Class A

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.890		$	13.670		$	12.560		$	14.350		$	11.570

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.378		$	0.249		$	0.298		$	0.301		$	0.272

Net realized and unrealized gain (loss)		0.405			1.175			1.144			(1.700	)		2.869

Total income (loss) from operations	$	0.783		$	1.424		$	1.442		$	(1.399	)	$	3.141

Less Distributions

From net investment income	$	(0.425	)	$	(0.195	)	$	(0.277	)	$	(0.211	)	$	(0.361	)

From net realized gain		(0.278	)		(0.009	)		(0.055	)		(0.180	)		—

Total distributions	$	(0.703	)	$	(0.204	)	$	(0.332	)	$	(0.391	)	$	(0.361	)

Net asset value — End of year	$	14.970		$	14.890		$	13.670		$	12.560		$	14.350

Total Return⁽²⁾⁽³⁾		5.18	%		10.35	%		11.53	%		(9.73	)%		27.29	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	99,423		$	113,340		$	103,801		$	65,056		$	59,858

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

Expenses⁽³⁾		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Net investment income		2.36	%		1.90	%		2.24	%		2.27	%		2.06	%

Portfolio Turnover		22	%		16	%		27	%		30	%		36	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾

The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.04%, 0.07%, 0.06%, 0.11% and 0.11% of average daily net assets for the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.


		24		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Financial Highlights — continued


	Institutional Class

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.980		$	13.740		$	12.610		$	14.410		$	11.610

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.414		$	0.279		$	0.297		$	0.310		$	0.312

Net realized and unrealized gain (loss)		0.414			1.196			1.194			(1.689	)		2.874

Total income (loss) from operations	$	0.828		$	1.475		$	1.491		$	(1.379	)	$	3.186

Less Distributions

From net investment income	$	(0.470	)	$	(0.226	)	$	(0.306	)	$	(0.241	)	$	(0.386	)

From net realized gain		(0.278	)		(0.009	)		(0.055	)		(0.180	)		—

Total distributions	$	(0.748	)	$	(0.235	)	$	(0.361	)	$	(0.421	)	$	(0.386	)

Net asset value — End of year	$	15.060		$	14.980		$	13.740		$	12.610		$	14.410

Total Return⁽²⁾⁽³⁾		5.45	%		10.75	%		11.79	%		(9.53	)%		27.60	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	417,559		$	400,149		$	359,605		$	151,107		$	86,446

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

Expenses⁽³⁾		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%

Net investment income		2.57	%		2.11	%		2.21	%		2.35	%		2.36	%

Portfolio Turnover		22	%		16	%		27	%		30	%		36	%

⁽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⁾


		25		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Financial Highlights — continued


	Class R

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.790		$	13.590		$	12.490		$	14.290		$	11.530

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.290		$	0.204		$	0.237		$	0.231		$	0.259

Net realized and unrealized gain (loss)		0.451			1.180			1.172			(1.657	)		2.827

Total income (loss) from operations	$	0.741		$	1.384		$	1.409		$	(1.426	)	$	3.086

Less Distributions

From net investment income	$	(0.423	)	$	(0.175	)	$	(0.254	)	$	(0.194	)	$	(0.326	)

From net realized gain		(0.278	)		(0.009	)		(0.055	)		(0.180	)		—

Total distributions	$	(0.701	)	$	(0.184	)	$	(0.309	)	$	(0.374	)	$	(0.326	)

Net asset value — End of year	$	14.830		$	14.790		$	13.590		$	12.490		$	14.290

Total Return⁽²⁾⁽³⁾		4.93	%		10.20	%		11.25	%		(9.96	)%		26.90	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	9,157		$	5,082		$	3,713		$	1,939		$	1,167

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

Expenses⁽³⁾		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Net investment income		1.83	%		1.55	%		1.79	%		1.77	%		1.98	%

Portfolio Turnover		22	%		16	%		27	%		30	%		36	%

⁽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⁾


		26		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Financial Highlights — continued


	Class R6

	Year Ended January 31,
	2022			2021			2020			2019			2018

Net asset value — Beginning of year	$	14.960		$	13.730		$	12.600		$	14.410		$	11.610

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.421		$	0.275		$	0.342		$	0.363		$	0.319

Net realized and unrealized gain (loss)		0.416			1.198			1.155			(1.746	)		2.875

Total income (loss) from operations	$	0.837		$	1.473		$	1.497		$	(1.383	)	$	3.194

Less Distributions

From net investment income	$	(0.479	)	$	(0.234	)	$	(0.312	)	$	(0.247	)	$	(0.394	)

From net realized gain		(0.278	)		(0.009	)		(0.055	)		(0.180	)		—

Total distributions	$	(0.757	)	$	(0.243	)	$	(0.367	)	$	(0.427	)	$	(0.394	)

Net asset value — End of year	$	15.040		$	14.960		$	13.730		$	12.600		$	14.410

Total Return⁽²⁾⁽³⁾		5.51	%		10.75	%		11.85	%		(9.56	)%		27.67	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	136,299		$	150,071		$	112,074		$	91,371		$	109,225

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

Expenses⁽³⁾		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%

Net investment income		2.61	%		2.07	%		2.56	%		2.72	%		2.42	%

Portfolio Turnover		22	%		16	%		27	%		30	%		36	%

⁽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⁾


		27		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements

1 Significant Accounting Policies

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

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 Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended January 31, 2022, the Fund received $147,000 from Finland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.


		28

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements — continued

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

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:


	Year Ended January 31,
	2022		2021

Ordinary income	$	27,232,795	$	9,972,146

Long-term capital gains	$	5,703,327	$	209,368

During the year ended January 31, 2022, distributable earnings was decreased by $3,259,412 and paid-in capital was increased by $3,259,412 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.


		29

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements — continued

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	910,226

Undistributed long-term capital gains		6,653,291

Net unrealized appreciation		90,802,353

Distributable earnings	$	98,365,870

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	579,762,627

Gross unrealized appreciation	$	134,721,248

Gross unrealized depreciation		(43,899,205	)

Net unrealized appreciation	$	90,822,043

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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


Average Daily Net Assets	Annual Fee Rate

Up to $1 billion		0.400	%

$1 billion but less than $2.5 billion		0.375	%

$2.5 billion but less than $5 billion		0.360	%

$5 billion and over		0.350	%

For the year ended January 31, 2022, the investment adviser and administration fee amounted to $2,896,109 or 0.40% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.75%, 0.50%, 1.00% and 0.47% of the Fund’s average daily net assets for Class A, Institutional Class, Class R and Class R6, respectively. This agreement may be changed or terminated after May 31, 2022. Pursuant to this agreement, EVM and Parametric were allocated $293,233 in total of the Fund’s operating expenses for the year ended January 31, 2022.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2022, EVM earned $23,013 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 $358 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2022. EVD also received distribution and service fees from Class A and Class R shares (see Note 4).


		30

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements — continued

accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2022 amounted to $287,236 for Class A shares.

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended January 31, 2022, the Fund paid or accrued to EVD $16,691 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2022 amounted to $16,691 for Class R shares.

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

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2022, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $154,518,691 and $174,996,548, respectively, for the year ended January 31, 2022.

7 Shares of Beneficial Interest


	Year Ended January 31,
Class A	2022			2021

Sales		1,370,825			3,721,595

Issued to shareholders electing to receive payments of distributions in Fund shares		301,111			104,777

Redemptions		(2,641,838	)		(3,807,911	)

Net increase (decrease)		(969,902	)		18,461

	Year Ended January 31,
Institutional Class	2022			2021

Sales		5,961,417			10,891,613

Issued to shareholders electing to receive payments of distributions in Fund shares		1,291,716			397,595

Redemptions		(6,236,619	)		(10,741,029	)

Net increase		1,016,514			548,179


		31

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements — continued


	Year Ended January 31,
Class R	2022			2021

Sales		339,855			125,033

Issued to shareholders electing to receive payments of distributions in Fund shares		28,168			4,415

Redemptions		(94,050	)		(58,975	)

Net increase		273,973			70,473

	Year Ended January 31,
Class R6	2022			2021

Sales		2,452,221			5,086,627

Issued to shareholders electing to receive payments of distributions in Fund shares		483,571			164,536

Redemptions		(3,901,210	)		(3,383,215	)

Net increase (decrease)		(965,418	)		1,867,948

8 Line of Credit

9 Securities Lending Agreement

At January 31, 2022, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $26,964,704 and $28,185,147, respectively. Collateral received was comprised of cash of $9,918,598 and U.S. government and/or agencies securities of $18,266,549. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.


		32

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements — continued


	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total

Common Stocks	$	9,918,598	$	—	$	—	$	—	$	9,918,598

10 Investments in Affiliated Issuers and Funds

The Fund invested in issuers that may be deemed to be affiliated with Morgan Stanley. At January 31, 2022, the value of the Fund’s investment in affiliated issuers and funds was $2,879,625, which represents 0.4% of the Fund’s net assets. Transactions in affiliated issuers and funds by the Fund for the year ended January 31, 2022 were as follows:


Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/ Units, end of period

Common Stocks

Mitsubishi UFJ Financial Group, Inc.⁽¹⁾	$	—	$	—	$	—		$	—		$	260,355	$	1,968,704	$	68,360		324,800

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC		5,041,104		76,803,263		(80,933,388	)		(58	)		—		910,921		1,934		911,012

Totals								$	(58	)	$	260,355	$	2,879,625	$	70,294

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

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)


		33

Parametric

International Equity Fund

January 31, 2022

Notes to Financial Statements — continued

At January 31, 2022, 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	$	4,993,607	$	195,887,455		$	0	$	200,881,062

Developed Europe		6,145,089		437,470,783			0		443,615,872

Developed Middle East		1,842,004		13,415,709			—		15,257,713

Total Common Stocks	$	12,980,700	$	646,773,947	**	$	0	$	659,754,647

Rights	$	—	$	504		$	—	$	504

Warrants		—		0			—		0

Short-Term Investments —

Affiliated Fund		—		910,921			—		910,921

Securities Lending Collateral		9,918,598		—			—		9,918,598

Total Investments	$	22,899,298	$	647,685,372		$	0	$	670,584,670

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

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

Level 3 investments at the beginning and/or end of the period were valued at $0 and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2022 is not presented.

12 Risks and Uncertainties

Risks Associated with Foreign Investments

Pandemic Risk


		34

Parametric

International Equity Fund

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2022, 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 Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 22, 2022

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


		35

Parametric

International Equity Fund

January 31, 2022

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2022, the Fund designates approximately $15,837,297, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended January 31, 2022, the Fund paid foreign taxes of $1,399,743 and recognized foreign source income of $18,587,790.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2022, $15,223,016 or, if subsequently determined to be different, the net capital gain of such year.


		36

Parametric

International Equity Fund

January 31, 2022

Management and Organization


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	Since 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. None.

Cynthia E. Frost 1961	Trustee	Since 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. None.

George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. 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).


		37

Parametric

International Equity Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Trustee	Since 2003	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. None.

Helen Frame Peters 1948	Trustee	Since 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. None.

Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).

Scott E. Wennerholm 1959	Trustee	Since 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. None.


		38

Parametric

International Equity Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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

Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.

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

Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).

Richard F. Froio 1968	Chief Compliance Officer	Since 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).


		39

Eaton Vance Funds


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ^∎ Social Security number and income ^∎ investment experience and risk tolerance ^∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


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


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



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		40

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


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


		41

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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


		42

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

4736 1.31.22

LOGO

Parametric

Volatility Risk Premium - Defensive Fund

Annual Report

January 31, 2022

LOGO

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

Annual Report January 31, 2022

Parametric

Volatility Risk Premium - Defensive Fund


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			23
Federal Tax Information			24
Management and Organization			25
Privacy Notice			28
Important Notices			30

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Despite several macro risks — new COVID-19 variants, rising inflation, supply-chain disruptions, interest rate increases — 2021 was generally a strong year for equity investments. The S&P 500^® Index, a broad-based U.S. stock market benchmark, led the way with a 23.29% return during the 12-month period ended January 31, 2022, experiencing 66 new daily all-time highs along the way. For added perspective, from 2019 to 2021 the S&P 500^® Index doubled in value, a feat not achieved since the late 1990s. While most global equity indexes posted robust returns during the period, emerging markets generally finished lower.

Meanwhile, fixed-income markets presented new challenges for investors. After the U.S. 10 Year Treasury rate dipped below 0.50% at the start of the pandemic, the rate increased another 60 basis points in 2021, closing above 1.50% by period-end. The increase in yield was driven almost entirely by increased inflation expectations, causing the U.S. Federal Reserve to speed up its expected pace of interest rate hikes.

For the period as a whole, the market experienced high option pricing despite strong equity activity, limited drawdowns, and relatively low volatility. The Cboe Volatility Index^® averaged 19.7% against realized volatility of 13%, indicative of a robust volatility risk premium (6.7 volatility points) that was also persistently positive (at 97% of observations). These tailwinds have prevailed since COVID-19 caught the volatility market by surprise.

Fund Performance

For the 12-month period ended January 31, 2022, Parametric Volatility Risk Premium - Defensive Fund (the Fund) returned 14.22% for Institutional Class shares at net asset value (NAV), underperforming its primary benchmark, the Cboe S&P 500 BuyWrite Index^SM (the Index), which returned 17.35%. The Index is a passive covered call-writing benchmark. The Fund outperformed its secondary benchmark — a blend of 50% S&P 500^® Index/50% ICE BofA 3-Month U.S. Treasury Bill Index (the Secondary Index) — which returned 11.32% during the period.

The Fund pursued its objective by investing in a base portfolio composed of an approximately equal mix of equity securities and U.S. Treasury bills. The Fund sells — or writes — call and put options on the S&P 500^® Index, a broad-based U.S. stock market benchmark. Written call and put options are intended to harvest the volatility risk premium — or VRP — the difference between implied volatility and subsequent realized volatility, which has been historically positive and uncorrelated with other sources of returns.

The long equity securities held in the Fund were passively managed to reflect the S&P 500^® Index, but actively managed to maximize after-tax results. Sampling techniques were used to help mitigate the tax impact on investors. For the period, equities contributed 11.4% to total Fund returns, while net option returns for written calls and puts contributed 3.1%. After a challenging first quarter in 2020, options produced seven consecutive profitable quarters, nearly recouping all the losses from that period. Treasury bills and cash equivalents detracted approximately 0.02% from relative Fund performance during the period.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Performance^2,3

Portfolio Manager(s) Thomas C. Seto, Thomas B. Lee, CFA and Alex Zweber, CFA, CAIA, each of Parametric Portfolio Associates LLC


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

Institutional Class at NAV		02/09/2017		02/09/2017		14.22	%		—			8.06	%



Cboe S&P 500 BuyWrite Index^SM		—		—		17.35	%		6.82	%		6.70	%
S&P 500^®Index		—		—		23.29			16.77			16.54
ICE BofA 3-Month U.S. Treasury Bill Index		—		—		0.04			1.13			1.14
Blended Index		—		—		11.32			9.03			8.92

% Total Annual Operating Expense Ratio⁴											Institutional Class

												0.47	%

Growth of $50,000

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

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Fund Profile

Common Stock Sector Allocation (% of net assets)

LOGO

Asset Allocation (% of total investments)

LOGO

Top 10 Holdings (% of net assets)⁵



Apple, Inc.	3.8	%

Microsoft Corp.	3.2

Amazon.com, Inc.	1.8

Alphabet, Inc., Class A	1.1

Meta Platforms, Inc., Class A	1.1

Alphabet, Inc., Class C	1.1

Tesla, Inc.	1.0

NVIDIA Corp.	1.0

Berkshire Hathaway, Inc., Class B	0.9

UnitedHealth Group, Inc.	0.7

Total	15.7	%

See Endnotes and Additional Disclosures in this report.


		4

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Endnotes and Additional Disclosures

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

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

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

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

Fund profile subject to change due to active management.

Additional Information

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

Implied volatility refers to the market’s forecasted level of volatility going forward — one commonly used measure is the Cboe Volatility Index^®, which looks 30 days ahead — whereas realized volatility refers to the level of volatility that actually occurred.


		5

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).


	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period^* (8/1/21 – 1/31/22)		Annualized Expense Ratio

Actual
Institutional Class	$	1,000.00	$	1,024.20	$	2.45		0.48	%

Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.79	$	2.45		0.48	%


		6

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Portfolio of Investments


Common Stocks— 50.2%
Security	Shares		Value

Aerospace & Defense— 0.5%

Huntington Ingalls Industries, Inc.		7,395	$	1,384,344

L3Harris Technologies, Inc.		8,081		1,691,273

Raytheon Technologies Corp.		24,180		2,180,794

			$	5,256,411

Air Freight & Logistics— 0.2%

Expeditors International of Washington, Inc.		12,094	$	1,384,521

United Parcel Service, Inc., Class B		1,477		298,664

			$	1,683,185

Airlines— 0.2%

Alaska Air Group, Inc.⁽¹⁾		22,140	$	1,211,944

American Airlines Group, Inc.⁽¹⁾		36,250		597,037

			$	1,808,981

Auto Components— 0.1%

BorgWarner, Inc.		21,373	$	937,206

			$	937,206

Automobiles— 1.0%

Tesla, Inc.⁽¹⁾		10,600	$	9,929,232

			$	9,929,232

Banks— 2.3%

Bank of America Corp.		121,030	$	5,584,324

Citigroup, Inc.		43,544		2,835,585

Fifth Third Bancorp		30,206		1,348,094

Huntington Bancshares, Inc.		62,582		942,485

JPMorgan Chase & Co.		45,700		6,791,020

KeyCorp		65,132		1,632,208

People’s United Financial, Inc.		27,749		537,776

Regions Financial Corp.		63,482		1,456,277

Wells Fargo & Co.		28,420		1,528,996

			$	22,656,765

Beverages— 0.9%

Brown-Forman Corp., Class B		10,034	$	676,592

Coca-Cola Co. (The)		55,595		3,391,851

PepsiCo, Inc.		25,184		4,369,928

			$	8,438,371


Security	Shares		Value

Biotechnology— 0.7%

AbbVie, Inc.		33,407	$	4,573,084

Amgen, Inc.		10,618		2,411,773

			$	6,984,857

Building Products— 0.2%

A.O. Smith Corp.		16,936	$	1,294,249

Carrier Global Corp.		20,581		981,302

			$	2,275,551

Capital Markets— 1.4%

Ameriprise Financial, Inc.		5,539	$	1,685,573

CME Group, Inc.		5,902		1,354,509

Goldman Sachs Group, Inc. (The)		4,855		1,721,971

Invesco, Ltd.		97,310		2,205,045

MarketAxess Holdings, Inc.		2,934		1,010,704

Nasdaq, Inc.		8,689		1,557,156

S&P Global, Inc.		5,870		2,437,341

State Street Corp.		17,399		1,644,206

			$	13,616,505

Chemicals— 0.8%

Celanese Corp.		1,716	$	267,198

CF Industries Holdings, Inc.		13,525		931,467

FMC Corp.		9,977		1,101,162

Linde PLC		10,471		3,336,898

Sherwin-Williams Co. (The)		7,133		2,043,676

			$	7,680,401

Commercial Services & Supplies— 0.2%

Republic Services, Inc.		12,257	$	1,564,729

			$	1,564,729

Communications Equipment— 0.5%

Arista Networks, Inc.⁽¹⁾		5,360	$	666,302

Cisco Systems, Inc.		57,164		3,182,320

F5, Inc.⁽¹⁾		6,478		1,344,962

			$	5,193,584

Construction & Engineering— 0.1%

Quanta Services, Inc.		10,636	$	1,092,530

			$	1,092,530


		7		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Consumer Finance— 0.2%

Synchrony Financial		37,330	$	1,589,885

			$	1,589,885

Containers & Packaging— 0.4%

Avery Dennison Corp.		6,757	$	1,388,023

Packaging Corp. of America		6,949		1,046,728

Sealed Air Corp.		14,789		1,004,469

			$	3,439,220

Distributors— 0.2%

LKQ Corp.		25,800	$	1,416,162

			$	1,416,162

Diversified Financial Services— 0.9%

Berkshire Hathaway, Inc., Class B⁽¹⁾		28,111	$	8,799,305

			$	8,799,305

Diversified Telecommunication Services— 0.5%

AT&T, Inc.		27,766	$	708,033

Verizon Communications, Inc.		73,536		3,914,321

			$	4,622,354

Electric Utilities— 1.0%

Alliant Energy Corp.		24,864	$	1,488,359

Duke Energy Corp.		12,308		1,293,079

Entergy Corp.		11,020		1,231,705

Evergy, Inc.		18,306		1,189,158

FirstEnergy Corp.		18,692		784,316

NextEra Energy, Inc.		39,985		3,123,628

Pinnacle West Capital Corp.		6,846		476,550

			$	9,586,795

Electrical Equipment— 0.2%

Eaton Corp. PLC		13,064	$	2,069,730

			$	2,069,730

Electronic Equipment, Instruments & Components— 0.2%

TE Connectivity, Ltd.		12,454	$	1,781,047

			$	1,781,047

Entertainment— 0.7%

Netflix, Inc.⁽¹⁾		7,509	$	3,207,394


Security	Shares		Value

Entertainment(continued)

Walt Disney Co. (The)⁽¹⁾		28,196	$	4,031,182

			$	7,238,576

Equity Real Estate Investment Trusts (REITs)— 1.4%

Alexandria Real Estate Equities, Inc.		7,796	$	1,518,973

American Tower Corp.		8,699		2,187,798

Duke Realty Corp.		27,342		1,579,821

Equity Residential		19,332		1,715,328

Extra Space Storage, Inc.		8,065		1,598,402

Healthpeak Properties, Inc.		42,363		1,498,379

Mid-America Apartment Communities, Inc.		7,713		1,594,123

Public Storage		4,722		1,692,979

			$	13,385,803

Food & Staples Retailing— 0.8%

Costco Wholesale Corp.		8,142	$	4,112,768

Kroger Co. (The)		23,840		1,039,186

Walmart, Inc.		19,875		2,778,724

			$	7,930,678

Food Products— 0.3%

Campbell Soup Co.		6,810	$	300,457

Conagra Brands, Inc.		39,326		1,366,972

Hormel Foods Corp.⁽²⁾		9,882		469,098

McCormick & Co., Inc., Non Voting Shares		10,622		1,065,493

			$	3,202,020

Health Care Equipment & Supplies— 1.5%

Abbott Laboratories		32,548	$	4,148,568

Boston Scientific Corp.⁽¹⁾		28,504		1,222,821

Cooper Cos., Inc. (The)		3,606		1,436,270

DENTSPLY SIRONA, Inc.		14,142		755,466

IDEXX Laboratories, Inc.⁽¹⁾		3,127		1,586,327

Intuitive Surgical, Inc.⁽¹⁾		8,072		2,293,901

Medtronic PLC		27,665		2,863,051

			$	14,306,404

Health Care Providers & Services— 1.3%

AmerisourceBergen Corp.		8,818	$	1,201,012

Centene Corp.⁽¹⁾		11,870		923,011

DaVita, Inc.⁽¹⁾		13,184		1,428,750

Quest Diagnostics, Inc.		9,991		1,348,985

UnitedHealth Group, Inc.		14,846		7,015,774


		8		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Health Care Providers & Services(continued)

Universal Health Services, Inc., Class B		5,559	$	723,004

			$	12,640,536

Hotels, Restaurants & Leisure— 0.7%

Expedia Group, Inc.⁽¹⁾		9,522	$	1,745,287

McDonald’s Corp.		8,578		2,225,562

Royal Caribbean Cruises, Ltd.⁽¹⁾		5,829		453,554

Starbucks Corp.		20,593		2,024,704

Wynn Resorts, Ltd.⁽¹⁾		6,188		528,765

			$	6,977,872

Household Durables— 0.2%

Leggett & Platt, Inc.		12,055	$	480,392

Lennar Corp., Class A		15,957		1,533,627

			$	2,014,019

Household Products— 0.7%

Clorox Co. (The)		4,479	$	751,845

Procter & Gamble Co. (The)		39,823		6,389,600

			$	7,141,445

Industrial Conglomerates— 0.3%

Honeywell International, Inc.		14,527	$	2,970,481

			$	2,970,481

Insurance— 0.8%

Arthur J. Gallagher & Co.		10,500	$	1,658,370

Assurant, Inc.		7,259		1,107,070

Everest Re Group, Ltd.		3,890		1,102,426

Globe Life, Inc.		10,227		1,046,222

Progressive Corp. (The)		18,233		1,981,198

Unum Group		50,946		1,293,009

			$	8,188,295

Interactive Media & Services— 3.3%

Alphabet, Inc., Class A⁽¹⁾		4,078	$	11,035,353

Alphabet, Inc., Class C⁽¹⁾		3,839		10,418,931

Meta Platforms, Inc., Class A⁽¹⁾		34,352		10,761,108

			$	32,215,392

Internet & Direct Marketing Retail— 1.9%

Amazon.com, Inc.⁽¹⁾		5,953	$	17,808,221


Security	Shares		Value

Internet & Direct Marketing Retail(continued)

eBay, Inc.		14,642	$	879,545

			$	18,687,766

IT Services— 2.2%

Accenture PLC, Class A		11,620	$	4,108,600

Global Payments, Inc.		3,986		597,422

Mastercard, Inc., Class A		15,003		5,796,859

PayPal Holdings, Inc.⁽¹⁾		20,548		3,533,023

Visa, Inc., Class A		28,964		6,550,788

Western Union Co. (The)		59,097		1,117,524

			$	21,704,216

Life Sciences Tools & Services— 1.1%

Danaher Corp.		12,212	$	3,490,068

IQVIA Holdings, Inc.⁽¹⁾		7,429		1,819,362

Thermo Fisher Scientific, Inc.		7,011		4,075,494

Waters Corp.⁽¹⁾		4,426		1,416,851

			$	10,801,775

Machinery— 0.7%

Flowserve Corp.		15,296	$	498,955

IDEX Corp.		6,450		1,389,588

PACCAR, Inc.		18,440		1,714,736

Stanley Black & Decker, Inc.		8,843		1,544,430

Westinghouse Air Brake Technologies Corp.		16,102		1,431,468

			$	6,579,177

Media— 0.6%

Comcast Corp., Class A		63,545	$	3,176,615

Discovery, Inc., Class A⁽¹⁾		18,903		527,583

DISH Network Corp., Class A⁽¹⁾		17,098		536,877

ViacomCBS, Inc., Class B		40,540		1,356,063

			$	5,597,138

Metals & Mining— 0.2%

Freeport-McMoRan, Inc.		57,939	$	2,156,490

			$	2,156,490

Multi-Utilities— 0.2%

CMS Energy Corp.		12,383	$	797,217

WEC Energy Group, Inc.		11,345		1,100,919

			$	1,898,136


		9		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Portfolio of Investments — continued


Security	Shares		Value

Multiline Retail— 0.2%

Kohl’s Corp.		25,641	$	1,531,024

			$	1,531,024

Oil, Gas & Consumable Fuels— 1.7%

APA Corp.		42,707	$	1,418,300

Chevron Corp.		20,806		2,732,452

Devon Energy Corp.		37,265		1,884,491

EOG Resources, Inc.		15,990		1,782,565

Exxon Mobil Corp.		53,967		4,099,333

HollyFrontier Corp.⁽¹⁾		39,132		1,375,881

Marathon Oil Corp.		67,041		1,305,288

ONEOK, Inc.		23,516		1,426,951

			$	16,025,261

Pharmaceuticals— 2.0%

Bristol-Myers Squibb Co.		22,871	$	1,484,099

Eli Lilly & Co.		14,926		3,662,691

Johnson & Johnson		38,833		6,690,538

Merck & Co., Inc.		43,943		3,580,476

Pfizer, Inc.		73,796		3,888,311

			$	19,306,115

Professional Services— 0.3%

Jacobs Engineering Group, Inc.		10,642	$	1,385,376

Verisk Analytics, Inc.		7,977		1,564,529

			$	2,949,905

Road & Rail— 0.5%

J.B. Hunt Transport Services, Inc.		7,559	$	1,455,410

Union Pacific Corp.		13,642		3,336,151

			$	4,791,561

Semiconductors & Semiconductor Equipment— 3.0%

Advanced Micro Devices, Inc.⁽¹⁾		2,934	$	335,210

Broadcom, Inc.		7,590		4,446,829

Intel Corp.		46,998		2,294,442

KLA Corp.		6,598		2,568,404

NVIDIA Corp.		39,547		9,683,478

Qorvo, Inc.⁽¹⁾		8,382		1,150,681

QUALCOMM, Inc.		23,594		4,146,881

SolarEdge Technologies, Inc.⁽¹⁾		3,930		936,205

Teradyne, Inc.		2,071		243,198

Texas Instruments, Inc.		19,119		3,431,669

			$	29,236,997


Security	Shares		Value

Software— 4.6%

Adobe, Inc.⁽¹⁾		8,035	$	4,293,100

Intuit, Inc.		5,533		3,072,088

Microsoft Corp.		100,044		31,111,683

Oracle Corp.		34,271		2,781,434

salesforce.com, inc.⁽¹⁾		16,625		3,867,474

			$	45,125,779

Specialty Retail— 1.2%

Advance Auto Parts, Inc.		6,070	$	1,405,266

Bath & Body Works, Inc.		20,278		1,136,987

Home Depot, Inc. (The)		17,051		6,257,376

Lowe’s Cos., Inc.		8,583		2,037,175

Ross Stores, Inc.		5,039		492,562

Victoria’s Secret & Co.⁽¹⁾		7,225		403,372

			$	11,732,738

Technology Hardware, Storage & Peripherals— 3.9%

Apple, Inc.		209,496	$	36,615,711

Western Digital Corp.⁽¹⁾		16,191		837,722

Xerox Holdings Corp.		20,610		435,077

			$	37,888,510

Textiles, Apparel & Luxury Goods— 0.4%

NIKE, Inc., Class B		19,446	$	2,879,369

Ralph Lauren Corp., Class A		3,952		438,040

Under Armour, Inc., Class A⁽¹⁾		24,807		467,116

Under Armour, Inc., Class C⁽¹⁾		25,637		409,935

			$	4,194,460

Tobacco— 0.4%

Philip Morris International, Inc.		33,332	$	3,428,196

			$	3,428,196

Trading Companies & Distributors— 0.3%

Fastenal Co.		20,159	$	1,142,612

W.W. Grainger, Inc.		2,520		1,247,677

			$	2,390,289

Water Utilities— 0.1%

American Water Works Co., Inc.		5,314	$	854,491

			$	854,491

Total Common Stocks (identified cost $252,431,344)			$	487,514,351


		10		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Portfolio of Investments — continued


Short-Term Investments— 53.4%

Affiliated Fund— 4.9%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.08%⁽³⁾		47,489,850	$	47,485,101

Total Affiliated Fund (identified cost $47,485,101)			$	47,485,101

U.S. Treasury Obligations — 48.5%
Security	Principal Amount (000’s omitted)		Value

U.S. Treasury Bills:

0.00%, 7/14/22⁽⁴⁾	$	64,500	$	64,376,612

0.00%, 10/6/22⁽⁴⁾		46,000		45,831,858

0.00%, 12/1/22⁽²⁾		46,500		46,261,555

0.00%, 12/29/22		4,000		3,973,551

0.00%, 1/26/23		34,000		33,742,261

U.S. Treasury Notes:

0.375%, 3/31/22⁽²⁾		11,500		11,504,100

1.625%, 12/15/22		8,880		8,950,108

1.75%, 2/28/22		8,000		8,010,063

1.75%, 4/30/22⁽⁴⁾		19,000		19,071,282

1.75%, 5/15/22⁽⁴⁾		19,500		19,582,555

1.75%, 5/31/22		23,000		23,106,961

1.75%, 7/15/22		32,250		32,439,699

1.875%, 2/28/22⁽⁴⁾		8,000		8,010,808

1.875%, 3/31/22⁽²⁾⁽⁴⁾		27,000		27,074,111

1.875%, 7/31/22		32,250		32,472,524

2.00%, 11/30/22		8,850		8,943,362

2.125%, 5/15/22		21,500		21,614,550

2.25%, 4/15/22⁽⁴⁾		20,800		20,886,688

2.375%, 3/15/22		35,500		35,594,862

Total U.S. Treasury Obligations (identified cost $472,074,555)			$	471,447,510

Total Short-Term Investments (identified cost $519,559,656)			$	518,932,611

Total Investments — 103.6% (identified cost $771,991,000)			$	1,006,446,962

Total Written Options — (0.5)% (premiums received $3,943,092)			$	(4,656,121	)

Other Assets, Less Liabilities — (3.1)%			$	(30,307,987	)

Net Assets — 100.0%			$	971,482,854

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 January 31, 2022. The aggregate market value of securities on loan at January 31, 2022 was $58,508,742.

⁽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 January 31, 2022.

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


		11		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Portfolio of Investments — continued


Written Call Options (Exchange-Traded) — (0.3)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

S&P 500 Index		85	$	38,382,175	$	4,555		2/2/22	$	(112,625	)

S&P 500 Index		85		38,382,175		4,445		2/4/22		(747,575	)

S&P 500 Index		85		38,382,175		4,490		2/7/22		(527,000	)

S&P 500 Index		90		40,639,950		4,575		2/7/22		(120,474	)

S&P 500 Index		85		38,382,175		4,525		2/11/22		(488,750	)

S&P 500 Index		85		38,382,175		4,740		2/14/22		(35,275	)

S&P 500 Index		85		38,382,175		4,660		2/18/22		(167,025	)

S&P 500 Index		85		38,382,175		4,625		2/23/22		(285,600	)

S&P 500 Index		90		40,639,950		4,675		2/28/22		(196,074	)

Total									$	(2,680,398	)

Written Put Options (Exchange-Traded) — (0.2)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

S&P 500 Index		90	$	40,639,950	$	4,470		2/4/22	$	(288,000	)

S&P 500 Index		90		40,639,950		4,325		2/7/22		(150,624	)

S&P 500 Index		85		38,382,175		4,520		2/9/22		(564,400	)

S&P 500 Index		85		38,382,175		4,110		2/11/22		(59,925	)

S&P 500 Index		85		38,382,175		4,325		2/14/22		(232,475	)

S&P 500 Index		85		38,382,175		4,185		2/18/22		(175,525	)

S&P 500 Index		85		38,382,175		4,130		2/23/22		(168,300	)

S&P 500 Index		90		40,639,950		4,225		2/28/22		(336,474	)

Total									$	(1,975,723	)


		12		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Statement of Assets and Liabilities


Assets	January 31, 2022

Unaffiliated investments, at value including $58,508,742 of securities on loan (identified cost, $724,505,899)	$	958,961,861

Affiliated investment, at value (identified cost, $47,485,101)		47,485,101

Dividends receivable		345,442

Interest receivable		1,179,298

Dividends receivable from affiliated investment		3,543

Receivable for premiums on written options		803,646

Receivable for Fund shares sold		3,003,372

Securities lending income receivable		5,407

Total assets	$	1,011,787,670

Liabilities

Written options outstanding, at value (premiums received, $3,943,092)	$	4,656,121

Payable for investments purchased		33,750,270

Payable for closed written options		1,062,117

Payable for Fund shares redeemed		304,323

Payable to affiliate:

Investment adviser and administration fee		331,128

Accrued expenses		200,857

Total liabilities	$	40,304,816

Net Assets	$	971,482,854

Sources of Net Assets

Paid-in capital	$	722,120,223

Distributable earnings		249,362,631

Net Assets	$	971,482,854

Institutional Class Shares

Net Assets	$	971,482,854

Shares Outstanding		69,404,663

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.00


		13		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Statement of Operations


Investment Income	Year Ended January 31, 2022

Dividends	$	7,319,800

Dividends from affiliated investment		20,592

Interest		474,334

Securities lending income, net		33,232

Total investment income	$	7,847,958

Expenses

Investment adviser and administration fee	$	4,127,405

Trustees’ fees and expenses		50,084

Custodian fee		279,496

Transfer and dividend disbursing agent fees		238,597

Legal and accounting services		69,162

Printing and postage		14,523

Registration fees		41,052

Miscellaneous		38,183

Total expenses	$	4,858,502

Net investment income	$	2,989,456

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	54,890,649

Investment transactions — affiliated investment		(1,370	)

Written options		29,622,253

Net realized gain	$	84,511,532

Change in unrealized appreciation (depreciation) —

Investments	$	53,386,997

Written options		933,153

Net change in unrealized appreciation (depreciation)	$	54,320,150

Net realized and unrealized gain	$	138,831,682

Net increase in net assets from operations	$	141,821,138


		14		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2022			2021

From operations —

Net investment income	$	2,989,456		$	8,100,549

Net realized gain (loss)		84,511,532			(42,950,085	)

Net change in unrealized appreciation (depreciation)		54,320,150			104,446,308

Net increase in net assets from operations	$	141,821,138		$	69,596,772

Distributions to shareholders —

Institutional Class	$	(12,053,271	)	$	(7,816,386	)

Total distributions to shareholders	$	(12,053,271	)	$	(7,816,386	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	215,364,697		$	537,434,530

Net asset value of shares issued to shareholders in payment of distributions declared		10,566,520			6,364,015

Cost of shares redeemed		(431,567,688	)		(325,348,450	)

Net increase (decrease) in net assets from Fund share transactions	$	(205,636,471	)	$	218,450,095

Net increase (decrease) in net assets	$	(75,868,604	)	$	280,230,481

Net Assets

At beginning of year	$	1,047,351,458		$	767,120,977

At end of year	$	971,482,854		$	1,047,351,458


		15		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Financial Highlights


	Institutional Class

	Year Ended January 31,												Period Ended January 31, 2018⁽¹⁾
	2022			2021			2020			2019			Period Ended January 31, 2018⁽¹⁾

Net asset value — Beginning of period	$	12.410		$	11.940		$	10.830		$	11.020		$	10.000

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.040		$	0.103		$	0.188		$	0.165		$	0.104

Net realized and unrealized gain (loss)		1.727			0.460			1.069			(0.226	)		0.974

Total income (loss) from operations	$	1.767		$	0.563		$	1.257		$	(0.061	)	$	1.078

Less Distributions

From net investment income	$	(0.044	)	$	(0.093	)	$	(0.147	)	$	(0.129	)	$	(0.058	)

From net realized gain		(0.133	)		—			—			—			—

Total distributions	$	(0.177	)	$	(0.093	)	$	(0.147	)	$	(0.129	)	$	(0.058	)

Net asset value — End of period	$	14.000		$	12.410		$	11.940		$	10.830		$	11.020

Total Return⁽³⁾		14.22	%		4.73	%		11.62	%		(0.55	)%		10.79	%⁽⁴⁾⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	971,483		$	1,047,351		$	767,121		$	439,658		$	194,591

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

Expenses		0.47	%		0.47	%		0.48	%		0.52	%		0.55	%⁽⁵⁾⁽⁶⁾

Net investment income		0.29	%		0.90	%		1.64	%		1.50	%		1.00	%⁽⁶⁾

Portfolio Turnover		12	%		69	%		21	%		55	%		26	%⁽⁴⁾

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

⁽²⁾	Computed using average shares outstanding.

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

⁽⁴⁾	Not annualized.

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

⁽⁶⁾	Annualized.


		16		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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.

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.


		17

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Notes to Financial Statements — continued

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

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

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

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2022 and January 31, 2021 was as follows:


	Year Ended January 31,
	2022		2021

Ordinary income	$	3,008,213	$	7,816,386

Long-term capital gains	$	9,045,058	$	—

During the year ended January 31, 2022, distributable earnings was decreased by $3,807,395 and paid-in capital was increased by $3,807,395 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	81,626

Undistributed long-term capital gains		14,986,775

Net unrealized appreciation		234,294,230

Distributable earnings	$	249,362,631


		18

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	772,152,732

Gross unrealized appreciation	$	235,289,515

Gross unrealized depreciation		(995,285	)


Net unrealized appreciation	$	234,294,230

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

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


Average Daily Net Assets	Annual Fee Rate

Up to $1 billion		0.400	%

$1 billion but less than $2.5 billion		0.375	%

$2.5 billion but less than $5 billion		0.360	%

$5 billion and over		0.350	%

For the year ended January 31, 2022, the investment adviser and administration fee amounted to $4,127,405 or 0.40% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $63,481,804 and $198,958,883, respectively, for the year ended January 31, 2022.


		19

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Notes to Financial Statements — continued

5 Shares of Beneficial Interest

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


	Year Ended January 31,
Institutional Class	2022			2021

Sales		15,808,672			48,917,770

Issued to shareholders electing to receive payments of distributions in Fund shares		742,552			522,438

Redemptions		(31,557,720	)		(29,268,917	)


Net increase (decrease)		(15,006,496	)		20,171,291

6 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2022 is included in the Portfolio of Investments. At January 31, 2022, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at January 31, 2022 was as follows:


	Fair Value
Derivative	Asset Derivative		Liability Derivative⁽¹⁾

Written options	$	—	$	(4,656,121	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended January 31, 2022 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Written options	$	29,622,253	$	933,153

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

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


		20

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Notes to Financial Statements — continued

The average number of written options contracts outstanding during the year ended January 31, 2022, which is indicative of the volume of this derivative type, was 1,960 contracts.

7 Line of Credit

8 Securities Lending Agreement

At January 31, 2022, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $58,508,742 and $59,728,107, respectively. Collateral received was comprised of U.S. government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

9 Investments in Affiliated Funds

At January 31, 2022, the value of the Fund’s investment in affiliated funds was $47,485,101, which represents 4.9% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2022 were as follows:


Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	5,138,768	$	527,606,338	$	(485,258,635	)	$	(1,370	)	$	—	$	47,485,101	$	20,592		47,489,850

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)


		21

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Notes to Financial Statements — continued

At January 31, 2022, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2		Level 3		Total

Common Stocks	$	487,514,351	*	$	—	$	—	$	487,514,351

Short-Term Investments —

Affiliated Fund		—			47,485,101		—		47,485,101

U.S. Treasury Obligations		—			471,447,510		—		471,447,510

Total Investments	$	487,514,351		$	518,932,611	$	—	$	1,006,446,962

Liability Description

Written Call Options	$	(2,680,398	)	$	—	$	—	$	(2,680,398	)

Written Put Options		(1,975,723	)		—		—		(1,975,723	)

Total	$	(4,656,121	)	$	—	$	—	$	(4,656,121	)

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

11 Risks and Uncertainties

Pandemic Risk


		22

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Volatility Risk Premium - Defensive Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2022, 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, February 9, 2017 to January 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2022, 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, February 9, 2017 to January 31, 2018, 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 Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 22, 2022

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


		23

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2022, the Fund designates approximately $6,912,353, 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 2022 ordinary income dividends, 99.55% qualifies for the corporate dividends received deduction.

163(j) Interest Dividends. For the fiscal year ended January 31, 2022, the Fund designates 6.08% of distributions from net investment income as a 163(j) interest dividend.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2022, $27,818,602 or, if subsequently determined to be different, the net capital gain of such year.


		24

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Management and Organization


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	Since 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. None.

Cynthia E. Frost 1961	Trustee	Since 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. None.

George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. 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).


		25

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Trustee	Since 2003	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. None.

Helen Frame Peters 1948	Trustee	Since 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. None.

Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	Since 2018	Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	Since 2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).

Scott E. Wennerholm 1959	Trustee	Since 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. None.


		26

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2022

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Length of Service	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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

Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.

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

Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).

Richard F. Froio 1968	Chief Compliance Officer	Since 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).


		27

Eaton Vance Funds


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ^∎ Social Security number and income ^∎ investment experience and risk tolerance ^∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


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


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



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		28

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


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


		29

Eaton Vance Funds


IMPORTANT NOTICES

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

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

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


		30

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

24691 1.31.22

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, William H. Park and Scott E. Wennerholm, 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). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging Markets Debt Fund, Parametric Emerging Markets Fund, Parametric International Equity Fund and Parametric Volatility Risk Premium - Defensive Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 34 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal years ended January 31, 2021 and January 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.


Eaton Vance Emerging Markets Debt Fund
Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	44,450	$	42,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	14,330	$	14,680
All Other Fees⁽³⁾	$	0	$	0

Total	$	58,780	$	56,730


Parametric Emerging Markets Fund
Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	81,850	$	81,850
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	30,082	$	33,412
All Other Fees⁽³⁾	$	0	$	0

Total	$	111,932	$	115,262


Parametric International Equity Fund
Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	37,450	$	37,450
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	12,391	$	12,741
All Other Fees⁽³⁾	$	0	$	0

Total	$	49,841	$	50,191


Parametric Volatility Risk Premium—Defensive Fund
Fiscal Years Ended	1/31/21		1/31/22
Audit Fees	$	37,550	$	37,550
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	17,170	$	17,520
All Other Fees⁽³⁾	$	0	$	0

Total	$	54,720	$	55,070

⁽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, September 30, October 31, November 30, or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.


Fiscal Years Ended	2/29/20		9/30/20		10/31/20		12/31/20		1/31/21		2/28/21		9/30/21		10/31/21		11/30/21		12/31/21		1/31/22
Audit Fees	$	26,250	$	110,800	$	719,575	$	106,700	$	201,300	$	26,250	$	91,600	$	729,872	$	37,050	$	111,700	$	198,900
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	11,413	$	24,948	$	260,719	$	60,338	$	73,973	$	10,103	$	23,248	$	271,569	$	13,000	$	61,738	$	78,353
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Total	$	37,663	$	135,748	$	980,294	$	167,038	$	275,273	$	36,353	$	114,848	$	1,001,441	$	50,050	$	173,438	$	277,253

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

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

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

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

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

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

(f) Not applicable.

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


Fiscal Years Ended	2/29/20		9/30/20		10/31/20		12/31/20		1/31/21		2/28/21		9/30/21		10/31/21		11/30/21		12/31/21		1/31/22
Registrant⁽¹⁾	$	11,413	$	24,948	$	260,719	$	60,338	$	73,973	$	10.103	$	23,248	$	271,569	$	13,000	$	61,738	$	78,353
Eaton Vance⁽²⁾	$	59,903	$	51,800	$	51,800	$	150,300	$	150,300	$	150,300	$	51,800	$	51,800	$	51,800	$	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 Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

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

Eaton Vance Mutual Funds Trust


By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date: March 28, 2022

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


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date: March 28, 2022


By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date: March 28, 2022

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 January 31, 2022 (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: March 28, 2022

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: March 28, 2022

/s/ Eric A. Stein

Eric A. Stein

President