N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Global Bond Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Global Bond Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	30
Officers and Trustees	34
Important Notices	35

Eaton Vance

Global Bond Fund

April 30, 2020

Performance^1,2

Portfolio Managers Michael A. Cirami, CFA, Kyle Lee, CFA and Eric A. Stein, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/2007		06/27/2007		–0.74	%		1.87	%		1.99	%		1.83	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.41			–3.01			1.00			1.33
Class C at NAV		03/01/2011		06/27/2007		–1.09			1.15			1.27			1.14
Class C with 1% Maximum Sales Charge		—		—		–2.05			0.20			1.27			1.14
Class I at NAV		03/01/2011		06/27/2007		–0.61			2.16			2.27			2.09
Bloomberg Barclays Global Aggregate Bond Index		—		—		1.45	%		6.56	%		2.82	%		2.67	%
FTSE World Government Bond Index		—		—		2.30			7.97			2.98			2.34
J.P. Morgan Emerging Local Markets Index Plus (ELMI+)		—		—		–5.92			–4.12		–	0.04		–	0.31
Blended Index		—		—		–0.08			5.23			2.72			2.74
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.39	%		2.09	%		1.09	%
Net									1.01			1.71			0.71

Fund Profile⁴

Foreign Currency Exposures by Country (% of net assets)⁵

Japan	27.3	%
Euro	26.3
Ukraine	7.9
United Kingdom	7.6
Iceland	7.5
Serbia	7.2
Georgia	2.6
Australia	1.5
Thailand	1.4
Norway	1.0
Other	2.6	*
Total Long	93.0
Total Short	–0.1
Total Net	92.9

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

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

Global Bond Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Global Aggregate Bond Index is an unmanaged index of global investment-grade bonds denominated in the U.S. Dollar, Euro, Japanese Yen, and British Sterling. The index includes corporate bonds, government bonds, and mortgage-backed securities. FTSE World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. J.P. Morgan Emerging Local Markets Index Plus (ELMI+) is an unmanaged index of local currency money market instruments in emerging market countries. J.P. Morgan Emerging Markets Bond (JEMB) Hard Currency/Local Currency 50-50 Index is a blended index comprised of 50% J.P. Morgan Government Bond Index: Emerging Market Global Diversified (JPM GBI-EM GD), 25% J.P. Morgan Emerging Market Bond Index Global Diversified (JPM EMBI GD) and 25% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (JPM CEMBI BD). J.P. Morgan Government Bond Index: Emerging Market Global Diversified (JPM GBI-EM GD) is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. J.P. Morgan Emerging Market Bond Index Global Diversified (JPM EMBI GD) is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (JPM CEMBI BD) is an unmanaged index of USD-denominated emerging market corporate bonds. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2019, J.P. Morgan Chase & Co. All rights reserved. The Blended Index consists of 85% Bloomberg Barclays Global Aggregate Bond Index and 15% J.P. Morgan Emerging Markets Bond (JEMB) Hard Currency/Local Currency 50-50 Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

Effective October 14, 2019, the Fund changed its primary benchmark to FTSE World Government Bond Index because the investment adviser believed that in connection with the change in investment strategy, it was a more appropriate benchmark for the Fund. Performance shown prior to October 14, 2019 reflects the Fund’s former investment strategy as a locally denominated international short-term fixed income fund.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁵  Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective March 1, 2020, the Fund changed its primary benchmark to the Bloomberg Barclays Global Aggregate Bond Index, which has substantially similar characteristics to the FTSE World Government Bond Index.

3

Eaton Vance

Global Bond Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	992.60	$	5.00	**		1.01	%
Class C	$	1,000.00	$	989.10	$	8.46	**		1.71	%
Class I	$	1,000.00	$	993.90	$	3.52	**		0.71	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.80	$	5.07	**		1.01	%
Class C	$	1,000.00	$	1,016.40	$	8.57	**		1.71	%
Class I	$	1,000.00	$	1,021.30	$	3.57	**		0.71	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

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

4

Eaton Vance

Global Bond Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in International Income Portfolio, at value (identified cost, $58,680,201)	$	58,577,029
Receivable for Fund shares sold		65,206
Receivable from affiliate		21,460
Total assets	$	58,663,695
Liabilities
Payable for Fund shares redeemed	$	283,184
Payable to affiliates:
Distribution and service fees		10,085
Trustees’ fees		43
Accrued expenses		63,971
Total liabilities	$	357,283
Net Assets	$	58,306,412
Sources of Net Assets
Paid-in capital	$	96,173,870
Accumulated loss		(37,867,458	)
Total	$	58,306,412
Class A Shares
Net Assets	$	15,952,793
Shares Outstanding		1,950,945
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.18
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	8.59
Class C Shares
Net Assets	$	7,497,408
Shares Outstanding		916,907
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.18
Class I Shares
Net Assets	$	34,856,211
Shares Outstanding		4,277,002
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.15

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

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

5 See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest allocated from Portfolio (net of foreign taxes, $105,628)	$	1,406,385
Dividends allocated from Portfolio		15,409
Expenses, excluding interest expense, allocated from Portfolio		(252,834	)
Interest expense allocated from Portfolio		(4,120	)
Total investment income	$	1,164,840
Expenses
Distribution and service fees
Class A	$	26,043
Class C		42,468
Trustees’ fees and expenses		250
Custodian fee		6,144
Transfer and dividend disbursing agent fees		33,675
Legal and accounting services		20,468
Printing and postage		21,577
Registration fees		34,107
Miscellaneous		5,368
Total expenses	$	190,100
Deduct —
Allocation of expenses to affiliate	$	121,587
Total expense reductions	$	121,587
Net expenses	$	68,513
Net investment income	$	1,096,327
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(187,698	)
Swap contracts		50,763
Foreign currency transactions		(186,165	)
Forward foreign currency exchange contracts		(434,233	)
Net realized loss	$	(757,333	)
Change in unrealized appreciation (depreciation) —
Investments	$	(1,234,538	)
Financial futures contracts		(2,156	)
Swap contracts		842,830
Foreign currency		11,113
Forward foreign currency exchange contracts		(345,233	)
Net change in unrealized appreciation (depreciation)	$	(727,984	)
Net realized and unrealized loss	$	(1,485,317	)
Net decrease in net assets from operations	$	(388,990	)

6 See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	1,096,327		$	3,099,028
Net realized gain (loss)		(757,333	)		187,915
Net change in unrealized appreciation (depreciation)		(727,984	)		1,528,372
Net increase (decrease) in net assets from operations	$	(388,990	)	$	4,815,315
Distributions to shareholders —
Class A	$	(554,109	)	$	(1,014,498	)
Class C		(238,558	)		(557,031	)
Class I		(1,495,425	)		(3,166,524	)
Total distributions to shareholders	$	(2,288,092	)	$	(4,738,053	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	958,640		$	5,231,227
Class C		196,284			1,221,685
Class I		4,626,702			18,556,044
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		545,776			998,587
Class C		162,826			387,048
Class I		1,352,248			2,693,229
Cost of shares redeemed
Class A		(3,630,996	)		(7,137,814	)
Class C		(1,994,376	)		(6,158,213	)
Class I		(25,879,272	)		(27,038,486	)
Net asset value of shares converted
Class A		69,597			114,485
Class C		(69,597	)		(114,485	)
Net decrease in net assets from Fund share transactions	$	(23,662,168	)	$	(11,246,693	)
Net decrease in net assets	$	(26,339,250	)	$	(11,169,431	)
Net Assets
At beginning of period	$	84,645,662		$	95,815,093
At end of period	$	58,306,412		$	84,645,662

7 See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.510		$	8.500		$	9.130		$	8.770		$	9.010		$	10.130
Income (Loss) From Operations
Net investment income(1)	$	0.120		$	0.295		$	0.315		$	0.246		$	0.254		$	0.315
Net realized and unrealized gain (loss)		(0.181	)		0.174			(0.539	)		0.520			0.003			(0.921	)
Total income (loss) from operations	$	(0.061	)	$	0.469		$	(0.224	)	$	0.766		$	0.257		$	(0.606	)
Less Distributions
From net investment income	$	(0.269	)	$	(0.459	)	$	(0.052	)	$	(0.406	)	$	—		$	—
Tax return of capital		—			—			(0.354	)		—			(0.497	)		(0.514	)
Total distributions	$	(0.269	)	$	(0.459	)	$	(0.406	)	$	(0.406	)	$	(0.497	)	$	(0.514	)
Net asset value — End of period	$	8.180		$	8.510		$	8.500		$	9.130		$	8.770		$	9.010
Total Return(2)		(0.74	)%(3)(4)		5.62	%(3)		(2.58	)%(3)		8.89	%(3)		2.94	%(3)		(6.12	)%(3)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	15,953		$	18,677		$	19,483		$	22,136		$	43,471		$	63,626
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.01	%(3)(7)(8)		1.11	%(3)(8)		1.11	%(3)(8)		1.10	%(3)		1.11	%(3)(8)		1.11	%(3)(8)
Net investment income		2.88	%(7)		3.43	%		3.51	%		2.74	%		2.85	%		3.27	%
Portfolio Turnover of the Portfolio		47	%(4)		92	%		23	%		29	%		38	%		23	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.50%, 0.40%, 0.34%, 0.37%, 0.27% and 0.19% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.01% for the six months ended April 30, 2020 and each of the years ended October 31, 2019, 2018, 2016 and 2015.

8 See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.510		$	8.500		$	9.130		$	8.770		$	9.000		$	10.100
Income (Loss) From Operations
Net investment income(1)	$	0.092		$	0.237		$	0.252		$	0.183		$	0.192		$	0.244
Net realized and unrealized gain (loss)		(0.182	)		0.171			(0.539	)		0.520			(0.002	)		(0.910	)
Total income (loss) from operations	$	(0.090	)	$	0.408		$	(0.287	)	$	0.703		$	0.190		$	(0.666	)
Less Distributions
From net investment income	$	(0.240	)	$	(0.398	)	$	(0.044	)	$	(0.343	)	$	—		$	—
Tax return of capital		—			—			(0.299	)		—			(0.420	)		(0.434	)
Total distributions	$	(0.240	)	$	(0.398	)	$	(0.343	)	$	(0.343	)	$	(0.420	)	$	(0.434	)
Net asset value — End of period	$	8.180		$	8.510		$	8.500		$	9.130		$	8.770		$	9.000
Total Return(2)		(1.09	)%(3)(4)		4.88	%(3)		(3.26	)%(3)		8.13	%(3)		2.17	%(3)		(6.72	)%(3)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,497		$	9,517		$	14,107		$	16,664		$	20,096		$	30,022
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.71	%(3)(7)(8)		1.81	%(3)(8)		1.81	%(3)(8)		1.80	%(3)		1.81	%(3)(8)		1.81	%(3)(8)
Net investment income		2.21	%(7)		2.76	%		2.81	%		2.03	%		2.16	%		2.55	%
Portfolio Turnover of the Portfolio		47	% (4)		92	%		23	%		29	%		38	%		23	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.50%, 0.40%, 0.34%, 0.37%, 0.27% and 0.19% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.01% for the six months ended April 30, 2020 and each of the years ended October 31, 2019, 2018, 2016 and 2015.

9 See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.480		$	8.480		$	9.100		$	8.750		$	9.000		$	10.120
Income (Loss) From Operations
Net investment income(1)	$	0.137		$	0.319		$	0.341		$	0.272		$	0.284		$	0.345
Net realized and unrealized gain (loss)		(0.186	)		0.164			(0.529	)		0.510			(0.003	)		(0.916	)
Total income (loss) from operations	$	(0.049	)	$	0.483		$	(0.188	)	$	0.782		$	0.281		$	(0.571	)
Less Distributions
From net investment income	$	(0.281	)	$	(0.483	)	$	(0.056	)	$	(0.432	)	$	—		$	—
Tax return of capital		—			—			(0.376	)		—			(0.531	)		(0.549	)
Total distributions	$	(0.281	)	$	(0.483	)	$	(0.432	)	$	(0.432	)	$	(0.531	)	$	(0.549	)
Net asset value — End of period	$	8.150		$	8.480		$	8.480		$	9.100		$	8.750		$	9.000
Total Return(2)		(0.61	)%(3) (4)		5.82	%(3)		(2.19	)%(3)		9.11	%(3)		3.22	%(3)		(5.78	)%(3)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	34,856		$	56,451		$	62,225		$	64,381		$	74,480		$	134,706
Ratios (as a percentage of average daily net assets):(5)
Expenses (6)		0.71	%(3)(7)(8)		0.81	%(3)(8)		0.81	%(3)(8)		0.80	%(3)		0.81	%(3)(8)		0.81	%(3)(8)
Net investment income		3.27	%(7)		3.73	%		3.81	%		3.02	%		3.20	%		3.58	%
Portfolio Turnover of the Portfolio		47	%(4)		92	%		23	%		29	%		38	%		23	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.50%, 0.40%, 0.34%, 0.37%, 0.27% and 0.19% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.01% for the six months ended April 30, 2020 and each of the years ended October 31, 2019, 2018, 2016 and 2015.

10 See Notes to Financial Statements.

Eaton Vance

Global Bond Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Global Bond Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in International Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

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

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the

11

Eaton Vance

Global Bond Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $33,526,886 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The

deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $12,048,557 are short-term and $21,478,329 are long-term.

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. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.50% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of the holders of interest in the Fund. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.00%, 1.70% and 0.70% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $121,587 of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $2,093 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 $57 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

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 0.30% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $26,043 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $31,851 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 six months ended April 30, 2020 amounted to $10,617 for Class C shares.

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

12

Eaton Vance

Global Bond Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $500 and $300 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $1,125,810 and $26,864,427, respectively.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		113,484			606,089
Issued to shareholders electing to receive payments of distributions in Fund shares		65,213			116,761
Redemptions		(431,644	)		(831,541	)
Converted from Class C shares		8,325			13,302
Net decrease		(244,622	)		(95,389	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		23,202			142,826
Issued to shareholders electing to receive payments of distributions in Fund shares		19,459			45,234
Redemptions		(236,278	)		(714,714	)
Converted to Class A shares		(8,325	)		(13,315	)
Net decrease		(201,942	)		(539,969	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		549,135			2,166,600
Issued to shareholders electing to receive payments of distributions in Fund shares		161,927			315,959
Redemptions		(3,092,090	)		(3,165,650	)
Net decrease		(2,381,028	)		(683,091	)

13

International Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Foreign Government Bonds— 23.5%
Security		Principal Amount (000’s omitted)		Value
Georgia — 0.2%
Georgia Treasury Bond, 7.00%, 5/30/24	GEL		430	$	121,797
Total Georgia				$	121,797
Iceland — 3.8%
Republic of Iceland, 5.00%, 11/15/28	ISK		59,300	$	491,043
Republic of Iceland, 6.50%, 1/24/31	ISK		184,200		1,764,360
Total Iceland				$	2,255,403
Indonesia — 0.7%
Indonesia Government International Bond, 3.85%, 10/15/30	USD		375	$	389,320
Total Indonesia				$	389,320
New Zealand — 5.4%
New Zealand Government Bond, 3.00%, 9/20/30 (1)(2)	NZD		3,988	$	3,158,273
Total New Zealand				$	3,158,273
Philippines — 1.3%
Republic of the Philippines, 6.25%, 1/14/36	PHP		34,000	$	762,622
Total Philippines				$	762,622
Serbia — 7.1%
Serbia Treasury Bond, 5.875%, 2/8/28	RSD		370,200	$	4,166,504
Total Serbia				$	4,166,504
Ukraine — 5.0%
Ukraine Government International Bond, 14.64%, 6/10/20	UAH		19,125	$	711,648
Ukraine Government International Bond, 15.70%, 1/20/21	UAH		30,860		1,149,594
Ukraine Government International Bond, 18.00%, 3/24/21	UAH		28,055		1,065,716
Total Ukraine				$	2,926,958
Total Foreign Government Bonds (identified cost $14,027,208)				$	13,780,877

Foreign Corporate Bonds— 3.3%
Security		Principal Amount (000’s omitted)		Value
Iceland — 3.3%
Arion Banki HF, 6.00%, 4/12/24 (1)	ISK		100,000	$	772,829
Islandsbanki HF, 6.40%, 10/26/23	ISK		40,000		308,911
Landsbankinn HF, 5.00%, 11/23/23 (1)	ISK		120,000		888,846
Total Iceland				$	1,970,586
Total Foreign Corporate Bonds (identified cost $2,206,510)				$	1,970,586
Mortgage Pass-Throughs— 0.5%
Security		Principal Amount		Value
Federal National Mortgage Association: 4.029%, (COF + 1.77%), with maturity at 2035(3)		$	267,234	$	275,039
				$	275,039
Total Mortgage Pass-Throughs (identified cost $267,251)				$	275,039
Short-Term Investments — 64.5%
Foreign Government Securities — 7.8%
Security		Principal Amount (000’s omitted)		Value
Georgia — 2.4%
Georgia Treasury Bill, 0.00%, 6/11/20	GEL		30	$	9,262
Georgia Treasury Bill, 0.00%, 7/2/20	GEL		4,570		1,404,593
Total Georgia				$	1,413,855
United Kingdom — 5.4%
United Kingdom Gilt, 2.00%, 7/22/20 (1)	GBP		2,500	$	3,162,604
Total United Kingdom				$	3,162,604
Total Foreign Government Securities (identified cost $4,918,015)				$	4,576,459

14 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

U.S. Treasury Obligations — 52.9%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 5/21/20	$	6,000	$	5,999,709
U.S. Treasury Bill, 0.00%, 6/11/20		25,000		24,997,366
Total U.S. Treasury Obligations (identified cost $30,997,132)			$	30,997,075
Other— 3.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(4)		2,209,289	$	2,209,289
Total Other (identified cost $2,208,636)			$	2,209,289
Total Short-Term Investments (identified cost $38,123,783)			$	37,782,823
Total Investments— 91.8% (identified cost $54,624,752)			$	53,809,325
Other Assets, Less Liabilities — 8.2%			$	4,775,807
Net Assets — 100.0%			$	58,585,132

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

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $7,982,552 or 13.6% of the Portfolio’s net assets.

⁽²⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽³⁾  Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at April 30, 2020.

⁽⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/ Unrealized Appreciation (Depreciation)
EUR	195,889	USD	212,820		5/8/20	$	1,856
EUR	198,000	USD	215,583		5/8/20		1,406
USD	865,648	EUR	775,740		5/8/20		15,511
USD	839,354	EUR	770,895		5/8/20		(5,474	)
USD	843,385	PHP	43,000,000		5/8/20		(9,387	)
USD	882,861	AUD	1,400,000		5/15/20		(29,477	)
CAD	3,000,000	USD	2,267,471		5/20/20		(112,190	)
USD	2,245,660	CAD	3,000,000		5/20/20		90,379
JPY	1,237,000,000	USD	11,311,059		5/21/20		217,818
EUR	1,868,860	USD	2,034,581		5/22/20		14,056
JPY	270,686,970	USD	2,444,627		5/26/20		78,348
JPY	111,476,602	USD	1,026,236		5/26/20		12,797
TWD	12,075,000	USD	406,155		6/9/20		2,332
TWD	9,425,000	USD	317,020		6/9/20		1,821
USD	728,087	AUD	1,194,876		6/9/20		(50,645	)
USD	722,811	TWD	21,500,000		6/9/20		(4,518	)

15 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/ Unrealized Appreciation (Depreciation)
JPY	108,256,147	USD	1,027,127		6/10/20	$	(17,902	)
AUD	2,241,258	USD	1,370,914		6/12/20		89,781
AUD	81,988	USD	50,150		6/12/20		3,284
AUD	2,101,000	USD	1,375,592		6/12/20		(6,307	)
USD	305,836	AUD	500,000		6/12/20		(20,029	)
GBP	959,627	USD	1,175,994		6/18/20		32,880
CAD	350,000	USD	241,688		6/22/20		9,786
EUR	23,730,000	USD	26,424,542		7/6/20		(387,046	)
USD	2,195,930	EUR	1,972,008		7/6/20		32,164
USD	2,549,652	EUR	2,359,282		7/6/20		(39,045	)
USD	2,814,229	EUR	2,604,104		7/6/20		(43,097	)
USD	3,040,377	NZD	5,111,295		7/9/20		(93,800	)
USD	1,831,552	EUR	1,618,000		7/10/20		56,063
NOK	13,196,000	USD	1,285,152		7/16/20		3,413
NZD	410,000	USD	248,829		7/17/20		2,563
USD	4,209,416	EUR	3,732,314		7/17/20		113,188
						$	(39,471	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	872,100	USD	955,096	Bank of America, N.A.		5/5/20	$	593	$	—
EUR	137,800	USD	150,914	Bank of America, N.A.		5/5/20		94		—
USD	149,692	EUR	137,800	UBS AG		5/5/20		—		(1,316	)
USD	947,360	EUR	872,100	UBS AG		5/5/20		—		(8,330	)
THB	7,053,000	USD	223,267	Standard Chartered Bank		5/18/20		—		(5,275	)
EUR	627,064	NOK	7,172,000	BNP Paribas		5/26/20		—		(12,681	)
EUR	872,100	USD	947,899	UBS AG		6/2/20		8,302		—
EUR	137,800	USD	149,777	UBS AG		6/2/20		1,312		—
USD	290,521	THB	9,118,000	Standard Chartered Bank		6/8/20		8,710		—
UGX	967,448,000	USD	239,527	Standard Chartered Bank		6/15/20		12,422		—
USD	253,524	UGX	967,448,000	Standard Chartered Bank		6/15/20		1,576		—
THB	8,315,000	USD	255,770	Standard Chartered Bank		6/24/20		1,230		—
UGX	1,079,000,000	USD	269,279	Citibank, N.A.		6/26/20		11,081		—
USD	282,092	UGX	1,079,000,000	Citibank, N.A.		6/26/20		1,731		—
USD	161,461	THB	5,355,000	Standard Chartered Bank		7/1/20		—		(4,053	)
THB	26,265,000	USD	798,699	Standard Chartered Bank		7/10/20		13,118		—
SEK	2,653,993	USD	260,330	Goldman Sachs International		7/24/20		11,922		—
UGX	982,637,000	USD	247,080	Standard Chartered Bank		8/14/20		4,352		—
USD	247,514	UGX	982,637,000	Standard Chartered Bank		8/14/20		—		(3,918	)
							$	76,443	$	(35,573	)

16 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/ Unrealized Depreciation
Interest Rate Futures
U.S. 10-Year Treasury Note		(3	)	Short	6/19/20	$	(417,188	)	$	(2,156	)
									$	(2,156	)

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value	Unamortized Upfront Receipts (Payments)		Unrealized Appreciation
CNY	33,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)	10/15/24	$240,090	$	—	$	240,090
MXN	24,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.70% (pays monthly)	10/3/29	31,562		—		31,562
SGD	5,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.64% (pays semi-annually)	10/16/29	245,245		—		245,245
THB	70,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.37% (pays semi-annually)	10/17/29	65,094		—		65,094
ZAR	9,655	Pays	3-month ZAR JIBAR (pays quarterly)	6.88% (pays quarterly)	1/10/25	23,711		—		23,711
ZAR	11,495	Pays	3-month ZAR JIBAR (pays quarterly)	6.90% (pays quarterly)	1/10/25	28,701		—		28,701
ZAR	12,842	Pays	3-month ZAR JIBAR (pays quarterly)	6.64% (pays quarterly)	2/14/25	5,051		—		5,051
ZAR	59,928	Pays	3-month ZAR JIBAR (pays quarterly)	6.65% (pays quarterly)	2/14/25	23,726		—		23,726
Total						$663,180	$	—	$	663,180

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate		Termination Date		Value/ Unrealized Appreciation
Citibank, N.A.	MYR	8,000	Pays	3-month MYR KLIBOR (pays quarterly)		3.15% (pays quarterly)		10/14/24	$	77,701
Total									$	77,701

17 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

COF – Cost of Funds 11th District

Currency Abbreviations:

AUD	–	Australian Dollar
CAD	–	Canadian Dollar
CNY	–	Yuan Renminbi
EUR	–	Euro
GBP	–	British Pound Sterling
GEL	–	Georgian Lari
ISK	–	Icelandic Krona
JPY	–	Japanese Yen
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone

NZD	–	New Zealand Dollar
PHP	–	Philippine Peso
RSD	–	Serbian Dinar
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TWD	–	New Taiwan Dollar
UAH	–	Ukrainian Hryvnia
UGX	–	Ugandan Shilling
USD	–	United States Dollar
ZAR	–	South African Rand

18 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $52,416,116)	$	51,600,036
Affiliated investment, at value (identified cost, $2,208,636)		2,209,289
Cash		8,582
Deposits for derivatives collateral —
Financial futures contracts		6,000
Centrally cleared derivatives		2,515,861
Foreign currency, at value (identified cost, $2,062,362)		2,084,039
Interest receivable		247,758
Dividends receivable from affiliated investment		1,355
Receivable for investments sold		845
Receivable for variation margin on open centrally cleared derivatives		2,926
Receivable for open forward foreign currency exchange contracts		76,443
Receivable for open swap contracts		77,701
Receivable from affiliate		21,920
Total assets	$	58,852,755
Liabilities
Payable for variation margin on open financial futures contracts	$	2,225
Payable for open forward foreign currency exchange contracts		35,573
Payable to affiliates:
Investment adviser fee		24,432
Trustees’ fees		372
Accrued expenses		205,021
Total liabilities	$	267,623
Net Assets applicable to investors’ interest in Portfolio	$	58,585,132

19 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest (net of foreign taxes, $105,641)	$	1,406,537
Dividends from affiliated investment		15,411
Total investment income	$	1,421,948
Expenses
Investment adviser fee	$	180,614
Trustees’ fees and expenses		2,155
Custodian fee		81,854
Legal and accounting services		39,878
Interest expense		4,120
Miscellaneous		6,353
Total expenses	$	314,974
Deduct —
Allocation of expenses to affiliate	$	57,994
Total expense reductions	$	57,994
Net expenses	$	256,980
Net investment income	$	1,164,968
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(187,467	)
Investment transactions — affiliated investment		(253	)
Swap contracts		50,768
Foreign currency transactions		(186,197	)
Forward foreign currency exchange contracts		(434,276	)
Net realized loss	$	(757,425	)
Change in unrealized appreciation (depreciation) —
Investments	$	(1,234,612	)
Investments — affiliated investment		25
Financial futures contracts		(2,156	)
Swap contracts		842,830
Foreign currency		11,114
Forward foreign currency exchange contracts		(345,267	)
Net change in unrealized appreciation (depreciation)	$	(728,066	)
Net realized and unrealized loss	$	(1,485,491	)
Net decrease in net assets from operations	$	(320,523	)

20 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	1,164,968		$	3,280,409
Net realized gain (loss)		(757,425	)		187,919
Net change in unrealized appreciation (depreciation)		(728,066	)		1,528,518
Net increase (decrease) in net assets from operations	$	(320,523	)	$	4,996,846
Capital transactions —
Contributions	$	1,125,810		$	8,811,460
Withdrawals		(26,864,427	)		(24,326,854	)
Net decrease in net assets from capital transactions	$	(25,738,617	)	$	(15,515,394	)
Net decrease in net assets	$	(26,059,140	)	$	(10,518,548	)
Net Assets
At beginning of period	$	84,644,272		$	95,162,820
At end of period	$	58,585,132		$	84,644,272

21 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.71	%(2)(3)(4)		0.81	%(2)(4)		0.81	%(2)(4)		0.80	%(2)		0.81	%(2)(4)		0.81	%(2)(4)
Net investment income		3.23	%(3)		3.73	%		3.81	%		3.02	%		3.17	%		3.56	%
Portfolio Turnover		47	%(5)		92	%		23	%		29	%		38	%		23	%
Total Return		(0.59	)%(2)(5)		5.92	%(2)		(2.28	)%(2)		9.09	%(2)		3.25	%(2)		(5.84	)%(2)
Net assets, end of period (000’s omitted)	$	58,585		$	84,644		$	95,163		$	102,912		$	138,716		$	237,251

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  The investment adviser reimbursed certain operating expenses (equal to 0.16%, 0.09%, 0.11%, 0.13%, 0.08% and 0.04% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Annualized.

⁽⁴⁾  Includes interest expense of 0.01% for the six months ended April 30, 2020 and each of the years ended October 31, 2019, 2018, 2016 and 2015.

⁽⁵⁾  Not annualized.

22 See Notes to Financial Statements.

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

International Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Global Bond Fund held a 99.9% interest in the Portfolio.

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

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

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

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

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

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

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

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Withholding taxes on foreign interest have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on

23

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

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

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

K  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

24

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.500% of the Portfolio’s average daily net assets up to $1 billion, 0.475% from $1 billion but less than $2.5 billion and at reduced rates on daily net assets of $2.5 billion or more, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $180,614 or 0.500% (annualized) of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $57,994 of the Portfolio’s operating expenses for the six months ended April 30, 2020. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and paydowns, for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	9,314,792	$	12,109,340
U.S. Government and Agency Securities		—		28,062
	$	9,314,792	$	12,137,402

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	55,074,541
Gross unrealized appreciation	$	481,796
Gross unrealized depreciation		(1,006,888	)
Net unrealized depreciation	$	(525,092	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

25

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $35,573. At April 30, 2020, there were no assets pledged by the Portfolio for such liability.

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

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Foreign Exchange			Interest Rate			Total
Not applicable	$	779,446	*	$	663,180	*	$	1,442,626
Receivable for open forward foreign currency exchange contracts		76,443			—			76,443
Receivable for open swap contracts		—			77,701			77,701
Total Asset Derivatives	$	855,889		$	740,881		$	1,596,770
Derivatives not subject to master netting or similar agreements	$	779,446		$	663,180		$	1,442,626
Total Asset Derivatives subject to master netting or similar agreements	$	76,443		$	77,701		$	154,144
Not applicable	$	(818,917	)*	$	(2,156	)*	$	(821,073	)
Payable for open forward foreign currency exchange contracts		(35,573	)		—			(35,573	)
Total Liability Derivatives	$	(854,490	)	$	(2,156	)	$	(856,646	)
Derivatives not subject to master netting or similar agreements	$	(818,917	)	$	(2,156	)	$	(821,073	)
Total Liability Derivatives subject to master netting or similar agreements	$	(35,573	)	$	—		$	(35,573	)

* For futures contracts and centrally cleared derivatives, amount represents value as shown in the Portfolio of Investments. Only the current day’s variation margin on open futures contracts and centrally cleared derivatives are 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.

26

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Bank of America, N.A.	$	687		$	—		$	—	$	—	$	687
Citibank, N.A.		90,513			—			—		—		90,513
Goldman Sachs International		11,922			—			—		—		11,922
Standard Chartered Bank		41,408			(13,246	)		—		—		28,162
UBS AG		9,614			(9,614	)		—		—		—
	$	154,144		$	(22,860	)	$	—	$	—	$	131,284
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
BNP Paribas	$	(12,681	)	$	—		$	—	$	—	$	(12,681	)
Standard Chartered Bank		(13,246	)		13,246			—		—		—
UBS AG		(9,646	)		9,614			—		—		(32	)
	$	(35,573	)	$	22,860		$	—	$	—	$	(12,713	)

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Statement of Operations Caption	Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Swap contracts	$	—		$	50,768		$	50,768
Forward foreign currency exchange contracts		(434,276	)		—			(434,276	)
Total	$	(434,276	)	$	50,768		$	(383,508	)
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—		$	(2,156	)	$	(2,156	)
Swap contracts					842,830			842,830
Forward foreign currency exchange contracts		(345,267	)		—			(345,267	)
Total	$	(345,267	)	$	840,674		$	495,407

27

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Swap Contracts
	$59,000	$	99,066,000	$	15,347,000

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

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $2,209,289, which represents 3.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	6,491,338	$	25,323,755	$	(29,605,576	)	$	(253	)	$	25	$	2,209,289	$	15,411		2,209,289

8  Fair Value Measurements

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

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

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

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

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

28

International Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	13,780,877		$	—	$	13,780,877
Foreign Corporate Bonds		—			1,970,586			—		1,970,586
Mortgage Pass-Throughs		—			275,039			—		275,039
Short-Term Investments —
Foreign Government Securities		—			4,576,459			—		4,576,459
U.S. Treasury Obligations		—			30,997,075			—		30,997,075
Other		—			2,209,289			—		2,209,289
Total Investments	$	—		$	53,809,325		$	—	$	53,809,325
Forward Foreign Currency Exchange Contracts	$	—		$	855,889		$	—	$	855,889
Swap Contracts		—			740,881			—		740,881
Total	$	—		$	55,406,095		$	—	$	55,406,095
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(854,490	)	$	—	$	(854,490	)
Futures Contracts		(2,156	)		—			—		(2,156	)
Total	$	(2,156	)	$	(854,490	)	$	—	$	(856,646	)

9  Risks and Uncertainties

Risks Associated with Foreign Investments

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

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

29

Eaton Vance

Global Bond Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

30

Eaton Vance

Global Bond Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Bond Fund (formerly Eaton Vance Diversified Currency Income Fund) (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between International Income Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

31

Eaton Vance

Global Bond Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio, including recent changes to such personnel. The Board considered the abilities and experience of each Adviser’s investment professionals in analyzing factors relevant to investment in a broad range of income securities. The Board also considered each Adviser’s expertise with respect to global markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board noted that, effective October 16, 2019, the Fund changed its name and investment strategies to allow the Fund, under normal market conditions, to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. The Board also noted that the Fund normally invests at least 40% of its net assets in foreign investments. Although the Board considered information comparing the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a custom peer group of similarly managed funds, the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

32

Eaton Vance

Global Bond Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

33

Eaton Vance

Global Bond Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Global Bond Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of International Income Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Global Bond Fund and International Income Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

34

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

35

This Page Intentionally Left Blank

Investment Adviser of International Income Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7758    4.30.20

Eaton Vance

Emerging and Frontier Countries Equity Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Emerging and Frontier Countries Equity Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	32
Officers and Trustees	36
Important Notices	37

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		11/03/2014		11/01/2013		-17.50	%		-17.91	%		-2.48	%		-1.81	%
Class A with 5.75% Maximum Sales Charge		—		—		-22.27			-22.63			-3.63			-2.70
Class I at NAV		11/03/2014		11/01/2013		-17.30			-17.62			-2.23			-1.59
MSCI Emerging Markets Index		—		—		-10.50	%		-12.00	%		-0.10	%		0.71	%
MSCI Frontier Markets Index		—		—		-17.13			-13.64			-2.30			-0.09
Blended Index		—		—		-13.77			-12.54			-1.02			0.51
% Total Annual Operating Expense Ratios3											Class A			Class I
Gross												1.73	%		1.48	%
Net												1.66			1.41

Fund Profile⁴

Common Stock Sector Allocation (% of net assets)⁵

Country Allocation (% of net assets)⁵

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Blended Index consists of 50% MSCI Emerging Markets Index and 50% MSCI Frontier Markets Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁵  Depiction does not reflect the Fund’s derivatives positions.

Fund profile subject to change due to active management.

3

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	825.00	$	7.49	**		1.65	%
Class I	$	1,000.00	$	827.00	$	6.36	**		1.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,016.70	$	8.27	**		1.65	%
Class I	$	1,000.00	$	1,017.90	$	7.02	**		1.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

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

4

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Global Macro Capital Opportunities Portfolio, at value (identified cost, $138,454,945)	$	136,595,825
Receivable for Fund shares sold		167,678
Total assets	$	136,763,503
Liabilities
Payable for Fund shares redeemed	$	1,910,629
Payable to affiliates:
Distribution and service fees		316
Trustees’ fees		43
Other		9,717
Accrued expenses		81,652
Total liabilities	$	2,002,357
Net Assets	$	134,761,146
Sources of Net Assets
Paid-in capital	$	160,976,471
Accumulated loss		(26,215,325	)
Total	$	134,761,146
Class A Shares
Net Assets	$	1,574,512
Shares Outstanding		192,177
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.19
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	8.69
Class I Shares
Net Assets	$	133,186,634
Shares Outstanding		16,189,386
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.23

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

5 See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends allocated from Portfolio (net of foreign taxes, $87,423)	$	1,439,723
Interest allocated from Portfolio (net of foreign taxes, $17)		23,408
Expenses allocated from Portfolio		(1,036,309	)
Total investment income from Portfolio	$	426,822
Expenses
Distribution and service fees
Class A	$	2,482
Trustees’ fees and expenses		250
Custodian fee		8,577
Transfer and dividend disbursing agent fees		90,152
Legal and accounting services		32,888
Printing and postage		19,395
Registration fees		24,636
Miscellaneous		5,628
Total expenses	$	184,008
Deduct —
Allocation of expenses to affiliate	$	26,741
Total expense reductions	$	26,741
Net expenses	$	157,267
Net investment income	$	269,555
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $143,608)	$	(11,913,574	)
Financial futures contracts		536,095
Foreign currency transactions		(849,246	)
Forward foreign currency exchange contracts		(310,341	)
Net realized loss	$	(12,537,066	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $250,922)	$	(20,612,772	)
Financial futures contracts		35,289
Foreign currency		490,133
Forward foreign currency exchange contracts		477,388
Net change in unrealized appreciation (depreciation)	$	(19,609,962	)
Net realized and unrealized loss	$	(32,147,028	)
Net decrease in net assets from operations	$	(31,877,473	)

6 See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	269,555		$	1,997,733
Net realized gain (loss)		(12,537,066	)		1,060,710
Net change in unrealized appreciation (depreciation)		(19,609,962	)		9,020,909
Net increase (decrease) in net assets from operations	$	(31,877,473	)	$	12,079,352
Distributions to shareholders —
Class A	$	(41,078	)	$	(70,354	)
Class I		(3,606,777	)		(4,496,906	)
Total distributions to shareholders	$	(3,647,855	)	$	(4,567,260	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	248,304		$	239,976
Class I		27,554,048			43,697,479
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		41,078			70,344
Class I		3,599,833			4,494,384
Cost of shares redeemed
Class A		(718,692	)		(745,871	)
Class I		(39,234,822	)		(38,556,372	)
Net increase (decrease) in net assets from Fund share transactions	$	(8,510,251	)	$	9,199,940
Net increase (decrease) in net assets	$	(44,035,579	)	$	16,712,032
Net Assets
At beginning of period	$	178,796,725		$	162,084,693
At end of period	$	134,761,146		$	178,796,725

7 See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(1)
				2019			2018			2017			2016
Net asset value — Beginning of period	$	10.100		$	9.700		$	10.950		$	8.850		$	8.570		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.002		$	0.091		$	0.068		$	0.057		$	0.045		$	0.120
Net realized and unrealized gain (loss)		(1.731	)		0.571			(1.318	)		2.072			0.403			(1.541	)
Total income (loss) from operations	$	(1.729	)	$	0.662		$	(1.250	)	$	2.129		$	0.448		$	(1.421	)
Less Distributions
From net investment income	$	(0.181	)	$	(0.262	)	$	—		$	(0.029	)	$	(0.168	)	$	(0.009	)
Total distributions	$	(0.181	)	$	(0.262	)	$	—		$	(0.029	)	$	(0.168	)	$	(0.009	)
Net asset value — End of period	$	8.190		$	10.100		$	9.700		$	10.950		$	8.850		$	8.570
Total Return(3)(4)		(17.50	)%(5)		7.05	%		(11.42	)%		24.15	%		5.42	%		(14.22	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,575		$	2,328		$	2,657		$	1,453		$	19,599		$	18,836
Ratios (as a percentage of average daily net assets):(6)
Expenses(4)(7)		1.65	%(8)		1.66	%(9)		1.65	%		1.65	%		1.65	%		1.65	%(8)
Net investment income		0.05	%(8)		0.91	%		0.62	%		0.62	%		0.55	%		1.31	%(8)
Portfolio Turnover of the Portfolio		24	%(5)		43	%		39	%		32	%		40	%		27	%(10)

⁽¹⁾  For the period from the start of business, November 3, 2014, to October 31, 2015.

⁽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 and do not reflect the effect of sales charges.

⁽⁴⁾  The investment adviser reimbursed certain operating expenses (equal to 0.03%, 0.07%, 0.02%, 0.07%, 0.09% and 0.16% of average daily net assets for the six months ended April 30, 2020, the years ended October 31, 2019, 2018, 2017 and 2016 and the period ended October 31, 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾  Annualized.

⁽⁹⁾  Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019.

⁽¹⁰⁾  For the Portfolio’s year ended October 31, 2015.

8 See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2015(1)
				2019			2018			2017			2016
Net asset value — Beginning of period	$	10.150		$	9.740		$	10.980		$	8.870		$	8.590		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.015		$	0.117		$	0.092		$	0.098		$	0.068		$	0.147
Net realized and unrealized gain (loss)		(1.726	)		0.572			(1.332	)		2.063			0.400			(1.546	)
Total income (loss) from operations	$	(1.711	)	$	0.689		$	(1.240	)	$	2.161		$	0.468		$	(1.399	)
Less Distributions
From net investment income	$	(0.209	)	$	(0.279	)	$	—		$	(0.051	)	$	(0.188	)	$	(0.011	)
Total distributions	$	(0.209	)	$	(0.279	)	$	—		$	(0.051	)	$	(0.188	)	$	(0.011	)
Net asset value — End of period	$	8.230		$	10.150		$	9.740		$	10.980		$	8.870		$	8.590
Total Return(3)(4)		(17.30	)%(5)		7.31	%		(11.29	)%		24.52	%		5.67	%		(14.00	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	133,187		$	176,468		$	159,428		$	163,116		$	104,170		$	95,068
Ratios (as a percentage of average daily net assets):(6)
Expenses(4)(7)		1.40	%(8)		1.41	%(9)		1.40	%		1.40	%		1.40	%		1.40	%(8)
Net investment income		0.32	%(8)		1.17	%		0.82	%		1.00	%		0.82	%		1.61	%(8)
Portfolio Turnover of the Portfolio		24	%(5)		43	%		39	%		32	%		40	%		27	%(10)

⁽¹⁾  For the period from the start of business, November 3, 2014, to October 31, 2015.

⁽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 reimbursed certain operating expenses (equal to 0.03%, 0.07%, 0.02%, 0.07%, 0.09% and 0.16% of average daily net assets for the six months ended April 30, 2020, the years ended October 31, 2019, 2018, 2017 and 2016 and the period ended October 31, 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾  Annualized.

⁽⁹⁾  Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019.

⁽¹⁰⁾  For the Portfolio’s year ended October 31, 2015.

9 See Notes to Financial Statements.

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Emerging and Frontier Countries Equity Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests substantially all of its investable assets in interests in Global Macro Capital Opportunities Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

10

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

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

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $11,943,058 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $11,943,058 are short-term.

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. The fee is computed at an annual rate of 1.00% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.65% and 1.40% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $26,741 of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $1,424 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 $373 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A shares (see Note 4).

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

4  Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $2,482 for Class A shares.

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

5  Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $13,260,873 and $24,277,288, respectively.

11

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		29,804			24,449
Issued to shareholders electing to receive payments of distributions in Fund shares		3,945			7,540
Redemptions		(72,090	)		(75,408	)
Net decrease		(38,341	)		(43,419	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		2,915,188			4,409,846
Issued to shareholders electing to receive payments of distributions in Fund shares		344,812			480,169
Redemptions		(4,448,899	)		(3,875,730	)
Net increase (decrease)		(1,188,899	)		1,014,285

12

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 83.8%
Security	Shares		Value
Belgium — 0.2%
Titan Cement International SA(1)		15,000	$	207,516
			$	207,516
Brazil — 0.3%
Banco Bradesco SA		11,500	$	37,136
Banco Bradesco SA, PFC Shares		36,496		128,524
Cia Brasileira de Distribuicao		7,800		94,984
Cogna Educacao		61,300		62,451
Localiza Rent a Car SA		1,210		7,608
Lojas Renner SA		2,410		17,014
Suzano SA(1)		2,491		18,053
Ultrapar Participacoes SA		12,900		34,397
			$	400,167
China — 15.7%
58.com, Inc. ADR(1)		1,900	$	98,705
AAC Technologies Holdings, Inc.		12,500		59,120
Alibaba Group Holding, Ltd. ADR(1)		19,654		3,983,276
Anhui Conch Cement Co., Ltd., Class H		24,000		189,249
ANTA Sports Products, Ltd.		17,000		144,773
Autohome, Inc. ADR		1,200		98,580
Baidu, Inc. ADR(1)		3,980		401,701
Brilliance China Automotive Holdings, Ltd.		56,000		51,813
BYD Co., Ltd., Class H		14,500		90,173
CGN Power Co., Ltd., Class H(2)		155,000		38,990
China Cinda Asset Management Co., Ltd., Class H		147,000		28,491
China Communications Construction Co., Ltd., Class H		78,000		52,427
China Conch Venture Holdings, Ltd.		31,500		150,613
China Construction Bank Corp., Class H		1,202,000		964,801
China Everbright International, Ltd.		82,222		47,549
China Evergrande Group		40,000		71,109
China Galaxy Securities Co., Ltd., Class H		59,500		30,214
China Gas Holdings, Ltd.		23,600		85,874
China Life Insurance Co., Ltd., Class H		109,000		232,464
China Mengniu Dairy Co., Ltd.		47,000		166,432
China Merchants Port Holdings Co., Ltd.		24,160		31,095
China Mobile, Ltd.		90,000		723,515
China National Building Material Co., Ltd., Class H		88,000		109,925
China Overseas Land & Investment, Ltd.		60,000		221,637
China Pacific Insurance (Group) Co., Ltd., Class H		42,200		139,616
China Petroleum & Chemical Corp., Class H		382,000		190,394
China Resources Beer Holdings Co., Ltd.		26,000		122,455
China Resources Gas Group, Ltd.		20,000		112,407
China Resources Land, Ltd.		47,777		197,424

Security	Shares		Value
China (continued)
China Resources Power Holdings Co., Ltd.		34,000	$	40,271
China Shenhua Energy Co., Ltd., Class H		56,000		99,209
China State Construction International Holdings, Ltd.		42,000		32,563
China Taiping Insurance Holdings Co., Ltd.		31,400		52,940
China Telecom Corp., Ltd., Class H		234,000		80,824
China Tower Corp., Ltd., Class H(2)		716,000		159,342
China Unicom (Hong Kong), Ltd.		98,000		63,380
China Vanke Co., Ltd., Class H		26,700		89,732
CITIC Securities Co., Ltd., Class H		39,500		75,662
CITIC, Ltd.		75,000		77,895
CNOOC, Ltd.		261,000		288,567
Country Garden Holdings Co., Ltd.		129,000		167,103
Country Garden Services Holdings Co., Ltd.		14,827		68,503
CRRC Corp., Ltd., Class H		79,750		42,216
CSPC Pharmaceutical Group, Ltd.		84,000		166,296
ENN Energy Holdings, Ltd.		14,000		157,815
Geely Automobile Holdings, Ltd.		80,000		124,442
GF Securities Co., Ltd., Class H		24,600		26,694
Great Wall Motor Co., Ltd., Class H		53,500		35,768
Guangdong Investment, Ltd.		48,000		99,766
Guangzhou Automobile Group Co., Ltd., Class H		74,400		66,760
Haier Electronics Group Co., Ltd.		30,000		82,623
Hengan International Group Co., Ltd.		12,500		111,162
Huazhu Group, Ltd. ADR		2,800		100,828
Industrial & Commercial Bank of China, Ltd., Class H		922,000		618,209
JD.com, Inc. ADR(1)		10,624		457,894
Lenovo Group, Ltd.		160,000		86,432
Li Ning Co., Ltd.		37,000		116,827
Longfor Group Holdings, Ltd.(2)		33,000		167,773
Meituan Dianping, Class B(1)		16,900		226,276
Momo, Inc. ADR		3,100		74,648
NetEase, Inc. ADR		1,181		407,398
New China Life Insurance Co., Ltd., Class H		16,000		55,435
New Oriental Education & Technology Group, Inc. ADR(1)		2,174		277,533
People’s Insurance Co. Group of China, Ltd. (The), Class H		129,000		42,219
PetroChina Co., Ltd., Class H		320,000		114,941
PICC Property & Casualty Co., Ltd., Class H		114,000		109,092
Pinduoduo, Inc. ADR(1)		3,600		170,784
Ping An Insurance (Group) Co. of China, Ltd., Class H		77,000		783,572
Semiconductor Manufacturing International Corp.(1)		67,500		126,694
Shenzhou International Group Holdings, Ltd.		12,000		138,500
Shimao Property Holdings, Ltd.		27,000		109,752
Sino Biopharmaceutical, Ltd.		135,000		196,776
Sinopharm Group Co., Ltd., Class H		22,400		60,398
Sunac China Holdings, Ltd.		32,000		143,144
Sunny Optical Technology Group Co., Ltd.		12,000		167,106

13 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
TAL Education Group ADR(1)		6,148	$	333,160
Tencent Holdings, Ltd.		77,000		4,047,846
Tencent Music Entertainment Group ADR(1)		13,500		154,035
Trip.com Group, Ltd. ADR(1)		6,700		172,592
Vipshop Holdings, Ltd. ADR(1)		9,598		152,896
Want Want China Holdings, Ltd.		103,000		73,412
Wuxi Biologics Cayman, Inc.(1)(2)		10,500		163,447
Xiaomi Corp., Class B(1)(2)		133,600		175,229
Yum China Holdings, Inc.		5,500		266,530
ZTO Express Cayman, Inc. ADR		5,800		172,608
			$	21,508,341
Cyprus — 0.9%
Bank of Cyprus Holdings PLC(1)(3)		1,534,390	$	1,106,759
Bank of Cyprus Holdings PLC(1)(3)		182,200		137,028
			$	1,243,787
Egypt — 1.0%
Commercial International Bank Egypt SAE		123,000	$	500,781
Credit Agricole Egypt SAE		69,700		124,019
Eastern Co. SAE		196,600		149,785
Egypt Kuwait Holding Co. SAE		127,600		128,903
Egyptian Financial Group-Hermes Holding Co.		142,400		102,613
ElSewedy Electric Co.		184,300		104,119
Juhayna Food Industries		165,400		78,443
Talaat Moustafa Group		365,500		132,637
Telecom Egypt		118,800		81,515
			$	1,402,815
Georgia — 3.5%
Bank of Georgia Group PLC		178,860	$	2,244,955
Georgia Capital PLC(1)		16,200		85,526
TBC Bank Group PLC		234,386		2,406,426
			$	4,736,907
Greece — 3.9%
Aegean Airlines SA		11,700	$	75,561
Alpha Bank AE(1)		506,000		369,494
Athens Water Supply & Sewage Co. SA		15,500		115,022
Eurobank Ergasias Services and Holdings SA(1)		945,700		381,997
GEK Terna Holding Real Estate Construction SA(1)		26,400		168,534
Hellenic Exchanges - Athens Stock Exchange SA(1)		20,900		77,898
Hellenic Telecommunications Organization SA		87,400		1,154,684
Holding Co. ADMIE IPTO SA		42,300		94,888

Security	Shares		Value
Greece (continued)
JUMBO SA		39,600	$	619,736
LAMDA Development SA(1)		22,524		148,046
Motor Oil (Hellas) Corinth Refineries SA		22,200		328,935
Mytilineos SA		36,400		271,432
National Bank of Greece SA(1)		199,900		271,079
OPAP SA		75,007		671,861
Piraeus Bank SA(1)		103,400		138,010
Piraeus Port Authority SA		2,700		50,613
Public Power Corp. SA(1)		38,000		110,424
Sarantis SA		11,500		98,482
Terna Energy SA		16,600		155,027
			$	5,301,723
India — 4.7%
Adani Ports and Special Economic Zone, Ltd.		1,003	$	3,858
Asian Paints, Ltd.		4,890		114,313
Avenue Supermarts, Ltd.(1)(2)		2,445		75,905
Axis Bank, Ltd.		32,434		189,132
Bajaj Auto, Ltd.		1,548		53,842
Bajaj Finance, Ltd.		2,852		87,198
Bajaj Finserv, Ltd.		652		43,769
Bandhan Bank, Ltd.(2)		7,986		27,546
Bharat Petroleum Corp., Ltd.		11,979		58,898
Bharti Airtel, Ltd.(1)		34,127		232,522
Britannia Industries, Ltd.		1,222		51,053
Coal India, Ltd.		24,017		47,058
Dabur India, Ltd.		9,942		64,410
Dr. Reddy’s Laboratories, Ltd.		2,037		105,369
Eicher Motors, Ltd.		244		47,195
GAIL (India), Ltd.		32,278		40,480
Godrej Consumer Products, Ltd.		6,846		49,111
Grasim Industries, Ltd.		5,705		38,095
Havells India, Ltd.		5,216		38,841
HCL Technologies, Ltd.		18,300		131,596
HDFC Life Insurance Co., Ltd.(1)(2)		9,208		60,760
Hero MotoCorp, Ltd.		1,793		50,819
Hindalco Industries, Ltd.		22,328		37,813
Hindustan Petroleum Corp., Ltd.		15,400		44,751
Hindustan Unilever, Ltd.		10,105		293,929
Housing Development Finance Corp., Ltd.		24,928		630,598
ICICI Bank, Ltd.		75,622		376,938
ICICI Lombard General Insurance Co., Ltd.(2)		3,586		60,464
ICICI Prudential Life Insurance Co., Ltd.(2)		8,900		48,372
Indian Oil Corp., Ltd.		36,214		40,348
Infosys, Ltd.		53,225		497,188
ITC, Ltd.		56,188		134,624

14 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
JSW Steel, Ltd.		17,195	$	40,915
Larsen & Toubro, Ltd.		7,945		94,255
Lupin, Ltd.		5,700		62,745
Mahindra & Mahindra, Ltd.		12,957		62,665
Maruti Suzuki India, Ltd.		1,711		121,109
Nestle India, Ltd.		407		96,403
NTPC, Ltd.		44,820		56,683
Oil & Natural Gas Corp., Ltd.		45,390		47,942
Power Grid Corporation of India, Ltd.		32,679		70,409
Reliance Industries, Ltd.		43,516		844,928
SBI Life Insurance Co., Ltd.(1)(2)		6,438		61,812
Shree Cement, Ltd.		163		42,218
Shriram Transport Finance Co., Ltd.		3,423		35,517
State Bank of India(1)		29,826		74,524
Sun Pharmaceutical Industries, Ltd.		14,669		89,764
Tata Consultancy Services, Ltd.		14,144		375,373
Tata Motors, Ltd.(1)		29,419		35,813
Tech Mahindra, Ltd.		8,400		60,380
Titan Co., Ltd.		5,542		70,709
UltraTech Cement, Ltd.		1,793		83,410
United Spirits, Ltd.(1)		6,031		42,865
UPL, Ltd.		10,227		55,643
Vedanta, Ltd.		34,552		39,938
Wipro, Ltd.		21,339		54,233
Zee Entertainment Enterprises, Ltd.		16,100		33,796
			$	6,430,844
Indonesia — 1.4%
Astra International Tbk PT		531,000	$	135,812
Bank Central Asia Tbk PT		244,700		423,867
Bank Mandiri Persero Tbk PT		489,700		145,569
Bank Negara Indonesia Persero Tbk PT		212,400		57,963
Bank Rakyat Indonesia Persero Tbk PT		1,370,100		249,204
Barito Pacific Tbk PT(1)		844,800		81,800
Charoen Pokphand Indonesia Tbk PT		211,100		64,912
Gudang Garam Tbk PT		16,300		49,549
Indocement Tunggal Prakarsa Tbk PT		55,900		43,387
Indofood CBP Sukses Makmur Tbk PT		77,000		50,947
Indofood Sukses Makmur Tbk PT		136,100		59,382
Kalbe Farma Tbk PT		670,700		64,792
Semen Indonesia Persero Tbk PT		88,500		46,977
Telekomunikasi Indonesia Persero Tbk PT		1,271,500		292,384
Unilever Indonesia Tbk PT		217,000		120,326
United Tractors Tbk PT		50,300		54,861
			$	1,941,732

Security	Shares		Value
Kuwait — 6.4%
Agility Public Warehousing Co. KSC		402,909	$	833,886
Boubyan Bank KSCP		342,479		551,104
Boubyan Petrochemicals Co. KSCP		164,000		265,470
Kuwait Finance House KSCP		1,333,575		2,556,066
Mabanee Co. SAK		211,829		432,102
Mobile Telecommunications Co.		892,083		1,524,389
National Bank of Kuwait SAK		1,076,943		2,582,348
			$	8,745,365
Mauritius — 0.8%
MCB Group, Ltd.		203,908	$	1,036,078
			$	1,036,078
Peru — 1.4%
Alicorp SAA(1)		177,100	$	359,919
Cementos Pacasmayo SAA		160,708		192,821
Engie Energia Peru SA		95,400		166,749
Ferreycorp SAA		1,054,100		359,121
Grana y Montero SAA ADR(1)		103,800		186,840
InRetail Peru Corp.(2)		10,160		314,960
Union Andina de Cementos SAA		322,930		110,019
Volcan Cia Minera SAA, Class B(1)		2,601,649		222,745
			$	1,913,174
Serbia — 4.5%
Energoprojekt Holding AD Beograd(1)		74,772	$	314,324
Komercijalna Banka AD Beograd(1)		131,568		3,013,543
Metalac AD(1)		67,357		1,109,144
NIS AD Novi Sad		361,854		1,779,919
			$	6,216,930
Singapore — 0.8%
Yoma Strategic Holdings, Ltd.(1)		8,240,033	$	1,150,081
			$	1,150,081
South Korea — 12.9%
AMOREPACIFIC Corp.		1,035	$	149,919
Celltrion Healthcare Co., Ltd.(1)		1,864		129,195
Celltrion, Inc.(1)		2,629		454,386
Coway Co., Ltd.(1)		2,500		126,704
E-MART, Inc.		830		81,789
Hana Financial Group, Inc.		11,229		256,336
HLB, Inc.(1)		1,311		102,795
Hotel Shilla Co., Ltd.		1,568		109,629

15 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Hyundai Engineering & Construction Co., Ltd.		4,244	$	123,030
Hyundai Heavy Industries Holdings Co., Ltd.		540		107,818
Hyundai Mobis Co., Ltd.		2,240		316,692
Hyundai Motor Co.		4,968		383,989
Hyundai Motor Co., Second PFC Shares		1,868		90,223
Kakao Corp.		1,631		246,475
Kangwon Land, Inc.		5,568		115,075
KB Financial Group, Inc.		12,727		364,136
Kia Motors Corp.		9,714		237,261
Korea Electric Power Corp.(1)		8,936		174,651
Korea Investment Holdings Co., Ltd.		2,414		99,943
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1)		1,652		112,060
Korea Zinc Co., Ltd.		357		113,467
KT&G Corp.		4,303		287,300
LG Chem, Ltd.		1,528		474,770
LG Corp.		3,522		179,215
LG Display Co., Ltd.(1)		10,343		93,838
LG Electronics, Inc.		4,150		186,771
LG Household & Health Care, Ltd.		284		322,055
LG Uplus Corp.		10,402		114,225
Lotte Chemical Corp.		660		117,286
Mirae Asset Daewoo Co., Ltd.		22,054		101,669
Naver Corp.		4,057		657,764
NCsoft Corp.		457		242,141
Netmarble Corp.(1)(2)		1,056		82,987
Orion Corp. of Republic of Korea		978		100,193
POSCO		2,637		398,465
S-Oil Corp.		2,125		122,007
Samsung Biologics Co., Ltd.(1)(2)		522		249,350
Samsung C&T Corp.		2,968		259,891
Samsung Electro-Mechanics Co., Ltd.		2,007		187,636
Samsung Electronics Co., Ltd.		136,770		5,623,644
Samsung Electronics Co., Ltd., PFC Shares		24,522		850,070
Samsung Fire & Marine Insurance Co., Ltd.		1,143		179,259
Samsung Life Insurance Co., Ltd.		2,939		119,190
Samsung SDI Co., Ltd.		1,673		395,223
Samsung SDS Co., Ltd.		1,208		161,151
Shinhan Financial Group Co., Ltd.		15,151		384,116
SK Holdings Co., Ltd.		1,290		192,553
SK Hynix, Inc.		16,246		1,118,010
SK Innovation Co., Ltd.		2,192		176,828
SK Telecom Co., Ltd.		834		144,952
Woori Financial Group, Inc.		21,225		146,992
Yuhan Corp.		1,935		75,176
			$	17,640,300

Security	Shares		Value
Sri Lanka — 0.3%
Hatton National Bank PLC (Non-Voting)(4)		40,429	$	20,260
Hayleys PLC(1)		31,962		19,195
Softlogic Life Insurance PLC(1)		2,152,000		324,394
			$	363,849
Taiwan — 12.8%
Accton Technology Corp.		21,000	$	152,230
Advantech Co., Ltd.		11,699		110,653
ASE Technology Holding Co., Ltd.		112,358		250,301
Asia Cement Corp.		72,000		105,775
Asustek Computer, Inc.		24,000		162,231
Catcher Technology Co., Ltd.		20,000		151,490
Cathay Financial Holding Co., Ltd.		231,087		308,344
Chailease Holding Co., Ltd.		41,000		155,774
Chang Hwa Commercial Bank, Ltd.		190,000		124,246
China Development Financial Holding Corp.		466,000		140,997
China Steel Corp.		361,000		241,786
Chunghwa Telecom Co., Ltd.		107,000		393,268
Compal Electronics, Inc.(1)		163,000		103,911
CTBC Financial Holding Co., Ltd.		587,000		391,172
Delta Electronics, Inc.		58,680		273,696
E.Sun Financial Holding Co., Ltd.		323,000		293,475
Far Eastern New Century Corp.		129,700		112,627
Far EasTone Telecommunications Co., Ltd.		53,000		118,046
First Financial Holding Co., Ltd.		319,000		234,935
Formosa Chemicals & Fibre Corp.		106,000		268,500
Formosa Petrochemical Corp.		40,000		120,013
Formosa Plastics Corp.		135,000		396,258
Fubon Financial Holding Co., Ltd.		203,000		287,038
Globalwafers Co., Ltd.(1)		8,000		101,816
Hon Hai Precision Industry Co., Ltd.		344,508		885,374
Hotai Motor Co., Ltd.		10,000		184,631
Hua Nan Financial Holdings Co., Ltd.		260,000		168,891
Largan Precision Co., Ltd.		3,000		408,941
Lite-On Technology Corp.		71,000		110,330
MediaTek, Inc.(1)		40,000		552,337
Mega Financial Holding Co., Ltd.		323,000		324,915
Nan Ya Plastics Corp.		163,000		360,598
Nanya Technology Corp.		42,000		90,156
Novatek Microelectronics Corp., Ltd.(1)		21,000		130,598
Pegatron Corp.		67,000		146,992
President Chain Store Corp.		19,000		196,474
Quanta Computer, Inc.		80,000		172,853
Realtek Semiconductor Corp.		18,000		154,140
Shanghai Commercial & Savings Bank, Ltd. (The)		102,606		151,097
Shin Kong Financial Holding Co., Ltd.		418,914		119,259

16 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
SinoPac Financial Holdings Co., Ltd.		362,000	$	147,339
Taishin Financial Holding Co., Ltd.		349,000		148,441
Taiwan Cement Corp.		148,867		214,782
Taiwan Cooperative Financial Holding Co., Ltd.		285,000		191,381
Taiwan Mobile Co., Ltd.		53,000		190,965
Taiwan Semiconductor Manufacturing Co., Ltd.		648,000		6,536,892
Uni-President Enterprises Corp.		135,960		316,567
United Microelectronics Corp.		351,000		181,595
Win Semiconductors Corp.		11,000		98,335
Yageo Corp.		9,000		116,445
Yuanta Financial Holding Co., Ltd.		322,675		183,918
			$	17,482,828
Vietnam — 12.3%
FPT Corp.		592,109	$	1,373,711
Ho Chi Minh City Development Joint Stock Commercial Bank(1)		240,700		212,758
Ho Chi Minh City Infrastructure Investment JSC(1)		262,900		221,581
Hoa Phat Group JSC(1)		1,333,182		1,221,042
Imexpharm Pharmaceutical JSC		37,445		91,491
Masan Group Corp.(1)		548,450		1,374,896
Military Commercial Joint Stock Bank(1)		1,977,440		1,440,436
Mobile World Investment Corp.		53,333		185,587
No Va Land Investment Group Corp.(1)		266,190		604,742
PetroVietnam Gas JSC		84,800		229,812
PetroVietnam Power Corp.(1)		704,100		315,814
Phat Dat Real Estate Development Corp.		241,613		276,414
Phu Nhuan Jewelry JSC		565,090		1,468,452
Refrigeration Electrical Engineering Corp.		143,700		184,187
Saigon Beer Alcohol Beverage Corp.		60,300		416,676
SSI Securities Corp.		529,226		294,349
Van Phu - Invest Investment JSC		140,000		252,088
Viet Capital Securities JSC		282,825		213,348
Vietnam Dairy Products JSC		370,408		1,566,559
Vietnam Electrical Equipment JSC(1)		369,740		245,852
Vietnam National Petroleum Group		125,200		215,284
Vietnam Prosperity JSC Bank(1)		1,755,487		1,546,396
Vietnam Technological & Commercial Joint Stock Bank(1)		1,608,600		1,263,591
Vingroup JSC(1)		399,041		1,565,992
			$	16,781,058
Total Common Stocks (identified cost $117,427,585)			$	114,503,495

Foreign Government Bonds — 3.2%
Security	Principal Amount (000’s omitted)		Value
Ukraine — 3.2%
Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40(2)(5)(6)	$	5,813	$	4,324,971
			$	4,324,971
Total Foreign Government Bonds (identified cost $5,319,972)			$	4,324,971
Rights — 0.0%(7)
Security	Shares		Value
South Korea — 0.0%(7)
HLB, Inc. Exp. 5/29/20(1)		130	$	1,846
			$	1,846
Total Rights (identified cost $0)			$	1,846
Short-Term Investments — 10.6%
U.S. Treasury Obligations — 1.1%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 6/11/20	$	1,500	$	1,499,842
Total U.S. Treasury Obligations (identified cost $1,499,852)			$	1,499,842
Other — 9.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(8)		13,007,071	$	13,007,071
Total Other (identified cost $13,004,898)			$	13,007,071
Total Short-Term Investments (identified cost $14,504,750)			$	14,506,913
Total Investments — 97.6% (identified cost $137,252,307)			$	133,337,225
Other Assets, Less Liabilities — 2.4%			$	3,259,508
Net Assets — 100.0%			$	136,596,733

17 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $6,011,908 or 4.4% of the Portfolio’s net assets.

⁽³⁾  Securities are traded on separate exchanges for the same entity.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $4,324,971 or 3.2% of the Portfolio’s net assets.

⁽⁶⁾  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.

⁽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.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		24.8	%	$	33,922,421
Information Technology		16.4			22,427,950
Consumer Discretionary		9.9			13,559,427
Communication Services		8.7			11,820,087
Consumer Staples		5.5			7,535,884
Materials		4.4			5,981,939
Real Estate		4.2			5,729,768
Industrials		3.6			4,944,316
Energy		3.4			4,609,282
Foreign Government Bonds		3.2			4,324,971
Utilities		1.5			2,065,082
Health Care		1.4			1,909,185
Short-Term Investments		10.6			14,506,913
Total Investments		97.6	%	$	133,337,225

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)
USD	7,535,692	EUR	6,854,555	7/6/20	$	14,603
USD	5,089,127	EUR	4,629,131	7/6/20		9,862
USD	2,971,034	EUR	2,702,488	7/6/20		5,757
					$	30,222

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	1,440,000	USD	1,575,428	UBS AG		5/5/20	$	2,595	$	—
EUR	1,010,000	USD	1,104,987	UBS AG		5/5/20		1,821		—
EUR	210,000	USD	229,750	UBS AG		5/5/20		379		—
USD	228,123	EUR	210,000	UBS AG		5/5/20		—		(2,006	)
USD	1,097,161	EUR	1,010,000	UBS AG		5/5/20		—		(9,647	)
USD	1,564,269	EUR	1,440,000	UBS AG		5/5/20		—		(13,754	)
EUR	1,440,000	USD	1,565,158	UBS AG		6/2/20		13,708		—
EUR	1,010,000	USD	1,097,784	UBS AG		6/2/20		9,615		—
EUR	210,000	USD	228,252	UBS AG		6/2/20		1,999		—
							$	30,117	$	(25,407	)

18 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/Unrealized Appreciation (Depreciation)
Equity Futures
MSCI Emerging Markets Index		162		Long		6/19/20	$	7,337,790	$	225,185
									$	225,185

Abbreviations:

ADR	–	American Depositary Receipt
GDP	–	Gross Domestic Product
PFC Shares	–	Preference Shares

Currency Abbreviations:

EUR	–	Euro
USD	–	United States Dollar

19 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $124,247,409)	$	120,330,154
Affiliated investment, at value (identified cost, $13,004,898)		13,007,071
Cash		948,710
Deposits for derivatives collateral —
Financial futures contracts		891,000
Centrally cleared derivatives		900,946
Foreign currency, at value (identified cost, $957,567)		957,807
Dividends receivable		272,495
Dividends receivable from affiliated investment		6,122
Receivable for open forward foreign currency exchange contracts		30,117
Tax reclaims receivable		13,052
Other assets		25,591
Total assets	$	137,383,065
Liabilities
Payable for variation margin on open financial futures contracts	$	157,145
Payable for variation margin on open centrally cleared derivatives		120,588
Payable for open forward foreign currency exchange contracts		25,407
Payable to affiliates:
Investment adviser fee		114,597
Trustees’ fees		812
Accrued expenses		367,783
Total liabilities	$	786,332
Net Assets applicable to investors’ interest in Portfolio	$	136,596,733

20 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends (net of foreign taxes, $87,424)	$	1,379,029
Dividends from affiliated investment		60,702
Interest (net of foreign taxes, $17)		23,409
Total investment income	$	1,463,140
Expenses
Investment adviser fee	$	851,143
Trustees’ fees and expenses		4,805
Custodian fee		135,273
Legal and accounting services		36,291
Miscellaneous		8,805
Total expenses	$	1,036,317
Net investment income	$	426,823
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $143,608)	$	(11,905,819	)
Investment transactions — affiliated investment		(7,828	)
Financial futures contracts		536,099
Foreign currency transactions		(849,250	)
Forward foreign currency exchange contracts		(310,343	)
Net realized loss	$	(12,537,141	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $250,924)	$	(20,614,547	)
Investments — affiliated investment		1,655
Financial futures contracts		35,290
Foreign currency		490,135
Forward foreign currency exchange contracts		477,390
Net change in unrealized appreciation (depreciation)	$	(19,610,077	)
Net realized and unrealized loss	$	(32,147,218	)
Net decrease in net assets from operations	$	(31,720,395	)

21 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	426,823		$	2,211,320
Net realized gain (loss)		(12,537,141	)		1,060,712
Net change in unrealized appreciation (depreciation)		(19,610,077	)		9,020,967
Net increase (decrease) in net assets from operations	$	(31,720,395	)	$	12,292,999
Capital transactions —
Contributions	$	13,260,873		$	23,681,199
Withdrawals		(24,277,288	)		(18,809,164	)
Net increase (decrease) in net assets from capital transactions	$	(11,016,415	)	$	4,872,035
Net increase (decrease) in net assets	$	(42,736,810	)	$	17,165,034
Net Assets
At beginning of period	$	179,333,543		$	162,168,509
At end of period	$	136,596,733		$	179,333,543

22 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		1.22	%(2)		1.29	%(3)		1.25	%		1.29	%		1.30	%		1.32	%
Net investment income		0.50	%(2)		1.29	%		0.97	%		1.10	%		0.92	%		1.61	%
Portfolio Turnover		24	%(4)		43	%		39	%		32	%		40	%		27	%
Total Return		(17.32	)%(4)		7.44	%		(11.06	)%		24.59	%		5.75	%		(14.05	)%
Net assets, end of period (000’s omitted)	$	136,597		$	179,334		$	162,169		$	164,303		$	124,168		$	113,782

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Includes interest expense of 0.01% of average daily net assets for the year ended October 31, 2019.

⁽⁴⁾  Not annualized.

23 See Notes to Financial Statements.

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Macro Capital Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Emerging and Frontier Countries Equity Fund held a 99.9% interest in the Portfolio.

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

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

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

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

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

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

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

24

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

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

J  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

25

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 1.00% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $851,143 or 1.00% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $36,892,886 and $56,063,212, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	137,755,551
Gross unrealized appreciation	$	18,644,218
Gross unrealized depreciation		(22,802,427	)
Net unrealized depreciation	$	(4,158,209	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $25,407. At April 30, 2020, there were no assets pledged by the Portfolio for such liability.

The over-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may,

26

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Equity Price			Foreign Exchange			Total
Not applicable	$	225,185	*	$	30,222	*	$	255,407
Receivable for open forward foreign currency exchange contracts		—			30,117			30,117
Total Asset Derivatives	$	225,185		$	60,339		$	285,524
Derivatives not subject to master netting or similar agreements	$	225,185		$	30,222		$	255,407
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	30,117		$	30,117
Payable for open forward foreign currency exchange contracts	$	—		$	(25,407	)	$	(25,407	)
Total Liability Derivatives subject to master netting or similar agreements	$	—		$	(25,407	)	$	(25,407	)

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

27

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
UBS AG	$	30,117		$	(25,407	)	$	—	$	—	$	4,710
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
UBS AG	$	(25,407	)	$	25,407		$	—	$	—	$	—

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Statement of Operations Caption	Equity Price		Foreign Exchange			Total
Net realized gain (loss) —
Investment transactions	$	—	$	(40,663	)	$	(40,663	)
Financial futures contracts		536,099		—			536,099
Forward foreign currency exchange contracts		—		(310,343	)		(310,343	)
Total	$	536,099	$	(351,006	)	$	185,093
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	35,290	$	—		$	35,290
Forward foreign currency exchange contracts		—		477,390			477,390
Total	$	35,290	$	477,390		$	512,680

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Forward Foreign Currency Exchange Contracts*
	$7,190,000	$	39,536,000

* 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.

28

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The average principal amount of purchased currency options contracts outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $3,074,000.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $13,007,071, which represents 9.5% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	5,701,355	$	53,112,516	$	(45,800,627	)	$	(7,828	)	$	1,655	$	13,007,071	$	60,702		13,007,071

8  Fair Value Measurements

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

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

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

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

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

29

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	7,323,168	$	75,955,605		$	20,260	$	83,299,033
Developed Europe		—		207,516			—		207,516
Emerging Europe		—		17,499,347			—		17,499,347
Latin America		2,313,341		—			—		2,313,341
Middle East/Africa		—		11,184,258			—		11,184,258
Total Common Stocks	$	9,636,509	$	104,846,726	**	$	20,260	$	114,503,495
Foreign Government Bonds	$	—	$	4,324,971		$	—	$	4,324,971
Rights		1,846		—			—		1,846
Short-Term Investments —
U.S. Treasury Obligations		—		1,499,842			—		1,499,842
Other		—		13,007,071			—		13,007,071
Total Investments	$	9,638,355	$	123,678,610		$	20,260	$	133,337,225
Forward Foreign Currency Exchange Contracts	$	—	$	60,339		$	—	$	60,339
Futures Contracts		225,185		—			—		225,185
Total	$	9,863,540	$	123,738,949		$	20,260	$	133,622,749
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(25,407	)	$	—	$	(25,407	)
Total	$	—	$	(25,407	)	$	—	$	(25,407	)

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

9  Risks and Uncertainties

Risks Associated with Foreign Investments

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

30

Global Macro Capital Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

31

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

32

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Emerging and Frontier Countries Equity Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Global Macro Capital Opportunities Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund and the investment advisory agreement for the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

33

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in investing in equity securities traded in developed, emerging, frontier, and off-index markets. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board noted that, effective May 2, 2017, the Fund changed its name and investment strategies to allow the Fund, under normal market conditions, to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity investments in emerging and frontier market countries. Although the Board considered information comparing the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund and by the Portfolio for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

34

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

35

Eaton Vance

Emerging and Frontier Countries Equity Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Emerging and Frontier Countries Equity Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Macro Capital Opportunities Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Emerging and Frontier Countries Equity Fund and Global Macro Capital Opportunities Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

36

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

37

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Investment Adviser of Global Macro Capital Opportunities Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

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

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

18473    4.30.20

Eaton Vance

Emerging Markets Local Income Fund

Semiannual Report

April 30, 2020

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

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

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

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

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

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

Semiannual Report April 30, 2020

Eaton Vance

Emerging Markets Local Income Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	48
Officers and Trustees	52
Important Notices	53

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/2007		06/27/2007		–7.87	%		4.34	%		2.62	%		1.56	%
Class A with 4.75% Maximum Sales Charge		—		—		–12.28			–0.68			1.63			1.06
Class C at NAV		08/03/2010		06/27/2007		–8.06			3.67			1.92			0.89
Class C with 1% Maximum Sales Charge		—		—		–8.90			2.76			1.92			0.89
Class I at NAV		11/30/2009		06/27/2007		–7.73			4.65			2.93			1.87
J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged)		—		—		–9.91	%		–2.68	%		0.44	%		0.72	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.22	%		1.92	%		0.92	%
Net									1.20			1.90			0.90

Fund Profile⁴

Asset Allocation (% of net assets)⁵

Foreign Currency Exposures by Country (% of net assets)⁶

Ukraine	14.0	%
Mexico	10.9
Serbia	10.5
Thailand	9.8
Russia	9.1
Indonesia	9.0
Brazil	9.0
Poland	7.5
Colombia	6.6
South Africa	4.7
Czech Republic	4.0
Peru	3.9
Malaysia	3.7
Georgia	3.1
Romania	3.0
Chile	2.5
Hungary	2.3
Uruguay	2.0
Other	0.9	*
Euro	–7.6
Total Long	116.9
Total Short	–8.0
Total Net	108.9

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

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 Local Income Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged) is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2019, J.P. Morgan Chase & Co. All rights reserved. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  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 C is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

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

⁶  Currency exposures include all foreign exchange denominated assets and currency derivatives. Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

3

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	921.30	$	5.73	**		1.20	%
Class C	$	1,000.00	$	919.40	$	9.07	**		1.90	%
Class I	$	1,000.00	$	922.70	$	4.30	**		0.90	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	6.02	**		1.20	%
Class C	$	1,000.00	$	1,015.40	$	9.52	**		1.90	%
Class I	$	1,000.00	$	1,020.40	$	4.52	**		0.90	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

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

4

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Emerging Markets Local Income Portfolio, at value (identified cost, $1,083,658,167)	$	1,061,936,494
Receivable for Fund shares sold		8,255,879
Receivable from affiliate		92,457
Other assets		1,039,000
Total assets	$	1,071,323,830
Liabilities
Payable for Fund shares redeemed	$	7,861,284
Distributions payable		317
Payable to affiliates:
Distribution and service fees		77,599
Trustees’ fees		43
Accrued expenses		287,450
Total liabilities	$	8,226,693
Net Assets	$	1,063,097,137
Sources of Net Assets
Paid-in capital	$	1,222,239,056
Accumulated loss		(159,141,919	)
Total	$	1,063,097,137
Class A Shares
Net Assets	$	130,150,574
Shares Outstanding		26,739,497
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	4.87
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	5.11
Class C Shares
Net Assets	$	58,264,335
Shares Outstanding		11,838,157
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	4.92
Class I Shares
Net Assets	$	874,682,228
Shares Outstanding		179,777,633
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	4.87

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

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

5 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest allocated from Portfolio (net of foreign taxes, $2,461,046)	$	41,472,338
Dividends allocated from Portfolio		1,423,000
Expenses allocated from Portfolio		(4,774,434	)
Total investment income from Portfolio	$	38,120,904
Expenses
Distribution and service fees
Class A	$	222,426
Class C		321,669
Trustees’ fees and expenses		250
Custodian fee		28,847
Transfer and dividend disbursing agent fees		488,417
Legal and accounting services		22,052
Printing and postage		157,818
Registration fees		65,275
Miscellaneous		8,098
Total expenses	$	1,314,852
Deduct —
Allocation of expenses to affiliate	$	110,041
Total expense reductions	$	110,041
Net expenses	$	1,204,811
Net investment income	$	36,916,093
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $1,259,327)	$	(7,088,990	)
Financial futures contracts		(812,249	)
Swap contracts		2,098,160
Foreign currency transactions		(4,189,284	)
Forward foreign currency exchange contracts		(51,816,826	)
Non-deliverable bond forward contracts		(8,452,213	)
Net realized loss	$	(70,261,402	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $628,135)	$	(79,214,438	)
Financial futures contracts		(175,930	)
Swap contracts		21,304,293
Foreign currency		(412,254	)
Forward foreign currency exchange contracts		(26,299,759	)
Non-deliverable bond forward contracts		6,906,795
Net change in unrealized appreciation (depreciation)	$	(77,891,293	)
Net realized and unrealized loss	$	(148,152,695	)
Net decrease in net assets from operations	$	(111,236,602	)

6 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	36,916,093		$	61,860,848
Net realized loss		(70,261,402	)		(14,006,360	)
Net change in unrealized appreciation (depreciation)		(77,891,293	)		139,154,069
Net increase (decrease) in net assets from operations	$	(111,236,602	)	$	187,008,557
Distributions to shareholders —
Class A	$	(12,773,281	)	$	(13,551,046	)
Class C		(5,303,436	)		(4,848,104	)
Class I		(86,830,294	)		(75,781,104	)
Total distributions to shareholders	$	(104,907,011	)	$	(94,180,254	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	36,660,130		$	85,066,938
Class C		12,840,485			24,388,178
Class I		423,106,264			588,059,210
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		11,804,046			12,545,769
Class C		5,126,456			4,662,466
Class I		77,404,297			65,869,958
Cost of shares redeemed
Class A		(45,428,958	)		(66,890,933	)
Class C		(11,095,980	)		(14,552,761	)
Class I		(384,961,657	)		(345,787,716	)
Net asset value of shares converted
Class A		193,755			1,377,959
Class C		(193,755	)		(1,377,959	)
Net increase in net assets from Fund share transactions	$	125,455,083		$	353,361,109
Net increase (decrease) in net assets	$	(90,688,530	)	$	446,189,412
Net Assets
At beginning of period	$	1,153,785,667		$	707,596,255
At end of period	$	1,063,097,137		$	1,153,785,667

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	5.760		$	5.190		$	6.310		$	6.400		$	6.150		$	8.220
Income (Loss) From Operations
Net investment income(1)	$	0.162		$	0.363		$	0.408		$	0.343		$	0.346		$	0.392
Net realized and unrealized gain (loss)		(0.578	)		0.759			(0.970	)		0.124			0.573			(1.772	)
Total income (loss) from operations	$	(0.416	)	$	1.122		$	(0.562	)	$	0.467		$	0.919		$	(1.380	)
Less Distributions
From net investment income	$	(0.474	)	$	(0.552	)	$	—		$	(0.502	)	$	(0.078	)	$	—
Tax return of capital		—			—			(0.558	)		(0.055	)		(0.591	)		(0.690	)
Total distributions	$	(0.474	)	$	(0.552	)	$	(0.558	)	$	(0.557	)	$	(0.669	)	$	(0.690	)
Net asset value — End of period	$	4.870		$	5.760		$	5.190		$	6.310		$	6.400		$	6.150
Total Return(2)		(7.87	)%(3)(4)		22.64	%(3)		(9.65	)%(3)		7.75	%		15.94	%(3)		(17.38	)%(3)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	130,151		$	152,308		$	107,550		$	87,390		$	86,313		$	70,943
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.20	%(3)(7)		1.20	%(3)		1.23	%(3)(8)		1.26	%(9)		1.30	%(3)(9)		1.32	%(3)(9)
Net investment income		5.97	%(7)		6.57	%		6.84	%		5.45	%		5.56	%		5.52	%
Portfolio Turnover of the Portfolio		33	%(4)		46	%		52	%		40	%		73	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09%, 0.08% and 0.11% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁹⁾  Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02%, 0.05% and 0.07% for the years ended October 31, 2017, 2016 and 2015, respectively.

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	5.820		$	5.240		$	6.380		$	6.470		$	6.190		$	8.240
Income (Loss) From Operations
Net investment income(1)	$	0.143		$	0.328		$	0.373		$	0.302		$	0.305		$	0.344
Net realized and unrealized gain (loss)		(0.586	)		0.770			(0.992	)		0.126			0.579			(1.775	)
Total income (loss) from operations	$	(0.443	)	$	1.098		$	(0.619	)	$	0.428		$	0.884		$	(1.431	)
Less Distributions
From net investment income	$	(0.457	)	$	(0.518	)	$	—		$	(0.467	)	$	(0.070	)	$	—
Tax return of capital		—			—			(0.521	)		(0.051	)		(0.534	)		(0.619	)
Total distributions	$	(0.457	)	$	(0.518	)	$	(0.521	)	$	(0.518	)	$	(0.604	)	$	(0.619	)
Net asset value — End of period	$	4.920		$	5.820		$	5.240		$	6.380		$	6.470		$	6.190
Total Return(2)		(8.06	)%(3)(4)		21.87	%(3)		(10.42	)%(3)		7.01	%		15.13	%(3)		(17.91	)%(3)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	58,264		$	62,869		$	44,416		$	41,754		$	34,379		$	34,362
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.90	%(3)(7)		1.90	%(3)		1.93	%(3)(8)		1.96	%(9)		2.00	%(3)(9)		2.02	%(3)(9)
Net investment income		5.24	%(7)		5.88	%		6.17	%		4.74	%		4.87	%		4.82	%
Portfolio Turnover of the Portfolio		33	%(4)		46	%		52	%		40	%		73	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09%, 0.08% and 0.11% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁹⁾  Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02%, 0.05% and 0.07% for the years ended October 31, 2017, 2016 and 2015, respectively.

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	5.760		$	5.190		$	6.310		$	6.400		$	6.160		$	8.240
Income (Loss) From Operations
Net investment income(1)	$	0.169		$	0.381		$	0.427		$	0.363		$	0.364		$	0.414
Net realized and unrealized gain (loss)		(0.577	)		0.757			(0.971	)		0.123			0.576			(1.771	)
Total income (loss) from operations	$	(0.408	)	$	1.138		$	(0.544	)	$	0.486		$	0.940		$	(1.357	)
Less Distributions
From net investment income	$	(0.482	)	$	(0.568	)	$	—		$	(0.519	)	$	(0.082	)	$	—
Tax return of capital		—			—			(0.576	)		(0.057	)		(0.618	)		(0.723	)
Total distributions	$	(0.482	)	$	(0.568	)	$	(0.576	)	$	(0.576	)	$	(0.700	)	$	(0.723	)
Net asset value — End of period	$	4.870		$	5.760		$	5.190		$	6.310		$	6.400		$	6.160
Total Return(2)		(7.73	)%(3)(4)		23.00	%(3)		(9.38	)%(3)		8.07	%		16.32	%(3)		(17.08	)%(3)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	874,682		$	938,608		$	555,630		$	414,676		$	164,460		$	115,221
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		0.90	%(3)(7)		0.90	%(3)		0.93	%(3)(8)		0.96	%(9)		1.00	%(3)(9)		1.02	%(3)(9)
Net investment income		6.25	%(7)		6.90	%		7.15	%		5.72	%		5.84	%		5.81	%
Portfolio Turnover of the Portfolio		33	%(4)		46	%		52	%		40	%		73	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09%, 0.08% and 0.11% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁹⁾  Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02%, 0.05% and 0.07% for the years ended October 31, 2017, 2016 and 2015, respectively.

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Emerging Markets Local Income Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Emerging Markets Local Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (94.5% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

11

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only 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. For the six months ended April 30, 2020, management estimates that a portion of distributions for the period will be a tax return of capital. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year and will be reported to the shareholders.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $31,214,365 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $9,892,892 are short-term and $21,321,473 are long-term.

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. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.20%, 1.90% and 0.90% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $110,041 of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $9,637 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 $74,033 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

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 0.30% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $222,426 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $241,252 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 six months ended April 30, 2020 amounted to $80,417 for Class C shares.

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

12

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $10,000 and $19,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $236,502,503 and $213,547,709, respectively.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		6,561,574			15,355,679
Issued to shareholders electing to receive payments of distributions in Fund shares		2,162,785			2,276,793
Redemptions		(8,456,840	)		(12,171,088	)
Converted from Class C shares		35,298			249,574
Net increase		302,817			5,710,958
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		2,246,063			4,363,337
Issued to shareholders electing to receive payments of distributions in Fund shares		930,358			836,847
Redemptions		(2,100,569	)		(2,625,000	)
Converted to Class A shares		(34,943	)		(247,221	)
Net increase		1,040,909			2,327,963
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		77,368,903			106,975,051
Issued to shareholders electing to receive payments of distributions in Fund shares		14,203,858			11,932,823
Redemptions		(74,746,780	)		(63,054,227	)
Net increase		16,825,981			55,853,647

13

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Foreign Government Bonds — 63.1%
Security		Principal Amount (000’s omitted)		Value
Albania — 0.1%
Republic of Albania, 5.75%, 11/12/20(1)	EUR		646	$	720,732
Total Albania				$	720,732
Argentina — 0.0%(2)
Republic of Argentina, 3.75% to 3/31/29, 12/31/38(3)	USD		901	$	288,310
Republic of Argentina, 6.625%, 7/6/28	USD		523		132,057
Republic of Argentina, 6.875%, 1/11/48	USD		376		88,834
Total Argentina				$	509,201
Belarus — 0.0%(2)
Republic of Belarus, 6.875%, 2/28/23(1)	USD		564	$	553,699
Total Belarus				$	553,699
Bosnia and Herzegovina — 0.2%
Republic of Srpska, 1.50%, 6/30/23	BAM		130	$	72,454
Republic of Srpska, 1.50%, 10/30/23	BAM		354		197,712
Republic of Srpska, 1.50%, 12/15/23	BAM		19		10,750
Republic of Srpska, 1.50%, 5/31/25	BAM		3,337		1,853,011
Republic of Srpska, 1.50%, 6/9/25	BAM		320		177,154
Republic of Srpska, 1.50%, 12/24/25	BAM		349		192,566
Republic of Srpska, 1.50%, 9/25/26	BAM		253		140,960
Republic of Srpska, 1.50%, 9/26/27	BAM		88		48,253
Total Bosnia and Herzegovina				$	2,692,860
Brazil — 0.5%
Nota do Tesouro Nacional, 10.00%, 1/1/21	BRL		5,127	$	986,348
Nota do Tesouro Nacional, 10.00%, 1/1/27	BRL		22,375		4,715,501
Total Brazil				$	5,701,849
Colombia — 0.2%
Republic of Colombia, 7.75%, 4/14/21	COP		6,301,000	$	1,630,549
Titulos De Tesoreria B, 10.00%, 7/24/24	COP		3,528,300		1,049,319
Total Colombia				$	2,679,868
Costa Rica — 0.0%(2)
Titulo Propiedad UD, 1.00%, 1/12/22(4)	CRC		66,362	$	105,606
Total Costa Rica				$	105,606

Security		Principal Amount (000’s omitted)		Value
Dominican Republic — 0.1%
Dominican Republic, 7.50%, 5/6/21(1)	USD		567	$	565,256
Total Dominican Republic				$	565,256
Fiji — 0.7%
Republic of Fiji, 6.625%, 10/2/20(1)	USD		7,781	$	7,832,034
Total Fiji				$	7,832,034
Georgia — 1.6%
Georgia Treasury Bond, 7.00%, 5/30/24	GEL		30,533	$	8,648,418
Georgia Treasury Bond, 7.25%, 1/17/21	GEL		4,662		1,437,032
Georgia Treasury Bond, 7.375%, 9/27/23	GEL		6,187		1,800,417
Georgia Treasury Bond, 8.125%, 1/25/23	GEL		3,108		946,471
Georgia Treasury Bond, 9.375%, 4/9/22	GEL		13,205		4,136,569
Republic of Georgia, 6.875%, 4/12/21(1)	USD		570		574,734
Total Georgia				$	17,543,641
Indonesia — 6.6%
Indonesia Government Bond, 7.375%, 5/15/48	IDR		72,833,000	$	4,463,500
Indonesia Government Bond, 7.50%, 8/15/32	IDR		40,753,000		2,593,672
Indonesia Government Bond, 7.50%, 5/15/38	IDR		667,200,000		42,162,555
Indonesia Government Bond, 7.50%, 4/15/40	IDR		122,023,000		7,780,761
Indonesia Government Bond, 8.25%, 6/15/32	IDR		11,609,000		782,856
Indonesia Government Bond, 8.25%, 5/15/36	IDR		242,576,000		16,470,706
Indonesia Government Bond, 9.50%, 5/15/41	IDR		5,702,000		423,654
Total Indonesia				$	74,677,704
Macedonia — 0.5%
Republic of Macedonia, 3.975%, 7/24/21(1)	EUR		1,470	$	1,637,343
Republic of Macedonia, 4.875%, 12/1/20(1)	EUR		3,491		3,890,023
Total Macedonia				$	5,527,366
Malaysia — 2.8%
Malaysia Government Bond, 3.733%, 6/15/28	MYR		81,500	$	20,101,104
Malaysia Government Bond, 3.828%, 7/5/34	MYR		28,100		7,065,205
Malaysia Government Bond, 4.254%, 5/31/35	MYR		17,800		4,590,123
Total Malaysia				$	31,756,432
Mexico — 2.0%
Mexican Bonos, 7.75%, 11/13/42	MXN		230,000	$	9,500,515
Mexican Bonos, 8.50%, 5/31/29	MXN		224,000		10,501,539
Mexican Bonos, 8.50%, 11/18/38	MXN		36,100		1,635,921
Mexican Bonos, 10.00%, 11/20/36	MXN		22,074		1,148,233
Total Mexico				$	22,786,208

14 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Oman — 0.1%
Oman Government International Bond, 3.625%, 6/15/21(1)	USD		600	$	577,944
Total Oman				$	577,944
Paraguay — 0.1%
Republic of Paraguay, 4.625%, 1/25/23(1)	USD		580	$	593,056
Total Paraguay				$	593,056
Peru — 3.5%
Peru Government Bond, 5.94%, 2/12/29(1)(5)	PEN		40,967	$	13,695,228
Peru Government Bond, 6.15%, 8/12/32(1)(5)	PEN		8,222		2,706,712
Peru Government Bond, 6.714%, 2/12/55	PEN		4,100		1,356,978
Peru Government Bond, 6.85%, 2/12/42	PEN		19,284		6,437,111
Peru Government Bond, 6.90%, 8/12/37	PEN		41,002		13,922,835
Peru Government Bond, 6.95%, 8/12/31	PEN		3,915		1,377,048
Total Peru				$	39,495,912
Romania — 1.9%
Romanian Government International Bond, 4.375%, 8/22/23(1)	USD		20,528	$	21,386,994
Total Romania				$	21,386,994
Russia — 3.5%
Russia Government Bond, 2.50%, 2/2/28(4)	RUB		1,999,465	$	26,831,909
Russia Government Bond, 7.70%, 3/23/33	RUB		778,365		11,949,595
Russia Government Bond, 7.75%, 9/16/26	RUB		31,480		470,447
Russia Government Bond, 8.50%, 9/17/31	RUB		8,092		130,610
Total Russia				$	39,382,561
Serbia — 11.2%
Republic of Serbia, 7.25%, 9/28/21(1)	USD		5,240	$	5,500,638
Serbia Treasury Bond, 4.50%, 1/11/26	RSD		7,094,340		71,448,722
Serbia Treasury Bond, 5.75%, 7/21/23	RSD		3,076,640		31,734,888
Serbia Treasury Bond, 5.875%, 2/8/28	RSD		1,526,670		17,182,273
Serbia Treasury Bond, 10.00%, 10/23/24	RSD		32,290		396,154
Total Serbia				$	126,262,675
Seychelles — 0.1%
Republic of Seychelles, 8.00%, 1/1/26(1)	USD		1,179	$	887,186
Total Seychelles				$	887,186

Security		Principal Amount (000’s omitted)		Value
South Africa — 4.3%
Republic of South Africa, 8.25%, 3/31/32	ZAR		95,739	$	4,301,615
Republic of South Africa, 8.50%, 1/31/37	ZAR		417,200		17,541,735
Republic of South Africa, 8.75%, 1/31/44	ZAR		408,487		16,701,351
Republic of South Africa, 8.75%, 2/28/48	ZAR		231,000		9,373,100
Total South Africa				$	47,917,801
Thailand — 4.9%
Thailand Government Bond, 1.25%, 3/12/28(1)(4)	THB		936,458	$	25,862,732
Thailand Government Bond, 3.30%, 6/17/38	THB		536,751		21,190,484
Thailand Government Bond, 3.40%, 6/17/36	THB		205,000		8,022,952
Total Thailand				$	55,076,168
Turkey — 4.0%
Republic of Turkey, 5.125%, 3/25/22	USD		540	$	535,275
Turkey Government Bond, 7.10%, 3/8/23	TRY		70,204		9,260,761
Turkey Government Bond, 8.50%, 9/14/22	TRY		110,415		15,584,004
Turkey Government Bond, 10.50%, 8/11/27	TRY		60,000		8,240,933
Turkey Government Bond, 10.70%, 8/17/22	TRY		9,380		1,382,274
Turkey Government Bond, 12.40%, 3/8/28	TRY		23,227		3,504,238
Turkey Government Bond, 16.20%, 6/14/23	TRY		36,761		6,072,047
Total Turkey				$	44,579,532
Ukraine — 14.2%
Ukraine Government International Bond, 9.79%, 5/26/27	UAH		28,546	$	863,333
Ukraine Government International Bond, 10.00%, 8/23/23	UAH		672,489		22,366,772
Ukraine Government International Bond, 11.67%, 11/22/23	UAH		57,092		1,982,907
Ukraine Government International Bond, 15.70%, 1/20/21	UAH		231,604		8,627,689
Ukraine Government International Bond, 15.84%, 2/26/25	UAH		1,974,269		77,865,609
Ukraine Government International Bond, 17.00%, 5/11/22	UAH		184,700		7,175,193
Ukraine Government International Bond, 18.00%, 3/24/21	UAH		1,089,839		41,399,337
Total Ukraine				$	160,280,840
Total Foreign Government Bonds (identified cost $762,272,772)				$	710,093,125

15 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Foreign Corporate Bonds — 1.6%
Security		Principal Amount (000’s omitted)		Value
Colombia — 0.0%(2)
Emgesa SA ESP, 8.75%, 1/25/21(1)	COP		697,000	$	180,340
Total Colombia				$	180,340
Indonesia — 0.1%
Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(1)	IDR		21,720,000	$	1,405,812
Total Indonesia				$	1,405,812
Mexico — 0.1%
Petroleos Mexicanos, 7.19%, 9/12/24(5)	MXN		10,630	$	343,136
Petroleos Mexicanos, 7.65%, 11/24/21	MXN		5,900		235,664
Total Mexico				$	578,800
Peru — 1.4%
Alicorp SAA, 6.875%, 4/17/27(1)	PEN		25,530	$	8,168,390
Telefonica del Peru SAA, 7.375%, 4/10/27(5)	PEN		24,500		7,832,016
Total Peru				$	16,000,406
Total Foreign Corporate Bonds (identified cost $18,593,635)				$	18,165,358
Sovereign Loans — 0.1%
Borrower		Principal Amount (000’s omitted)		Value
Ethiopia — 0.1%
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 5.51%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021(6)(7)		$	800	$	771,143
Total Ethiopia				$	771,143
Total Sovereign Loans (identified cost $784,931)				$	771,143

Short-Term Investments — 24.6%
Foreign Government Securities — 3.4%
Security		Principal Amount (000’s omitted)		Value
Georgia — 1.4%
Bank of Georgia Promissory Note, 7.40%, 5/13/20	GEL		1,090	$	340,085
Bank of Georgia Promissory Note, 7.40%, 5/18/20	GEL		1,602		499,598
Bank of Georgia Promissory Note, 7.50%, 5/28/20	GEL		1,990		617,402
Bank of Georgia Promissory Note, 7.50%, 6/10/20	GEL		1,029		318,466
Bank of Georgia Promissory Note, 7.50%, 6/12/20	GEL		716		221,564
Bank of Georgia Promissory Note, 7.50%, 6/15/20	GEL		1,411		436,482
Bank of Georgia Promissory Note, 7.50%, 6/16/20	GEL		1,721		532,271
Bank of Georgia Promissory Note, 7.50%, 6/17/20	GEL		1,536		475,152
Bank of Georgia Promissory Note, 7.50%, 6/19/20	GEL		3,083		953,390
Bank of Georgia Promissory Note, 7.50%, 6/26/20	GEL		4,083		1,261,222
Bank of Georgia Promissory Note, 7.50%, 6/29/20	GEL		3,437		1,061,369
Georgia Treasury Bill, 0.00%, 5/7/20	GEL		1,930		600,283
Georgia Treasury Bill, 0.00%, 5/14/20	GEL		2,900		900,928
Georgia Treasury Bill, 0.00%, 6/4/20	GEL		2,858		883,907
Georgia Treasury Bill, 0.00%, 6/11/20	GEL		3,313		1,022,889
Georgia Treasury Bill, 0.00%, 7/2/20	GEL		5,104		1,568,718
Georgia Treasury Bill, 0.00%, 1/14/21	GEL		5,888		1,726,991
Georgia Treasury Bill, 0.00%, 2/11/21	GEL		9,360		2,726,272
Total Georgia				$	16,146,989
Uruguay — 2.0%
Uruguay Monetary Regulation Bill, 0.00%, 7/31/20	UYU		83,005	$	1,910,829
Uruguay Monetary Regulation Bill, 0.00%, 12/18/20	UYU		337,685		7,411,937
Uruguay Monetary Regulation Bill, 0.00%, 2/5/21	UYU		102,951		2,219,369
Uruguay Monetary Regulation Bill, 0.00%, 2/19/21	UYU		168,465		3,612,605
Uruguay Monetary Regulation Bill, 0.00%, 7/21/21	UYU		355,650		7,222,990
Total Uruguay				$	22,377,730
Total Foreign Government Securities (identified cost $41,375,427)				$	38,524,719
U.S. Treasury Obligations — 2.0%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 5/21/20(8)		$	22,550	$	22,548,904
Total U.S. Treasury Obligations (identified cost $22,548,478)				$	22,548,904

16 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Other — 19.2%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(9)		215,436,722	$	215,436,722
Total Other (identified cost $215,378,232)			$	215,436,722
Total Short-Term Investments (identified cost $279,302,137)			$	276,510,345
Total Investments — 89.4% (identified cost $1,060,953,475)			$	1,005,539,971
Other Assets, Less Liabilities — 10.6%			$	118,748,225
Net Assets — 100.0%			$	1,124,288,196

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

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $96,738,853 or 8.6% of the Portfolio’s net assets.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Step coupon security. Interest rate represents the rate in effect at April 30, 2020.

⁽⁴⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $24,577,092 or 2.2% of the Portfolio’s net assets.

⁽⁶⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

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

⁽⁸⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁹⁾  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 April 30, 2020.

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
BRL	8,960,000	USD	1,628,203		5/5/20	$	19,492
BRL	8,960,000	USD	1,651,004		5/5/20		(3,309	)
BRL	13,036,000	USD	2,468,005		5/5/20		(70,756	)
BRL	470,399,081	USD	86,677,553		5/5/20		(173,741	)
BRL	457,363,081	USD	88,689,539		5/5/20		(4,582,975	)
USD	84,275,489	BRL	457,363,081		5/5/20		168,926
USD	1,737,478	BRL	8,960,000		5/5/20		89,783
USD	2,402,064	BRL	13,036,000		5/5/20		4,815
USD	1,651,004	BRL	8,960,000		5/5/20		3,309
USD	85,480,480	BRL	470,399,081		5/5/20		(1,023,332	)
CLP	10,458,865,484	USD	13,341,581		5/7/20		(813,400	)
CLP	26,088,486,000	USD	33,519,833		5/7/20		(2,269,668	)
PEN	9,219,741	USD	2,590,251		5/7/20		140,749
PEN	4,609,329	USD	1,294,937		5/7/20		70,403
PEN	4,562,219	USD	1,281,666		5/7/20		69,719
PEN	12,650,000	USD	3,755,381		5/7/20		(8,295	)
PEN	70,566,876	USD	20,949,050		5/7/20		(46,274	)
USD	13,438,090	CLP	10,458,865,484		5/7/20		909,909
USD	1,801,038	CLP	1,547,037,500		5/7/20		(52,085	)
USD	2,051,967	CLP	1,777,860,020		5/7/20		(77,648	)
USD	4,241,720	CLP	3,650,000,000		5/7/20		(130,443	)

17 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	12,144,017	PEN	40,907,122		5/7/20	$	26,825
USD	9,245,540	PEN	31,143,600		5/7/20		20,422
USD	179,255	PEN	609,826		5/7/20		(1,383	)
USD	1,292,887	PEN	4,423,096		5/7/20		(17,288	)
USD	7,074,952	PEN	24,023,000		5/7/20		(40,956	)
USD	2,513,127	PEN	8,693,660		5/7/20		(62,042	)
USD	10,716,186	PEN	36,930,120		5/7/20		(222,969	)
EUR	4,823,940	USD	5,240,875		5/8/20		45,706
EUR	479,000	USD	521,538		5/8/20		3,401
PHP	158,172,000	USD	3,102,324		5/8/20		34,528
RUB	5,542,139,159	USD	73,025,696		5/8/20		1,628,775
RUB	85,600,000	USD	1,136,484		5/8/20		16,576
RUB	528,503,000	USD	7,178,797		5/8/20		(59,684	)
RUB	618,821,320	USD	8,405,614		5/8/20		(69,884	)
USD	29,378,701	EUR	26,327,360		5/8/20		526,408
USD	28,762,021	EUR	25,774,730		5/8/20		515,358
USD	25,565,854	EUR	22,910,524		5/8/20		458,089
USD	9,788,255	EUR	8,844,063		5/8/20		96,000
USD	1,552,601	EUR	1,394,111		5/8/20		24,787
USD	784,897	EUR	703,376		5/8/20		14,064
USD	7,529,053	EUR	6,914,969		5/8/20		(49,098	)
USD	8,393,544	EUR	7,708,951		5/8/20		(54,736	)
USD	6,921,900	EUR	6,371,232		5/8/20		(60,367	)
USD	76,443,075	RUB	5,627,739,159		5/8/20		635,543
USD	6,963,791	RUB	528,503,000		5/8/20		(155,321	)
USD	8,153,866	RUB	618,821,320		5/8/20		(181,865	)
MXN	236,697,312	USD	9,747,249		5/12/20		61,965
MXN	33,619,446	USD	1,384,456		5/12/20		8,801
MXN	1,900,216,611	USD	99,977,198		5/12/20		(21,228,390	)
USD	7,815,070	MXN	148,537,123		5/12/20		1,659,392
USD	8,963,460	MXN	217,664,175		5/12/20		(56,983	)
IDR	516,837,866,309	USD	31,639,906		5/18/20		2,788,113
IDR	89,500,000,000	USD	5,358,640		5/18/20		603,206
IDR	84,535,600,000	USD	6,002,244		5/18/20		(371,090	)
USD	6,128,877	IDR	84,535,600,000		5/18/20		497,724
USD	6,014,163	IDR	82,953,355,000		5/18/20		488,408
USD	256,067	IDR	4,182,856,036		5/18/20		(22,565	)
USD	4,381,798	IDR	73,184,783,390		5/18/20		(493,246	)
USD	13,714,134	IDR	224,020,378,018		5/18/20		(1,208,491	)
INR	965,895,600	USD	13,393,359		5/22/20		(589,017	)
INR	1,275,850,000	USD	17,688,815		5/22/20		(775,578	)
USD	8,282,472	INR	639,030,000		5/22/20		(188,794	)
USD	8,823,510	INR	681,025,000		5/22/20		(204,461	)
USD	11,961,464	INR	921,690,600		5/22/20		(256,878	)

18 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
ZAR	15,563,000	USD	848,642		5/26/20	$	(10,956	)
ZAR	829,000	USD	56,375		5/26/20		(11,753	)
ZAR	300,000,000	USD	16,358,848		5/26/20		(211,193	)
BRL	470,399,081	USD	85,292,938		6/2/20		1,001,898
USD	1,624,631	BRL	8,960,000		6/2/20		(19,084	)
USD	363,704	PHP	18,698,000		6/2/20		(6,270	)
CZK	1,258,637,322	USD	55,388,627		6/17/20		(4,465,874	)
PLN	15,000,000	USD	3,904,145		6/17/20		(289,707	)
PLN	174,277,255	USD	45,360,250		6/17/20		(3,365,956	)
COP	270,976,100,000	USD	66,099,793		7/1/20		2,009,496
MXN	171,776,000	USD	7,032,075		7/1/20		31,652
MXN	193,571,000	USD	7,939,355		7/1/20		20,620
EUR	145,173,818	USD	156,887,893		7/6/20		2,402,566
EUR	2,240,396	USD	2,471,045		7/6/20		(12,794	)
EUR	29,000,000	USD	31,881,730		7/6/20		(61,782	)
USD	40,394,657	EUR	36,275,567		7/6/20		591,670
USD	49,798,921	EUR	44,154,634		7/17/20		1,339,057
USD	968,600	EUR	858,817		7/17/20		26,045
RUB	5,627,739,159	USD	75,540,123		7/30/20		(879,122	)
USD	8,306,326	RUB	618,821,320		7/30/20		96,667
USD	7,094,000	RUB	528,503,000		7/30/20		82,559
USD	17,767,374	ZAR	300,320,140		8/19/20		1,728,722
USD	12,523,295	ZAR	211,680,000		8/19/20		1,218,486
USD	7,276,454	ZAR	126,725,999		8/19/20		508,629
USD	4,540,391	ZAR	79,075,000		8/19/20		317,377
ZAR	549,489,000	USD	31,550,997		8/19/20		(2,205,437	)
USD	12,363,697	ZAR	234,773,000		9/17/20		(141,715	)
USD	34,110,544	ZAR	647,721,712		9/17/20		(390,981	)
ZAR	633,305,000	USD	33,351,326		9/17/20		382,279
						$	(24,306,717	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	19,653,960	HUF	6,983,052,000	BNP Paribas		5/4/20	$	—	$	(171,393	)
EUR	11,981,935	HUF	4,351,000,000	BNP Paribas		5/4/20		—		(396,156	)
HUF	6,735,152,000	EUR	18,547,495	BNP Paribas		5/4/20		613,231		—
HUF	4,351,000,000	EUR	12,245,989	BNP Paribas		5/4/20		106,792		—
HUF	247,900,000	EUR	704,311	JPMorgan Chase Bank, N.A.		5/4/20		—		(1,138	)
EUR	8,302,053	HUF	2,927,968,000	BNP Paribas		5/5/20		—		(4,777	)
EUR	7,294,350	HUF	2,575,562,000	BNP Paribas		5/5/20		—		(13,495	)

19 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	12,405,641	PLN	56,303,000	BNP Paribas		5/5/20	$	23,804	$	—
EUR	1,548,649	RON	7,500,000	Goldman Sachs International		5/5/20		—		(1,379	)
EUR	10,000,000	USD	10,862,980	UBS AG		5/5/20		95,516		—
HUF	15,875,000	EUR	45,004	Citibank, N.A.		5/5/20		36		—
HUF	4,396,100,000	EUR	12,454,150	Standard Chartered Bank		5/5/20		18,887		—
HUF	1,091,555,000	EUR	3,090,198	UBS AG		5/5/20		7,075		—
PLN	3,480,000	EUR	767,740	Standard Chartered Bank		5/5/20		—		(2,530	)
PLN	25,227,000	EUR	5,551,543	Standard Chartered Bank		5/5/20		—		(3,102	)
PLN	27,596,000	EUR	6,083,159	UBS AG		5/5/20		—		(14,665	)
RON	167,000	EUR	34,489	Citibank, N.A.		5/5/20		24		—
RON	7,333,000	EUR	1,514,458	Standard Chartered Bank		5/5/20		1,029		—
USD	10,921,790	EUR	10,000,000	JPMorgan Chase Bank, N.A.		5/5/20		—		(36,706	)
USD	12,028,789	ZAR	219,210,000	Goldman Sachs International		5/5/20		202,294		—
USD	16,394,834	ZAR	300,000,000	Standard Chartered Bank		5/5/20		209,677		—
USD	993,190	ZAR	18,000,000	Standard Chartered Bank		5/5/20		22,081		—
USD	850,509	ZAR	15,563,000	Standard Chartered Bank		5/5/20		10,877		—
ZAR	633,000	USD	35,038	Bank of America, N.A.		5/5/20		—		(888	)
ZAR	860,000	USD	47,603	Bank of America, N.A.		5/5/20		—		(1,206	)
ZAR	234,140,000	USD	12,943,209	Standard Chartered Bank		5/5/20		—		(311,232	)
ZAR	317,140,000	USD	17,531,431	Standard Chartered Bank		5/5/20		—		(421,561	)
USD	5,752,572	UAH	158,771,000	Bank of America, N.A.		5/6/20		—		(130,671	)
THB	98,250,000	USD	3,006,702	Standard Chartered Bank		5/18/20		29,982		—
THB	50,620,000	USD	1,562,756	Standard Chartered Bank		5/18/20		1,793		—
THB	940,081,000	USD	29,758,816	Standard Chartered Bank		5/18/20		—		(703,050	)
USD	14,100,510	THB	445,435,098	Standard Chartered Bank		5/18/20		333,124		—
USD	3,247,327	THB	106,138,870	Standard Chartered Bank		5/18/20		—		(33,184	)
USD	3,245,633	THB	106,132,185	Standard Chartered Bank		5/18/20		—		(34,672	)
USD	1,848,365	THB	61,079,214	Standard Chartered Bank		5/18/20		—		(39,455	)
USD	3,545,843	THB	116,262,044	Standard Chartered Bank		5/18/20		—		(47,552	)
COP	29,346,000,000	USD	7,270,700	Bank of America, N.A.		5/19/20		131,889		—
USD	9,505,347	COP	39,689,669,414	Bank of America, N.A.		5/19/20		—		(506,455	)
RON	142,280,000	EUR	29,201,970	Goldman Sachs International		5/22/20		134,315		—
RON	7,500,000	EUR	1,545,283	Goldman Sachs International		5/22/20		546		—
IDR	41,216,286,885	USD	2,605,349	Standard Chartered Bank		5/27/20		122,930		—
IDR	11,668,997,564	USD	738,182	Standard Chartered Bank		5/27/20		34,238		—
USD	3,103,896	ZAR	59,210,000	Citibank, N.A.		5/27/20		—		(82,783	)
USD	8,605,389	ZAR	160,000,000	Goldman Sachs International		5/27/20		—		(5,803	)
USD	1,167,035	ZAR	18,000,000	Standard Chartered Bank		5/27/20		198,276		—
ZAR	219,210,000	USD	12,000,343	Goldman Sachs International		5/27/20		—		(202,471	)
ZAR	18,000,000	USD	990,866	Standard Chartered Bank		5/27/20		—		(22,107	)
USD	879,807	TRY	6,200,000	Standard Chartered Bank		5/29/20		—		(2,614	)
USD	10,869,150	EUR	10,000,000	UBS AG		6/2/20		—		(95,196	)
THB	95,990,989	USD	3,058,499	Standard Chartered Bank		6/8/20		—		(91,694	)
USD	1,087,922	THB	34,144,420	Standard Chartered Bank		6/8/20		32,616		—
USD	4,622,729	UAH	129,760,000	Goldman Sachs International		6/9/20		—		(112,996	)

20 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
UGX	4,195,308,000	USD	1,038,700	Standard Chartered Bank		6/15/20	$	53,867	$	—
USD	1,099,399	UGX	4,195,308,000	Standard Chartered Bank		6/15/20		6,833		—
MYR	133,790,000	USD	31,310,555	Barclays Bank PLC		6/16/20		—		(334,171	)
USD	2,177,915	MYR	9,484,820	Barclays Bank PLC		6/16/20		—		(18,104	)
USD	5,975,499	MYR	26,340,000	Barclays Bank PLC		6/16/20		—		(122,998	)
USD	4,272,517	MYR	18,500,000	Goldman Sachs International		6/16/20		—		(10,786	)
USD	2,291,476	MYR	10,000,000	Standard Chartered Bank		6/16/20		—		(23,823	)
USD	8,278,806	THB	265,700,000	Standard Chartered Bank		6/16/20		66,678		—
PLN	56,303,000	EUR	12,390,966	BNP Paribas		6/17/20		—		(23,322	)
TRY	8,839,835	USD	1,326,088	Citibank, N.A.		6/22/20		—		(78,432	)
USD	36,603,379	TRY	246,084,517	Citibank, N.A.		6/22/20		1,870,953		—
USD	174,649	TRY	1,174,163	Citibank, N.A.		6/22/20		8,927		—
USD	1,952,178	TRY	14,100,000	Standard Chartered Bank		6/22/20		—		(37,899	)
THB	74,849,000	USD	2,302,356	Standard Chartered Bank		6/24/20		11,070		—
EUR	13,078,253	PLN	60,500,000	Goldman Sachs International		6/25/20		—		(231,712	)
UGX	4,679,050,000	USD	1,167,719	Citibank, N.A.		6/26/20		48,053		—
USD	1,223,281	UGX	4,679,050,000	Citibank, N.A.		6/26/20		7,509		—
USD	2,600,948	THB	86,263,026	Standard Chartered Bank		7/1/20		—		(65,293	)
USD	14,700,298	THB	487,550,094	Standard Chartered Bank		7/1/20		—		(369,027	)
UGX	4,788,440,000	USD	1,200,562	Standard Chartered Bank		7/2/20		42,091		—
USD	436,531	UGX	1,722,116,326	Standard Chartered Bank		7/2/20		—		(10,377	)
EUR	17,492,775	PLN	80,500,000	JPMorgan Chase Bank, N.A.		7/3/20		—		(205,023	)
PLN	200,654,049	EUR	44,166,176	BNP Paribas		7/3/20		—		(107,478	)
EUR	1,768,190	RSD	208,451,954	JPMorgan Chase Bank, N.A.		7/6/20		—		(2,810	)
CZK	21,600,000	EUR	799,781	Goldman Sachs International		7/7/20		—		(3,455	)
EUR	8,981,181	CZK	248,100,000	BNP Paribas		7/7/20		—		(185,463	)
USD	1,344,381	CNH	9,565,000	Citibank, N.A.		7/8/20		—		(5,003	)
USD	1,882,839	CNH	13,390,000	Citibank, N.A.		7/8/20		—		(6,156	)
USD	1,674,618	CNH	11,910,000	Standard Chartered Bank		7/8/20		—		(5,586	)
THB	1,752,255,862	USD	53,284,777	Standard Chartered Bank		7/10/20		875,167		—
THB	338,375,440	USD	10,289,741	Standard Chartered Bank		7/10/20		169,002		—
USD	31,688,847	ZAR	549,489,000	Standard Chartered Bank		7/20/20		2,263,333		—
USD	8,252,164	ZAR	126,725,999	Standard Chartered Bank		7/20/20		1,465,899		—
USD	5,149,218	ZAR	79,075,000	Standard Chartered Bank		7/20/20		914,698		—
ZAR	79,075,000	USD	4,560,302	Standard Chartered Bank		7/20/20		—		(325,781	)
ZAR	126,725,999	USD	7,308,363	Standard Chartered Bank		7/20/20		—		(522,099	)
ZAR	380,000,000	USD	21,844,475	Standard Chartered Bank		7/20/20		—		(1,495,214	)
ZAR	169,489,000	USD	11,036,811	Standard Chartered Bank		7/20/20		—		(1,960,559	)
EUR	3,084,915	RSD	363,804,000	Citibank, N.A.		7/24/20		—		(4,761	)
EUR	115,462	RSD	13,619,864	HSBC Bank USA, N.A.		7/27/20		—		(202	)
EUR	12,205,453	HUF	4,351,000,000	BNP Paribas		8/4/20		—		(109,139	)
HUF	6,983,052,000	EUR	19,588,903	BNP Paribas		8/4/20		175,161		—
HUF	2,575,562,000	EUR	7,272,928	BNP Paribas		8/4/20		11,964		—
HUF	2,927,968,000	EUR	8,277,409	BNP Paribas		8/4/20		3,336		—
UGX	3,041,210,000	USD	762,208	Citibank, N.A.		8/10/20		16,756		—

21 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	784,221	UGX	3,041,210,000	Citibank, N.A.		8/10/20	$	5,257	$	—
UGX	10,761,176,000	USD	2,705,853	Standard Chartered Bank		8/14/20		47,656		—
USD	2,710,602	UGX	10,761,176,000	Standard Chartered Bank		8/14/20		—		(42,906	)
MYR	13,000,000	USD	3,129,740	BNP Paribas		8/19/20		—		(125,839	)
USD	15,265,185	MYR	63,407,000	BNP Paribas		8/19/20		613,776		—
USD	6,757,954	TRY	47,154,000	Standard Chartered Bank		2/26/21		621,143		—
USD	5,406,411	TRY	37,632,000	Standard Chartered Bank		2/26/21		508,831		—
USD	5,406,380	TRY	37,641,000	Standard Chartered Bank		2/26/21		507,629		—
USD	3,378,968	TRY	23,631,000	Standard Chartered Bank		2/26/21		303,535		—
USD	12,908	TRY	90,000	Standard Chartered Bank		2/26/21		1,195		—
							$	12,951,351	$	(9,924,349	)

Non-deliverable Bond Forward Contracts*
Settlement Date	Notional Amount (000’s omitted)		Reference Entity	Counterparty	Aggregate Cost		Unrealized Appreciation (Depreciation)
5/19/20	COP	84,000,000	Republic of Colombia, 6.00%, 4/28/28	Bank of America, N.A.	$	21,217,479	$	3,233,332
5/19/20	COP	30,000,000	Republic of Colombia, 6.00%, 4/28/28	Bank of America, N.A.		7,589,121		(11,450	)
5/19/20	COP	13,000,000	Republic of Colombia, 7.00%, 6/30/32	Bank of America, N.A.		3,283,657		606,383
5/19/20	COP	43,000,000	Republic of Colombia, 7.75%, 9/18/30	Bank of America, N.A.		10,861,329		1,655,918
5/19/20	COP	73,500,000	Republic of Colombia, 10.00%, 7/24/24	Bank of America, N.A.		18,565,294		1,720,019
							$	7,204,202

* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
5-Year USD Deliverable Interest Rate Swap		(14	)		Short		6/15/20	$	(1,459,609	)	$	(11,485	)
10-Year USD Deliverable Interest Rate Swap		(71	)		Short		6/15/20		(7,529,328	)		18,305
U.S. 10-Year Treasury Note		(32	)		Short		6/19/20		(4,450,000	)		(184,500	)
											$	(177,680	)

22 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
BRL	109,032	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.70% (pays upon termination)		1/2/23	$	6,746		$	—	$	6,746
BRL	62,400	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	4.84% (pays upon termination)		1/2/23		51,648			—		51,648
BRL	40,336	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.84% (pays upon termination)		1/2/23		271,498			—		271,498
BRL	30,974	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	5.96% (pays upon termination)		1/2/23		242,033			—		242,033
BRL	76,081	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	6.55% (pays upon termination)		1/2/23		904,136			—		904,136
BRL	35,200	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.13% (pays upon termination)		1/2/23		849,647			—		849,647
BRL	28,640	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	6.14% (pays upon termination)		1/2/25		(19,814	)		—		(19,814	)
BRL	70,160	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	6.27% (pays upon termination)		1/2/25		54,381			—		54,381
BRL	27,600	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	7.99% (pays upon termination)		1/2/25		(433,854	)		—		(433,854	)
BRL	11,269	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	8.57% (pays upon termination)		1/2/25		329,302			—		329,302
BRL	47,000	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	9.58% (pays upon termination)		1/2/25		2,519,479			—		2,519,479
BRL	5,239	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	9.90% (pays upon termination)		1/2/25		313,520			—		313,520
CLP	9,792,953	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.09% (pays semi-annually)		12/6/21		301,491			—		301,491
CLP	4,865,090	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.98% (pays semi-annually)		12/11/21		137,015			—		137,015
CLP	8,101,730	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.81% (pays semi-annually)		5/29/23		938,891			—		938,891
CLP	5,000,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.68% (pays semi-annually)		2/11/24		614,482			—		614,482

23 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
CLP	1,140,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.49% (pays semi-annually)		4/26/24	$	119,063		$	—	$	119,063
CLP	4,609,640	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.71% (pays semi-annually)		6/13/24		358,689			—		358,689
CLP	3,831,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.09% (pays semi-annually)		10/2/24		126,814			—		126,814
CLP	4,400,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.29% (pays semi-annually)		2/11/25		185,367			—		185,367
CLP	6,884,900	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.28% (pays semi-annually)		3/2/25		278,107			—		278,107
CLP	12,261,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	1.91% (pays semi-annually)		3/6/25		225,593			—		225,593
CLP	7,052,300	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.36% (pays semi-annually)		3/16/25		(316,409	)		—		(316,409	)
CLP	794,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	4.02% (pays semi-annually)		3/18/29		130,680			—		130,680
CNY	358,670	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.07% (pays quarterly)		5/7/24		2,794,431			—		2,794,431
CNY	68,996	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		468,571			—		468,571
CNY	103,494	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		705,879			—		705,879
CNY	34,498	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.87% (pays quarterly)		6/10/24		228,882			—		228,882
CNY	27,360	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)		8/12/24		153,506			—		153,506
CNY	15,590	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)		8/12/24		88,191			—		88,191
CNY	45,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.87% (pays quarterly)		9/17/24		309,679			—		309,679
CNY	42,410	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.92% (pays quarterly)		10/8/24		302,916			—		302,916

24 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
CNY	63,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.10% (pays quarterly)		11/15/24	$	543,075		$	—		$	543,075
CNY	90,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.00% (pays quarterly)		1/6/25		712,967			—			712,967
CNY	105,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.59% (pays quarterly)		2/10/25		573,328			—			573,328
CZK	232,350	Pays	6-month CZK PRIBOR (pays semi-annually)	1.84% (pays annually)		12/5/24		485,163			—			485,163
CZK	811,000	Pays	6-month CZK PRIBOR (pays semi-annually)	1.80% (pays annually)		2/26/25		1,596,503			—			1,596,503
CZK	253,100	Pays	6-month CZK PRIBOR (pays semi-annually)	1.74% (pays annually)		2/28/25		470,466			—			470,466
CZK	200,800	Pays	6-month CZK PRIBOR (pays semi-annually)	1.40% (pays annually)		3/6/25		237,688			—			237,688
CZK	259,000	Receives	6-month CZK PRIBOR (pays semi-annually)	1.40% (pays annually)		3/16/25		(307,483	)		—			(307,483	)
CZK	258,400	Receives	6-month CZK PRIBOR (pays semi-annually)	1.37% (pays annually)		3/17/25		(288,987	)		—			(288,987	)
CZK	497,198	Pays	6-month CZK PRIBOR (pays semi-annually)	1.74% (pays annually)		5/31/29		1,841,181			—			1,841,181
EUR	16,300	Receives	6-month EURIBOR (pays semi-annually)	0.25% (pays annually)		9/20/22		(307,294	)		(31,022	)		(338,316	)
HUF	5,700,000	Pays	6-month HUF BUBOR (pays semi-annually)	2.30% (pays annually)		11/19/23		882,019			—			882,019
HUF	7,255,400	Pays	6-month HUF BUBOR (pays semi-annually)	1.39% (pays annually)		5/31/24		494,610			—			494,610
HUF	1,680,000	Pays	6-month HUF BUBOR (pays semi-annually)	0.79% (pays annually)		8/6/24		(46,538	)		—			(46,538	)
HUF	3,500,000	Pays	6-month HUF BUBOR (pays semi-annually)	0.71% (pays annually)		11/22/24		(207,510	)		—			(207,510	)
HUF	2,177,700	Pays	6-month HUF BUBOR (pays semi-annually)	1.22% (pays annually)		3/3/25		19,056			—			19,056
HUF	2,176,000	Receives	6-month HUF BUBOR (pays semi-annually)	1.25% (pays annually)		3/16/25		(27,661	)		—			(27,661	)
HUF	6,619,000	Receives	6-month HUF BUBOR (pays semi-annually)	1.30% (pays annually)		3/16/25		(133,936	)		—			(133,936	)
MXN	154,220	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.35% (pays monthly)		4/13/22		45,022			—			45,022
MXN	74,620	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.38% (pays monthly)		4/13/22		23,572			—			23,572
MXN	74,622	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.25% (pays monthly)		4/14/22		16,232			—			16,232

25 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
MXN	233,195	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)		4/14/22	$	58,791		$	—		$	58,791
MXN	48,628	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.16% (pays monthly)		4/15/22		7,168			—			7,168
MXN	74,623	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.20% (pays monthly)		4/15/22		13,407			—			13,407
MXN	74,622	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.14% (pays monthly)		4/18/22		10,154			—			10,154
MXN	154,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.29% (pays monthly)		11/22/22		359,015			(12,797	)		346,218
MXN	267,700	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.58% (pays monthly)		3/21/23		766,597			(3,383	)		763,214
MXN	350,500	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.98% (pays monthly)		11/29/23		1,836,849			(10,012	)		1,826,837
MXN	516,400	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.54% (pays monthly)		12/15/23		2,431,829			—			2,431,829
MXN	185,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.13% (pays monthly)		2/2/24		784,898			—			784,898
MXN	166,961	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.79% (pays monthly)		3/7/24		(383,509	)		—			(383,509	)
MXN	600,760	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.76% (pays monthly)		3/7/24		(1,353,027	)		—			(1,353,027	)
MXN	408,300	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	7.35% (pays monthly)		3/14/24		(1,279,212	)		—			(1,279,212	)
MXN	180,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.69% (pays monthly)		5/22/24		669,358			(4,853	)		664,505
MXN	329,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.49% (pays monthly)		6/5/24		1,131,976			—			1,131,976
MXN	67,771	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.08% (pays monthly)		6/27/24		82,669			—			82,669
MXN	224,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.19% (pays monthly)		6/27/24		668,654			—			668,654

26 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
MXN	130,204	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.66% (pays monthly)		11/7/24	$	(282,685	)	$	—		$	(282,685	)
MXN	144,000	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	7.40% (pays monthly)		3/11/25		(505,772	)		—			(505,772	)
MXN	130,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.21% (pays monthly)		6/29/26		145,924			—			145,924
MXN	176,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.86% (pays monthly)		1/5/28		845,428			(5,181	)		840,247
MXN	168,218	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.58% (pays monthly)		10/13/28		1,158,279			(12,760	)		1,145,519
MXN	232,520	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.06% (pays monthly)		7/30/29		565,023			—			565,023
MXN	83,120	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.77% (pays monthly)		9/18/29		127,581			—			127,581
MXN	206,360	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.94% (pays monthly)		11/21/29		412,755			—			412,755
MXN	70,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.43% (pays monthly)		6/22/37		223,321			—			223,321
PLN	2,300	Pays	6-month PLN WIBOR (pays semi-annually)	5.36% (pays annually)		7/30/20		26,260			—			26,260
PLN	4,400	Pays	6-month PLN WIBOR (pays semi-annually)	2.19% (pays annually)		10/28/21		40,404			—			40,404
PLN	35,000	Pays	6-month PLN WIBOR (pays semi-annually)	2.35% (pays annually)		11/19/22		439,652			—			439,652
PLN	25,000	Pays	6-month PLN WIBOR (pays semi-annually)	2.43% (pays annually)		6/8/23		463,533			—			463,533
PLN	20,000	Pays	6-month PLN WIBOR (pays semi-annually)	2.04% (pays annually)		1/31/24		277,146			—			277,146
PLN	16,000	Pays	6-month PLN WIBOR (pays semi-annually)	2.01% (pays annually)		2/11/24		214,641			—			214,641
PLN	13,000	Pays	6-month PLN WIBOR (pays semi-annually)	2.05% (pays annually)		2/28/24		179,850			—			179,850
PLN	15,522	Pays	6-month PLN WIBOR (pays semi-annually)	2.01% (pays annually)		3/13/24		209,506			—			209,506
PLN	18,000	Pays	6-month PLN WIBOR (pays semi-annually)	1.99% (pays annually)		5/30/24		315,512			—			315,512
PLN	37,000	Pays	6-month PLN WIBOR (pays semi-annually)	1.79% (pays annually)		7/5/24		559,247			—			559,247

27 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
PLN	27,850	Pays	6-month PLN WIBOR (pays semi-annually)	1.76% (pays annually)		8/6/24	$	406,558		$	—	$	406,558
PLN	12,200	Pays	6-month PLN WIBOR (pays semi-annually)	1.66% (pays annually)		10/2/24		169,786			—		169,786
PLN	11,400	Pays	6-month PLN WIBOR (pays semi-annually)	2.44% (pays annually)		10/28/24		271,186			—		271,186
PLN	40,000	Pays	6-month PLN WIBOR (pays semi-annually)	1.73% (pays annually)		11/22/24		522,354			—		522,354
PLN	50,000	Pays	6-month PLN WIBOR (pays semi-annually)	1.97% (pays annually)		1/20/25		790,534			—		790,534
PLN	30,000	Pays	6-month PLN WIBOR (pays semi-annually)	1.67% (pays annually)		2/26/25		364,790			—		364,790
PLN	44,200	Pays	6-month PLN WIBOR (pays semi-annually)	1.64% (pays annually)		2/27/25		520,379			—		520,379
PLN	43,300	Pays	6-month PLN WIBOR (pays semi-annually)	1.37% (pays annually)		3/6/25		374,558			—		374,558
PLN	44,400	Receives	6-month PLN WIBOR (pays semi-annually)	1.35% (pays annually)		3/16/25		(373,445	)		—		(373,445	)
PLN	37,000	Receives	6-month PLN WIBOR (pays semi-annually)	1.44% (pays annually)		3/17/25		(351,101	)		—		(351,101	)
PLN	75,000	Pays	6-month PLN WIBOR (pays semi-annually)	2.84% (pays annually)		1/10/28		2,920,953			—		2,920,953
THB	175,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.29% (pays semi-annually)		11/25/24		106,522			—		106,522
THB	456,500	Pays	6-month THB Fixing Rate (pays semi-annually)	1.26% (pays semi-annually)		12/16/24		256,413			—		256,413
THB	459,600	Pays	6-month THB Fixing Rate (pays semi-annually)	0.98% (pays semi-annually)		2/5/25		58,529			—		58,529
THB	675,000	Pays	6-month THB Fixing Rate (pays semi-annually)	0.94% (pays semi-annually)		2/12/25		39,941			—		39,941
THB	442,000	Pays	6-month THB Fixing Rate (pays semi-annually)	0.70% (pays semi-annually)		3/6/25		(110,486	)		—		(110,486	)
THB	483,000	Receives	6-month THB Fixing Rate (pays semi-annually)	1.02% (pays semi-annually)		3/17/25		(120,144	)		—		(120,144	)
THB	458,500	Receives	6-month THB Fixing Rate (pays semi-annually)	1.03% (pays semi-annually)		3/17/25		(121,260	)		—		(121,260	)
THB	320,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.07% (pays semi-annually)		3/27/25		105,803			—		105,803

28 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
THB	388,735	Pays	6-month THB Fixing Rate (pays semi-annually)	0.99% (pays semi-annually)		3/31/25	$	75,550		$	—		$	75,550
USD	6,200	Receives	3-month USD-LIBOR (pays quarterly)	0.48% (pays semi-annually)		3/31/23		(13,998	)		—			(13,998	)
USD	6,198	Receives	3-month USD-LIBOR (pays quarterly)	0.48% (pays semi-annually)		3/31/23		(14,271	)		—			(14,271	)
USD	1,380	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)		4/1/23		(2,336	)		—			(2,336	)
USD	7,400	Receives	3-month USD-LIBOR (pays quarterly)	0.47% (pays semi-annually)		4/1/23		(13,408	)		—			(13,408	)
USD	3,181	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)		4/2/23		(5,404	)		—			(5,404	)
USD	512	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)		4/3/23		(876	)		—			(876	)
ZAR	44,500	Pays	3-month ZAR JIBAR (pays quarterly)	7.67% (pays quarterly)		5/15/24		205,326			—			205,326
ZAR	221,000	Pays	3-month ZAR JIBAR (pays quarterly)	6.99% (pays quarterly)		7/3/24		677,377			—			677,377
ZAR	559,737	Pays	3-month ZAR JIBAR (pays quarterly)	6.88% (pays quarterly)		1/10/25		1,374,600			—			1,374,600
ZAR	666,353	Pays	3-month ZAR JIBAR (pays quarterly)	6.90% (pays quarterly)		1/10/25		1,663,757			—			1,663,757
ZAR	149,940	Pays	3-month ZAR JIBAR (pays quarterly)	6.76% (pays quarterly)		1/24/25		336,942			—			336,942
ZAR	55,027	Pays	3-month ZAR JIBAR (pays quarterly)	6.64% (pays quarterly)		2/14/25		103,635			—			103,635
ZAR	256,793	Pays	3-month ZAR JIBAR (pays quarterly)	6.65% (pays quarterly)		2/14/25		486,730			—			486,730
ZAR	244,000	Receives	3-month ZAR JIBAR (pays quarterly)	7.04% (pays quarterly)		3/12/25		(656,941	)		—			(656,941	)
ZAR	145,500	Receives	3-month ZAR JIBAR (pays quarterly)	7.07% (pays quarterly)		3/12/25		(402,178	)		—			(402,178	)
ZAR	65,700	Receives	3-month ZAR JIBAR (pays quarterly)	6.91% (pays quarterly)		3/13/25		(155,330	)		—			(155,330	)
ZAR	68,770	Pays	3-month ZAR JIBAR (pays quarterly)	8.79% (pays quarterly)		3/18/26		450,185			—			450,185
ZAR	54,320	Pays	3-month ZAR JIBAR (pays quarterly)	8.12% (pays quarterly)		10/6/26		231,731			—			231,731
Total							$	41,256,216		$	(80,008	)	$	41,176,208

29 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
Bank of America, N.A.	BRL	12,953	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	13.10% (pays upon termination)	1/2/23	$	2,110,500
Bank of America, N.A.	MXN	26,000	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	6.46% (pays monthly)	9/24/20		3,935
Bank of America, N.A.	PLN	3,600	Pays	6-month PLN WIBOR (pays semi-annually)	4.95% (pays annually)	9/14/20		36,978
Bank of America, N.A.	PLN	8,765	Pays	6-month PLN WIBOR (pays semi-annually)	5.45% (pays annually)	6/7/21		207,977
Bank of America, N.A.	RUB	1,085,000	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.20% (pays annually)	3/4/25		224,421
Bank of America, N.A.	THB	400,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.91% (pays semi-annually)	11/2/22		437,727
Bank of America, N.A.	THB	230,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.90% (pays semi-annually)	12/8/22		253,088
Barclays Bank PLC	BRL	22,098	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	11.72% (pays upon termination)	1/4/21		1,175,562
Citibank, N.A.	MYR	44,600	Pays	3-month MYR KLIBOR (pays quarterly)	3.95% (pays quarterly)	3/20/23		550,108
Citibank, N.A.	MYR	5,500	Pays	3-month MYR KLIBOR (pays quarterly)	3.88% (pays quarterly)	8/1/23		74,575
Citibank, N.A.	MYR	40,530	Pays	3-month MYR KLIBOR (pays quarterly)	3.73% (pays quarterly)	1/29/24		536,482
Citibank, N.A.	MYR	40,000	Pays	3-month MYR KLIBOR (pays quarterly)	3.37% (pays quarterly)	5/29/24		447,702
Citibank, N.A.	MYR	42,400	Pays	3-month MYR KLIBOR (pays quarterly)	3.13% (pays quarterly)	10/4/24		404,667
Citibank, N.A.	MYR	53,296	Pays	3-month MYR KLIBOR (pays quarterly)	3.29% (pays quarterly)	11/7/24		609,226
Citibank, N.A.	RUB	768,000	Receives	3-month Moscow Prime Offered Rate (pays quarterly)	8.65% (pays annually)	3/13/25		(1,238,515	)
Citibank, N.A.	THB	490,000	Pays	6-month THB Fixing Rate (pays semi-annually)	2.03% (pays semi-annually)	4/24/22		399,649
Citibank, N.A.	THB	260,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.79% (pays semi-annually)	8/10/22		225,896
Citibank, N.A.	THB	330,000	Pays	6-month THB Fixing Rate (pays semi-annually)	1.87% (pays semi-annually)	3/27/23		366,634
Citibank, N.A.	THB	250,000	Pays	6-month THB Fixing Rate (pays semi-annually)	2.22% (pays semi-annually)	10/25/23		389,914
Citibank, N.A.	THB	87,340	Pays	6-month THB Fixing Rate (pays semi-annually)	1.96% (pays semi-annually)	3/18/24		129,995
Credit Suisse International	RUB	51,950	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.85% (pays annually)	5/23/22		81,878

30 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps (continued)
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
Credit Suisse International	RUB	275,000	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.85% (pays annually)	11/1/22	$	297,475
Credit Suisse International	RUB	230,200	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.66% (pays annually)	8/1/24		367,064
Deutsche Bank AG	BRL	1,970	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	12.98% (pays upon termination)	1/2/23		312,763
Deutsche Bank AG	THB	324,320	Pays	6-month THB Fixing Rate (pays semi-annually)	2.13% (pays semi-annually)	11/19/23		563,234
Goldman Sachs International	CLP	8,866,700	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	3.83% (pays semi-annually)	5/29/23		1,033,160
Goldman Sachs International	CLP	4,345,000	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	4.25% (pays semi-annually)	12/6/28		892,129
Goldman Sachs International	PLN	11,000	Pays	6-month PLN WIBOR (pays semi-annually)	5.54% (pays annually)	5/10/21		266,011
Goldman Sachs International	RUB	1,487,640	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.67% (pays annually)	11/20/24		1,096,173
Goldman Sachs International	RUB	1,543,910	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.67% (pays annually)	11/20/24		1,137,635
Goldman Sachs International	RUB	879,100	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.51% (pays annually)	4/16/25		325,514
HSBC Bank USA, N.A.	MXN	44,030	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.28% (pays monthly)	12/23/20		24,167
JPMorgan Chase Bank, N.A.	MYR	10,000	Pays	3-month MYR KLIBOR (pays quarterly)	4.13% (pays quarterly)	10/19/20		17,916
JPMorgan Chase Bank, N.A.	MYR	11,300	Pays	3-month MYR KLIBOR (pays quarterly)	3.88% (pays quarterly)	8/1/23		153,217
JPMorgan Chase Bank, N.A.	MYR	5,810	Pays	3-month MYR KLIBOR (pays quarterly)	3.89% (pays quarterly)	8/14/23		78,977
JPMorgan Chase Bank, N.A.	MYR	5,815	Pays	3-month MYR KLIBOR (pays quarterly)	3.89% (pays quarterly)	8/14/23		79,045
JPMorgan Chase Bank, N.A.	MYR	14,500	Pays	3-month MYR KLIBOR (pays quarterly)	3.86% (pays quarterly)	9/4/23		196,572
JPMorgan Chase Bank, N.A.	MYR	11,600	Pays	3-month MYR KLIBOR (pays quarterly)	3.89% (pays quarterly)	9/5/23		159,880
JPMorgan Chase Bank, N.A.	MYR	12,167	Pays	3-month MYR KLIBOR (pays quarterly)	3.66% (pays quarterly)	2/20/24		161,514
JPMorgan Chase Bank, N.A.	RUB	565,000	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.78% (pays annually)	8/6/24		941,688
JPMorgan Chase Bank, N.A.	RUB	401,200	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.20% (pays annually)	10/1/24		514,386

31 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps (continued)
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
Morgan Stanley & Co. International PLC	MXN	29,200	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	7.95% (pays monthly)	12/3/31	$	152,639
Nomura International PLC	BRL	2,006	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	12.90% (pays upon termination)	1/2/23		312,311
Nomura International PLC	BRL	4,440	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	12.83% (pays upon termination)	1/2/23		679,936
Nomura International PLC	MYR	4,070	Pays	3-month MYR KLIBOR (pays quarterly)	4.19% (pays quarterly)	10/24/24		82,994
Standard Chartered Bank	MYR	5,800	Pays	3-month MYR KLIBOR (pays quarterly)	3.88% (pays quarterly)	7/23/23		73,482
Standard Chartered Bank	MYR	5,900	Pays	3-month MYR KLIBOR (pays quarterly)	3.88% (pays quarterly)	9/4/23		80,845
Standard Chartered Bank	MYR	54,900	Pays	3-month MYR KLIBOR (pays quarterly)	3.12% (pays quarterly)	10/4/24		519,722
Standard Chartered Bank	THB	650,000	Pays	6-month THB Fixing Rate (pays semi-annually)	2.15% (pays semi-annually)	8/20/23		997,902
							$	18,946,750

Centrally Cleared Credit Default Swaps — Sell Protection
Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
South Africa	$	2,240	1.00% (pays quarterly)(1)		6/20/21	3.19%	$	(52,901	)	$	76,496	$	23,595
Turkey		4,570	1.00% (pays quarterly)(1)		6/20/21	5.62		(228,817	)		267,726		38,909
Total	$	6,810					$	(281,718	)	$	344,222	$	62,504

32 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Credit Default Swaps — Buy Protection
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value	Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Markit CDX Emerging Markets Index (CDX.EM.31.V1)	$	100	1.00% (pays quarterly)(1)	6/20/24	$9,506	$	(2,424	)	$	7,082
South Africa		500	1.00% (pays quarterly)(1)	9/20/20	2,622		(597	)		2,025
Total					$12,128	$	(3,021	)	$	9,107

Credit Default Swaps — Sell Protection
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
Bahamas	Deutsche Bank AG	$	1,600	1.00% (pays quarterly)(1)		6/20/22		3.33	%	$	(75,743	)	$	61,459	$	(14,284	)
Total		$	1,600							$	(75,743	)	$	61,459	$	(14,284	)

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At April 30, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $8,410,000.

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

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

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

Cross-Currency Swaps
Counterparty	Portfolio Receives*	Portfolio Pays*	Termination Date		Value/Unrealized Appreciation (Depreciation)
Goldman Sachs International	9.56% on TRY 16,903,000 (pays annually) plus USD 5,549,245	3-month USD-LIBOR on USD 5,549,245 (pays quarterly) plus TRY 16,903,000		7/28/23	$	(3,082,318	)
Goldman Sachs International	9.51% on TRY 43,482,000 (pays annually) plus USD 14,326,853	3-month USD-LIBOR on USD 14,326,853 (pays quarterly) plus TRY 43,482,000		7/29/23		(7,992,767	)
					$	(11,075,085	)

* The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

33 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:

BAM	–	Bosnia-Herzegovina Convertible Mark
BRL	–	Brazilian Real
CLP	–	Chilean Peso
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
COP	–	Colombian Peso
CRC	–	Costa Rican Colon
CZK	–	Czech Koruna
EUR	–	Euro
GEL	–	Georgian Lari
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit
PEN	–	Peruvian Sol
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RON	–	Romanian Leu
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
THB	–	Thai Baht
TRY	–	New Turkish Lira
UAH	–	Ukrainian Hryvnia
UGX	–	Ugandan Shilling
USD	–	United States Dollar
UYU	–	Uruguayan Peso
ZAR	–	South African Rand

34 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $845,575,243)	$	790,103,249
Affiliated investment, at value (identified cost, $215,378,232)		215,436,722
Cash		1,530,376
Deposits for derivatives collateral —
Centrally cleared derivatives		74,386,250
OTC derivatives		7,646,000
Foreign currency, at value (identified cost, $16,942,742)		17,195,526
Interest receivable		13,538,383
Dividends receivable from affiliated investment		62,283
Receivable for open forward foreign currency exchange contracts		12,951,351
Receivable for open swap contracts		20,185,265
Receivable for closed swap contracts		567,638
Receivable for open non-deliverable bond forward contracts		7,215,652
Total assets	$	1,160,818,695
Liabilities
Cash collateral due to brokers	$	7,646,000
Payable for investments purchased		313,194
Payable for variation margin on open financial futures contracts		3,342
Payable for variation margin on open centrally cleared derivatives		3,517,194
Payable for open forward foreign currency exchange contracts		9,924,349
Payable for open swap contracts		12,327,884
Upfront receipts on open non-centrally cleared swap contracts		61,459
Payable for open non-deliverable bond forward contracts		11,450
Payable to affiliates:
Investment adviser fee		578,140
Trustees’ fees		5,634
Accrued foreign capital gains taxes		597,945
Accrued expenses		1,543,908
Total liabilities	$	36,530,499
Net Assets applicable to investors’ interest in Portfolio	$	1,124,288,196

35 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest (net of foreign taxes, $2,624,967)	$	44,330,447
Dividends from affiliated investment		1,521,807
Total investment income	$	45,852,254
Expenses
Investment adviser fee	$	4,126,122
Trustees’ fees and expenses		34,081
Custodian fee		839,196
Legal and accounting services		46,310
Miscellaneous		54,490
Total expenses	$	5,100,199
Net investment income	$	40,752,055
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $1,342,907)	$	(7,493,530	)
Investment transactions — affiliated investment		(14,490	)
Financial futures contracts		(862,407	)
Swap contracts		2,311,749
Foreign currency transactions		(4,461,290	)
Forward foreign currency exchange contracts		(55,077,185	)
Non-deliverable bond forward contracts		(9,006,880	)
Net realized loss	$	(74,604,033	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $670,370)	$	(84,188,074	)
Investments — affiliated investment		43,719
Financial futures contracts		(187,672	)
Swap contracts		22,534,143
Foreign currency		(433,745	)
Forward foreign currency exchange contracts		(28,125,579	)
Non-deliverable bond forward contracts		7,456,448
Net change in unrealized appreciation (depreciation)	$	(82,900,760	)
Net realized and unrealized loss	$	(157,504,793	)
Net decrease in net assets from operations	$	(116,752,738	)

36 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	40,752,055		$	70,481,340
Net realized loss		(74,604,033	)		(15,066,272	)
Net change in unrealized appreciation (depreciation)		(82,900,760	)		152,740,534
Net increase (decrease) in net assets from operations	$	(116,752,738	)	$	208,155,602
Capital transactions —
Contributions	$	237,190,390		$	428,013,477
Withdrawals		(234,639,850	)		(180,948,792	)
Net increase in net assets from capital transactions	$	2,550,540		$	247,064,685
Net increase (decrease) in net assets	$	(114,202,198	)	$	455,220,287
Net Assets
At beginning of period	$	1,238,490,394		$	783,270,107
At end of period	$	1,124,288,196		$	1,238,490,394

37 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.80	%(2)		0.78	%		0.87	%(3)		0.81	%(4)		0.91	%(4)		0.95	%(4)
Net investment income		6.36	%(2)		7.01	%		7.22	%		5.90	%		5.94	%		5.88	%
Portfolio Turnover		33	%(5)		46	%		52	%		40	%		73	%		47	%
Total Return		(7.68	)%(5)		23.15	%		(9.33	)%		8.23	%		16.39	%		(17.07	)%
Net assets, end of period (000’s omitted)	$	1,124,288		$	1,238,490		$	783,270		$	617,181		$	348,304		$	280,052

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018.

⁽⁴⁾  Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02%, 0.05% and 0.07% for the years ended October 31, 2017, 2016 and 2015, respectively.

⁽⁵⁾  Not annualized.

38 See Notes to Financial Statements.

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Emerging Markets Local Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Emerging Markets Local Income Fund, Eaton Vance Short Duration Strategic Income Fund, Eaton Vance International (Cayman Islands) Emerging Markets Local Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 94.5%, 4.0%, 0.9% and 0.6%, respectively, in the Portfolio.

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

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

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

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

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

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

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

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

D  Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets

39

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

G Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

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

J  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship

40

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

K  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

L  Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 8. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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

N  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2   Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.650% of the Portfolio’s average daily net assets up to $1 billion, 0.625% from $1 billion but less than $2 billion, 0.600% from $2 billion but less than $5 billion, and 0.575% of average daily net assets of $5 billion or more, and is payable monthly. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $4,126,122 or 0.64% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

41

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and paydowns, aggregated $278,233,756 and $316,064,747, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,065,309,709
Gross unrealized appreciation	$	85,133,307
Gross unrealized depreciation		(110,051,038	)
Net unrealized depreciation	$	(24,917,731	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $22,325,142. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $8,823,571 at April 30, 2020.

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

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under

42

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total
Not applicable	$	12,128	*	$	23,388,919	*	$	49,509,390	*	$	72,910,437
Receivable for open forward foreign currency exchange contracts		—			12,951,351			—			12,951,351
Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		—			—			20,185,265			20,185,265
Receivable for open non-deliverable bond forward contracts		—			—			7,215,652			7,215,652
Total Asset Derivatives	$	12,128		$	36,340,270		$	76,910,307		$	113,262,705
Derivatives not subject to master netting or similar agreements	$	12,128		$	23,388,919		$	49,509,390		$	72,910,437
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	12,951,351		$	27,400,917		$	40,352,268
Not applicable	$	(281,718	)*	$	(47,695,636	)*	$	(8,430,854	)*	$	(56,408,208	)
Payable for open forward foreign currency exchange contracts		—			(9,924,349	)		—			(9,924,349	)
Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		(75,743	)		—			(12,313,600	)		(12,389,343	)
Payable for open non-deliverable bond forward contracts		—			—			(11,450	)		(11,450	)
Total Liability Derivatives	$	(357,461	)	$	(57,619,985	)	$	(20,755,904	)	$	(78,733,350	)
Derivatives not subject to master netting or similar agreements	$	(281,718	)	$	(47,695,636	)	$	(8,430,854	)	$	(56,408,208	)
Total Liability Derivatives subject to master netting or similar agreements	$	(75,743	)	$	(9,924,349	)	$	(12,325,050	)	$	(22,325,142	)

* 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 Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2020.

43

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)			Total Cash Collateral Received
Bank of America, N.A.	$	10,622,167		$	(650,670	)	$	(9,843,785	)	$	—		$	127,712		$	—
Barclays Bank PLC		1,175,562			(475,273	)		—			(580,000	)		120,289			580,000
BNP Paribas		1,548,064			(1,137,062	)		—			(411,002	)		—			450,000
Citibank, N.A.		6,092,363			(1,415,650	)		—			(3,676,000	)		1,000,713			3,676,000
Credit Suisse International		746,417			—			—			(720,000	)		26,417			720,000
Deutsche Bank AG		875,997			(75,743	)		(790,484	)		—			9,770			—
Goldman Sachs International		5,087,777			(5,087,777	)		—			—			—			—
HSBC Bank USA, N.A.		24,167			(202	)		—			—			23,965			—
JPMorgan Chase Bank, N.A.		2,303,195			(245,677	)		—			(1,980,000	)		77,518			1,980,000
Morgan Stanley & Co. International PLC		152,639			—			—			(152,639	)		—			160,000
Nomura International PLC		1,075,241			—			(1,039,505	)		(35,736	)		—			80,000
Standard Chartered Bank		10,546,088			(6,571,317	)		—			—			3,974,771			—
UBS AG		102,591			(102,591	)		—			—			—			—
	$	40,352,268		$	(15,761,962	)	$	(11,673,774	)	$	(7,555,377	)	$	5,361,155		$	7,646,000
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)			Cash Collateral Pledged(a)			Net Amount of Derivative Liabilities(c)			Total Cash Collateral Pledged
Bank of America, N.A.	$	(650,670	)	$	650,670		$	—		$	—		$	—		$	—
Barclays Bank PLC		(475,273	)		475,273			—			—			—			—
BNP Paribas		(1,137,062	)		1,137,062			—			—			—			—
Citibank, N.A.		(1,415,650	)		1,415,650			—			—			—			—
Deutsche Bank AG		(75,743	)		75,743			—			—			—			—
Goldman Sachs International		(11,643,687	)		5,087,777			6,555,910			—			—			—
HSBC Bank USA, N.A.		(202	)		202			—			—			—			—
JPMorgan Chase Bank, N.A.		(245,677	)		245,677			—			—			—			—
Standard Chartered Bank		(6,571,317	)		6,571,317			—			—			—			—
UBS AG		(109,861	)		102,591			—			—			(7,270	)		—
	$	(22,325,142	)	$	15,761,962		$	6,555,910		$	—		$	(7,270	)	$	—
Total — Deposits for derivatives collateral — OTC derivatives																$	7,646,000

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

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

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

44

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — 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 six months ended April 30, 2020 was as follows:

Statement of Operations Caption	Credit		Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Financial futures contracts	$	—	$	—		$	(862,407	)		(862,407	)
Swap contracts		13,514		(1,919,806	)		4,218,041			2,311,749
Forward foreign currency exchange contracts		—		(55,077,185	)		—			(55,077,185	)
Non-deliverable bond forward contracts		—		—			(9,006,880	)		(9,006,880	)
Total	$	13,514	$	(56,996,991	)	$	(5,651,246	)	$	(62,634,723	)
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—	$	—		$	(187,672	)		(187,672	)
Swap contracts		27,919		1,992,223			20,514,001			22,534,143
Forward foreign currency exchange contracts		—		(28,125,579	)		—			(28,125,579	)
Non-deliverable bond forward contracts		—		—			7,456,448			7,456,448
Total	$	27,919	$	(26,133,356	)	$	27,782,777		$	1,677,340

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Non-deliverable Bond Forward Contracts		Swap Contracts
	$12,888,000	$	2,486,809,000	$	66,433,000	$	1,419,036,000

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

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

45

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $215,436,722, which represents 19.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	141,707,135	$	615,351,462	$	(541,651,104	)	$	(14,490	)	$	43,719	$	215,436,722	$	1,521,807		215,436,722

8  Fair Value Measurements

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

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

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

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

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

46

Emerging Markets Local Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	710,093,125		$	—	$	710,093,125
Foreign Corporate Bonds		—			18,165,358			—		18,165,358
Sovereign Loans		—			771,143			—		771,143
Short-Term Investments —
Foreign Government Securities		—			38,524,719			—		38,524,719
U.S. Treasury Obligations		—			22,548,904			—		22,548,904
Other		—			215,436,722			—		215,436,722
Total Investments	$	—		$	1,005,539,971		$	—	$	1,005,539,971
Forward Foreign Currency Exchange Contracts	$	—		$	36,340,270		$	—	$	36,340,270
Non-deliverable Bond Forward Contracts		—			7,215,652			—		7,215,652
Futures Contracts		18,305			—			—		18,305
Swap Contracts		—			69,688,478			—		69,688,478
Total	$	18,305		$	1,118,784,371		$	—	$	1,118,802,676
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(57,619,985	)	$	—	$	(57,619,985	)
Non-deliverable Bond Forward Contracts		—			(11,450	)		—		(11,450	)
Futures Contracts		(195,985	)		—			—		(195,985	)
Swap Contracts		—			(20,905,930	)		—		(20,905,930	)
Total	$	(195,985	)	$	(78,537,365	)	$	—	$	(78,733,350	)

9  Risks and Uncertainties

Risks Associated with Foreign Investments

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

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

47

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

48

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Emerging Markets Local Income Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Emerging Markets Local Income Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

49

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. The Board considered each Adviser’s expertise with respect to emerging markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Trustees considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to: gain exposure to sectors of the market EVM believes may not be represented or underrepresented by the Portfolio; to hedge certain Portfolio exposures; and/or to otherwise manage the exposures of the Fund.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

50

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

51

Eaton Vance

Emerging Markets Local Income Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Emerging Markets Local Income Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Emerging Markets Local Income Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Emerging Markets Local Income Fund and Emerging Markets Local Income Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

52

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

53

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Investment Adviser of Emerging Markets Local Income Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Emerging Markets Local Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7756    4.30.20

Eaton Vance

Floating-Rate Advantage Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Floating-Rate Advantage Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	55
Officers and Trustees	59
Important Notices	60

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Performance^1,2

Portfolio Managers Craig P. Russ and Andrew N. Sveen, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Ten Years
Advisers Class at NAV		03/15/2008		08/04/1989			–9.60	%		–9.68	%		1.47	%		3.47	%
Class A at NAV		03/17/2008		08/04/1989			–9.60			–9.77			1.47			3.46
Class A with 2.25% Maximum Sales Charge		—		—			–11.61			–11.80			1.02			3.22
Class C at NAV		03/15/2008		08/04/1989			–9.85			–10.25			0.96			2.95
Class C with 1% Maximum Sales Charge		—		—			–10.73			–11.10			0.96			2.95
Class I at NAV		03/15/2008		08/04/1989			–9.48			–9.46			1.72			3.72
Class R6 at NAV		05/31/2019		08/04/1989			–9.55			–9.51			1.71			3.71
S&P/LSTA Leveraged Loan Index		—		—			–7.14	%		–6.61	%		1.85	%		3.38	%
% Total Annual Operating Expense Ratios3			Advisers Class			Class A			Class C			Class I			Class R6
				1.87	%		1.87	%		2.37	%		1.62	%		1.56	%
% Total Leverage4
Borrowings																15.58	%

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

Floating-Rate Advantage Fund

April 30, 2020

Fund Profile⁵

Top 10 Issuers (% of total investments)⁶

AppLovin Corporation	1.2	%
TransDigm, Inc.	1.2
Kronos Incorporated	1.1
SolarWinds Holdings, Inc.	1.1
MA FinanceCo., LLC	1.1
Ziggo B.V.	1.1
Asurion, LLC	1.1
Informatica, LLC	1.1
CenturyLink, Inc.	1.0
Virgin Media SFA Finance Limited	1.0
Total	11.0	%

Top 10 Sectors (% of total investments)⁶

Electronics/Electrical	15.5	%
Business Equipment and Services	8.1
Health Care	7.4
Drugs	5.1
Telecommunications	4.5
Chemicals and Plastics	4.0
Leisure Goods/Activities/Movies	3.9
Industrial Equipment	3.7
Food Products	3.7
Cable and Satellite Television	3.7
Total	59.6	%

Credit Quality (% of bonds, loans and asset-backed securities) ⁷

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

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

⁴  Total leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater volatility of NAV. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its borrowings and may be required to reduce its borrowings at an inopportune time.

⁵  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁶ Excludes cash and cash equivalents.

⁷  Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.

Fund profile subject to change due to active management.

4

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Advisers Class	$	1,000.00	$	904.00	$	8.24		1.74	%
Class A	$	1,000.00	$	904.00	$	8.24		1.74	%
Class C	$	1,000.00	$	901.50	$	10.59		2.24	%
Class I	$	1,000.00	$	905.20	$	7.01		1.48	%
Class R6	$	1,000.00	$	904.50	$	6.68		1.41	%
Hypothetical
(5% return per year before expenses)
Advisers Class	$	1,000.00	$	1,016.20	$	8.72		1.74	%
Class A	$	1,000.00	$	1,016.20	$	8.72		1.74	%
Class C	$	1,000.00	$	1,013.70	$	11.22		2.24	%
Class I	$	1,000.00	$	1,017.50	$	7.42		1.48	%
Class R6	$	1,000.00	$	1,017.90	$	7.07		1.41	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and Portfolio.

5

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Senior Debt Portfolio, at value (identified cost, $6,349,420,211)	$	5,408,008,499
Receivable for Fund shares sold		22,247,646
Total assets	$	5,430,256,145
Liabilities
Payable for Fund shares redeemed	$	26,502,435
Distributions payable		3,763,614
Payable to affiliates:
Administration fee		437,603
Distribution and service fees		600,804
Trustees’ fees		42
Accrued expenses		1,271,659
Total liabilities	$	32,576,157
Net Assets	$	5,397,679,988
Sources of Net Assets
Paid-in capital	$	6,722,862,485
Accumulated loss		(1,325,182,497	)
Total	$	5,397,679,988
Advisers Class Shares
Net Assets	$	78,533,170
Shares Outstanding		8,444,427
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.30
Class A Shares
Net Assets	$	1,131,817,326
Shares Outstanding		121,681,742
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.30
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	9.51
Class C Shares
Net Assets	$	575,121,992
Shares Outstanding		61,938,249
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.29
Class I Shares
Net Assets	$	3,583,310,345
Shares Outstanding		385,293,980
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.30
Class R6 Shares
Net Assets	$	28,897,155
Shares Outstanding		3,108,636
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.30

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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

6 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income allocated from Portfolio	$	211,261,205
Dividends allocated from Portfolio		2,443,764
Expenses, excluding interest expense, allocated from Portfolio		(18,775,856	)
Interest expense allocated from Portfolio		(24,391,363	)
Total investment income from Portfolio	$	170,537,750
Expenses
Administration fee	$	3,331,056
Distribution and service fees
Advisers Class		153,071
Class A		1,663,797
Class C		2,592,209
Trustees’ fees and expenses		250
Custodian fee		29,718
Transfer and dividend disbursing agent fees		2,313,472
Legal and accounting services		70,004
Printing and postage		232,303
Registration fees		187,122
Miscellaneous		35,994
Total expenses	$	10,608,996
Net investment income	$	159,928,754
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(271,755,965	)
Foreign currency transactions		(2,333,126	)
Forward foreign currency exchange contracts		16,428,367
Net realized loss	$	(257,660,724	)
Change in unrealized appreciation (depreciation) —
Investments	$	(576,148,470	)
Foreign currency		(492,111	)
Forward foreign currency exchange contracts		3,677,974
Net change in unrealized appreciation (depreciation)	$	(572,962,607	)
Net realized and unrealized loss	$	(830,623,331	)
Net decrease in net assets from operations	$	(670,694,577	)

7 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	159,928,754		$	457,570,456
Net realized loss		(257,660,724	)		(65,684,094	)
Net change in unrealized appreciation (depreciation)		(572,962,607	)		(282,243,557	)
Net increase (decrease) in net assets from operations	$	(670,694,577	)	$	109,642,805
Distributions to shareholders —
Advisers Class	$	(3,120,147	)	$	(8,505,750	)
Class A		(33,692,142	)		(81,817,211	)
Class B		—			(67,772	)
Class C		(15,782,324	)		(43,286,960	)
Class I		(119,538,726	)		(323,568,039	)
Class R6		(503,239	)		(232	)(1)
Total distributions to shareholders	$	(172,636,578	)	$	(457,245,964	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Advisers Class	$	12,138,746		$	52,985,257
Class A		164,660,900			368,743,874
Class B		—			11,194
Class C		52,453,450			128,232,965
Class I		1,471,146,569			2,452,493,994
Class R6		36,314,982			10,000	(1)
Net asset value of shares issued to shareholders in payment of distributions declared
Advisers Class		3,086,637			8,441,832
Class A		29,305,986			72,477,500
Class B		—			50,528
Class C		13,244,565			36,564,941
Class I		96,000,086			265,788,131
Class R6		503,239			232	(1)
Cost of shares redeemed
Advisers Class		(59,030,706	)		(136,222,046	)
Class A		(329,140,110	)		(1,048,133,962	)
Class B		—			(351,463	)
Class C		(151,110,293	)		(327,137,740	)
Class I		(2,314,290,923	)		(4,967,318,826	)
Class R6		(3,776,566	)		—
Net asset value of shares converted(2)
Class A		8,280,385			239,244,578
Class B		—			(2,227,309	)
Class C		(8,280,385	)		(237,017,269	)
Net decrease in net assets from Fund share transactions	$	(978,493,438	)	$	(3,093,363,589	)
Net decrease in net assets	$	(1,821,824,593	)	$	(3,440,966,748	)
Net Assets
At beginning of period	$	7,219,504,581		$	10,660,471,329
At end of period	$	5,397,679,988		$	7,219,504,581

⁽¹⁾   For the period from the commencement of operations, May 31, 2019, to October 31, 2019.

⁽²⁾  Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.

8 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Financial Highlights

	Advisers Class
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.550		$	10.940		$	10.910		$	10.740		$	10.470		$	10.940
Income (Loss) From Operations
Net investment income(1)	$	0.241		$	0.558		$	0.493		$	0.463		$	0.527		$	0.504
Net realized and unrealized gain (loss)		(1.234	)		(0.390	)		0.029			0.170			0.270			(0.469	)
Total income (loss) from operations	$	(0.993	)	$	0.168		$	0.522		$	0.633		$	0.797		$	0.035
Less Distributions
From net investment income	$	(0.257	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.527	)	$	(0.505	)
Total distributions	$	(0.257	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.527	)	$	(0.505	)
Net asset value — End of period	$	9.300		$	10.550		$	10.940		$	10.910		$	10.740		$	10.470
Total Return(2)		(9.60	)%(3)		1.59	%		4.88	%		5.99	%		7.93	%		0.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	78,533		$	139,516		$	221,484		$	148,322		$	127,613		$	156,112
Ratios (as a percentage of average daily net assets):(4)
Expenses excluding interest and fees(5)		1.00	%(6)		0.99	%		0.96	%		0.95	%		1.03	%		1.02	%
Interest and fee expense		0.74	%(6)		0.87	%		0.44	%		0.34	%		0.44	%		0.35	%
Total expenses(5)		1.74	%(6)		1.86	%		1.40	%		1.29	%		1.47	%		1.37	%
Net investment income		4.70	%(6)		5.21	%		4.51	%		4.26	%		5.10	%		4.66	%
Portfolio Turnover of the Portfolio		17	%(3)		17	%		29	%		39	%		38	%		27	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.550		$	10.950		$	10.910		$	10.740		$	10.480		$	10.950
Income (Loss) From Operations
Net investment income(1)	$	0.239		$	0.559		$	0.493		$	0.462		$	0.527		$	0.504
Net realized and unrealized gain (loss)		(1.232	)		(0.401	)		0.039			0.171			0.261			(0.469	)
Total income (loss) from operations	$	(0.993	)	$	0.158		$	0.532		$	0.633		$	0.788		$	0.035
Less Distributions
From net investment income	$	(0.257	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.528	)	$	(0.505	)
Total distributions	$	(0.257	)	$	(0.558	)	$	(0.492	)	$	(0.463	)	$	(0.528	)	$	(0.505	)
Net asset value — End of period	$	9.300		$	10.550		$	10.950		$	10.910		$	10.740		$	10.480
Total Return(2)		(9.60	)%(3)		1.50	%		4.97	%		5.99	%		7.83	%		0.37	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,131,817		$	1,426,205		$	1,856,836		$	1,553,486		$	1,524,471		$	1,684,665
Ratios (as a percentage of average daily net assets):(4)
Expenses excluding interest and fees(5)		1.01	%(6)		0.99	%		0.96	%		0.94	%		1.03	%		1.01	%
Interest and fee expense		0.73	%(6)		0.88	%		0.44	%		0.34	%		0.44	%		0.35	%
Total expenses(5)		1.74	%(6)		1.87	%		1.40	%		1.28	%		1.47	%		1.36	%
Net investment income		4.69	%(6)		5.21	%		4.50	%		4.26	%		5.10	%		4.66	%
Portfolio Turnover of the Portfolio		17	%(3)		17	%		29	%		39	%		38	%		27	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.530		$	10.920		$	10.890		$	10.720		$	10.460		$	10.920
Income (Loss) From Operations
Net investment income(1)	$	0.213		$	0.503		$	0.436		$	0.408		$	0.474		$	0.449
Net realized and unrealized gain (loss)		(1.222	)		(0.390	)		0.030			0.170			0.261			(0.459	)
Total income (loss) from operations	$	(1.009	)	$	0.113		$	0.466		$	0.578		$	0.735		$	(0.010	)
Less Distributions
From net investment income	$	(0.231	)	$	(0.503	)	$	(0.436	)	$	(0.408	)	$	(0.475	)	$	(0.450	)
Total distributions	$	(0.231	)	$	(0.503	)	$	(0.436	)	$	(0.408	)	$	(0.475	)	$	(0.450	)
Net asset value — End of period	$	9.290		$	10.530		$	10.920		$	10.890		$	10.720		$	10.460
Total Return(2)		(9.85	)%(3)		1.08	%		4.36	%		5.47	%		7.30	%		(0.14	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	575,122		$	754,873		$	1,192,124		$	1,153,754		$	1,101,121		$	1,133,487
Ratios (as a percentage of average daily net assets):(4)
Expenses excluding interest and fees(5)		1.51	%(6)		1.49	%		1.46	%		1.45	%		1.53	%		1.51	%
Interest and fee expense		0.73	%(6)		0.87	%		0.44	%		0.34	%		0.44	%		0.35	%
Total expenses(5)		2.24	%(6)		2.36	%		1.90	%		1.79	%		1.97	%		1.86	%
Net investment income		4.19	%(6)		4.71	%		4.00	%		3.76	%		4.60	%		4.16	%
Portfolio Turnover of the Portfolio		17	%(3)		17	%		29	%		39	%		38	%		27	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

11 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.550		$	10.940		$	10.910		$	10.740		$	10.470		$	10.940
Income (Loss) From Operations
Net investment income(1)	$	0.252		$	0.586		$	0.521		$	0.489		$	0.551		$	0.530
Net realized and unrealized gain (loss)		(1.233	)		(0.392	)		0.028			0.171			0.271			(0.468	)
Total income (loss) from operations	$	(0.981	)	$	0.194		$	0.549		$	0.660		$	0.822		$	0.062
Less Distributions
From net investment income	$	(0.269	)	$	(0.584	)	$	(0.519	)	$	(0.490	)	$	(0.552	)	$	(0.532	)
Total distributions	$	(0.269	)	$	(0.584	)	$	(0.519	)	$	(0.490	)	$	(0.552	)	$	(0.532	)
Net asset value — End of period	$	9.300		$	10.550		$	10.940		$	10.910		$	10.740		$	10.470
Total Return(2)		(9.48	)%(3)		1.84	%		5.14	%		6.26	%		8.19	%		0.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,583,310		$	4,898,901		$	7,387,447		$	4,773,140		$	2,409,972		$	2,103,799
Ratios (as a percentage of average daily net assets):(4)
Expenses excluding interest and fees(5)		0.75	%(6)		0.74	%		0.71	%		0.70	%		0.78	%		0.77	%
Interest and fee expense		0.73	%(6)		0.88	%		0.44	%		0.34	%		0.44	%		0.35	%
Total expenses(5)		1.48	%(6)		1.62	%		1.15	%		1.04	%		1.22	%		1.12	%
Net investment income		4.94	%(6)		5.47	%		4.76	%		4.50	%		5.33	%		4.89	%
Portfolio Turnover of the Portfolio		17	%(3)		17	%		29	%		39	%		38	%		27	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

12 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019(1)
Net asset value — Beginning of period	$	10.550		$	10.740
Income (Loss) From Operations
Net investment income(2)	$	0.245		$	0.247
Net realized and unrealized loss		(1.222	)		(0.190	)
Total income (loss) from operations	$	(0.977	)	$	0.057
Less Distributions
From net investment income	$	(0.273	)	$	(0.247	)
Total distributions	$	(0.273	)	$	(0.247	)
Net asset value — End of period	$	9.300		$	10.550
Total Return(3)		(9.55	)%(4)		0.53	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,897		$	10
Ratios (as a percentage of average daily net assets):(5)
Expenses excluding interest and fees		0.70	%(6)		0.62	%(6)
Interest and fee expense		0.71	%(6)		0.94	%(6)
Total expenses		1.41	%(6)		1.56	%(6)
Net investment income		4.94	%(6)		5.48	%(6)
Portfolio Turnover of the Portfolio		17	%(4)		17	%(4)(7)

⁽¹⁾  For the period from the commencement of operations, May 31, 2019, to October 31, 2019.

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  Not annualized

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the year ended October 31, 2019.

13 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Floating-Rate Advantage Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares of the Fund generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. The Advisers Class, Class I and Class R6 shares are generally sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Senior Debt Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (97.8% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

14

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $135,680,627 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $135,680,627 are long-term.

3  Transactions with Affiliates

The administration fee is earned by Eaton Vance Management (EVM) as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.10% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $3,331,056. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $221,840 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $33,318 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Advisers Class, Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4  Distribution Plans

The Fund has in effect a distribution plan for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $153,071 for Advisers Class shares and $1,663,797 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.60% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $2,073,767 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 0.15% per annum of its average daily net assets attributable to Class C shares. Although there is no present intention to do so, Class C shares could pay service fees of up to 0.25% annually upon Trustee approval. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $518,442 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $90,000 and $53,000 of CDSCs paid by Class A and Class C shareholders, respectively.

15

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $419,112,156 and $1,601,845,404, respectively.

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:

Advisers Class	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,165,241			4,932,149
Issued to shareholders electing to receive payments of distributions in Fund shares		301,448			790,265
Redemptions		(6,245,439	)		(12,739,183	)
Net decrease		(4,778,750	)		(7,016,769	)
Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		16,081,389			34,376,772
Issued to shareholders electing to receive payments of distributions in Fund shares		2,876,879			6,781,012
Redemptions		(33,254,305	)		(98,071,392	)
Converted from Class B shares		—			208,865
Converted from Class C shares		835,895			22,203,520
Net decrease		(13,460,142	)		(34,501,223	)
Class B				Year Ended October 31, 2019(1)
Sales					1,046
Issued to shareholders electing to receive payments of distributions in Fund shares					4,718
Redemptions					(32,715	)
Converted to Class A shares					(208,281	)
Net decrease					(235,232	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		5,060,379			11,974,968
Issued to shareholders electing to receive payments of distributions in Fund shares		1,302,036			3,428,531
Redemptions		(15,251,143	)		(30,640,144	)
Converted to Class A shares		(837,173	)		(22,222,654	)
Net decrease		(9,725,901	)		(37,459,299	)

16

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		147,382,585			228,820,280
Issued to shareholders electing to receive payments of distributions in Fund shares		9,406,413			24,872,407
Redemptions		(235,759,717	)		(464,448,589	)
Net decrease		(78,970,719	)		(210,755,902	)
Class R6	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019(2)
Sales		3,440,793			931
Issued to shareholders electing to receive payments of distributions in Fund shares		51,053			22
Redemptions		(384,163	)		—
Net increase		3,107,683			953

⁽¹⁾   At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

⁽²⁾  For the period from the commencement of operations, May 31, 2019, to October 31, 2019.

17

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Senior Floating-Rate Loans — 111.6%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 2.4%
Aernnova Aerospace S.A.U
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		1,071	$	924,623
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		4,179		3,606,030
AI Convoy (Luxembourg) S.a.r.l.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		4,300		4,518,955
Term Loan, 4.65%, (USD LIBOR + 3.50%), Maturing January 17, 2027(2)			5,300		5,041,625
Dynasty Acquisition Co., Inc.
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			7,692		6,804,051
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			14,307		12,655,535
IAP Worldwide Services, Inc.
Revolving Loan, 1.38%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(3)			944		870,428
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020(4)			1,230		972,702
TransDigm, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			30,713		27,051,743
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			52,226		45,934,044
WP CPP Holdings, LLC
Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025(2)			29,911		22,657,925
				$	131,037,661
Automotive — 2.7%
Adient US, LLC
Term Loan, 5.52%, (3 mo. USD LIBOR + 4.00%), Maturing May 6, 2024			3,002	$	2,725,535
American Axle and Manufacturing, Inc.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,982		17,392,839
Autokiniton US Holdings, Inc.
Term Loan, 6.78%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,751		7,801,050
Bright Bidco B.V.
Term Loan, 4.57%, (USD LIBOR + 3.50%), Maturing June 30, 2024(2)			20,281		6,346,394
Chassix, Inc.
Term Loan, 7.35%, (USD LIBOR + 5.50%), Maturing November 15, 2023(2)			7,136		5,137,740

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
CS Intermediate Holdco 2, LLC
Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			3,980	$	2,885,499
Dayco Products, LLC
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,762		8,821,423
Garrett LX III S.a.r.l.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		4,953		4,830,626
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 3.20%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			6,883		6,397,198
IAA, Inc.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			7,208		6,910,550
Panther BF Aggregator 2 L.P.
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing April 30, 2026	EUR		500		511,853
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			28,015		25,459,015
Tenneco, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			36,870		28,582,235
Thor Industries, Inc.
Term Loan, 4.75%, (USD LIBOR + 3.75%), Maturing February 1, 2026(2)			9,142		8,414,111
TI Group Automotive Systems, LLC
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing June 30, 2022			9,693		9,038,823
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		6,637		6,673,370
Visteon Corporation
Term Loan, 2.40%, (USD LIBOR + 1.75%), Maturing March 25, 2024(2)			2,500		2,353,125
				$	150,281,386
Beverage and Tobacco — 0.3%
Arterra Wines Canada, Inc.
Term Loan, 3.80%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			4,754	$	4,595,058
Flavors Holdings, Inc.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing June 30, 2020			11,387		10,874,520
Term Loan - Second Lien, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021			2,000		1,820,000
				$	17,289,578

18 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Brokerage / Securities Dealers / Investment Houses — 0.5%
Advisor Group, Inc.
Term Loan, 5.40%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026		12,921	$	10,764,912
Clipper Acquisitions Corp.
Term Loan, 2.73%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024		12,145		11,598,893
OZ Management L.P.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023		527		522,126
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023		3,800		3,420,000
			$	26,305,931
Building and Development — 3.4%
ACProducts, Inc.
Term Loan, 8.19%, (3 mo. USD LIBOR + 6.50%), Maturing August 18, 2025		4,375	$	3,937,500
Advanced Drainage Systems, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026		3,348		3,276,803
American Builders & Contractors Supply Co., Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027		23,651		22,365,107
APi Group DE, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026		16,259		15,807,048
Brookfield Property REIT, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025		4,244		3,221,220
Core & Main L.P.
Term Loan, 3.99%, (USD LIBOR + 2.75%), Maturing August 1, 2024(2)		18,330		17,405,549
CPG International, Inc.
Term Loan, 5.93%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024		14,906		13,639,349
Cushman & Wakefield U.S. Borrower, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025		37,569		34,979,251
Henry Company, LLC
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 5, 2023		2,583		2,402,926
NCI Building Systems, Inc.
Term Loan, 4.58%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2025		10,295		8,896,682

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Quikrete Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			12,568	$	11,774,842
RE/MAX International, Inc.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			16,203		15,230,866
Realogy Group, LLC
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025			8,065		6,811,544
Summit Materials Companies I, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024			2,029		1,925,901
Werner FinCo L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%), Maturing July 24, 2024			13,335		11,534,943
WireCo WorldGroup, Inc.
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 30, 2023			8,336		6,314,161
Term Loan - Second Lien, 10.07%, (6 mo. USD LIBOR + 9.00%), Maturing September 30, 2024			8,525		6,180,625
				$	185,704,317
Business Equipment and Services — 9.2%
Adtalem Global Education, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			6,214	$	5,776,719
Airbnb, Inc.
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			7,500		7,659,375
AlixPartners, LLP
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		9,331		9,969,471
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing April 4, 2024			21,863		21,174,392
Allied Universal Holdco, LLC
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			4,065		3,814,392
Amentum Government Services Holdings, LLC
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing February 1, 2027			11,075		10,680,453
AppLovin Corporation
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			34,338		32,856,900
Term Loan, Maturing August 15, 2025(5)			6,125		5,864,687

19 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
ASGN Incorporated
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025		3,433	$	3,369,019
Belfor Holdings, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		6,749		6,529,657
BidFair MergeRight, Inc.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027		7,713		6,748,604
Bracket Intermediate Holding Corp.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025		9,565		8,740,122
Brand Energy & Infrastructure Services, Inc.
Term Loan, 5.45%, (USD LIBOR + 4.25%), Maturing June 21, 2024(2)		8,370		7,127,732
Camelot U.S. Acquisition 1 Co.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2026		12,028		11,601,865
CCC Information Services, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024		7,508		7,128,231
Ceridian HCM Holding, Inc.
Term Loan, 2.64%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025		23,392		22,193,286
CM Acquisition Co.
Term Loan, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing July 26, 2023		2,042		1,910,901
Da Vinci Purchaser Corp.
Term Loan, 5.24%, (6 mo. USD LIBOR + 4.00%), Maturing January 8, 2027		4,125		3,908,437
Deerfield Dakota Holding, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing April 9, 2027		1,325		1,274,209
EAB Global, Inc.
Term Loan, 4.88%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024(2)		13,254		12,624,911
EIG Investors Corp.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023		34,191		31,711,936
Garda World Security Corporation
Term Loan, 6.39%, (3 mo. USD LIBOR + 4.75%), Maturing October 30, 2026		8,983		8,692,543
IG Investment Holdings, LLC
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		30,024		25,088,644
IRI Holdings, Inc.
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing December 1, 2025		23,674		20,300,084

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Iron Mountain, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			9,286	$	8,751,584
KAR Auction Services, Inc.
Term Loan, 2.88%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026			5,342		4,887,830
Kronos Incorporated
Term Loan, 4.76%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023			76,871		74,420,557
KUEHG Corp.
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025			27,563		22,567,174
Term Loan - Second Lien, 9.70%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025			4,075		3,158,125
LGC Group Holdings Limited
Term Loan, Maturing April 21, 2027(5)			3,600		3,402,000
Term Loan, Maturing January 22, 2027(5)	EUR		3,025		3,154,170
Monitronics International, Inc.
Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			15,398		10,470,689
Outfront Media Capital, LLC
Term Loan, 2.58%, (1 mo. USD LIBOR + 1.75%), Maturing November 18, 2026			3,314		3,065,775
PGX Holdings, Inc.
Term Loan, 0.00%, Maturing September 29, 2020(6)			12,701		5,397,870
Pre-Paid Legal Services, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025			8,985		8,255,068
Prometric Holdings, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing January 29, 2025			5,591		4,640,920
Rockwood Service Corporation
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			5,075		4,669,000
Sabre GLBL, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024			6,605		6,088,225
Prime Security Services Borrower, LLC
Term Loan, Maturing September 23, 2026(5)			1,500		1,436,562
Speedster Bidco GmbH
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,550		2,569,466
Spin Holdco, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			34,520		31,887,735

20 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Vestcom Parent Holdings, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,806	$	1,652,295
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			11,277		10,205,832
West Corporation
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024			4,986		3,891,006
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024			5,016		3,954,899
Zephyr Bidco Limited
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		5,025		4,993,838
Zephyr Bidco Limited
Term Loan, 4.48%, (3 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,725		9,642,966
				$	509,910,156
Cable and Satellite Television — 4.4%
Altice France S.A.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			10,862	$	10,101,994
Term Loan, 4.81%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			8,764		8,181,882
Charter Communications Operating, LLC
Term Loan, 2.16%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			12,241		11,819,572
CSC Holdings, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			44,783		43,036,691
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			5,795		5,546,741
Mediacom Illinois, LLC
Term Loan, 1.90%, (1 week USD LIBOR + 1.75%), Maturing February 15, 2024			3,127		3,029,683
Numericable Group S.A.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		6,406		6,590,218
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			17,566		16,257,597
Telenet Financing USD, LLC
Term Loan, 2.81%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			39,725		37,957,237
Telenet International Finance S.a.r.l.
Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		8,465		9,100,774

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
UPC Broadband Holding B.V.
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			8,800	$	8,338,000
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		3,150		3,365,628
Virgin Media Bristol, LLC
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			41,755		39,600,537
Virgin Media SFA Finance Limited
Term Loan, 3.51%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		9,825		11,735,228
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		13,800		14,650,139
Ziggo B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		15,300		16,092,033
				$	245,403,954
Chemicals and Plastics — 4.6%
Aruba Investments, Inc.
Term Loan, 4.32%, (6 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			10,993	$	10,663,360
Axalta Coating Systems US Holdings, Inc.
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			22,997		22,462,127
Caldic B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		500		501,694
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		2,266		2,274,146
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		5,742		5,769,825
Element Solutions, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			8,088		7,789,612
Emerald Performance Materials, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 1, 2021			3,575		3,390,423
Ferro Corporation
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,420		3,308,806
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,648		3,529,055
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,727		3,605,774

21 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Flint Group GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.00%, Floor 0.75%), Maturing September 7, 2021	EUR		1,212	$	1,097,668
Term Loan, 4.02%, (2 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			1,944		1,584,078
Flint Group US, LLC
Term Loan, 4.02%, (2 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			11,758		9,582,372
Term Loan, 4.02%, (USD LIBOR + 3.00%), Maturing September 7, 2021(2)			2,910		2,371,650
Gemini HDPE, LLC
Term Loan, 3.27%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			12,723		12,214,489
Hexion, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		18,800		19,314,349
INEOS Enterprises Holdings II Limited
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		2,325		2,453,898
INEOS Enterprises Holdings US Finco, LLC
Term Loan, 5.11%, (3 mo. USD LIBOR + 3.50%), Maturing August 28, 2026			2,535		2,395,373
INEOS Finance PLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		8,085		8,560,848
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		9,065		9,511,416
Kraton Polymers, LLC
Term Loan, 2.75%, (1 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		1,051		1,140,593
Messer Industries GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,575		4,863,106
Minerals Technologies, Inc.
Term Loan, 3.06%, (USD LIBOR + 2.25%), Maturing February 14, 2024(2)			13,866		13,684,378
Momentive Performance Materials, Inc.
Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing May 15, 2024			1,143		1,019,732
PMHC II, Inc.
Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			14,294		11,864,001
PQ Corporation
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			22,369		21,457,503

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Pregis TopCo Corporation
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing July 31, 2026			6,559	$	5,935,499
Rohm Holding GmbH
Term Loan, 5.00%, (2 mo. EURIBOR + 5.00%), Maturing July 31, 2026	EUR		1,900		1,726,420
Term Loan, 6.78%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			3,890		3,073,278
Spectrum Holdings III Corp.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing January 31, 2025			2,094		1,806,273
Starfruit Finco B.V.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,699		9,775,875
Tronox Finance, LLC
Term Loan, 3.59%, (USD LIBOR + 2.75%), Maturing September 23, 2024(2)			25,424		23,924,098
Univar, Inc.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			23,481		22,776,168
Venator Materials Corporation
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024			577		503,702
				$	255,931,589
Clothing / Textiles — 0.1%
Samsonite International SA
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			4,607	$	4,277,187
				$	4,277,187
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp.
Term Loan, 4.12%, (3 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			2,088	$	1,942,102
SGB-SMIT Management GmbH
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing July 18, 2024	EUR		8,722		3,584,424
				$	5,526,526
Containers and Glass Products — 3.0%
Berry Global, Inc.
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			7,749	$	7,585,813
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			10,031		9,780,459

22 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Berry Global, Inc. (continued)
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing July 1, 2026			2,555	$	2,449,850
BWAY Holding Company
Term Loan, 4.56%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			11,217		9,730,438
Flex Acquisition Company, Inc.
Term Loan, 4.43%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023			35,554		33,420,692
Term Loan, 4.68%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			5,141		4,823,490
Libbey Glass, Inc.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021			13,864		6,764,057
Pelican Products, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing May 1, 2025			9,926		8,263,160
Proampac PG Borrower, LLC
Term Loan, 4.84%, (USD LIBOR + 3.50%), Maturing November 20, 2023(2)			8,384		7,796,697
Reynolds Consumer Products, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 4, 2027			3,525		3,404,142
Reynolds Group Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			61,112		58,509,773
Trident TPI Holdings, Inc.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing October 17, 2024(2)			15,721		13,913,160
				$	166,441,731
Cosmetics / Toiletries — 0.6%
Kronos Acquisition Holdings, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			36,924	$	33,323,642
				$	33,323,642
Drugs — 6.1%
Aenova Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		2,175	$	2,304,025
Akorn, Inc.
Term Loan, 15.50%, (1 mo. USD LIBOR + 14.50%, Floor 1.00%), 14.75% cash, 0.75% PIK, Maturing April 16, 2021			21,478		18,328,263

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Drugs (continued)
Albany Molecular Research, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024			9,432	$	8,687,415
Alkermes, Inc.
Term Loan, 3.01%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			13,128		12,143,739
Amneal Pharmaceuticals, LLC
Term Loan, 3.94%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			30,249		27,186,526
Arbor Pharmaceuticals, Inc.
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			16,420		13,765,844
Bausch Health Cos., Inc.
Term Loan, 3.72%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			40,427		39,180,136
Catalent Pharma Solutions, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026			10,271		10,142,859
Elanco Animal Health, Inc.
Term Loan, Maturing February 4, 2027(5)			20,700		20,022,944
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			30,047		27,628,527
Grifols Worldwide Operations USA, Inc.
Term Loan, 2.14%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,641		35,541,601
Horizon Therapeutics USA, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing May 22, 2026			13,469		13,210,395
Jaguar Holding Company II
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022			67,093		65,981,995
Mallinckrodt International Finance S.A.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024			37,992		27,109,754
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025			15,188		10,707,579
Nidda Healthcare Holding AG
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		1,000		1,036,263
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		6,425		6,650,067
				$	339,627,932

23 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Ecological Services and Equipment — 0.8%
Advanced Disposal Services, Inc.
Term Loan, 3.00%, (1 week USD LIBOR + 2.25%, Floor 0.75%), Maturing November 10, 2023			21,546	$	21,357,138
EnergySolutions, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025			20,179		18,362,673
US Ecology Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			3,092		3,030,405
				$	42,750,216
Electronics / Electrical — 18.6%
Almonde, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024			30,879	$	26,967,424
Applied Systems, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing September 19, 2024			29,904		28,756,248
Term Loan - Second Lien, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing September 19, 2025			4,000		3,860,000
Aptean, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			8,878		8,233,899
Astra Acquisition Corp.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			7,825		7,316,375
Avast Software B.V.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing September 29, 2023			6,254		6,107,535
Banff Merger Sub, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			48,016		41,733,781
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,506		3,335,022
Buzz Merger Sub, Ltd.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			5,825		5,577,438
Castle US Holding Corporation
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			10,682		9,044,328
Celestica, Inc.
Term Loan, 3.25%, (2 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,093		3,782,277
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			3,619		3,392,578

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Cohu, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,032	$	8,326,654
CommScope, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			19,802		18,807,343
CPI International, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024			15,150		12,801,362
Datto, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			4,491		4,232,826
ECI Macola/Max Holdings, LLC
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			10,089		8,928,575
Electro Rent Corporation
Term Loan, 6.02%, (USD LIBOR + 5.00%), Maturing January 31, 2024(2)			23,761		22,033,585
Entegris, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 6, 2025			2,868		2,839,134
Epicor Software Corporation
Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			46,013		44,611,948
EXC Holdings III Corp.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing December 2, 2024	EUR		1,711		1,717,591
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024			3,551		3,338,119
Fiserv Investment Solutions, Inc.
Term Loan, 6.44%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027			5,825		5,650,250
Flexera Software, LLC
Term Loan, 4.50%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing February 26, 2025(2)			2,992		2,891,841
Go Daddy Operating Company, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			58,600		57,013,325
Hyland Software, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 1, 2024			37,011		35,701,286
Term Loan - Second Lien, 7.75%, (1 mo. USD LIBOR + 7.00%, Floor 0.75%), Maturing July 7, 2025			7,034		6,612,183
Infoblox, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			16,516		15,814,286

24 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing February 25, 2027	EUR		2,875	$	3,038,984
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			64,100		60,494,375
Term Loan - Second Lien, 7.13%, Maturing February 25, 2025(7)			5,525		5,345,438
MA FinanceCo., LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			31,390		30,252,191
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			5,548		5,170,939
MACOM Technology Solutions Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			14,602		13,141,363
Marcel LUX IV S.a.r.l.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			1,767		1,687,521
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		3,350		3,435,533
MaxLinear, Inc.
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing May 12, 2024			6,947		6,773,684
Mirion Technologies, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			6,094		5,892,927
MKS Instruments, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2026			4,005		3,904,788
MTS Systems Corporation
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 5, 2023			3,521		3,415,412
NCR Corporation
Term Loan, 2.91%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026			10,895		10,404,964
Recorded Books, Inc.
Term Loan, Maturing August 29, 2025(5)			2,825		2,627,250
Renaissance Holding Corp.
Term Loan - Second Lien, 7.76%, (3 mo. USD LIBOR + 7.00%), Maturing May 29, 2026			2,175		1,866,874
Seattle Spinco, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			37,468		34,920,624
SGS Cayman L.P.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021			3,791		2,634,621

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
SkillSoft Corporation
Term Loan, 5.75%, (3 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing April 28, 2021		57,613	$	34,486,693
SolarWinds Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		73,255		71,363,041
Solera, LLC
Term Loan, 4.36%, (3 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		54,190		51,570,683
Sparta Systems, Inc.
Term Loan, 4.56%, (6 mo. USD LIBOR + 3.50%), Maturing August 21, 2024		7,043		6,061,524
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		12,064		11,659,930
SS&C Technologies, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		7,583		7,322,619
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		16,912		16,344,244
STG-Fairway Holdings, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing January 31, 2027		4,350		3,808,969
SurveyMonkey, Inc.
Term Loan, 3.91%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		9,318		8,572,652
Sutherland Global Services, Inc.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		16,285		11,318,208
Tibco Software, Inc.
Term Loan, 4.16%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		31,800		29,984,411
Term Loan - Second Lien, 7.66%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		5,825		5,446,375
TriTech Software Systems
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing August 29, 2025		4,051		3,510,945
TTM Technologies, Inc.
Term Loan, 3.48%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		11,983		11,773,318
Uber Technologies, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		7,608		7,216,508
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025		38,878		36,901,566
Ultimate Software Group, Inc. (The)
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		22,944		21,997,560

25 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Ultra Clean Holdings, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		10,253	$	9,740,596
Verifone Systems, Inc.
Term Loan, 5.69%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		19,101		14,958,146
Veritas Bermuda, Ltd.
Term Loan, 5.95%, (3 mo. USD LIBOR + 4.50%), Maturing January 27, 2023		25,963		22,879,793
Vero Parent, Inc.
Term Loan, 7.86%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024		25,069		22,907,137
Vertiv Group Corporation
Term Loan, 3.99%, (1 mo. USD LIBOR + 3.00%), Maturing March 2, 2027		1,200		1,127,063
VS Buyer, LLC
Term Loan, 4.86%, (3 mo. USD LIBOR + 3.25%), Maturing February 28, 2027		12,375		11,787,187
Vungle, Inc.
Term Loan, 5.99%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		7,686		7,302,056
Western Digital Corporation
Term Loan, 2.77%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023		4,209		4,080,378
			$	1,028,556,303
Equipment Leasing — 0.7%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025		21,425	$	20,284,627
Delos Finance S.a.r.l.
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing October 6, 2023		15,593		14,868,103
IBC Capital Limited
Term Loan, 4.64%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023		1,839		1,613,721
			$	36,766,451
Financial Intermediaries — 3.8%
Aretec Group, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025		26,453	$	22,110,170
Citco Funding, LLC
Term Loan, 3.57%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023		24,119		23,455,958

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Claros Mortgage Trust, Inc.
Term Loan, 4.11%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026			4,546	$	4,091,302
Ditech Holding Corporation
Term Loan, 0.00%, Maturing June 30, 2022(6)			28,127		11,250,649
EIG Management Company, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,769		2,508,953
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		8,550		8,915,092
FinCo. I, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			9,934		9,629,412
Focus Financial Partners, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			14,577		13,921,291
Franklin Square Holdings L.P.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,723		6,252,037
Greenhill & Co., Inc.
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			7,327		6,777,167
GreenSky Holdings, LLC
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			11,643		10,653,218
Guggenheim Partners, LLC
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			35,059		33,350,230
Harbourvest Partners, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing March 3, 2025			2,101		2,012,051
LPL Holdings, Inc.
Term Loan, 2.24%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			19,850		19,254,742
Nets Holding A/S
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000		1,030,784
Starwood Property Trust, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026			1,636		1,492,408
StepStone Group L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 27, 2025			6,517		6,354,075
Victory Capital Holdings, Inc.
Term Loan, 3.94%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			14,416		13,866,652

26 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Virtus Investment Partners, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing June 1, 2024		8,324	$	8,053,832
Walker & Dunlop, Inc.
Term Loan, 2.72%, (3 mo. USD LIBOR + 2.00%), Maturing November 7, 2025		4,440		4,284,387
			$	209,264,410
Food Products — 4.4%
Alphabet Holding Company, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024		36,210	$	32,649,493
Atkins Nutritionals Holdings II, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024		3,975		3,882,985
B&G Foods, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026		3,060		2,983,771
Badger Buyer Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024		12,854		9,511,827
Del Monte Foods, Inc.
Term Loan, 4.86%, (USD LIBOR + 3.25%), Maturing February 18, 2021(2)		15,528		15,314,796
Froneri International Ltd.
Term Loan - Second Lien, Maturing January 31, 2028(5)		1,125		1,063,125
Froneri International, Ltd.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 29, 2027		21,650		20,175,094
Hearthside Food Solutions, LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025		13,190		12,176,076
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		6,295		5,857,266
HLF Financing S.a.r.l.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025		26,251		24,761,234
Jacobs Douwe Egberts International B.V.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025		22,212		21,786,025
JBS USA Lux S.A.
Term Loan, 3.07%, (6 mo. USD LIBOR + 2.00%), Maturing May 1, 2026		55,582		53,940,382
Nomad Foods Europe Midco Limited
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024		19,135		18,549,256

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Sunshine Investments B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618	$	11,351,698
Term Loan, 4.76%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		750		914,711
Valeo F1 Company Limited (Ireland)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024	EUR		9,500		8,942,681
				$	243,860,420
Food Service — 1.8%
1011778 B.C. Unlimited Liability Company
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			51,016	$	48,231,735
IRB Holding Corp.
Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025(2)			23,111		20,303,267
Restaurant Technologies, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			8,162		7,304,666
US Foods, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023			22,602		20,973,523
				$	96,813,191
Food / Drug Retailers — 0.3%
Allsup’s Convenience Stores, Inc.
Term Loan, 6.88%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			6,003	$	5,432,941
L1R HB Finance Limited
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		8,523		5,863,923
Term Loan, 5.77%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		6,773		5,374,141
				$	16,671,005
Forest Products — 0.1%
Clearwater Paper Corporation
Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%), Maturing July 26, 2026			4,065	$	4,003,840
				$	4,003,840
Health Care — 8.9%
Acadia Healthcare Company, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 16, 2023			1,266	$	1,226,260

27 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Accelerated Health Systems, LLC
Term Loan, 4.33%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025			7,324	$	6,372,061
ADMI Corp.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			5,450		4,691,131
Alliance Healthcare Services, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			9,341		5,137,687
Term Loan - Second Lien, 11.00%, (1 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing April 24, 2024			5,175		2,070,000
athenahealth, Inc.
Term Loan, 5.28%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			10,904		10,181,963
Avantor, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			7,847		7,748,620
BioClinica, Inc.
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			16,107		14,576,663
BW NHHC Holdco, Inc.
Term Loan, 6.62%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			13,076		8,151,529
Carestream Dental Equipment, Inc.
Term Loan, 4.32%, (6 mo. USD LIBOR + 3.25%), Maturing September 1, 2024			711		584,318
CeramTec AcquiCo GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025	EUR		15,327		15,508,467
Certara L.P.
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024			7,559		6,841,209
Change Healthcare Holdings, LLC
Term Loan, 3.50%, (3mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024			6,718		6,500,600
CHG Healthcare Services, Inc.
Term Loan, 4.07%, (6 mo. USD LIBOR + 3.00%), Maturing June 7, 2023			19,584		18,604,772
CryoLife, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			5,156		4,924,278
Elsan S.A.S.
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2024	EUR		2,250		2,420,459
Ensemble RCM, LLC
Term Loan, 5.51%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			6,020		5,804,044

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Envision Healthcare Corporation
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			70,466	$	49,502,149
Gentiva Health Services, Inc.
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			33,045		31,309,900
Greatbatch Ltd.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			10,341		10,116,478
Hanger, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			23,395		21,348,000
Inovalon Holdings, Inc.
Term Loan, 3.88%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,206		11,870,516
IQVIA, Inc.
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%), Maturing March 7, 2024			2,660		2,570,444
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			14,860		14,361,880
MPH Acquisition Holdings, LLC
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023			29,244		27,008,875
National Mentor Holdings, Inc.
Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing March 9, 2026(2)			7,640		7,296,226
Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			347		331,366
Navicure, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026			9,175		8,624,500
One Call Corporation
Term Loan, 6.95%, (3 mo. USD LIBOR + 5.25%), Maturing November 25, 2022			15,365		13,073,454
Ortho-Clinical Diagnostics S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing June 30, 2025	EUR		4,225		4,126,456
Term Loan, 4.27%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			33,777		30,230,118
Parexel International Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024			9,130		8,428,430
Phoenix Guarantor, Inc.
Term Loan, 4.08%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			21,376		20,013,444
Radiology Partners, Inc
Term Loan, 5.67%, (USD LIBOR + 4.25%), Maturing July 9, 2025(2)			3,930		3,553,658

28 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
RadNet, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2023			10,102	$	9,439,003
Select Medical Corporation
Term Loan, 3.07%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			37,393		35,663,481
Surgery Center Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			13,745		12,324,388
Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			2,500		2,512,500
Team Health Holdings, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			7,009		5,211,527
Tecomet, Inc.
Term Loan, 4.43%, (6 mo. USD LIBOR + 3.25%), Maturing May 1, 2024			16,402		15,035,517
U.S. Anesthesia Partners, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing June 23, 2024			780		670,770
Verscend Holding Corp.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			22,349		21,186,630
Viant Medical Holdings, Inc.
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			2,952		2,258,492
				$	489,412,263
Home Furnishings — 0.5%
Serta Simmons Bedding, LLC
Term Loan, 4.61%, (USD LIBOR + 3.50%), Maturing November 8, 2023(2)			63,420	$	27,482,163
				$	27,482,163
Industrial Equipment — 4.5%
AI Alpine AT Bidco GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2025	EUR		6,125	$	5,765,676
Altra Industrial Motion Corp.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			8,542		8,125,997
Apex Tool Group, LLC
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			17,287		13,953,789
Carlisle Foodservice Products, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			6,748		5,528,981

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Clark Equipment Company
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			13,387	$	12,620,564
Columbus McKinnon Corporation
Term Loan, 3.95%, (3 mo. USD LIBOR + 2.50%), Maturing January 31, 2024			4,922		4,749,476
CPM Holdings, Inc.
Term Loan, Maturing November 17, 2025(5)			2,750		2,229,219
Delachaux Group S.A.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing April 16, 2026	EUR		2,650		2,744,281
Term Loan, 5.36%, (6 mo. USD LIBOR + 4.50%), Maturing April 16, 2026			5,841		4,994,055
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,631		2,356,951
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		6,577		5,892,408
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			11,887		10,272,605
DXP Enterprises, Inc.
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			5,192		4,698,647
Dynacast International, LLC
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			10,460		6,254,160
Engineered Machinery Holdings, Inc.
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing July 19, 2024			14,721		13,451,393
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			2,014		1,848,258
EWT Holdings III Corp.
Term Loan, 3.45%, (2 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			23,281		22,582,134
Filtration Group Corporation
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			26,863		25,743,703
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		3,641		3,647,021
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		7,834		8,005,160
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 1, 2024			2,309		2,145,673
LTI Holdings, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			7,362		5,963,424

29 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
LTI Holdings, Inc. (continued)
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,438	$	1,990,830
Minimax Viking GmbH
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,953		2,099,690
Quimper AB
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		20,625		21,295,237
Robertshaw US Holding Corp.
Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing February 28, 2025(2)			23,062		17,029,735
Terex Corporation
Term Loan, 3.45%, (3 mo. USD LIBOR + 2.00%), Maturing January 31, 2024			8,811		8,326,182
Thermon Industries, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing October 30, 2024			3,069		2,854,228
Titan Acquisition Limited
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			24,797		21,943,029
				$	249,112,506
Insurance — 3.5%
Alliant Holdings Intermediate, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			4,759	$	4,476,950
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			5,732		5,415,012
AmWINS Group, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			49,832		48,420,194
Andromeda Investissements
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing June 12, 2026	EUR		2,250		2,425,595
AssuredPartners, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			4,115		3,873,978
Asurion, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			42,187		40,478,082
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,456		2,359,535
Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			28,200		27,201,241

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
Financiere CEP S.A.S.
Term Loan, 4.00%, (2 mo. EURIBOR + 4.00%), Maturing January 16, 2025	EUR		1,425	$	1,547,271
Hub International, Ltd.
Term Loan, 4.02%, (USD LIBOR + 3.00%), Maturing April 25, 2025(2)			22,043		20,918,480
NFP Corp.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			36,280		32,803,184
USI, Inc.
Term Loan, Maturing December 2, 2026(5)			5,895		5,640,778
				$	195,560,300
Leisure Goods / Activities / Movies — 4.5%
AMC Entertainment Holdings, Inc.
Term Loan, 4.08%, (6 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			10,391	$	7,701,800
Amer Sports Oyj
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		20,475		17,487,242
Ancestry.com Operations, Inc.
Term Loan, 4.66%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			39,290		34,444,560
Bombardier Recreational Products, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			33,451		30,468,728
Cineworld Limited
Term Loan, Maturing February 5, 2027(5)			9,200		5,784,500
ClubCorp Holdings, Inc.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			21,472		16,124,011
Crown Finance US, Inc.
Term Loan, 2.38%, (6 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		3,531		2,663,405
Term Loan, 3.32%, (6 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			18,619		12,288,621
Delta 2 (LUX) S.a.r.l.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			1,250		1,148,047
Emerald Expositions Holding, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			12,789		10,050,162
Etraveli Holding AB
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing August 2, 2024	EUR		9,350		6,941,796

30 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Lindblad Expeditions, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			1,171	$	907,253
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			4,683		3,629,011
Match Group, Inc.
Term Loan, 3.46%, (3 mo. USD LIBOR + 1.75%), Maturing February 15, 2027			7,625		7,287,830
Motion Finco S.a.r.l.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 4, 2026(2)			707		636,133
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 13, 2026(2)			5,378		4,840,142
NASCAR Holdings, Inc.
Term Loan, 3.37%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			8,563		8,021,232
Playtika Holding Corp.
Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing December 10, 2024			34,661		34,401,291
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			4,423		3,757,838
SRAM, LLC
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024			10,100		9,696,161
Steinway Musical Instruments, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025			3,787		3,543,964
Travel Leaders Group, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			14,482		11,006,358
UFC Holdings, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			15,971		14,993,092
Vue International Bidco PLC
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing July 3, 2026	EUR		3,433		3,208,093
				$	251,031,270
Lodging and Casinos — 4.1%
Aristocrat Technologies, Inc.
Term Loan, 2.86%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			10,829	$	10,323,671
Azelis Finance S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		3,750		3,832,049

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
Boyd Gaming Corporation
Term Loan, 2.39%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			1,011	$	951,367
Churchill Downs Incorporated
Term Loan, 2.41%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,421		3,253,397
CityCenter Holdings, LLC
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			25,953		23,078,922
Eldorado Resorts, LLC
Term Loan, 3.25%, (6 mo. USD LIBOR + 2.25%), Maturing April 17, 2024			2,748		2,630,490
ESH Hospitality, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			2,275		2,099,162
GBT III B.V.
Term Loan, Maturing February 26, 2027(5)			13,798		12,349,119
Term Loan, Maturing February 26, 2027(5)			16,477		14,747,006
Golden Nugget, Inc.
Term Loan, 3.46%, (USD LIBOR + 2.50%), Maturing October 4, 2023(2)			45,710		37,465,729
Golden Nugget, LLC
Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 4, 2023			1,875		1,931,250
GVC Holdings (Gibraltar) Limited
Term Loan, 3.31%, (6 mo. USD LIBOR + 2.25%), Maturing March 29, 2024			22,843		21,966,978
GVC Holdings PLC
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		22,500		24,225,125
Hanjin International Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			5,225		4,467,375
Playa Resorts Holding B.V.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			14,170		11,764,476
Richmond UK Bidco Limited
Term Loan, 4.98%, (6 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024	GBP		2,453		2,537,396
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		8,950		9,722,035
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			42,037		41,616,483
				$	228,962,030

31 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Nonferrous Metals / Minerals — 0.6%
Arconic Rolled Products Corporation
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.75%), Maturing March 25, 2027			3,625	$	3,606,875
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021(4)(7)			392		295,768
Murray Energy Corporation
DIP Loan, 13.00%, (1 mo. USD LIBOR + 11.00%, Floor 2.00%), Maturing July 31, 2020			5,008		4,997,722
Term Loan, 0.00%, Maturing October 17, 2022(6)			17,992		314,865
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2021(6)			2,904		203,276
Oxbow Carbon, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023			8,170		7,393,498
Rain Carbon GmbH
Term Loan, 3.00%, (2 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		14,875		14,181,663
				$	30,993,667
Oil and Gas — 3.4%
Ameriforge Group, Inc.
Term Loan, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			14,898	$	13,035,370
Apergy Corporation
Term Loan, 2.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			3,193		2,873,494
Blackstone CQP Holdco L.P.
Term Loan, 4.62%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			17,661		16,358,534
Buckeye Partners L.P.
Term Loan, 3.77%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026			11,950		11,277,813
Centurion Pipeline Company, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,432		3,028,354
CITGO Holding, Inc.
Term Loan, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023			2,985		2,529,788
CITGO Petroleum Corporation
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing July 29, 2021			15,341		14,650,467
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024			30,267		27,240,092
Delek US Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025			10,950		9,913,405

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Fieldwood Energy, LLC
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing April 11, 2022			26,962	$	6,875,427
Matador Bidco S.a.r.l.
Term Loan, 0.50%, Maturing October 15, 2026(3)			4,725		4,394,250
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026			7,000		6,510,000
McDermott Technology Americas, Inc.
DIP Loan, 10.37%, (USD LIBOR + 9.00%), Maturing October 21, 2020(2)			12,163		11,696,661
DIP Loan, 10.65%, (3 mo. USD LIBOR + 9.00%), Maturing October 21, 2020			5,097		4,901,615
DIP Loan, 0.50%, Maturing October 23, 2020(3)			10,000		9,350,000
Term Loan, 0.00%, Maturing May 9, 2025(6)			19,164		6,196,292
Prairie ECI Acquiror L.P.
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			5,050		3,668,088
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			12,198		8,859,789
PSC Industrial Holdings Corp.
Term Loan, 4.98%, (6 mo. USD LIBOR + 3.75%), Maturing October 11, 2024			11,330		9,233,856
RDV Resources Properties, LLC
Term Loan, 6.87%, (3 mo. USD LIBOR + 5.50%), Maturing March 29, 2024(4)			2,965		1,678,674
Sunrise Oil & Gas Properties, LLC
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			826		784,910
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			834		704,320
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			963		678,875
UGI Energy Services, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			12,059		10,913,282
				$	187,353,356
Publishing — 1.0%
Axel Springer S.E.
Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000	$	1,945,352
Getty Images, Inc.
Term Loan, 4.94%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			13,335		11,234,737

32 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Publishing (continued)
Getty Images, Inc. (continued)
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000	$	3,565,163
Harland Clarke Holdings Corp.
Term Loan, 6.46%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023			4,609		2,909,587
LSC Communications, Inc.
Term Loan, 0.00%, Maturing September 30, 2022(6)			8,034		615,951
Nielsen Finance, LLC
Term Loan, 2.86%, (1 mo. USD LIBOR + 2.00%), Maturing October 4, 2023			15,132		14,668,934
ProQuest, LLC
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026			19,181		18,269,605
Tweddle Group, Inc.
Term Loan, 5.50%, (2 mo. USD LIBOR + 4.50%), Maturing September 17, 2023			1,927		1,500,709
				$	54,710,038
Radio and Television — 3.2%
AP NMT Acquisition B.V.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021			5,029	$	4,920,392
Banijay Entertainment S.A.S.
Term Loan, Maturing March 4, 2025(5)			4,500		4,173,750
Cumulus Media New Holdings, Inc.
Term Loan, 4.82%, (6 mo. USD LIBOR + 3.75%), Maturing March 31, 2026			4,548		3,950,595
Diamond Sports Group, LLC
Term Loan, 3.82%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026			35,994		29,537,679
Entercom Media Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024			5,929		5,253,242
Entravision Communications Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024			8,283		7,812,022
Gray Television, Inc.
Term Loan, 3.49%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026			3,553		3,372,099
Hubbard Radio, LLC
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 28, 2025			10,057		7,793,833
iHeartCommunications, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026			2,269		2,042,381

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Mission Broadcasting, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		4,094	$	3,871,142
Nexstar Broadcasting, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		15,915		15,047,665
Term Loan, 3.73%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,956		5,622,346
Sinclair Television Group, Inc.
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		17,052		15,997,083
Term Loan, 3.32%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		7,512		7,033,344
Terrier Media Buyer, Inc.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		25,733		24,017,750
Univision Communications, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		44,233		39,201,623
			$	179,646,946
Rail Industries — 0.0%(8)
Genesee & Wyoming, Inc.
Term Loan, 3.45%, (3 mo. USD LIBOR + 2.00%), Maturing December 30, 2026		1,650	$	1,613,390
			$	1,613,390
Retailers (Except Food and Drug) — 1.5%
Apro, LLC
Term Loan, 4.00%, Maturing November 16, 2026(3)		1,589	$	1,521,361
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		5,547		5,311,452
Ascena Retail Group, Inc.
Term Loan, 5.63%, (USD LIBOR + 4.50%), Maturing August 21, 2022(2)		19,158		4,538,151
Bass Pro Group, LLC
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		9,311		7,793,516
BJ’s Wholesale Club, Inc.
Term Loan, 3.08%, (1 mo. USD LIBOR + 2.25%), Maturing February 3, 2024		5,207		5,083,033
Coinamatic Canada, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		1,404		1,270,293

33 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
David’s Bridal, Inc.
Term Loan, 7.65%, (3 mo. USD LIBOR + 6.00%), 1.00% cash, 6.65% PIK, Maturing June 30, 2023		2,767	$	2,279,587
Go Wireless, Inc.
Term Loan, 7.50%, (3 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,763		2,203,120
Hoya Midco, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		7,814		5,665,015
J. Crew Group, Inc.
Term Loan, 4.31%, (USD LIBOR + 3.00%), Maturing March 5, 2021(2)		22,380		11,824,239
LSF9 Atlantis Holdings, LLC
Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		13,780		10,932,101
PetSmart, Inc.
Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 11, 2022		16,350		15,908,550
PFS Holding Corporation
Term Loan, 0.00%, Maturing January 31, 2021(6)		11,258		4,334,410
Pier 1 Imports (U.S.), Inc.
Term Loan, 0.00%, Maturing April 30, 2021(6)		6,008		788,536
Radio Systems Corporation
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing May 2, 2024		3,913		3,776,463
			$	83,229,827
Steel — 1.6%
Atkore International, Inc.
Term Loan, 4.02%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		22,334	$	21,538,082
GrafTech Finance, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		26,977		24,549,519
Neenah Foundry Company
Term Loan, 7.45%, (USD LIBOR + 6.50%), Maturing December 13, 2022(2)		7,160		6,265,304
Phoenix Services International, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		8,406		7,026,562
Zekelman Industries, Inc.
Term Loan, 2.82%, (1 mo. USD LIBOR + 2.25%), Maturing January 24, 2027		28,050		26,647,500
			$	86,026,967

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Surface Transport — 0.4%
Agro Merchants NAI Holdings, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024			4,879	$	4,440,227
Kenan Advantage Group, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022			3,734		3,133,862
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022			15,791		13,250,979
XPO Logistics, Inc.
Term Loan, 3.61%, (3 mo. USD LIBOR + 2.00%), Maturing February 24, 2025			2,789		2,712,293
				$	23,537,361
Telecommunications — 5.2%
CenturyLink, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027			64,749	$	61,495,541
Ciena Corporation
Term Loan, 2.47%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025			9,375		9,300,287
Colorado Buyer, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024			19,389		12,326,652
Digicel International Finance Limited
Term Loan, 4.87%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			19,623		16,164,478
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		25,162		24,402,475
Global Eagle Entertainment, Inc.
Term Loan, 8.72%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023			22,784		13,015,178
Intelsat Jackson Holdings S.A.
Term Loan, 6.75%, (Prime + 3.50%), Maturing January 2, 2024			13,500		13,398,750
IPC Corp.
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021			8,930		6,228,675
Onvoy, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			17,860		15,091,676
Plantronics, Inc.
Term Loan, 2.99%, (USD LIBOR + 2.50%), Maturing July 2, 2025(2)			13,787		11,408,870
Syniverse Holdings, Inc.
Term Loan, 6.87%, (6 mo. USD LIBOR + 5.00%), Maturing March 9, 2023			12,255		8,688,559

34 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
T-Mobile USA, Inc.
Term Loan, Maturing April 1, 2027(5)			27,025	$	26,883,119
Telesat Canada
Term Loan, 3.16%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			7,830		7,447,422
Zayo Group Holdings, Inc.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		4,575		4,838,039
Ziggo Financing Partnership
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028			57,575		54,144,509
				$	284,834,230
Utilities — 0.8%
Calpine Construction Finance Company L.P.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025			7,321	$	7,032,548
Calpine Corp.
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024			15,002		14,559,422
Lightstone Holdco, LLC
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024			1,182		944,085
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024			20,956		16,738,623
Longview Power, LLC
Term Loan, 0.00%, Maturing April 13, 2021(6)			11,184		1,579,777
USIC Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing December 8, 2023			4,691		4,186,555
				$	45,041,010
Total Senior Floating-Rate Loans (identified cost $6,992,867,280)				$	6,168,294,750
Corporate Bonds & Notes — 1.9%
Security		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.1%
TransDigm, Inc.
8.00%, 12/15/25(9)			1,500	$	1,567,500
6.25%, 3/15/26(9)			1,500		1,475,175
				$	3,042,675

Security		Principal Amount* (000’s omitted)		Value
Airlines — 0.1%
Delta Air Lines, Inc.
7.00%, 5/1/25(9)			5,300	$	5,437,629
				$	5,437,629
Automotive — 0.2%
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.
6.25%, 5/15/26(9)			4,975	$	5,012,312
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10)	EUR		6,000		4,766,946
				$	9,779,258
Building and Development — 0.0%(8)
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28(9)			875	$	840,788
				$	840,788
Business Equipment and Services — 0.5%
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24(9)			9,125	$	8,987,121
5.75%, 4/15/26(9)			17,950		17,770,500
				$	26,757,621
Chemicals — 0.2%
Tronox, Inc.
6.50%, 5/1/25(9)			8,000	$	8,050,000
				$	8,050,000
Containers and Glass Products — 0.0%(8)
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
5.125%, 7/15/23(9)			250	$	252,550
				$	252,550
Diversified Financial Services — 0.1%
AG Issuer, LLC
6.25%, 3/1/28(9)			4,975	$	4,424,865
				$	4,424,865

35 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Drugs — 0.1%
Bausch Health Cos, Inc.
5.50%, 11/1/25(9)			2,700	$	2,820,150
				$	2,820,150
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc.
4.25%, 6/1/25(9)			6,025	$	6,070,188
				$	6,070,188
Entertainment — 0.0%(8)
Six Flags Theme Parks, Inc.
7.00%, 7/1/25(9)			2,400	$	2,495,520
				$	2,495,520
Food Products — 0.0%(8)
Iceland Bondco PLC
4.881%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10)	GBP		1,548	$	1,938,338
				$	1,938,338
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The)
9.75%, 5/1/23(9)			8,600	$	5,418,000
				$	5,418,000
Health Care — 0.0%(8)
HCA, Inc.
5.25%, 4/15/25			1,250	$	1,394,706
				$	1,394,706
Leisure Goods / Activities / Movies — 0.1%
Sabre GLBL, Inc.
9.25%, 4/15/25(9)			2,925	$	3,104,156
SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/25(9)			2,425		2,437,125
				$	5,541,281
Radio and Television — 0.1%
iHeartCommunications, Inc.
6.375%, 5/1/26			1,159	$	1,101,112
8.375%, 5/1/27			2,101		1,764,497
5.25%, 8/15/27(9)			2,500		2,242,875

Security	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
iHeartCommunications, Inc. (continued)
4.75%, 1/15/28(9)		2,975	$	2,587,209
			$	7,695,693
Telecommunications — 0.2%
CenturyLink, Inc.
4.00%, 2/15/27(9)		5,400	$	5,271,750
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(9)		7,250		6,751,562
			$	12,023,312
Utilities — 0.0%(8)
Talen Energy Supply, LLC
6.625%, 1/15/28(9)		2,380	$	2,256,002
			$	2,256,002
Total Corporate Bonds & Notes (identified cost $114,113,150)			$	106,238,576
Asset-Backed Securities — 3.9%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series 2018-1A, Class D, 4.235%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10)	$	2,500	$	2,068,628
Series 2018-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10)		3,000		1,970,397
ALM Loan Funding, Ltd.
Series 2013-7RA, Class DR, 8.359%, (3 mo. USD LIBOR + 7.14%), 10/15/28(9)(10)		3,000		2,273,421
AMMC CLO 15, Ltd.
Series 2014-15A, Class ERR, 8.129%, (3 mo. USD LIBOR + 6.91%), 1/15/32(9)(10)		5,000		2,875,170
AMMC CLO XII, Ltd.
Series 2013-12A, Class ER, 7.914%, (3 mo. USD LIBOR + 6.18%), 11/10/30(9)(10)		3,525		1,987,948
Apidos CLO XX
Series 2015-20A, Class DR, 6.876%, (3 mo. USD LIBOR + 5.70%), 7/16/31(9)(10)		2,375		1,665,616
Ares LII CLO, Ltd.
Series 2019-52A, Class E, 7.648%, (3 mo. USD LIBOR + 6.55%), 4/22/31(9)(10)		1,250		927,794

36 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Ares XL CLO, Ltd.
Series 2016-40A, Class CR, 4.619%, (3 mo. USD LIBOR + 3.40%), 1/15/29(9)(10)	$	2,500	$	2,177,357
Series 2016-40A, Class DR, 7.569%, (3 mo. USD LIBOR + 6.35%), 1/15/29(9)(10)		3,500		2,547,503
Ares XLIX CLO, Ltd.
Series 2018-49A, Class D, 4.098%, (3 mo. USD LIBOR + 3.00%), 7/22/30(9)(10)		2,500		2,101,100
Series 2018-49A, Class E, 6.798%, (3 mo. USD LIBOR + 5.70%), 7/22/30(9)(10)		3,500		2,458,487
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 4.592%, (3 mo. USD LIBOR + 2.90%), 5/15/30(9)(10)		5,000		4,039,590
Series 2014-32RA, Class D, 7.542%, (3 mo. USD LIBOR + 5.85%), 5/15/30(9)(10)		1,000		660,859
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,000		2,859,956
Babson CLO, Ltd.
Series 2015-1A, Class DR, 3.735%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10)		2,500		2,001,728
Series 2016-1A, Class DR, 4.093%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10)		1,250		1,013,211
Series 2016-1A, Class ER, 7.043%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10)		3,500		1,975,411
Series 2018-1A, Class C, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		3,500		2,774,576
Bain Capital Credit CLO
Series 2018-1A, Class D, 3.743%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10)		5,000		3,921,170
Benefit Street Partners CLO V-B, Ltd.
Series 2018-5BA, Class C, 4.065%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10)		5,000		3,909,425
Series 2018-5BA, Class D, 7.085%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10)		3,500		1,920,979
Benefit Street Partners CLO VIII, Ltd.
Series 2015-8A, Class DR, 6.735%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10)		5,401		2,866,321
Benefit Street Partners CLO XIV, Ltd.
Series 2018-14A, Class D, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		1,500		1,158,264
Benefit Street Partners CLO XVI, Ltd.
Series 2018-16A, Class D, 4.835%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10)		2,000		1,662,044
Series 2018-16A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10)		2,250		1,521,630
Benefit Street Partners CLO XVII, Ltd.
Series 2019-17A, Class E, 7.819%, (3 mo. USD LIBOR + 6.60%), 7/15/32(9)(10)		1,750		1,217,536

Security	Principal Amount (000’s omitted)		Value
Betony CLO 2, Ltd.
Series 2018-1A, Class C, 4.67%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10)	$	2,500	$	2,054,010
Series 2018-1A, Class D, 7.42%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10)		4,550		2,979,868
BlueMountain CLO, Ltd.
Series 2015-3A, Class CR, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		5,000		3,922,410
Series 2015-3A, Class DR, 6.535%, (3 mo. USD LIBOR + 5.40%), 4/20/31(9)(10)		3,000		1,642,323
Series 2016-3A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10)		1,500		1,181,250
Series 2016-3A, Class ER, 7.642%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10)		1,500		666,375
Series 2018-1A, Class D, 4.82%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10)		2,500		1,998,763
Series 2018-1A, Class E, 7.72%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10)		2,000		1,124,304
Canyon Capital CLO, Ltd.
Series 2012-1RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,875		3,298,259
Series 2016-1A, Class DR, 4.019%, (3 mo. USD LIBOR + 2.80%), 7/15/31(9)(10)		3,000		2,457,966
Series 2016-1A, Class ER, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		4,000		2,593,924
Series 2016-2A, Class ER, 7.219%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10)		4,500		2,923,299
Series 2018-1A, Class D, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10)		3,000		2,450,712
Series 2018-1A, Class E, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		2,750		1,771,754
Carlyle CLO, Ltd.
Series C17A, Class CR, 4.57%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10)		5,000		4,128,330
Carlyle Global Market Strategies CLO, Ltd.
Series 2012-3A, Class CR2, 4.811%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10)		2,500		2,005,150
Series 2012-3A, Class DR2, 7.811%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10)		1,500		838,593
Series 2014-3RA, Class C, 3.941%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10)		1,000		790,947
Series 2014-3RA, Class D, 6.391%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10)		2,150		1,152,525
Series 2014-4RA, Class C, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10)		2,750		2,116,075
Series 2014-4RA, Class D, 6.869%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10)		3,500		1,942,175
Series C17A, Class DR, 7.77%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10)		3,500		2,008,377

37 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Cole Park CLO, Ltd.
Series 2015-1A, Class ER, 7.735%, (3 mo. USD LIBOR + 6.60%), 10/20/28(9)(10)	$	2,000	$	1,340,746
Dryden CLO, Ltd
Series 2018-55A, Class D, 4.069%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10)		1,500		1,230,429
Dryden Senior Loan Fund
Series 2015-40A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10)		3,000		2,489,823
Series 2015-40A, Class ER, 7.442%, (3 mo. USD LIBOR + 5.75%), 8/15/31(9)(10)		2,350		1,625,448
Series 2015-41A, Class DR, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		7,000		5,564,860
Series 2015-41A, Class ER, 6.519%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10)		1,268		711,927
Series 2016-42A, Class DR, 4.149%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10)		2,500		2,037,870
Series 2016-42A, Class ER, 6.769%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10)		3,500		2,384,683
Series 2018-55A, Class E, 6.619%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10)		2,000		1,376,256
Fort Washington CLO, Ltd.
Series 2019-1A, Class E, 8.385%, (3 mo. USD LIBOR + 7.25%), 10/20/32(9)(10)		1,000		619,604
Galaxy XV CLO, Ltd.
Series 2013-15A, Class ER, 7.864%, (3 mo. USD LIBOR + 6.65%), 10/15/30(9)(10)		4,500		3,169,701
Galaxy XXV CLO, Ltd.
Series 2015-19A, Class D1R, 7.55%, (3 mo. USD LIBOR + 6.53%), 7/24/30(9)(10)		2,000		1,408,370
Series 2018-25A, Class D, 4.091%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10)		2,500		2,066,100
Series 2018-25A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		3,500		2,401,227
Goldentree Loan Management US CLO 5, Ltd.
Series 2019-5A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 10/20/32(9)(10)		1,500		1,287,258
Golub Capital Partners CLO, Ltd.
Series 2018-37A, Class D, 4.435%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10)		4,000		3,104,732
Series 2018-37A, Class E, 6.885%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10)		4,750		2,856,906
Series 2020-48A, Class D, 4.672%, (3 mo. USD LIBOR + 3.80%), 4/17/33(9)(10)		2,000		1,561,572
ICG US CLO, Ltd.
Series 2018-2A, Class D, 4.198%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10)		2,000		1,426,556
Series 2018-2A, Class E, 6.848%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10)		3,000		1,511,487

Security	Principal Amount (000’s omitted)		Value
Kayne CLO 5, Ltd.
Series 2019-5A, Class E, 7.72%, (3 mo. USD LIBOR + 6.70%), 7/24/32(9)(10)	$	500	$	366,993
Neuberger Berman CLO XVIII, Ltd.
Series 2014-18A, Class DR2, 7.029%, (3 mo. USD LIBOR + 5.92%), 10/21/30(9)(10)		2,000		1,358,270
Neuberger Berman CLO XXII, Ltd.
Series 2016-22A, Class DR, 4.235%, (3 mo. USD LIBOR + 3.10%), 10/17/30(9)(10)		2,500		2,078,473
Series 2016-22A, Class ER, 7.195%, (3 mo. USD LIBOR + 6.06%), 10/17/30(9)(10)		3,000		2,109,003
Neuberger Berman Loan Advisers CLO, Ltd.
Series 2018-28A, Class E, 6.735%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10)		1,950		1,354,944
Series 2019-33A, Class E, 7.976%, (3 mo. USD LIBOR + 6.80%), 10/16/32(9)(10)		950		701,509
Oaktree CLO, Ltd.
Series 2019-3A, Class D, 5.095%, (3 mo. USD LIBOR + 3.96%), 7/20/31(9)(10)		2,625		2,212,019
Series 2019-3A, Class E, 7.905%, (3 mo. USD LIBOR + 6.77%), 7/20/31(9)(10)		1,121		794,357
OHA Credit Partners VII, Ltd.
Series 2012-7A, Class ER, 9.195%, (3 mo. USD LIBOR + 7.50%), 11/20/27(9)(10)		3,000		2,234,070
Palmer Square CLO, Ltd.
Series 2013-2A, Class CRR, 4.335%, (3 mo. USD LIBOR + 3.20%), 10/17/31(9)(10)		2,500		2,119,597
Series 2013-2A, Class DRR, 6.985%, (3 mo. USD LIBOR + 5.85%), 10/17/31(9)(10)		3,250		2,276,323
Series 2015-1A, Class DR2, 7.946%, (3 mo. USD LIBOR + 6.25%), 5/21/29(9)(10)		1,850		1,350,195
Series 2018-1A, Class C, 3.635%, (3 mo. USD LIBOR + 2.50%), 4/18/31(9)(10)		3,000		2,472,933
Series 2018-1A, Class D, 6.285%, (3 mo. USD LIBOR + 5.15%), 4/18/31(9)(10)		2,000		1,367,452
Series 2018-2A, Class D, 6.776%, (3 mo. USD LIBOR + 5.60%), 7/16/31(9)(10)		2,000		1,435,392
Regatta XIII Funding, Ltd.
Series 2018-2A, Class C, 4.319%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10)		2,500		2,078,955
Series 2018-2A, Class D, 7.169%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10)		5,000		3,261,495
Regatta XIV Funding, Ltd.
Series 2018-3A, Class D, 4.191%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10)		2,500		2,086,527
Series 2018-3A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		4,500		2,925,715
Regatta XV Funding, Ltd.
Series 2018-4A, Class D, 7.491%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10)		3,875		2,615,718

38 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Southwick Park CLO, LLC
Series 2019-4A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 7/20/32(9)(10)	$	1,500	$	1,291,983
Series 2019-4A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 7/20/32(9)(10)		1,750		1,306,232
Upland CLO, Ltd.
Series 2016-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 4/20/31(9)(10)		4,500		3,667,612
Series 2016-1A, Class DR, 7.035%, (3 mo. USD LIBOR + 5.90%), 4/20/31(9)(10)		4,625		3,071,888
Vibrant CLO 1X, Ltd.
Series 2018-9A, Class C, 4.335%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10)		2,500		1,770,148
Series 2018-9A, Class D, 7.385%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10)		3,500		1,823,294
Vibrant CLO X, Ltd.
Series 2018-10A, Class C, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/20/31(9)(10)		5,000		3,634,920
Series 2018-10A, Class D, 7.325%, (3 mo. USD LIBOR + 6.19%), 10/20/31(9)(10)		5,000		2,622,945
Voya CLO, Ltd.
Series 2014-1A, Class DR2, 7.135%, (3 mo. USD LIBOR + 6.00%), 4/18/31(9)(10)		3,250		1,765,663
Series 2015-3A, Class CR, 4.285%, (3 mo. USD LIBOR + 3.15%), 10/20/31(9)(10)		2,500		1,994,768
Series 2015-3A, Class DR, 7.335%, (3 mo. USD LIBOR + 6.20%), 10/20/31(9)(10)		5,500		2,997,027
Series 2016-3A, Class CR, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/18/31(9)(10)		2,000		1,606,356
Series 2016-3A, Class DR, 7.215%, (3 mo. USD LIBOR + 6.08%), 10/18/31(9)(10)		3,375		1,822,628
Series 2018-1A, Class C, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10)		5,000		4,053,220
Webster Park CLO, Ltd.
Series 2015-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 7/20/30(9)(10)		2,000		1,663,520
Series 2015-1A, Class DR, 6.635%, (3 mo. USD LIBOR + 5.50%), 7/20/30(9)(10)		2,500		1,798,968
Total Asset-Backed Securities (identified cost $306,077,474)			$	216,870,177
Common Stocks — 0.6%
Security	Shares		Value
Aerospace and Defense — 0.0%(8)
IAP Global Services, LLC(4)(11)(12)		168	$	2,255,065
			$	2,255,065

Security	Shares		Value
Automotive — 0.0%(8)
Dayco Products, LLC(11)(12)		48,926	$	366,945
			$	366,945
Business Equipment and Services — 0.0%(8)
Crossmark Holdings, Inc.(11)(12)		37,581	$	2,160,907
			$	2,160,907
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(11)(12)		454,988	$	3,207,665
			$	3,207,665
Electronics / Electrical — 0.0%(8)
Answers Corp.(4)(12)		642,963	$	1,189,482
			$	1,189,482
Health Care — 0.0%
New Millennium Holdco, Inc.(4)(11)(12)		319,499	$	0
			$	0
Oil and Gas — 0.3%
AFG Holdings, Inc.(4)(11)(12)		281,241	$	5,939,810
Fieldwood Energy, Inc.(11)(12)		109,481		10,948
RDV Resources, Inc., Class A(4)(11)(12)		197,614		0
Samson Resources II, LLC, Class A(11)(12)		387,972		7,080,489
Southcross Holdings Group, LLC(4)(11)(12)		573		0
Southcross Holdings L.P., Class A(11)(12)		573		4,154
Sunrise Oil Gas, Inc., Class A(11)(12)		121,973		853,811
			$	13,889,212
Publishing — 0.1%
ION Media Networks, Inc.(4)(12)		13,247	$	5,465,182
Tweddle Group, Inc.(4)(11)(12)		18,167		122,446
			$	5,587,628
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(11)(12)		482,097	$	465,127
Cumulus Media, Inc., Class A(11)(12)		371,654		1,646,427
iHeartMedia, Inc., Class A(11)(12)		205,018		1,439,227
			$	3,550,781

39 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%(8)
David’s Bridal, LLC(4)(11)(12)		195,511	$	1,489,794
			$	1,489,794
Total Common Stocks (identified cost $57,082,016)			$	33,697,479
Preferred Stocks— 0.1%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.1%
David’s Bridal, LLC, Series A, 8.00% (PIK)(4)(11)(12)		5,438	$	435,040
David’s Bridal, LLC, Series B, 10.00% (PIK)(4)(11)(12)		22,162		1,794,235
Total Preferred Stocks (identified cost $1,794,235)			$	2,229,275
Closed-End Funds — 0.6%
Security	Shares		Value
SPDR Blackstone/GSO Senior Loan ETF		803,000	$	33,541,310
Total Closed-End Funds (identified cost $36,809,412)			$	33,541,310
Miscellaneous — 0.0%(8)
Security	Shares		Value
Oil and Gas — 0.0%(8)
Paragon Offshore Finance Company, Class A(11)(12)		16,581	$	4,974
Paragon Offshore Finance Company, Class B(11)(12)		8,290		159,583
Total Miscellaneous (identified cost $180,309)			$	164,557
Warrants — 0.0%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Exp. 11/26/22(4)(11)(12)		37,742	$	0
Total Warrants (identified cost $0)			$	0

Short-Term Investments — 1.7%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(13)		92,801,989	$	92,801,989
Total Short-Term Investments (identified cost $92,780,838)			$	92,801,989
Total Investments — 120.4% (identified cost $7,601,704,714)			$	6,653,838,113
Less Unfunded Loan Commitments — (0.3)%			$	(17,163,267	)
Net Investments — 120.1% (identified cost $7,584,541,447)			$	6,636,674,846
Other Assets, Less Liabilities — (20.1)%			$	(1,108,998,273	)
Net Assets — 100.0%			$	5,527,676,573

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽²⁾  The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽³⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $16,048,996.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾  This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽⁶⁾  Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁷⁾  Fixed-rate loan.

⁽⁸⁾  Amount is less than 0.05%.

40 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

⁽⁹⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $318,848,438 or 5.8% of the Portfolio’s net assets.

⁽¹⁰⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹¹⁾  Non-income producing security.

⁽¹²⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	35,000,000	USD	38,262,546	HSBC Bank USA, N.A.		5/5/20	$	92,189	$	—
EUR	5,000,000	USD	5,429,925	State Street Bank and Trust Company		5/5/20		49,323		—
USD	17,536,586	EUR	16,059,242	HSBC Bank USA, N.A.		5/5/20		—		(61,928	)
USD	160,080,491	EUR	145,711,220	Standard Chartered Bank		5/5/20		402,912		—
EUR	14,000,000	USD	15,487,608	HSBC Bank USA, N.A.		5/29/20		—		(138,738	)
EUR	11,000,000	USD	11,860,310	JPMorgan Chase Bank, N.A.		5/29/20		199,516		—
EUR	26,000,000	USD	29,488,394	State Street Bank and Trust Company		5/29/20		—		(983,351	)
GBP	5,000,000	USD	6,294,425	JPMorgan Chase Bank, N.A.		5/29/20		3,661		—
GBP	1,500,000	USD	1,869,790	State Street Bank and Trust Company		5/29/20		19,636		—
GBP	10,000,000	USD	12,918,550	State Street Bank and Trust Company		5/29/20		—		(322,377	)
USD	3,215,892	EUR	2,875,000	Bank of America, N.A.		5/29/20		63,892		—
USD	18,479,249	EUR	16,992,435	Citibank, N.A.		5/29/20		—		(150,370	)
USD	6,923,304	EUR	6,370,298	JPMorgan Chase Bank, N.A.		5/29/20		—		(60,759	)
USD	188,595,175	EUR	170,593,316	State Street Bank and Trust Company		5/29/20		1,565,559		—
USD	843,261	GBP	678,198	Citibank, N.A.		5/29/20		—		(11,009	)
USD	762,976	GBP	614,497	State Street Bank and Trust Company		5/29/20		—		(11,055	)
USD	37,638,830	GBP	30,252,199	State Street Bank and Trust Company		5/29/20		—		(467,362	)
USD	133,444,442	EUR	121,770,462	Standard Chartered Bank		6/2/20		—		(68,900	)
USD	142,440,170	EUR	131,183,208	Goldman Sachs International		7/31/20		—		(1,577,939	)
							$	2,396,688	$	(3,853,788	)

Abbreviations:

DIP	–	Debtor In Possession
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

41 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $7,491,760,609)	$	6,543,872,857
Affiliated investment, at value (identified cost, $92,780,838)		92,801,989
Cash		20,476,066
Deposits for derivatives collateral — forward foreign currency exchange contracts		240,000
Foreign currency, at value (identified cost, $9,560,303)		9,651,630
Interest receivable		20,363,778
Dividends receivable from affiliated investment		87,718
Receivable for investments sold		56,544,028
Receivable for open forward foreign currency exchange contracts		2,396,688
Prepaid upfront fees and other fees on notes payable		5,158,481
Prepaid expenses		541,446
Total assets	$	6,752,134,681
Liabilities
Notes payable	$	1,020,000,000
Cash collateral due to brokers		240,000
Payable for investments purchased		194,073,959
Payable for open forward foreign currency exchange contracts		3,853,788
Payable to affiliates:
Investment adviser fee		2,291,357
Trustees’ fees		9,042
Accrued expenses		3,989,962
Total liabilities	$	1,224,458,108
Net Assets applicable to investors’ interest in Portfolio	$	5,527,676,573

42 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income	$	213,911,964
Dividends		1,515,295
Dividends from affiliated investment		960,469
Total investment income	$	216,387,728
Expenses
Investment adviser fee	$	17,570,433
Trustees’ fees and expenses		54,250
Custodian fee		679,282
Legal and accounting services		493,267
Interest expense and fees		24,689,155
Miscellaneous		216,062
Total expenses	$	43,702,449
Net investment income	$	172,685,279
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(274,163,911	)
Investment transactions — affiliated investment		(27,496	)
Foreign currency transactions		(2,371,774	)
Forward foreign currency exchange contracts		16,700,500
Net realized loss	$	(259,862,681	)
Change in unrealized appreciation (depreciation) —
Investments	$	(576,517,412	)
Investments — affiliated investment		20,435
Foreign currency		(498,312	)
Forward foreign currency exchange contracts		3,691,277
Net change in unrealized appreciation (depreciation)	$	(573,304,012	)
Net realized and unrealized loss	$	(833,166,693	)
Net decrease in net assets from operations	$	(660,481,414	)

43 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	172,685,279		$	495,243,530
Net realized loss		(259,862,681	)		(66,923,739	)
Net change in unrealized appreciation (depreciation)		(573,304,012	)		(288,934,917	)
Net increase (decrease) in net assets from operations	$	(660,481,414	)	$	139,384,874
Capital transactions —
Contributions	$	505,864,712		$	189,465,590
Withdrawals		(1,661,160,023	)		(3,954,556,464	)
Net decrease in net assets from capital transactions	$	(1,155,295,311	)	$	(3,765,090,874	)
Net decrease in net assets	$	(1,815,776,725	)	$	(3,625,706,000	)
Net Assets
At beginning of period	$	7,343,453,298		$	10,969,159,298
At end of period	$	5,527,676,573		$	7,343,453,298

44 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Cash Flows (Unaudited)

Cash Flows From Operating Activities	Six Months Ended April 30, 2020
Net decrease in net assets from operations	$	(660,481,414	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(1,387,653,618	)
Investments sold and principal repayments		3,100,095,245
Increase in short-term investments, net		(13,156,351	)
Net amortization/accretion of premium (discount)		(1,637,216	)
Amortization of prepaid upfront fees and other fees on notes payable		1,861,406
Decrease in interest receivable		4,212,398
Decrease in dividends receivable from affiliated investment		131,272
Increase in receivable for open forward foreign currency exchange contracts		(2,347,735	)
Decrease in prepaid expenses		150,106
Decrease in payable for cash collateral due to brokers		(1,249,004	)
Decrease in payable for open forward foreign currency exchange contracts		(1,343,542	)
Decrease in payable to affiliate for investment adviser fee		(1,032,909	)
Decrease in accrued expenses		(1,451,911	)
Increase in unfunded loan commitments		14,685,506
Net change in unrealized (appreciation) depreciation from investments		576,496,977
Net realized loss from investments		274,191,407
Net cash provided by operating activities	$	1,901,470,617
Cash Flows From Financing Activities
Proceeds from capital contributions	$	505,864,712
Payments for capital withdrawals		(1,661,160,023	)
Proceeds from notes payable		840,000,000
Repayments of notes payable		(1,660,000,000	)
Payment of prepaid upfront fees and other fees on notes payable		(5,906,250	)
Net cash used in financing activities	$	(1,981,201,561	)
Net decrease in cash and restricted cash*	$	(79,730,944	)
Cash and restricted cash at beginning of period(1)	$	110,098,640
Cash and restricted cash at end of period(1)	$	30,367,696
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$	30,807,357

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $93,292.

⁽¹⁾  Balance includes foreign currency, at value.

45 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Statement of Cash Flows (Unaudited) — continued

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

	April 30, 2020
Cash	$	20,476,066
Deposit for derivatives collateral —
Forward foreign currency exchange contracts		240,000
Foreign currency		9,651,630
Total cash and restricted cash as shown on the Statement of Cash Flows	$	30,367,696

46 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(1)		0.56	%(2)		0.55	%		0.51	%		0.52	%		0.58	%		0.58	%
Interest and fee expense		0.73	%(2)		0.88	%		0.47	%		0.34	%		0.44	%		0.34	%
Total expenses(1)		1.29	%(2)		1.43	%		0.98	%		0.86	%		1.02	%		0.92	%
Net investment income		5.11	%(2)		5.63	%		4.92	%		4.68	%		5.52	%		5.09	%
Portfolio Turnover		17	%(3)		17	%		29	%		39	%		38	%		27	%
Total Return		(9.40	)%(3)		2.04	%		5.41	%		6.43	%		8.32	%		0.72	%
Net assets, end of period (000’s omitted)	$	5,527,677		$	7,343,453		$	10,969,159		$	7,797,557		$	5,325,638		$	5,340,032

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

47 See Notes to Financial Statements.

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Senior Debt Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Floating-Rate Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance Short Duration Inflation-Protected Income Fund held an interest of 97.8%, 1.3% and 0.9%, respectively, in the Portfolio.

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

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

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.

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

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to,

48

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

J  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.50% of the Portfolio’s average daily gross assets up to and including $1 billion, 0.45% over $1 billion up to and including $2 billion, 0.40% over $2 billion up to and including $7 billion, 0.3875% over $7 billion up to and including $10 billion, 0.375% over

49

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

$10 billion up to and including $15 billion and 0.3625% on gross assets over $15 billion, and is payable monthly. Gross assets of the Portfolio are calculated by deducting all liabilities of the Portfolio except the principal amount of any indebtedness for money borrowed, including debt securities issued by the Portfolio. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee totaled $17,570,433 or 0.52% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $1,440,146,957 and $3,057,963,842, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,586,272,539
Gross unrealized appreciation	$	15,001,751
Gross unrealized depreciation		(966,056,544	)
Net unrealized depreciation	$	(951,054,793	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $3,853,788. At April 30, 2020 there were no assets pledged by the Portfolio for such liability.

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

50

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Notes to Financial Statements (Unaudited) — continued

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(2)
Forward foreign currency exchange contracts	$	2,396,688	$	(3,853,788	)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)			Net Amount of Derivative Assets(b)
Bank of America, N.A.	$	63,892		$	—		$	—	$	(63,892	)	$	—
HSBC Bank USA, N.A.		92,189			(92,189	)		—		—			—
JPMorgan Chase Bank, N.A.		203,177			(60,759	)		—		(100,000	)		42,418
Standard Chartered Bank		402,912			(68,900	)		—		—			334,012
State Street Bank and Trust Company		1,634,518			(1,634,518	)		—		—			—
	$	2,396,688		$	(1,856,366	)	$	—	$	(163,892	)	$	376,430
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)			Net Amount of Derivative Liabilities(c)
Citibank, N.A.	$	(161,379	)	$	—		$	—	$	—		$	(161,379	)
Goldman Sachs International		(1,577,939	)		—			—		—			(1,577,939	)
HSBC Bank USA, N.A.		(200,666	)		92,189			—		—			(108,477	)
JPMorgan Chase Bank, N.A.		(60,759	)		60,759			—		—			—
Standard Chartered Bank		(68,900	)		68,900			—		—			—
State Street Bank and Trust Company		(1,784,145	)		1,634,518			—		—			(149,627	)
	$	(3,853,788	)	$	1,856,366		$	—	$	—		$	(1,997,422	)

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

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

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

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Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Forward foreign currency exchange contracts	$	16,700,500	$	3,691,277

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $810,570,000.

6  Revolving Credit and Security Agreement

The Portfolio has entered into a Revolving Credit and Security Agreement, as amended (the Loan Facility) with certain Citibank, N.A. (“Citi”) sponsored conduits (the “Conduit Lenders”) that issue commercial paper, certain banks (the “Direct Lenders”) and Citi as secondary lender (together with any other secondary lenders, the “Secondary Lenders”) and as agent (the “Agent”) for the Conduit Lenders, the Direct Lenders and the Secondary Lenders that allows it to borrow up to $2.625 billion ($2.917 billion from October 15, 2019 to March 9, 2020) and to invest the borrowings in accordance with its investment practices. Borrowings under the Loan Facility are secured by the assets of the Portfolio and is in effect through March 8, 2021. In connection with borrowings from a Conduit Lender, the Portfolio pays to the Conduit Lender an amount equal to the Conduit Lender’s cost of borrowing (i.e., the interest payable on commercial paper issued by such Conduit Lender) plus a dealer commission (collectively, the “CP Rate”) multiplied by the principal amount of the advance to the Portfolio under the Loan Facility. In addition, the Portfolio pays a drawn fee to Citi on behalf of the Conduit Lenders equal to 0.85% per annum on its outstanding borrowings, a liquidity fee payable to the Secondary Lenders equal to 0.15% or 0.25% per annum of the undrawn amount under the Loan Facility depending on the amount borrowed by the Portfolio thereunder, and an upfront fee equal to 0.10% of the total commitment amount under the Loan Facility. The Portfolio pays substantially similar fees with respect to borrowings from the Direct Lenders, but it pays one-month LIBOR (or such other duration as approved by the Agent) on advances rather than the CP Rate. In the event that the Conduit Lenders are unable to fund their commitment and the Secondary Lenders provide backstop liquidity, the Portfolio is charged an interest rate similar to that paid to the Direct Lenders but a drawn fee that is substantially higher than the drawn fee paid to the Direct Lenders. Drawn and liquidity fees for the six months ended April 30, 2020 totaled $8,449,381 and are included in interest expense and fees on the Statement of Operations. In connection with the renewal of the Loan Facility on March 9, 2020, the Portfolio paid upfront fees of $2,625,000 and, shortly thereafter on March 19, 2020, the Portfolio paid waiver fees of $3,281,250 in connection with a reduction of Portfolio net asset value during the month of March 2020 due to market volatility; these aggregate upfront and waiver fees are being amortized to interest expense through March 8, 2021. The unamortized balance at April 30, 2020 is approximately $5,158,000 and is included in prepaid upfront fees and other fees on notes payable on the Statement of Assets and Liabilities. At April 30, 2020, the Portfolio had borrowings outstanding under the Loan Facility of $1,020,000,000 at an annual interest rate of 1.15%. Based on the short-term nature of borrowings under the Loan Facility and the variable interest rate, the carrying amount of the borrowings at April 30, 2020 approximated its fair value. If measured at fair value, borrowings under the Loan Facility would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2020. For the six months ended April 30, 2020, the average borrowings under the Loan Facility and the average annual interest rate (excluding fees) were $1,705,741,758 and 1.68%, respectively.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $92,801,989, which represents 1.7% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	79,652,699	$	2,163,820,224	$	(2,150,663,873	)	$	(27,496	)	$	20,435	$	92,801,989	$	960,469		92,801,989

52

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

8  Fair Value Measurements

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

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

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

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

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

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	6,148,184,339		$	2,947,144	$	6,151,131,483
Corporate Bonds & Notes		—		106,238,576			—		106,238,576
Asset-Backed Securities		—		216,870,177			—		216,870,177
Common Stocks		6,758,446		10,477,254			16,461,779		33,697,479
Preferred Stocks		—		—			2,229,275		2,229,275
Closed-End Funds		33,541,310		—			—		33,541,310
Miscellaneous		—		164,557			—		164,557
Warrants		—		—			0		0
Short-Term Investments		—		92,801,989			—		92,801,989
Total Investments	$	40,299,756	$	6,574,736,892		$	21,638,198	$	6,636,674,846
Forward Foreign Currency Exchange Contracts	$	—	$	2,396,688		$	—	$	2,396,688
Total	$	40,299,756	$	6,577,133,580		$	21,638,198	$	6,639,071,534
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(3,853,788	)	$	—	$	(3,853,788	)
Total	$	—	$	(3,853,788	)	$	—	$	(3,853,788	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

9  Risks and Uncertainties

Risks Associated with Foreign Investments

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

53

Senior Debt Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Credit Risk

The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

54

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

55

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Senior Debt Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Advantage Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes in such personnel. In particular, the Board considered the abilities and experience of the Adviser’s

56

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

57

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

58

Eaton Vance

Floating-Rate Advantage Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Floating-Rate Advantage Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Senior Debt Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Floating-Rate Advantage Fund and Senior Debt Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

59

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

60

Investment Adviser of Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7763    4.30.20

Eaton Vance

Floating-Rate Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Floating-Rate Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	53
Officers and Trustees	57
Important Notices	58

Eaton Vance

Floating-Rate Fund

April 30, 2020

Performance^1,2

Portfolio Managers Craig P. Russ and Andrew N. Sveen, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Ten Years
Advisers Class at NAV		02/07/2001		02/07/2001			–7.07	%		–7.21	%		1.52	%		2.87	%
Class A at NAV		05/05/2003		02/07/2001			–7.11			–7.27			1.52			2.86
Class A with 2.25% Maximum Sales Charge		—		—			–9.22			–9.33			1.07			2.63
Class C at NAV		02/01/2001		02/01/2001			–7.43			–7.92			0.76			2.09
Class C with 1% Maximum Sales Charge		—		—			–8.34			–8.81			0.76			2.09
Class I at NAV		01/30/2001		01/30/2001			–7.06			–7.08			1.78			3.11
Class R6 at NAV		12/01/2016		01/30/2001			–7.02			–7.02			1.84			3.14
S&P/LSTA Leveraged Loan Index		—		—			–7.14	%		–6.61	%		1.85	%		3.38	%
% Total Annual Operating Expense Ratios3			Advisers Class			Class A			Class C			Class I			Class R6
				1.03	%		1.02	%		1.78	%		0.77	%		0.72	%

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

Floating-Rate Fund

April 30, 2020

Fund Profile⁴

Top 10 Issuers (% of total investments)⁵

Bausch Health Companies, Inc.	1.1	%
TransDigm, Inc.	1.1
Ziggo B.V.	1.1
AppLovin Corporation	1.1
MA FinanceCo., LLC	1.1
Virgin Media SFA Finance Limited	1.0
Kronos Incorporated	1.0
Informatica, LLC	1.0
Asurion, LLC	1.0
CenturyLink, Inc.	0.9
Total	10.4	%

Top 10 Sectors (% of total investments)⁵

Electronics/Electrical	14.4	%
Business Equipment and Services	7.0
Health Care	6.4
Drugs	5.3
Telecommunications	4.7
Leisure Goods/Activities/Movies	4.5
Food Products	3.6
Cable and Satellite Television	3.5
Chemicals and Plastics	3.3
Industrial Equipment	3.3
Total	56.0	%

Credit Quality (% of bonds, loans and asset-backed securities)⁶

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Floating-Rate Fund

April 30, 2020

Endnotes and Additional Disclosures

¹ S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

² Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

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

⁴ Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Excludes cash and cash equivalents.

⁶  Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.

Fund profile subject to change due to active management.

4

Eaton Vance

Floating-Rate Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Advisers Class	$	1,000.00	$	929.30	$	5.18		1.08	%
Class A	$	1,000.00	$	928.90	$	5.18		1.08	%
Class C	$	1,000.00	$	925.70	$	8.81		1.84	%
Class I	$	1,000.00	$	929.40	$	3.98		0.83	%
Class R6	$	1,000.00	$	929.80	$	3.74		0.78	%
Hypothetical
(5% return per year before expenses)
Advisers Class	$	1,000.00	$	1,019.50	$	5.42		1.08	%
Class A	$	1,000.00	$	1,019.50	$	5.42		1.08	%
Class C	$	1,000.00	$	1,015.70	$	9.22		1.84	%
Class I	$	1,000.00	$	1,020.70	$	4.17		0.83	%
Class R6	$	1,000.00	$	1,021.00	$	3.92		0.78	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

5

Eaton Vance

Floating-Rate Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Eaton Vance Floating Rate Portfolio, at value (identified cost, $5,755,562,709)	$	5,069,547,432
Receivable for Fund shares sold		24,907,109
Total assets	$	5,094,454,541
Liabilities
Payable for Fund shares redeemed	$	21,681,371
Distributions payable		3,461,646
Payable to affiliates:
Administration fee		619,730
Distribution and service fees		375,533
Trustees’ fees		42
Accrued expenses		1,069,875
Total liabilities	$	27,208,197
Net Assets	$	5,067,246,344
Sources of Net Assets
Paid-in capital	$	6,210,676,797
Accumulated loss		(1,143,430,453	)
Total	$	5,067,246,344
Advisers Class Shares
Net Assets	$	232,690,924
Shares Outstanding		29,276,495
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	7.95
Class A Shares
Net Assets	$	629,300,636
Shares Outstanding		76,531,621
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.22
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	8.41
Class C Shares
Net Assets	$	240,763,112
Shares Outstanding		30,326,311
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	7.94
Class I Shares
Net Assets	$	3,543,463,353
Shares Outstanding		445,584,652
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	7.95
Class R6 Shares
Net Assets	$	421,028,319
Shares Outstanding		52,897,427
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	7.96

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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

6 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income allocated from Portfolio	$	153,395,965
Dividends allocated from Portfolio		3,411,985
Expenses allocated from Portfolio		(18,746,282	)
Total investment income from Portfolio	$	138,061,668
Expenses
Administration fee	$	4,664,047
Distribution and service fees
Advisers Class		405,007
Class A		907,712
Class C		1,478,331
Trustees’ fees and expenses		250
Custodian fee		21,526
Transfer and dividend disbursing agent fees		1,872,376
Legal and accounting services		63,558
Printing and postage		159,660
Registration fees		207,864
Miscellaneous		31,059
Total expenses	$	9,811,390
Net investment income	$	128,250,278
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(168,939,859	)
Foreign currency transactions		(3,130,839	)
Forward foreign currency exchange contracts		10,364,010
Net realized loss	$	(161,706,688	)
Change in unrealized appreciation (depreciation) —
Investments	$	(417,903,671	)
Foreign currency		(139,465	)
Forward foreign currency exchange contracts		3,505,488
Net change in unrealized appreciation (depreciation)	$	(414,537,648	)
Net realized and unrealized loss	$	(576,244,336	)
Net decrease in net assets from operations	$	(447,994,058	)

7 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	128,250,278		$	391,105,152
Net realized loss		(161,706,688	)		(83,595,808	)
Net change in unrealized appreciation (depreciation)		(414,537,648	)		(216,312,616	)
Net increase (decrease) in net assets from operations	$	(447,994,058	)	$	91,196,728
Distributions to shareholders —
Advisers Class	$	(7,008,943	)	$	(21,480,589	)
Class A		(15,621,061	)		(40,797,654	)
Class B		—			(40,822	)
Class C		(5,265,813	)		(16,656,167	)
Class I		(102,931,485	)		(296,157,293	)
Class R6		(8,665,108	)		(17,209,834	)
Total distributions to shareholders	$	(139,492,410	)	$	(392,342,359	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Advisers Class	$	63,548,774		$	55,841,920
Class A		80,516,389			168,643,321
Class C		16,819,582			42,526,455
Class I		844,253,576			1,898,867,963
Class R6		196,485,468			260,986,296
Net asset value of shares issued to shareholders in payment of distributions declared
Advisers Class		6,937,707			21,031,664
Class A		13,519,953			35,786,939
Class B		—			39,557
Class C		4,196,007			13,784,539
Class I		77,258,357			213,266,427
Class R6		7,785,364			16,974,140
Cost of shares redeemed
Advisers Class		(172,545,461	)		(251,348,187	)
Class A		(196,462,276	)		(495,835,764	)
Class B		—			(422,197	)
Class C		(70,300,520	)		(173,445,065	)
Class I		(1,937,949,193	)		(4,350,126,232	)
Class R6		(145,876,992	)		(120,521,093	)
Net asset value of shares converted(1)
Class A		10,722,350			125,221,579
Class B		—			(1,803,002	)
Class C		(10,722,350	)		(123,418,577	)
Net decrease in net assets from Fund share transactions	$	(1,211,813,265	)	$	(2,663,949,317	)
Other capital —
Portfolio transaction fee contributed to Portfolio	$	—		$	(5,980,480	)
Portfolio transaction fee allocated from Portfolio		—			6,310,445
Net increase in net assets from other capital	$	—		$	329,965
Net decrease in net assets	$	(1,799,299,733	)	$	(2,964,764,983	)
Net Assets
At beginning of period	$	6,866,546,077		$	9,831,311,060
At end of period	$	5,067,246,344		$	6,866,546,077

⁽¹⁾  Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.

8 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Financial Highlights

	Advisers Class
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.740		$	9.050		$	9.010		$	8.870		$	8.670		$	9.010
Income (Loss) From Operations
Net investment income(1)	$	0.169		$	0.411		$	0.357		$	0.323		$	0.352		$	0.339
Net realized and unrealized gain (loss)		(0.777	)		(0.310	)		0.036			0.140			0.200			(0.339	)
Total income (loss) from operations	$	(0.608	)	$	0.101		$	0.393		$	0.463		$	0.552		$	—
Less Distributions
From net investment income	$	(0.182	)	$	(0.411	)	$	(0.353	)	$	(0.323	)	$	(0.345	)	$	(0.327	)
Tax return of capital		—			—			—			—			(0.007	)		(0.013	)
Total distributions	$	(0.182	)	$	(0.411	)	$	(0.353	)	$	(0.323	)	$	(0.352	)	$	(0.340	)
Net asset value — End of period	$	7.950		$	8.740		$	9.050		$	9.010		$	8.870		$	8.670
Total Return(2)		(7.07	)%(3)		1.16	%		4.44	%		5.30	%		6.57	%		(0.03	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	232,691		$	364,983		$	556,125		$	314,611		$	338,079		$	421,431
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.08	%(6)		1.03	%		1.02	%		1.04	%		1.07	%		1.03	%
Net investment income		3.97	%(6)		4.63	%		3.95	%		3.60	%		4.10	%		3.81	%
Portfolio Turnover of the Portfolio		17	%(3)		16	%		30	%		42	%		27	%		19	%

⁽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⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Financial Highlights — continued

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.050		$	9.360		$	9.310		$	9.170		$	8.970		$	9.310
Income (Loss) From Operations
Net investment income(1)	$	0.174		$	0.425		$	0.365		$	0.334		$	0.364		$	0.351
Net realized and unrealized gain (loss)		(0.816	)		(0.310	)		0.050			0.141			0.200			(0.339	)
Total income (loss) from operations	$	(0.642	)	$	0.115		$	0.415		$	0.475		$	0.564		$	0.012
Less Distributions
From net investment income	$	(0.188	)	$	(0.425	)	$	(0.365	)	$	(0.335	)	$	(0.357	)	$	(0.338	)
Tax return of capital		—			—			—			—			(0.007	)		(0.014	)
Total distributions	$	(0.188	)	$	(0.425	)	$	(0.365	)	$	(0.335	)	$	(0.364	)	$	(0.352	)
Net asset value — End of period	$	8.220		$	9.050		$	9.360		$	9.310		$	9.170		$	8.970
Total Return(2)		(7.11	)%(3)		1.17	%		4.42	%		5.36	%		6.50	%		0.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	629,301		$	788,125		$	984,812		$	1,023,559		$	1,067,045		$	1,323,646
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.08	%(6)		1.02	%		1.02	%		1.04	%		1.07	%		1.03	%
Net investment income		3.97	%(6)		4.63	%		3.90	%		3.60	%		4.11	%		3.81	%
Portfolio Turnover of the Portfolio		17	%(3)		16	%		30	%		42	%		27	%		19	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.730		$	9.040		$	8.990		$	8.860		$	8.660		$	9.000
Income (Loss) From Operations
Net investment income(1)	$	0.137		$	0.343		$	0.285		$	0.256		$	0.287		$	0.272
Net realized and unrealized gain (loss)		(0.777	)		(0.308	)		0.050			0.130			0.200			(0.339	)
Total income (loss) from operations	$	(0.640	)	$	0.035		$	0.335		$	0.386		$	0.487		$	(0.067	)
Less Distributions
From net investment income	$	(0.150	)	$	(0.345	)	$	(0.285	)	$	(0.256	)	$	(0.281	)	$	(0.262	)
Tax return of capital		—			—			—			—			(0.006	)		(0.011	)
Total distributions	$	(0.150	)	$	(0.345	)	$	(0.285	)	$	(0.256	)	$	(0.287	)	$	(0.273	)
Net asset value — End of period	$	7.940		$	8.730		$	9.040		$	8.990		$	8.860		$	8.660
Total Return(2)		(7.43	)%(3)		0.40	%		3.66	%		4.51	%		5.78	%		(0.67	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	240,763		$	328,577		$	585,693		$	624,015		$	691,050		$	793,845
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.84	%(6)		1.78	%		1.77	%		1.79	%		1.82	%		1.78	%
Net investment income		3.22	%(6)		3.86	%		3.15	%		2.85	%		3.36	%		3.06	%
Portfolio Turnover of the Portfolio		17	%(3)		16	%		30	%		42	%		27	%		19	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

11 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.750		$	9.060		$	9.010		$	8.880		$	8.680		$	9.010
Income (Loss) From Operations
Net investment income(1)	$	0.180		$	0.433		$	0.377		$	0.346		$	0.374		$	0.362
Net realized and unrealized gain (loss)		(0.787	)		(0.309	)		0.049			0.130			0.199			(0.330	)
Total income (loss) from operations	$	(0.607	)	$	0.124		$	0.426		$	0.476		$	0.573		$	0.032
Less Distributions
From net investment income	$	(0.193	)	$	(0.434	)	$	(0.376	)	$	(0.346	)	$	(0.365	)	$	(0.348	)
Tax return of capital		—			—			—			—			(0.008	)		(0.014	)
Total distributions	$	(0.193	)	$	(0.434	)	$	(0.376	)	$	(0.346	)	$	(0.373	)	$	(0.362	)
Net asset value — End of period	$	7.950		$	8.750		$	9.060		$	9.010		$	8.880		$	8.680
Total Return(2)		(7.06	)%(3)		1.41	%		4.81	%		5.56	%		6.72	%		0.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,543,463		$	4,985,629		$	7,450,507		$	6,123,148		$	4,961,131		$	6,153,765
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.83	%(6)		0.77	%		0.77	%		0.79	%		0.82	%		0.78	%
Net investment income		4.22	%(6)		4.88	%		4.17	%		3.85	%		4.36	%		4.06	%
Portfolio Turnover of the Portfolio		17	%(3)		16	%		30	%		42	%		27	%		19	%

⁽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⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

12 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2017(1)
				2019			2018
Net asset value — Beginning of period	$	8.760		$	9.060		$	9.020		$	8.870
Income (Loss) From Operations
Net investment income	$	0.182	(2)	$	0.437	(2)	$	0.382	(2)	$	0.323
Net realized and unrealized gain (loss)		(0.786	)		(0.299	)		0.039			0.150
Total income (loss) from operations	$	(0.604	)	$	0.138		$	0.421		$	0.473
Less Distributions
From net investment income	$	(0.196	)	$	(0.438	)	$	(0.381	)	$	(0.323	)
Total distributions	$	(0.196	)	$	(0.438	)	$	(0.381	)	$	(0.323	)
Net asset value — End of period	$	7.960		$	8.760		$	9.060		$	9.020
Total Return(3)		(7.02	)%(4)		1.57	%		4.75	%		5.39	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	421,028		$	399,233		$	251,945		$	162,093
Ratios (as a percentage of average daily net assets):(5)
Expenses		0.78	%(6)		0.72	%		0.72	%		0.73	%(6)
Net investment income		4.27	%(6)		4.92	%		4.22	%		3.87	%(6)
Portfolio Turnover of the Portfolio		17	%(4)		16	%		30	%		42	%(7)

⁽¹⁾ For the period from the commencement of operations, December 1, 2016, to October 31, 2017.

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾ Annualized.

⁽⁷⁾ For the Portfolio’s year ended October 31, 2017.

13 See Notes to Financial Statements.

Eaton Vance

Floating-Rate Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Floating-Rate Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Advisers Class, Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’ paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Eaton Vance Floating Rate Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (87.1% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

14

Eaton Vance

Floating-Rate Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $187,218,132 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $187,218,132 are long-term.

3  Transactions with Affiliates

The administration fee is earned by Eaton Vance Management (EVM) as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $4,664,047. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $122,582 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 $7,335 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Advisers Class, Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4  Distribution Plans

The Fund has in effect distribution plans for Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $405,007 for Advisers Class shares and $907,712 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD and $1,108,748 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $369,583 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. Class C shares are subject to a 1% CDSC if redeemed within 12 months of purchase. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $6,000 and $23,000 of CDSCs paid by Class A and Class C shareholders, respectively.

15

Eaton Vance

Floating-Rate Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $128,833,626 and $1,517,682,091, respectively. During the year ended October 31, 2019, a Portfolio transaction fee was imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1K of the Portfolio’s Notes to Financial Statements included herein. Such fee was allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

7  Shares of Beneficial Interest

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:

Advisers Class	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		7,330,730			6,301,771
Issued to shareholders electing to receive payments of distributions in Fund shares		811,425			2,374,726
Redemptions		(20,606,165	)		(28,386,938	)
Net decrease		(12,464,010	)		(19,710,441	)
Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		9,137,161			18,370,998
Issued to shareholders electing to receive payments of distributions in Fund shares		1,533,557			3,906,958
Redemptions		(22,514,833	)		(54,035,711	)
Converted from Class B shares		—			196,619
Converted from Class C shares		1,251,038			13,478,873
Net decrease		(10,593,077	)		(18,082,263	)
Class B	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,  2019(1)
Issued to shareholders electing to receive payments of distributions in Fund shares		—			4,471
Redemptions		—			(47,444	)
Converted to Class A shares		—			(203,657	)
Net decrease		—			(246,630	)

16

Eaton Vance

Floating-Rate Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,944,665			4,796,081
Issued to shareholders electing to receive payments of distributions in Fund shares		492,208			1,559,115
Redemptions		(8,433,880	)		(19,597,226	)
Converted to Class A shares		(1,295,859	)		(13,933,895	)
Net decrease		(7,292,866	)		(27,175,925	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		101,306,255			214,012,976
Issued to shareholders electing to receive payments of distributions in Fund shares		9,052,884			24,066,495
Redemptions		(234,508,045	)		(491,143,724	)
Net decrease		(124,148,906	)		(253,064,253	)
Class R6	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		24,276,480			29,431,881
Issued to shareholders electing to receive payments of distributions in Fund shares		912,758			1,913,389
Redemptions		(17,876,104	)		(13,562,318	)
Net increase		7,313,134			17,782,952

⁽¹⁾  At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

17

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Senior Floating-Rate Loans — 86.8%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.8%
Aernnova Aerospace S.A.U.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		913	$	788,131
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		3,562		3,073,711
AI Convoy (Luxembourg) S.a.r.l.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		3,650		3,835,857
Term Loan, 4.65%, (USD LIBOR + 3.50%), Maturing January 17, 2027(2)			4,225		4,019,031
Dynasty Acquisition Co., Inc.
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			4,709		4,165,868
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			8,760		7,748,515
IAP Worldwide Services, Inc.
Revolving Loan, 1.38%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(3)			5,526		5,096,444
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020(4)			6,969		5,510,526
TransDigm, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			28,747		25,320,425
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 30, 2025			6,433		5,654,352
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			34,382		30,240,452
WP CPP Holdings, LLC
Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025(2)			9,670		7,324,906
				$	102,778,218
Automotive — 2.4%
Adient US, LLC
Term Loan, 5.52%, (3 mo. USD LIBOR + 4.00%), Maturing May 6, 2024			2,754	$	2,500,284
American Axle and Manufacturing, Inc.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,165		16,681,127
Autokiniton US Holdings, Inc.
Term Loan, 6.78%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,309		7,447,350
Bright Bidco B.V.
Term Loan, 4.57%, (USD LIBOR + 3.50%), Maturing June 30, 2024(2)			18,107		5,665,890

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
Chassix, Inc.
Term Loan, 7.35%, (USD LIBOR + 5.50%), Maturing November 15, 2023(2)			8,925	$	6,425,694
CS Intermediate Holdco 2, LLC
Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			5,097		3,695,127
Dayco Products, LLC
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,030		8,272,674
Garrett LX III S.a.r.l.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		4,625		4,511,246
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 3.20%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			8,017		7,450,799
IAA, Inc.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			6,071		5,820,631
Panther BF Aggregator 2 L.P.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			22,822		20,739,530
Tenneco, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			34,756		26,943,330
Thor Industries, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			9,618		8,852,577
TI Group Automotive Systems, LLC
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing June 30, 2022			8,659		8,074,665
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		7,664		7,705,582
Visteon Corporation
Term Loan, 2.40%, (USD LIBOR + 1.75%), Maturing March 25, 2024(2)			2,217		2,086,853
				$	142,873,359
Beverage and Tobacco — 0.3%
Arterra Wines Canada, Inc.
Term Loan, 3.80%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			1,579	$	1,526,011
Flavors Holdings, Inc.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing June 30, 2020			12,507		11,944,646

18 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Beverage and Tobacco (continued)
Flavors Holdings, Inc. (continued)
Term Loan - Second Lien, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021		3,000	$	2,730,000
			$	16,200,657
Brokerage / Securities Dealers / Investment Houses — 0.4%
Advisor Group, Inc.
Term Loan, 5.40%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026		11,176	$	9,310,589
Clipper Acquisitions Corp.
Term Loan, 2.73%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024		13,001		12,415,716
OZ Management L.P.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023		544		538,164
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023		3,800		3,420,000
			$	25,684,469
Building and Development — 2.5%
ACProducts, Inc.
Term Loan, 8.19%, (3 mo. USD LIBOR + 6.50%), Maturing August 18, 2025		3,725	$	3,352,500
Advanced Drainage Systems, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026		2,794		2,734,435
American Builders & Contractors Supply Co., Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027		22,014		20,817,343
APi Group DE, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026		13,766		13,382,654
Core & Main L.P.
Term Loan, 3.99%, (USD LIBOR + 2.75%), Maturing August 1, 2024(2)		12,644		12,006,395
CPG International, Inc.
Term Loan, 5.93%, (12 mo. USD LIBOR + 3.75%), Maturing May 5, 2024		11,649		10,658,391
Cushman & Wakefield U.S. Borrower, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025		31,928		29,726,859
Henry Company, LLC
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 5, 2023		1,118		1,040,307

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
NCI Building Systems, Inc.
Term Loan, 4.58%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2025			9,653	$	8,341,486
Quikrete Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			8,649		8,103,001
RE/MAX International, Inc.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			17,623		16,565,512
Realogy Group, LLC
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025			5,448		4,601,665
Werner FinCo L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024			8,244		7,131,328
WireCo WorldGroup, Inc.
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 30, 2023			6,808		5,156,973
				$	143,618,849
Business Equipment and Services — 6.6%
Adtalem Global Education, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			4,470	$	4,155,585
Airbnb, Inc.
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			6,450		6,587,062
AlixPartners, LLP
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		8,841		9,445,902
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing April 4, 2024			6,607		6,399,158
Allied Universal Holdco, LLC
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			5,287		4,961,049
Amentum Government Services Holdings, LLC
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing February 1, 2027			9,575		9,233,891
AppLovin Corporation
Term Loan, Maturing August 15, 2025(5)			5,375		5,146,563
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			26,963		25,800,015
ASGN Incorporated
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025			575		564,353

19 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Belfor Holdings, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		5,881	$	5,689,444
BidFair MergeRight, Inc.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027		5,893		5,156,609
Bracket Intermediate Holding Corp.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025		9,048		8,267,599
Brand Energy & Infrastructure Services, Inc.
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024		5,859		4,989,568
Camelot U.S. Acquisition 1 Co.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2026		10,698		10,319,290
Ceridian HCM Holding, Inc.
Term Loan, 2.64%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025		10,269		9,742,308
CM Acquisition Co.
Term Loan, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing July 26, 2023		4,783		4,474,965
Da Vinci Purchaser Corp.
Term Loan, 5.24%, (6 mo. USD LIBOR + 4.00%), Maturing January 8, 2027		3,550		3,363,625
EAB Global, Inc.
Term Loan, 4.88%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024(2)		14,308		13,628,370
EIG Investors Corp.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023		28,522		26,454,245
Garda World Security Corporation
Term Loan, 6.39%, (3 mo. USD LIBOR + 4.75%), Maturing October 30, 2026		7,695		7,446,002
IG Investment Holdings, LLC
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		24,659		20,605,939
IRI Holdings, Inc.
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing December 1, 2025		19,553		16,766,269
Iron Mountain, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026		8,927		8,413,500
KAR Auction Services, Inc.
Term Loan, 2.88%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026		3,352		3,066,980

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Kronos Incorporated
Term Loan, 4.76%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023			60,618	$	58,685,575
KUEHG Corp.
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025			20,213		16,549,539
Term Loan - Second Lien, 9.70%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025			4,425		3,429,375
Loire Finco Luxembourg S.a.r.l.
Term Loan, Maturing January 22, 2027(5)	EUR		2,275		2,372,144
Term Loan, Maturing January 22, 2027(5)			3,075		2,905,875
Monitronics International, Inc.
Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			17,276		11,747,877
Outfront Media Capital, LLC
Term Loan, 2.58%, (1 mo. USD LIBOR + 1.75%), Maturing November 18, 2026			2,000		1,850,000
PGX Holdings, Inc.
Term Loan, 0.00%, Maturing September 29, 2020(6)			9,888		4,202,552
Pre-Paid Legal Services, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025			1,908		1,753,281
Prime Security Services Borrower, LLC
Term Loan, Maturing September 23, 2026(5)			1,000		957,708
Rockwood Service Corporation
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			4,300		3,956,000
Speedster Bidco GmbH
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,975		2,997,710
Spin Holdco, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			31,269		28,884,424
Trans Union, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing November 16, 2026			1,247		1,197,431
Vestcom Parent Holdings, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,886		1,726,032
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			1,516		1,371,720
West Corporation
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024			3,881		3,028,468

20 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
West Corporation (continued)
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024			4,973	$	3,920,797
Zephyr Bidco Limited
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		4,975		4,944,148
Term Loan, 4.48%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,675		9,587,706
				$	386,746,653
Cable and Satellite Television — 3.5%
Altice France S.A.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			4,519	$	4,202,569
Term Loan, 4.81%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			6,471		6,041,468
Charter Communications Operating, LLC
Term Loan, 2.16%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			6,790		6,555,867
CSC Holdings, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			25,933		24,921,576
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			4		4,058
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2027			8,408		8,078,413
Numericable Group S.A.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		7,209		7,416,253
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			21,186		19,607,545
Telenet Financing USD, LLC
Term Loan, 2.81%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			33,825		32,319,787
Telenet International Finance S.a.r.l.
Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		5,000		5,375,531
UPC Broadband Holding B.V.
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			7,475		7,082,563
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		4,000		4,273,813
Virgin Media Bristol, LLC
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			39,275		37,248,135

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
Virgin Media SFA Finance Limited
Term Loan, 3.51%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		8,175	$	9,764,426
Term Loan, 3.51%, (1 mo. GBP LIBOR + 3.25%), Maturing November 15, 2027	GBP		600		715,238
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		11,625		12,341,150
Ziggo B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		17,350		18,248,155
				$	204,196,547
Chemicals and Plastics — 3.3%
Alpha 3 B.V.
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024			3	$	2,705
Aruba Investments, Inc.
Term Loan, 4.32%, (6 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			2,764		2,680,876
Axalta Coating Systems US Holdings, Inc.
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			30,278		29,573,829
Caldic B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		500		501,694
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		2,166		2,173,727
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		2,863		2,876,871
Colouroz Investment 1 GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.00%, Floor 0.75%), Maturing September 7, 2021	EUR		1,979		1,791,628
Element Solutions, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			4,451		4,286,852
Emerald Performance Materials, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 1, 2021			5,169		4,901,901
Ferro Corporation
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,757		3,634,575
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,838		3,713,588
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			7,052		6,823,007

21 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Flint Group GmbH
Term Loan, 4.02%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing September 7, 2021(2)			2,698	$	2,198,805
Flint Group US, LLC
Term Loan, 4.02%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing September 7, 2021(2)			16,320		13,300,967
Gemini HDPE, LLC
Term Loan, 3.27%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			9,352		8,977,562
Hexion, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		15,875		16,309,324
INEOS Enterprises Holdings II Limited
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		1,975		2,084,494
INEOS Enterprises Holdings US Finco, LLC
Term Loan, 5.11%, (3 mo. USD LIBOR + 3.50%), Maturing August 28, 2026			2,146		2,028,340
INEOS Finance PLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		6,389		6,764,848
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		3,204		3,361,773
Kraton Polymers, LLC
Term Loan, 2.75%, (1 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		1,051		1,140,593
Messer Industries GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,275		4,544,214
PMHC II, Inc.
Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			4,116		3,416,280
PQ Corporation
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			17,475		16,763,318
Pregis TopCo Corporation
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing July 31, 2026			5,411		4,897,351
Rohm Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing July 31, 2026	EUR		1,600		1,453,828
Term Loan, 6.78%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			3,292		2,600,466
Starfruit Finco B.V.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			9,959		9,100,332

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Tata Chemicals North America, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing August 7, 2020			5,654	$	5,484,014
Tronox Finance, LLC
Term Loan, 3.59%, (USD LIBOR + 2.75%), Maturing September 23, 2024(2)			12,606		11,861,950
Univar, Inc.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			12,865		12,478,604
				$	191,728,316
Clothing / Textiles — 0.0%(7)
Samsonite International S.A.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			2,793	$	2,592,376
				$	2,592,376
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp.
Term Loan, 4.12%, (3 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			2,357	$	2,192,076
SGB-SMIT Management GmbH
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing July 18, 2024	EUR		6,720		2,761,600
				$	4,953,676
Containers and Glass Products — 2.3%
Berry Global, Inc.
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			5,860	$	5,736,804
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			7,271		7,088,863
BWAY Holding Company
Term Loan, 4.56%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			5,744		4,982,489
Flex Acquisition Company, Inc.
Term Loan, 4.43%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023			24,928		23,432,567
Term Loan, 4.68%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			11,697		10,975,503
Libbey Glass, Inc.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021			10,168		4,960,795
Pelican Products, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing May 1, 2025			6,951		5,786,864

22 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Proampac PG Borrower, LLC
Term Loan, 4.84%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing November 20, 2023(2)			5,861	$	5,450,481
Reynolds Consumer Products, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 4, 2027			12,900		12,457,711
Reynolds Group Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			49,666		47,551,180
Trident TPI Holdings, Inc.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing October 17, 2024(2)			4,574		4,047,621
				$	132,470,878
Cosmetics / Toiletries — 0.4%
Kronos Acquisition Holdings, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			25,180	$	22,724,619
				$	22,724,619
Drugs — 5.2%
Aenova Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		1,825	$	1,933,262
Akorn, Inc.
Term Loan, 15.50%, (1 mo. USD LIBOR + 14.50%, Floor 1.00%), 14.75% cash, 0.75% PIK, Maturing April 16, 2021			19,134		16,327,605
Albany Molecular Research, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024			6,226		5,734,062
Alkermes, Inc.
Term Loan, 3.01%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			18,787		17,378,318
Amneal Pharmaceuticals, LLC
Term Loan, 3.94%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			25,464		22,885,609
Arbor Pharmaceuticals, Inc.
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			13,080		10,965,701
Bausch Health Companies, Inc.
Term Loan, 3.72%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			56,974		55,216,851
Catalent Pharma Solutions, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026			8,712		8,603,100

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Drugs (continued)
Elanco Animal Health, Inc.
Term Loan, Maturing February 4, 2027(5)			17,575	$	17,000,157
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			25,308		23,270,557
Grifols Worldwide Operations USA, Inc.
Term Loan, 2.14%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,288		35,199,118
Horizon Therapeutics USA, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 22, 2026			7,802		7,652,529
Jaguar Holding Company II
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022			42,662		41,955,366
Mallinckrodt International Finance S.A.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024			33,615		23,986,911
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025			11,026		7,773,334
Nidda Healthcare Holding AG
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		5,475		5,666,789
				$	301,549,269
Ecological Services and Equipment — 0.4%
Advanced Disposal Services, Inc.
Term Loan, 3.00%, (1 week USD LIBOR + 2.25%, Floor 0.75%), Maturing November 10, 2023			7,473	$	7,408,001
EnergySolutions, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025			17,493		15,919,028
US Ecology Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			2,594		2,541,630
				$	25,868,659
Electronics / Electrical — 14.5%
Almonde, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024			24,668	$	21,543,529
Applied Systems, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing September 19, 2024			31,327		30,124,076
Term Loan - Second Lien, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing September 19, 2025			3,279		3,163,868

23 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Aptean, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			7,563	$	7,014,476
Astra Acquisition Corp.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			5,875		5,493,125
Avast Software B.V.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing September 29, 2023			5,584		5,453,627
Banff Merger Sub, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			36,704		31,901,540
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,407		3,241,077
Buzz Merger Sub, Ltd.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			4,950		4,739,625
Castle US Holding Corporation
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			9,021		7,637,706
Celestica, Inc.
Term Loan, 2.61%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,008		3,703,888
Term Loan, 2.99%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			3,319		3,111,328
Cohu, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,367		8,604,714
CommScope, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			20,008		19,002,853
CPI International, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024			10,229		8,643,167
Datto, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			3,896		3,671,568
ECI Macola/Max Holdings, LLC
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			8,411		7,444,163
Electro Rent Corporation
Term Loan, 6.02%, (USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024(2)			17,200		15,949,323
Entegris, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 6, 2025			2,458		2,433,544

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Epicor Software Corporation
Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			16,680	$	16,172,050
Fiserv Investment Solutions, Inc.
Term Loan, 6.44%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027			5,000		4,850,000
Go Daddy Operating Company, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			49,169		47,837,786
Hyland Software, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 1, 2024			45,662		44,046,908
Infoblox, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			17,188		16,457,102
Infor (US), Inc.
Term Loan, 3.25%, (1 mo. EURIBOR + 2.25%, Floor 1.00%), Maturing February 1, 2022	EUR		4,957		5,384,657
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 1, 2022			37,679		37,153,562
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing February 25, 2027	EUR		2,425		2,563,317
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			53,775		50,750,156
Term Loan - Second Lien, 7.13%, Maturing February 25, 2025(8)			4,675		4,523,063
MA FinanceCo., LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			32,990		31,794,570
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing June 21, 2024	EUR		2,500		2,586,663
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			3,744		3,489,631
MACOM Technology Solutions Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			19,119		17,206,784
Marcel LUX IV S.a.r.l.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			2,220		2,120,118
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		2,650		2,717,660
Mirion Technologies, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			5,301		5,126,222
MKS Instruments, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2026			3,562		3,473,320

24 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
MTS Systems Corporation
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 5, 2023		373	$	361,419
NCR Corporation
Term Loan, 2.91%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026		9,229		8,813,337
Recorded Books, Inc.
Term Loan, Maturing August 29, 2025(5)		2,400		2,232,000
Renaissance Holding Corp.
Term Loan, 4.01%, (3 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		5,563		5,089,862
Term Loan - Second Lien, 7.76%, (3 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		1,866,874
Seattle Spinco, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		25,286		23,566,337
SGS Cayman L.P.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		1,111		772,243
SkillSoft Corporation
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing April 28, 2021		50,949		30,497,672
SolarWinds Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		26,878		26,183,530
Solera, LLC
Term Loan, 4.36%, (3 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		27,872		26,525,149
Sparta Systems, Inc.
Term Loan, 4.56%, (6 mo. USD LIBOR + 3.50%), Maturing August 21, 2024		3,413		2,936,883
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		10,465		10,114,591
SS&C Technologies, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		2,733		2,638,996
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		14,663		14,170,393
STG-Fairway Holdings, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing January 31, 2027		3,700		3,239,813
SurveyMonkey, Inc.
Term Loan, 3.91%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		13,317		12,252,002

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Sutherland Global Services, Inc.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		4,773	$	3,317,519
Tibco Software, Inc.
Term Loan, 4.16%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		33,166		31,272,815
Term Loan - Second Lien, 7.66%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		4,900		4,581,500
TTM Technologies, Inc.
Term Loan, 3.48%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		3,187		3,131,202
Uber Technologies, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		18,071		17,141,644
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025		30,076		28,547,333
Ultimate Software Group, Inc. (The)
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		21,031		20,163,585
Ultra Clean Holdings, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		9,530		9,053,500
Verifone Systems, Inc.
Term Loan, 5.69%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		14,124		11,060,942
Veritas Bermuda, Ltd.
Term Loan, 5.95%, (3 mo. USD LIBOR + 4.50%), Maturing January 27, 2023		23,876		21,040,377
Vero Parent, Inc.
Term Loan, 7.86%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024		16,054		14,669,078
Vertiv Group Corporation
Term Loan, 3.99%, (1 mo. USD LIBOR + 3.00%), Maturing March 2, 2027		1,225		1,150,543
VS Buyer, LLC
Term Loan, 4.86%, (3 mo. USD LIBOR + 3.25%), Maturing February 28, 2027		10,425		9,929,813
Vungle, Inc.
Term Loan, 5.99%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		6,468		6,144,125
Western Digital Corporation
Term Loan, 2.77%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023		2,946		2,855,997
			$	846,451,840

25 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Equipment Leasing — 0.3%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025			21,582	$	20,433,301
				$	20,433,301
Financial Intermediaries — 3.0%
Aretec Group, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			16,947	$	14,164,568
Citco Funding, LLC
Term Loan, 3.57%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			28,574		27,787,985
Claros Mortgage Trust, Inc.
Term Loan, 4.11%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026			3,203		2,882,377
Ditech Holding Corporation
Term Loan, 0.00%, Maturing June 30, 2022(6)			34,065		13,626,184
EIG Management Company, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,965		2,686,578
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		8,300		8,654,417
FinCo. I, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			6,919		6,707,437
Focus Financial Partners, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			6,261		5,979,094
Franklin Square Holdings L.P.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,427		5,977,222
Greenhill & Co., Inc.
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			5,785		5,351,560
GreenSky Holdings, LLC
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			13,113		11,998,268
Guggenheim Partners, LLC
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			26,395		25,107,857
Harbourvest Partners, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing March 3, 2025			3,540		3,389,814
LPL Holdings, Inc.
Term Loan, 2.24%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			16,359		15,868,230

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Nets Holding A/S
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000	$	1,030,784
Starwood Property Trust, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026			715		652,566
StepStone Group L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 27, 2025			6,836		6,664,612
Victory Capital Holdings, Inc.
Term Loan, 3.94%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			9,803		9,429,158
Virtus Investment Partners, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing June 1, 2024			5,528		5,347,945
				$	173,306,656
Food Products — 3.7%
Alphabet Holding Company, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			31,029	$	27,977,534
Atkins Nutritionals Holdings II, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024			3,417		3,338,420
B&G Foods, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026			2,537		2,474,347
Badger Buyer Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024			4,953		3,665,238
Del Monte Foods, Inc.
Term Loan, 4.86%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021			26,037		25,679,261
Froneri International, Ltd.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 29, 2027			18,425		17,169,797
Term Loan - Second Lien, Maturing January 31, 2028(5)			1,000		945,000
Hearthside Food Solutions, LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			10,174		9,391,462
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			5,678		5,283,024
HLF Financing S.a.r.l.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025			10,838		10,223,196

26 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Jacobs Douwe Egberts International B.V.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			26,074	$	25,574,449
JBS USA Lux S.A.
Term Loan, 3.07%, (6 mo. USD LIBOR + 2.00%), Maturing May 1, 2026			53,163		51,593,043
Nomad Foods Europe Midco Limited
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			10,737		10,407,950
Sunshine Investments B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618		11,351,698
Term Loan, 4.76%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		2,000		2,439,230
Valeo F1 Company Limited (Ireland)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024	EUR		6,000		5,648,009
				$	213,161,658
Food Service — 1.0%
1011778 B.C. Unlimited Liability Company
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			36,982	$	34,963,707
IRB Holding Corp.
Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025(2)			15,641		13,740,213
KFC Holding Co.
Term Loan, 2.47%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			783		753,416
Restaurant Technologies, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			4,379		3,919,441
US Foods, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023			5,947		5,518,592
				$	58,895,369
Food / Drug Retailers — 0.3%
Allsup’s Convenience Stores, Inc.
Term Loan, 6.88%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			4,962	$	4,490,780
L1R HB Finance Limited
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		4,674		3,215,550

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food / Drug Retailers (continued)
L1R HB Finance Limited (continued)
Term Loan, 5.77%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		9,172	$	7,277,896
				$	14,984,226
Forest Products — 0.1%
Clearwater Paper Corporation
Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing July 26, 2026			3,466	$	3,414,318
				$	3,414,318
Health Care — 6.5%
Alliance Healthcare Services, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			8,625	$	4,743,750
Term Loan - Second Lien, 11.00%, (1 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing April 24, 2024			5,575		2,230,000
athenahealth, Inc.
Term Loan, 5.28%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			16,560		15,462,609
Avantor, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			6,364		6,284,470
BioClinica, Inc.
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			10,551		9,548,457
BW NHHC Holdco, Inc.
Term Loan, 6.62%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			13,076		8,151,529
CeramTec AcquiCo GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025	EUR		9,170		9,278,457
Change Healthcare Holdings, LLC
Term Loan, 3.50%, (3 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024			3,230		3,125,696
CHG Healthcare Services, Inc.
Term Loan, 4.07%, (USD LIBOR + 3.00%), Maturing June 7, 2023(2)			14,249		13,537,018
CryoLife, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			5,450		5,204,332
Elsan SAS
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2024	EUR		2,500		2,689,398

27 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Ensemble RCM, LLC
Term Loan, 5.51%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			5,099	$	4,916,649
Envision Healthcare Corporation
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			65,811		46,232,171
Gentiva Health Services, Inc.
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			24,194		22,924,151
Greatbatch Ltd.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			4,881		4,775,267
Hanger, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			11,907		10,865,138
Inovalon Holdings, Inc.
Term Loan, 3.88%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,079		11,747,085
IQVIA, Inc.
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing March 7, 2024			9,993		9,658,607
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			13,607		13,151,188
Medical Solutions, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing June 14, 2024			10,716		9,966,204
Mehilainen Yhtiot Oy
Term Loan, Maturing August 9, 2025(5)	EUR		1,750		1,814,658
MPH Acquisition Holdings, LLC
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023			18,648		17,222,556
National Mentor Holdings, Inc.
Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing March 9, 2026(2)			6,643		6,344,084
Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			302		288,124
Navicure, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026			6,475		6,086,500
One Call Corporation
Term Loan, 6.95%, (3 mo. USD LIBOR + 5.25%), Maturing November 25, 2022			17,139		14,582,174
Ortho-Clinical Diagnostics S.A.
Term Loan, 4.27%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			29,412		26,323,625

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Parexel International Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024			467	$	431,034
Phoenix Guarantor, Inc.
Term Loan, 4.08%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			19,446		18,206,096
Radiology Partners, Inc
Term Loan, 5.67%, (USD LIBOR + 4.25%), Maturing July 9, 2025(2)			3,076		2,780,809
RadNet, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2023			6,691		6,251,937
Select Medical Corporation
Term Loan, 3.07%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			27,023		25,772,794
Surgery Center Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			10,145		9,096,858
Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			1,800		1,809,000
Team Health Holdings, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			7,256		5,394,652
Tecomet, Inc.
Term Loan, 4.43%, (6 mo. USD LIBOR + 3.25%), Maturing May 1, 2024			4,422		4,053,768
Verscend Holding Corp.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			19,119		18,124,499
				$	379,075,344
Home Furnishings — 0.5%
Serta Simmons Bedding, LLC
Term Loan, 4.61%, (USD LIBOR + 3.50%), Maturing November 8, 2023(2)			61,020	$	26,441,949
				$	26,441,949
Industrial Equipment — 3.3%
AI Alpine AT Bidco GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2025	EUR		6,125	$	5,765,676
Altra Industrial Motion Corp.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			8,328		7,921,783

28 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Apex Tool Group, LLC
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			13,866	$	11,192,269
Carlisle Foodservice Products, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			3,735		3,060,541
Clark Equipment Company
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			10,248		9,661,748
CPM Holdings, Inc.
Term Loan, Maturing November 17, 2025(5)			2,250		1,823,906
Delachaux Group S.A.
Term Loan, 5.36%, (6 mo. USD LIBOR + 4.50%), Maturing April 16, 2026			5,049		4,316,895
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,942		2,635,690
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		7,355		6,589,259
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			8,421		7,277,554
DXP Enterprises, Inc.
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			5,655		5,117,775
Dynacast International, LLC
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			10,846		6,484,935
Engineered Machinery Holdings, Inc.
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing July 19, 2024			9,368		8,560,040
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			2,563		2,351,128
EWT Holdings III Corp.
Term Loan, 3.45%, (2 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			21,262		20,624,259
Filtration Group Corporation
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			10,473		10,036,254
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		2,839		2,844,132
Gardner Denver, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			2,750		2,611,029
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		9,386		9,591,322
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 1, 2024			831		772,769

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Ingersoll-Rand Services Company
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			6,800	$	6,456,811
LTI Holdings, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			5,812		4,707,315
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,090		1,706,426
Minimax Viking GmbH
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,904		2,047,038
Quimper AB
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		17,725		18,300,997
Robertshaw US Holding Corp.
Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing February 28, 2025(2)			19,243		14,210,012
Titan Acquisition Limited
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			18,742		16,585,418
				$	193,252,981
Insurance — 2.4%
Alliant Holdings Intermediate, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			2,449	$	2,303,941
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			4,888		4,617,997
AmWINS Group, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			25,741		25,011,750
AssuredPartners, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			1,721		1,620,027
Asurion, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			25,952		24,900,848
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,211		2,123,582
Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			29,575		28,527,542
Financiere CEP S.A.S.
Term Loan, 4.00%, (2 mo. EURIBOR + 4.00%), Maturing January 16, 2025	EUR		3,725		4,044,620
Hub International Limited
Term Loan, 4.02%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			19,082		18,108,485

29 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
NFP Corp.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			28,123	$	25,427,473
USI, Inc.
Term Loan, Maturing December 2, 2026(5)			2,000		1,913,750
				$	138,600,015
Leisure Goods / Activities / Movies — 4.5%
AMC Entertainment Holdings, Inc.
Term Loan, 4.08%, (6 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			7,822	$	5,797,887
Amer Sports Oyj
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		11,925		10,184,877
Ancestry.com Operations, Inc.
Term Loan, 4.66%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			33,541		29,404,546
Bombardier Recreational Products, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			43,333		39,470,706
Cineworld Limited
Term Loan, Maturing February 5, 2027(5)			13,000		8,173,750
ClubCorp Holdings, Inc.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			18,069		13,568,956
Crown Finance US, Inc.
Term Loan, 2.38%, (6 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		3,058		2,306,699
Term Loan, 3.32%, (6 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			10,387		6,855,357
Delta 2 (LUX) S.a.r.l.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			8,531		7,835,473
Emerald Expositions Holding, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			16,461		12,935,886
Etraveli Holding AB
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing August 2, 2024	EUR		9,900		7,350,137
Lindblad Expeditions, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			479		371,201
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			1,916		1,484,803
Live Nation Entertainment, Inc.
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2026			22,450		21,296,456

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Match Group, Inc.
Term Loan, 3.46%, (3 mo. USD LIBOR + 1.75%), Maturing February 15, 2027			6,450	$	6,164,787
Motion Finco S.a.r.l.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 4, 2026(2)			605		544,884
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 13, 2026(2)			4,607		4,145,859
NASCAR Holdings, Inc.
Term Loan, 3.37%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			7,289		6,827,991
Playtika Holding Corp.
Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing December 10, 2024			29,823		29,598,831
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			5,039		4,281,487
SRAM, LLC
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024			16,198		15,550,214
Steinway Musical Instruments, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025			3,539		3,311,884
Travel Leaders Group, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			11,201		8,512,380
UFC Holdings, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			14,855		13,944,749
Vue International Bidco PLC
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing July 3, 2026	EUR		3,878		3,623,957
				$	263,543,757
Lodging and Casinos — 3.2%
Aristocrat Technologies, Inc.
Term Loan, 2.86%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			7,466	$	7,117,869
Azelis Finance S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		2,600		2,656,887
Boyd Gaming Corporation
Term Loan, 2.39%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			2,089		1,964,937
Churchill Downs Incorporated
Term Loan, 2.41%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,421		3,253,397

30 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
CityCenter Holdings, LLC
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			18,841	$	16,754,410
Eldorado Resorts, LLC
Term Loan, 3.25%, (6 mo. USD LIBOR + 2.25%), Maturing April 17, 2024			2,297		2,198,895
ESH Hospitality, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			7,560		6,976,784
Four Seasons Hotels Limited
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			4,667		4,341,331
GBT III B.V.
Term Loan, Maturing February 26, 2027(5)			11,599		10,381,010
Term Loan, Maturing February 26, 2027(5)			13,851		12,396,740
Golden Nugget, Inc.
Term Loan, 3.46%, (USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023(2)			23,388		19,170,018
Golden Nugget, LLC
Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 6, 2023			1,875		1,931,250
GVC Holdings PLC
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		21,225		22,852,368
Term Loan, 3.31%, (6 mo. USD LIBOR + 2.25%), Maturing March 29, 2024			9,378		9,018,804
Hanjin International Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			5,650		4,830,750
Playa Resorts Holding B.V.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			12,760		10,593,918
Richmond UK Bidco Limited
Term Loan, 4.98%, (6 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024	GBP		2,059		2,130,219
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		8,725		9,477,626
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			36,223		35,860,907
				$	183,908,120
Nonferrous Metals / Minerals — 0.5%
Arconic Rolled Products Corporation
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.75%), Maturing March 25, 2027			2,800	$	2,786,000

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Nonferrous Metals / Minerals (continued)
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(4)(8)			627	$	473,229
Murray Energy Corporation
DIP Loan, 13.00%, (1 mo. USD LIBOR + 11.00%, Floor 2.00%), Maturing July 31, 2020			6,088		6,075,002
Term Loan, 0.00%, Maturing October 17, 2022(6)			21,871		382,736
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2021(6)			2,878		201,435
Oxbow Carbon, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023			6,545		5,923,508
Rain Carbon GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		15,625		14,896,705
				$	30,738,615
Oil and Gas — 2.9%
Ameriforge Group, Inc.
Term Loan, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			21,340	$	18,672,591
Apergy Corporation
Term Loan, 2.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			621		559,240
Blackstone CQP Holdco L.P.
Term Loan, 4.62%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			11,372		10,532,968
Buckeye Partners L.P.
Term Loan, 3.77%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026			14,100		13,306,875
Centurion Pipeline Company, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,185		2,810,487
CITGO Holding, Inc.
Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023			2,562		2,171,401
CITGO Petroleum Corporation
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing July 29, 2021			15,356		14,665,219
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024			24,050		21,644,601
Delek US Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025			8,703		7,879,913
Fieldwood Energy, LLC
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing April 11, 2022			20,306		5,177,929

31 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Matador Bidco S.a.r.l.
Term Loan, 0.50%, Maturing October 15, 2026(3)			4,000	$	3,720,000
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026			5,925		5,510,250
McDermott Technology Americas, Inc.
DIP Loan, 10.37%, (USD LIBOR + 9.00%), Maturing October 21, 2020(2)			9,775		9,400,295
DIP Loan, 10.65%, (3 mo. USD LIBOR + 9.00%), Maturing October 21, 2020			4,427		4,257,397
DIP Loan, 0.50%, Maturing October 23, 2020(3)			9,039		8,451,811
Term Loan, 0.00%, Maturing May 9, 2025(6)			14,050		4,542,748
Prairie ECI Acquiror L.P.
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			4,275		3,105,163
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			9,057		6,578,886
PSC Industrial Holdings Corp.
Term Loan, 4.98%, (6 mo. USD LIBOR + 3.75%), Maturing October 11, 2024			7,933		6,465,358
RDV Resources Properties, LLC
Term Loan, 6.87%, (3 mo. USD LIBOR + 5.50%), Maturing March 29, 2024(4)			5,395		3,053,855
Sunrise Oil & Gas Properties, LLC
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,177		2,068,291
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,196		1,855,929
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,537		1,788,881
UGI Energy Services, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			10,198		9,229,133
				$	167,449,221
Publishing — 0.5%
Axel Springer S.E.
Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000	$	1,945,352
Getty Images, Inc.
Term Loan, 4.94%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			11,699		9,856,116
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		3,565,162

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Publishing (continued)
Harland Clarke Holdings Corp.
Term Loan, 6.46%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023		2,406	$	1,518,605
LSC Communications, Inc.
Term Loan, 0.00%, Maturing September 30, 2022(6)		7,775		596,048
ProQuest, LLC
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026		13,269		12,638,961
Tweddle Group, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing September 17, 2023		2,068		1,610,853
			$	31,731,097
Radio and Television — 2.4%
AP NMT Acquisition B.V.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021		3,685	$	3,605,143
Cumulus Media New Holdings, Inc.
Term Loan, 4.82%, (6 mo. USD LIBOR + 3.75%), Maturing March 31, 2026		4,002		3,476,352
Diamond Sports Group, LLC
Term Loan, 3.82%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026		30,522		25,046,808
Entercom Media Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024		1,690		1,497,214
Entravision Communications Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		7,394		6,973,397
Hubbard Radio, LLC
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 28, 2025		7,787		6,034,814
iHeartCommunications, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026		4,414		3,972,544
Mission Broadcasting, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		4,276		4,042,508
Nexstar Broadcasting, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		16,620		15,713,786
Term Loan, 3.73%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,019		4,738,187
Sinclair Television Group, Inc.
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		14,005		13,138,030

32 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Sinclair Television Group, Inc. (continued)
Term Loan, 3.32%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		6,393	$	5,985,329
Terrier Media Buyer, Inc.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		19,295		18,008,719
Univision Communications, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		33,286		29,500,076
			$	141,732,907
Retailers (Except Food and Drug) — 1.4%
Apro, LLC
Term Loan, 4.00%, Maturing November 14, 2026(3)		1,539	$	1,473,486
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		5,373		5,144,308
Ascena Retail Group, Inc.
Term Loan, 5.63%, (USD LIBOR + 4.50%, Floor 0.75%), Maturing August 21, 2022(2)		15,867		3,758,606
Bass Pro Group, LLC
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		12,383		10,364,153
BJ’s Wholesale Club, Inc.
Term Loan, 3.08%, (1 mo. USD LIBOR + 2.25%), Maturing February 3, 2024		2,470		2,411,454
Coinamatic Canada, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		265		240,229
David’s Bridal, Inc.
Term Loan, 7.65%, (3 mo. USD LIBOR + 6.00%), 1.00% cash, 6.65% PIK, Maturing June 30, 2023		3,995		3,291,312
Go Wireless, Inc.
Term Loan, 7.50%, (3 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,483		1,980,531
Hoya Midco, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		7,068		5,124,535
J. Crew Group, Inc.
Term Loan, 4.31%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing March 5, 2021(2)		25,542		13,494,599
LSF9 Atlantis Holdings, LLC
Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		11,653		9,245,014
PetSmart, Inc.
Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 11, 2022		16,444		15,999,857

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
PFS Holding Corporation
Term Loan, 0.00%, Maturing January 31, 2021(6)		9,849	$	3,791,913
Pier 1 Imports (U.S.), Inc.
Term Loan, 0.00%, Maturing April 30, 2021(6)		9,332		1,224,809
Radio Systems Corporation
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing May 2, 2024		2,630		2,537,556
			$	80,082,362
Steel — 1.0%
Atkore International, Inc.
Term Loan, 4.02%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		10,894	$	10,506,029
GrafTech Finance, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		20,674		18,813,454
Neenah Foundry Company
Term Loan, 7.45%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022		7,679		6,719,311
Phoenix Services International, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		2,675		2,235,851
Zekelman Industries, Inc.
Term Loan, 2.82%, (1 mo. USD LIBOR + 2.25%), Maturing January 24, 2027		20,450		19,427,500
			$	57,702,145
Surface Transport — 0.2%
Agro Merchants NAI Holdings, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024		2,774	$	2,524,461
Kenan Advantage Group, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		1,793		1,504,389
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		6,467		5,426,894
XPO Logistics, Inc.
Term Loan, 3.61%, (3 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		4,275		4,157,437
			$	13,613,181
Telecommunications — 4.6%
CenturyLink, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027		48,789	$	46,337,531

33 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Ciena Corporation
Term Loan, 2.47%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025			1,923	$	1,907,666
Colorado Buyer, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024			16,320		10,375,497
Digicel International Finance Limited
Term Loan, 4.87%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			14,427		11,884,145
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		16,287		15,795,261
Global Eagle Entertainment, Inc.
Term Loan, 8.72%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023			21,266		12,147,991
Intelsat Jackson Holdings S.A.
Term Loan, 6.00%, (USD Prime + 2.75%), Maturing November 27, 2023			15,550		15,303,797
Term Loan, 6.75%, (USD Prime + 3.50%), Maturing January 2, 2024			15,794		15,675,600
IPC Corp.
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021			11,591		8,084,471
Level 3 Financing, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			1,098		1,055,315
Onvoy, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			12,634		10,675,941
Plantronics, Inc.
Term Loan, 2.99%, (USD LIBOR + 2.50%), Maturing July 2, 2025(2)			15,316		12,674,187
SBA Senior Finance II, LLC
Term Loan, 2.16%, (1 mo. USD LIBOR + 1.75%), Maturing April 11, 2025			15,616		15,139,740
Syniverse Holdings, Inc.
Term Loan, 6.87%, (6 mo. USD LIBOR + 5.00%), Maturing March 9, 2023			11,172		7,920,948
T-Mobile USA, Inc.
Term Loan, Maturing April 1, 2027(5)			23,700		23,575,575
Telesat Canada
Term Loan, 3.16%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			8,828		8,396,139
Zayo Group Holdings, Inc.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		3,850		4,071,355

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Ziggo Financing Partnership
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028		47,575	$	44,740,339
			$	265,761,498
Utilities — 0.8%
Brookfield WEC Holdings, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing August 1, 2025		10,290	$	9,795,792
Calpine Corporation
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024		20,878		20,261,427
Lightstone Holdco, LLC
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024		871		695,522
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024		15,439		12,331,608
Longview Power, LLC
Term Loan, 0.00%, Maturing April 13, 2021(6)		4,656		657,607
USIC Holdings, Inc.
Term Loan, Maturing December 8, 2023(5)		1,627		1,452,080
			$	45,194,036
Total Senior Floating-Rate Loans (identified cost $5,748,033,545)			$	5,053,461,141
Corporate Bonds & Notes — 1.9%
Security	Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.1%
TransDigm, Inc.
8.00%, 12/15/25(9)		1,500	$	1,567,500
6.25%, 3/15/26(9)		1,500		1,475,175
			$	3,042,675
Airlines — 0.1%
Delta Air Lines, Inc.
7.00%, 5/1/25(9)		4,650	$	4,770,750
			$	4,770,750

34 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Automotive — 0.1%
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.
6.25%, 5/15/26(9)			4,325	$	4,357,437
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10)	EUR		6,000		4,766,946
				$	9,124,383
Building and Development — 0.0%(7)
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28(9)			2,975	$	2,858,678
				$	2,858,678
Business Equipment and Services — 0.4%
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24(9)			7,900	$	7,780,631
5.75%, 4/15/26(9)			15,225		15,072,750
				$	22,853,381
Chemicals and Plastics — 0.1%
Tronox, Inc.
6.50%, 5/1/25(9)(11)			7,000	$	7,043,750
				$	7,043,750
Containers and Glass Products — 0.0%(7)
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
4.719%, (3 mo. USD LIBOR + 3.50%), 7/15/21(9)(10)			650	$	643,923
				$	643,923
Diversified Financial Services — 0.1%
AG Issuer, LLC
6.25%, 3/1/28(9)			4,225	$	3,757,799
				$	3,757,799
Drugs — 0.2%
Bausch Health Companies, Inc.
5.50%, 11/1/25(9)			8,975	$	9,374,387
				$	9,374,387

Security		Principal Amount* (000’s omitted)		Value
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc.
4.25%, 6/1/25(9)			5,300	$	5,339,750
				$	5,339,750
Entertainment — 0.0%(7)
Six Flags Theme Parks, Inc.
7.00%, 7/1/25(9)			2,125	$	2,209,575
				$	2,209,575
Food Products — 0.0%(7)
Iceland Bondco PLC
4.975%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10)	GBP		1,049	$	1,314,326
				$	1,314,326
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The)
9.75%, 5/1/23(9)			12,550	$	7,906,500
				$	7,906,500
Leisure Goods / Activities / Movies — 0.1%
Sabre GLBL, Inc.
9.25%, 4/15/25(9)			2,525	$	2,679,656
SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/25(9)			2,125		2,135,625
				$	4,815,281
Radio and Television — 0.2%
iHeartCommunications, Inc.
6.375%, 5/1/26			2,896	$	2,750,039
8.375%, 5/1/27			5,248		4,406,854
5.25%, 8/15/27(9)			2,125		1,906,444
4.75%, 1/15/28(9)			2,550		2,217,607
				$	11,280,944
Telecommunications — 0.2%
CenturyLink, Inc.
4.00%, 2/15/27(9)			6,750	$	6,589,688
Digicel International Finance, Ltd./ Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(9)			6,325		5,890,156
				$	12,479,844

35 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Utilities — 0.1%
Calpine Corp.
5.25%, 6/1/26(9)		2,245	$	2,296,590
Talen Energy Supply, LLC
6.625%, 1/15/28(9)		2,645		2,507,196
			$	4,803,786
Total Corporate Bonds & Notes (identified cost $123,493,426)			$	113,619,732
Asset-Backed Securities — 3.4%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series 2018-1A, Class D, 4.235%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10)	$	2,500	$	2,068,627
Series 2018-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10)		3,000		1,970,397
AMMC CLO 15, Ltd.
Series 2014-15A, Class ERR, 8.129%, (3 mo. USD LIBOR + 6.91%), 1/15/32(9)(10)		5,000		2,875,170
AMMC CLO XII, Ltd.
Series 2013-12A, Class ER, 7.914%, (3 mo. USD LIBOR + 6.18%), 11/10/30(9)(10)		3,525		1,987,948
Apidos CLO XX
Series 2015-20A, Class DR, 6.876%, (3 mo. USD LIBOR + 5.70%), 7/16/31(9)(10)		2,375		1,665,616
Ares XL CLO, Ltd.
Series 2016-40A, Class CR, 4.619%, (3 mo. USD LIBOR + 3.40%), 1/15/29(9)(10)		2,500		2,177,357
Series 2016-40A, Class DR, 7.569%, (3 mo. USD LIBOR + 6.35%), 1/15/29(9)(10)		3,500		2,547,503
Ares XLIX CLO, Ltd.
Series 2018-49A, Class D, 4.098%, (3 mo. USD LIBOR + 3.00%), 7/22/30(9)(10)		2,500		2,101,100
Series 2018-49A, Class E, 6.798%, (3 mo. USD LIBOR + 5.70%), 7/22/30(9)(10)		3,500		2,458,487
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 4.592%, (3 mo. USD LIBOR + 2.90%), 5/15/30(9)(10)		5,000		4,039,590
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,000		2,859,956
Babson CLO, Ltd.
Series 2015-1A, Class DR, 3.735%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10)		2,500		2,001,728

Security	Principal Amount (000’s omitted)		Value
Babson CLO, Ltd. (continued)
Series 2016-1A, Class DR, 4.093%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10)	$	1,250	$	1,013,211
Series 2016-1A, Class ER, 7.043%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10)		3,500		1,975,411
Series 2018-1A, Class C, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		3,500		2,774,576
Bain Capital Credit CLO
Series 2018-1A, Class D, 3.743%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10)		5,000		3,921,170
Series 2018-1A, Class E, 6.393%, (3 mo. USD LIBOR + 5.35%), 4/23/31(9)(10)		3,000		1,609,875
Benefit Street Partners CLO V-B, Ltd.
Series 2018-5BA, Class C, 4.065%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10)		5,000		3,909,425
Series 2018-5BA, Class D, 7.085%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10)		3,500		1,920,979
Benefit Street Partners CLO VIII, Ltd.
Series 2015-8A, Class DR, 6.735%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10)		5,401		2,866,321
Benefit Street Partners CLO XIV, Ltd.
Series 2018-14A, Class D, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		1,500		1,158,264
Benefit Street Partners CLO XVI, Ltd.
Series 2018-16A, Class D, 4.835%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10)		2,000		1,662,044
Series 2018-16A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10)		2,250		1,521,630
Benefit Street Partners CLO XVII, Ltd.
Series 2019-17A, Class E, 7.819%, (3 mo. USD LIBOR + 6.60%), 7/15/32(9)(10)		1,750		1,217,536
Betony CLO 2, Ltd.
Series 2018-1A, Class C, 3.66%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10)		2,500		2,054,010
Series 2018-1A, Class D, 6.41%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10)		4,450		2,914,376
BlueMountain CLO, Ltd.
Series 2016-3A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10)		1,500		1,181,250
Series 2016-3A, Class ER, 7.642%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10)		1,500		666,375
Series 2018-1A, Class D, 3.81%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10)		2,500		1,998,763
Series 2018-1A, Class E, 6.71%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10)		2,000		1,124,304
Canyon Capital CLO, Ltd.
Series 2012-1RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,875		3,298,259
Series 2016-1A, Class ER, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		4,000		2,593,924

36 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Canyon Capital CLO, Ltd. (continued)
Series 2016-2A, Class ER, 7.219%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10)	$	4,500	$	2,923,299
Series 2017-1A, Class E, 7.469%, (3 mo. USD LIBOR + 6.25%), 7/15/30(9)(10)		3,250		2,280,996
Series 2018-1A, Class D, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10)		3,000		2,450,712
Series 2018-1A, Class E, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		2,750		1,771,754
Carlyle C17 CLO, Ltd.
Series C17A, Class CR, 3.56%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10)		5,000		4,128,330
Series C17A, Class DR, 6.76%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10)		3,500		2,008,377
Carlyle Global Market Strategies CLO, Ltd.
Series 2012-3A, Class CR2, 4.811%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10)		2,500		2,005,150
Series 2012-3A, Class DR2, 7.811%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10)		1,500		838,593
Series 2014-3RA, Class C, 3.941%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10)		1,000		790,947
Series 2014-3RA, Class D, 6.391%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10)		2,150		1,152,525
Series 2014-4RA, Class C, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10)		2,000		1,538,964
Series 2014-4RA, Class D, 6.869%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10)		3,500		1,942,175
Dryden CLO, Ltd
Series 2018-55A, Class D, 4.069%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10)		1,500		1,230,429
Series 2018-55A, Class E, 6.619%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10)		2,000		1,376,256
Dryden Senior Loan Fund
Series 2015-40A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10)		3,000		2,489,823
Series 2015-41A, Class DR, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		5,000		3,974,900
Series 2015-41A, Class ER, 6.519%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10)		1,268		711,927
Series 2016-42A, Class DR, 4.149%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10)		2,500		2,037,870
Series 2016-42A, Class ER, 6.769%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10)		3,500		2,384,683
Galaxy XV CLO, Ltd.
Series 2013-15A, Class ER, 7.864%, (3 mo. USD LIBOR + 6.65%), 10/15/30(9)(10)		2,500		1,760,945
Galaxy XXV CLO, Ltd.
Series 2018-25A, Class D, 4.091%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10)		2,500		2,066,100

Security	Principal Amount (000’s omitted)		Value
Galaxy XXV CLO, Ltd. (continued)
Series 2018-25A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)	$	3,500	$	2,401,227
Goldentree Loan Management US CLO 5, Ltd.
Series 2019-5A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 10/20/32(9)(10)		1,500		1,287,258
Golub Capital Partners CLO 22B, Ltd.
Series 2015-22A, Class ER, 7.135%, (3 mo. USD LIBOR + 6.00%), 1/20/31(9)(10)		2,500		1,312,658
Golub Capital Partners CLO 37A, Ltd.
Series 2018-37A, Class D, 4.435%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10)		4,000		3,104,732
Series 2018-37A, Class E, 6.885%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10)		4,750		2,856,906
ICG US CLO, Ltd.
Series 2018-2A, Class D, 4.198%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10)		2,000		1,426,556
Series 2018-2A, Class E, 6.848%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10)		3,000		1,511,487
Kayne CLO 5, Ltd.
Series 2019-5A, Class E, 7.72%, (3 mo. USD LIBOR + 6.70%), 7/24/32(9)(10)		500		366,993
Madison Park Funding XXV, Ltd.
Series 2017-25A, Class D, 7.091%, (3 mo. USD LIBOR + 6.10%), 4/25/29(9)(10)		1,500		937,184
Neuberger Berman CLO XXII, Ltd.
Series 2016-22A, Class DR, 4.235%, (3 mo. USD LIBOR + 3.10%), 10/17/30(9)(10)		2,500		2,078,472
Series 2016-22A, Class ER, 7.195%, (3 mo. USD LIBOR + 6.06%), 10/17/30(9)(10)		3,000		2,109,003
Neuberger Berman Loan Advisers CLO, Ltd.
Series 2018-28A, Class E, 6.735%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10)		1,950		1,354,944
Series 2018-30A, Class D, 4.785%, (3 mo. USD LIBOR + 3.65%), 1/20/31(9)(10)		2,500		2,145,530
Series 2018-30A, Class E, 7.885%, (3 mo. USD LIBOR + 6.75%), 1/20/31(9)(10)		1,000		743,695
Oaktree CLO, Ltd.
Series 2019-3A, Class D, 5.095%, (3 mo. USD LIBOR + 3.96%), 7/20/31(9)(10)		2,625		2,212,019
OHA Credit Partners VII, Ltd.
Series 2012-7A, Class ER, 9.195%, (3 mo. USD LIBOR + 7.50%), 11/20/27(9)(10)		900		670,221
Palmer Square CLO, Ltd.
Series 2013-2A, Class CRR, 4.335%, (3 mo. USD LIBOR + 3.20%), 10/17/31(9)(10)		2,500		2,119,597
Series 2013-2A, Class DRR, 6.985%, (3 mo. USD LIBOR + 5.85%), 10/17/31(9)(10)		3,000		2,101,221

37 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Palmer Square CLO, Ltd. (continued)
Series 2018-1A, Class C, 3.635%, (3 mo. USD LIBOR + 2.50%), 4/18/31(9)(10)	$	3,000	$	2,472,933
Series 2018-1A, Class D, 6.285%, (3 mo. USD LIBOR + 5.15%), 4/18/31(9)(10)		2,000		1,367,452
Series 2018-2A, Class D, 6.776%, (3 mo. USD LIBOR + 5.60%), 7/16/31(9)(10)		2,000		1,435,392
Regatta XIII Funding, Ltd.
Series 2018-2A, Class C, 4.319%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10)		2,500		2,078,955
Series 2018-2A, Class D, 7.169%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10)		5,000		3,261,495
Regatta XIV Funding, Ltd.
Series 2018-3A, Class D, 4.191%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10)		2,500		2,086,527
Series 2018-3A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		4,500		2,925,715
Regatta XV Funding, Ltd.
Series 2018-4A, Class D, 7.491%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10)		3,875		2,615,718
Southwick Park CLO, LLC
Series 2019-4A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 7/20/32(9)(10)		1,750		1,306,232
Upland CLO, Ltd.
Series 2016-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 4/20/31(9)(10)		4,500		3,667,612
Series 2016-1A, Class DR, 7.035%, (3 mo. USD LIBOR + 5.90%), 4/20/31(9)(10)		4,625		3,071,888
Vibrant CLO 1X, Ltd.
Series 2018-9A, Class C, 4.335%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10)		2,500		1,770,148
Series 2018-9A, Class D, 7.385%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10)		3,500		1,823,294
Vibrant CLO X, Ltd.
Series 2018-10A, Class C, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/20/31(9)(10)		5,000		3,634,920
Series 2018-10A, Class D, 7.325%, (3 mo. USD LIBOR + 6.19%), 10/20/31(9)(10)		5,000		2,622,945
Voya CLO, Ltd.
Series 2015-3A, Class CR, 4.285%, (3 mo. USD LIBOR + 3.15%), 10/20/31(9)(10)		2,500		1,994,768
Series 2015-3A, Class DR, 7.335%, (3 mo. USD LIBOR + 6.20%), 10/20/31(9)(10)		5,500		2,997,027
Series 2016-3A, Class CR, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/18/31(9)(10)		2,000		1,606,356
Series 2016-3A, Class DR, 7.215%, (3 mo. USD LIBOR + 6.08%), 10/18/31(9)(10)		3,375		1,822,628
Series 2018-1A, Class C, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10)		5,000		4,053,220

Security	Principal Amount (000’s omitted)		Value
Voya CLO, Ltd. (continued)
Series 2018-2A, Class E, 6.469%, (3 mo. USD LIBOR + 5.25%), 7/15/31(9)(10)	$	2,500	$	1,540,680
Webster Park CLO, Ltd.
Series 2015-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 7/20/30(9)(10)		2,000		1,663,520
Series 2015-1A, Class DR, 6.635%, (3 mo. USD LIBOR + 5.50%), 7/20/30(9)(10)		2,500		1,798,968
Wind River CLO, Ltd.
Series 2013-1A, Class DR, 7.435%, (3 mo. USD LIBOR + 6.30%), 7/20/30(9)(10)		3,000		1,654,644
Total Asset-Backed Securities (identified cost $282,169,298)			$	198,012,677
Common Stocks — 1.4%
Security	Shares		Value
Aerospace and Defense — 0.5%
IAP Global Services, LLC(4)(12)(13)(14)		950	$	12,779,163
IAP Global Services, LLC(4)(12)(13)(14)		1,627		16,414,510
			$	29,193,673
Automotive — 0.0%(7)
Dayco Products, LLC(13)(14)		88,506	$	663,795
			$	663,795
Business Equipment and Services — 0.1%
Crossmark Holdings, Inc.(13)(14)		88,008	$	5,060,460
			$	5,060,460
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(13)(14)		338,679	$	2,387,687
			$	2,387,687
Electronics / Electrical — 0.0%(7)
Answers Corp.(4)(14)		906,100	$	1,676,285
			$	1,676,285
Health Care — 0.0%
New Millennium Holdco, Inc.(4)(13)(14)		421,318	$	0
			$	0

38 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil and Gas — 0.4%
AFG Holdings, Inc.(4)(13)(14)		498,342	$	10,524,983
Fieldwood Energy, Inc.(13)(14)		273,160		27,316
RDV Resources, Inc., Class A(4)(13)(14)		359,500		0
Samson Resources II, LLC, Class A(14)		435,055		7,939,754
Southcross Holdings Group, LLC(4)(13)(14)		1,281		0
Southcross Holdings L.P., Class A(13)(14)		1,281		9,287
Sunrise Oil Gas, Inc., Class A(13)(14)		321,407		2,249,849
			$	20,751,189
Publishing — 0.2%
ION Media Networks, Inc.(4)(14)		28,605	$	11,801,279
Tweddle Group, Inc.(4)(13)(14)		19,500		131,430
			$	11,932,709
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(13)(14)		1,204,044	$	1,161,662
Cumulus Media, Inc., Class A(13)(14)		551,505		2,443,167
Cumulus Media, Inc., Class B(13)(14)		93,069		511,879
iHeartMedia, Inc., Class A(13)(14)		512,034		3,594,479
			$	7,711,187
Retailers (Except Food and Drug) — 0.0%(7)
David’s Bridal, LLC(4)(13)(14)		272,023	$	2,072,815
			$	2,072,815
Total Common Stocks (identified cost $94,204,118)			$	81,449,800
Preferred Stocks — 0.1%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.1%
David’s Bridal, LLC, Series A, 8.00% (PIK)(4)(13)(14)		7,852	$	628,160
David’s Bridal, LLC, Series B, 10.00% (PIK)(4)(13)(14)		31,998		2,590,558
Total Preferred Stocks (identified cost $2,590,558)			$	3,218,718
Miscellaneous — 0.0%(7)
Security	Shares		Value
Oil and Gas — 0.0%(7)
Paragon Offshore Finance Company, Class A(13)(14)		42,177	$	12,653

Security	Shares		Value
Oil and Gas (continued)
Paragon Offshore Finance Company, Class B(13)(14)		21,089	$	405,963
Total Miscellaneous (identified cost $458,685)			$	418,616
Warrants — 0.0%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Exp. 11/26/22(4)(13)(14)		51,888	$	0
Total Warrants (identified cost $0)			$	0
Exchange-Traded Funds — 0.8%
Security	Shares		Value
Invesco Senior Loan ETF		1,000,000	$	20,980,000
SPDR Blackstone/GSO Senior Loan ETF		725,000		30,283,250
Total Exchange-Traded Funds (identified cost $53,169,569)			$	51,263,250
Short-Term Investments — 7.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(15)		406,604,658	$	406,604,658
Total Short-Term Investments (identified cost $406,442,092)			$	406,604,658
Total Investments — 101.4% (identified cost $6,710,561,291)			$	5,908,048,592
Less Unfunded Loan Commitments — (0.3)%			$	(19,551,481	)
Net Investments — 101.1% (identified cost $6,691,009,810)			$	5,888,497,111
Other Assets, Less Liabilities — (1.1)%			$	(65,501,442	)
Net Assets — 100.0%			$	5,822,995,669

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

39 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

* In U.S. dollars unless otherwise indicated.

⁽¹⁾ Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽²⁾ The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽³⁾ Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $18,232,097.

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

⁽⁵⁾ This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽⁶⁾ Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁷⁾ Amount is less than 0.05%.

⁽⁸⁾ Fixed-rate loan.

⁽⁹⁾ Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $304,475,516 or 5.2% of the Portfolio’s net assets.

⁽¹⁰⁾ Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹¹⁾ When-issued security.

⁽¹²⁾ Affiliated company (see Note 9).

⁽¹³⁾ Non-income producing security.

⁽¹⁴⁾ Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁵⁾ 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 April 30, 2020.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	28,000,000	USD	30,610,037	HSBC Bank USA, N.A.		5/5/20	$	73,751	$	—
EUR	5,000,000	USD	5,429,925	State Street Bank and Trust Company		5/5/20		49,323		—
USD	14,646,617	EUR	13,412,734	HSBC Bank USA, N.A.		5/5/20		—		(51,722	)
USD	143,668,047	EUR	130,772,003	Standard Chartered Bank		5/5/20		361,603		—
EUR	12,000,000	USD	13,275,092	HSBC Bank USA, N.A.		5/29/20		—		(118,918	)
EUR	21,000,000	USD	23,817,549	State Street Bank and Trust Company		5/29/20		—		(794,244	)
GBP	3,400,000	USD	4,280,209	JPMorgan Chase Bank, N.A.		5/29/20		2,490		—
GBP	900,000	USD	1,118,302	State Street Bank and Trust Company		5/29/20		15,354		—
GBP	12,500,000	USD	16,148,188	State Street Bank and Trust Company		5/29/20		—		(402,972	)
USD	16,317,591	EUR	15,005,752	Citibank, N.A.		5/29/20		—		(133,933	)
USD	150,498,545	EUR	134,917,043	HSBC Bank USA, N.A.		5/29/20		2,582,533		—
USD	5,899,625	EUR	5,428,386	JPMorgan Chase Bank, N.A.		5/29/20		—		(51,775	)
USD	995,345	GBP	800,513	Citibank, N.A.		5/29/20		—		(12,995	)
USD	784,613	GBP	631,924	State Street Bank and Trust Company		5/29/20		—		(11,369	)
USD	43,642,433	GBP	35,077,593	State Street Bank and Trust Company		5/29/20		—		(541,909	)
USD	121,843,876	EUR	111,184,736	Standard Chartered Bank		6/2/20		—		(62,911	)
USD	120,670,263	EUR	111,133,764	Goldman Sachs International		7/31/20		—		(1,336,774	)
							$	3,085,054	$	(3,519,522	)

40 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

DIP	–	Debtor In Possession
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
USD	–	United States Dollar

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

41 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $6,282,222,310)	$	5,452,698,780
Affiliated investments, at value (identified cost, $408,787,500)		435,798,331
Cash		17,635,578
Deposits for derivatives collateral — forward foreign currency exchange contracts		1,610,012
Foreign currency, at value (identified cost, $6,764,880)		6,821,503
Interest receivable		17,605,675
Dividends receivable from affiliated investments		184,422
Receivable for investments sold		40,484,407
Receivable for open forward foreign currency exchange contracts		3,085,054
Other receivables		2,064,998
Prepaid expenses		1,502,984
Total assets	$	5,979,491,744
Liabilities
Cash collateral due to brokers	$	110,012
Payable for investments purchased		139,206,638
Payable for when-issued securities		8,875,000
Payable for open forward foreign currency exchange contracts		3,519,522
Payable to affiliates:
Investment adviser fee		2,413,721
Trustees’ fees		9,087
Accrued expenses		2,362,095
Total liabilities	$	156,496,075
Net Assets applicable to investors’ interest in Portfolio	$	5,822,995,669

42 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income	$	177,153,023
Dividends from affiliated investments		2,376,123
Dividends		1,559,528
Total investment income	$	181,088,674
Expenses
Investment adviser fee	$	17,907,452
Trustees’ fees and expenses		54,250
Custodian fee		934,932
Legal and accounting services		556,505
Interest expense and fees		1,962,209
Miscellaneous		235,471
Total expenses	$	21,650,819
Net investment income	$	159,437,855
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(194,958,165	)
Investment transactions — affiliated investments		(69,484	)
Foreign currency transactions		(3,608,676	)
Forward foreign currency exchange contracts		11,949,524
Net realized loss	$	(186,686,801	)
Change in unrealized appreciation (depreciation) —
Investments	$	(486,749,974	)
Investments — affiliated investments		735,060
Foreign currency		(417,073	)
Forward foreign currency exchange contracts		4,346,727
Net change in unrealized appreciation (depreciation)	$	(482,085,260	)
Net realized and unrealized loss	$	(668,772,061	)
Net decrease in net assets from operations	$	(509,334,206	)

43 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	159,437,855		$	481,946,428
Net realized loss		(186,686,801	)		(96,572,643	)
Net change in unrealized appreciation (depreciation)		(482,085,260	)		(251,472,705	)
Net increase (decrease) in net assets from operations	$	(509,334,206	)	$	133,901,080
Capital transactions —
Contributions	$	176,806,103		$	194,015,335
Withdrawals		(1,811,117,438	)		(3,870,956,892	)
Portfolio transaction fee		—			7,292,672
Net decrease in net assets from capital transactions	$	(1,634,311,335	)	$	(3,669,648,885	)
Net decrease in net assets	$	(2,143,645,541	)	$	(3,535,747,805	)
Net Assets
At beginning of period	$	7,966,641,210		$	11,502,389,015
At end of period	$	5,822,995,669		$	7,966,641,210

44 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.60	%(2)		0.55	%		0.54	%		0.56	%		0.58	%		0.55	%
Net investment income		4.44	%(2)		5.09	%		4.38	%		4.07	%		4.58	%		4.27	%
Portfolio Turnover		17	%(3)		16	%		30	%		42	%		27	%		19	%
Total Return		(6.95	)%(3)		1.64	%		5.05	%		5.69	%		7.10	%		0.56	%
Net assets, end of period (000’s omitted)	$	5,822,996		$	7,966,641		$	11,502,389		$	9,795,966		$	8,205,738		$	9,936,014

⁽¹⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾ Annualized.

⁽³⁾ Not annualized.

45 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 87.1% and 12.9%, respectively, in the Portfolio.

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

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

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.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which

46

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

J  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

47

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

K  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposed a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors during the year ended October 31, 2019. The Portfolio transaction fee was sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee was limited to amounts that had been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee was 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

L  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.575% of the Portfolio’s average daily net assets up to $1 billion, 0.525% from $1 billion up to $2 billion, 0.490% from $2 billion up to $5 billion, 0.460% from $5 billion up to $10 billion, 0.435% from $10 billion up to $15 billion, 0.415% from $15 billion up to $20 billion, 0.400% from $20 billion up to $25 billion and 0.390% of average daily net assets of $25 billion or more, and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interests in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $17,907,452 or 0.50% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $1,131,563,562 and $2,482,501,088, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	6,693,507,648
Gross unrealized appreciation	$	50,050,009
Gross unrealized depreciation		(855,495,014	)
Net unrealized depreciation	$	(805,445,005	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

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Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $3,519,522. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $1,500,000 at April 30, 2020.

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

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Forward foreign currency exchange contracts	$	3,085,054	(1)	$	(3,519,522	)(2)
Total Derivatives subject to master netting or similar agreements	$	3,085,054		$	(3,519,522	)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
HSBC Bank USA, N.A.	$	2,656,284	$	(170,640	)	$	(2,485,644	)	$	—	$	—
JPMorgan Chase Bank, N.A.		2,490		(2,490	)		—			—		—
Standard Chartered Bank		361,603		(62,911	)		—			—		298,692
State Street Bank and Trust Company		64,677		(64,677	)		—			—		—
	$	3,085,054	$	(300,718	)	$	(2,485,644	)	$	—	$	298,692

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Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Citibank, N.A.	$	(146,928	)	$	—	$	—	$	—	$	(146,928	)
Goldman Sachs International		(1,336,774	)		—		—		—		(1,336,774	)
HSBC Bank USA, N.A.		(170,640	)		170,640		—		—		—
JPMorgan Chase Bank, N.A.		(51,775	)		2,490		—		—		(49,285	)
Standard Chartered Bank		(62,911	)		62,911		—		—		—
State Street Bank and Trust Company		(1,750,494	)		64,677		—		1,500,000		(185,817	)
	$	(3,519,522	)	$	300,718	$	—	$	1,500,000	$	(1,718,804	)

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Forward foreign currency exchange contracts	$	11,949,524	$	4,346,727

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾ Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $692,156,000.

6  Credit Facility

The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $750 million ($875 million prior to March 9, 2020) unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 8, 2021. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is payable on amounts borrowed overnight at the Federal Funds rate plus a margin and for all other amounts borrowed for longer periods at a base rate or LIBOR, plus a margin. Base rate is the highest of (a) the administrative agent’s prime rate, (b) the Federal Funds Rate plus a margin and (c) the one month LIBOR rate plus a margin. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $613,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at April 30, 2020 is $1,013,621 and is included in prepaid expenses in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. Average borrowings and the average interest rate (excluding fees) for the six months ended April 30, 2020 were $34,340,659 and 4.46%, respectively.

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign

50

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

8  Credit Risk

The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

9  Investments in Affiliated Companies/Funds

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At April 30, 2020, the value of the Portfolio’s investment in affiliated companies and funds was $435,798,331, which represents 7.5% of the Portfolio’s net assets. Transactions in affiliated companies and funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated company/fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/Units, end of period
Common Stocks*
IAP Global Services, LLC(1)(2)(3)	$	28,587,401	$	—	$	—		$	—		$	606,272	$	29,193,673	$	—		2,577
Short Term Investments
Eaton Vance Cash Reserves Fund, LLC		373,400,052		1,574,626,273		(1,541,480,971	)		(69,484	)		128,788		406,604,658		2,376,123		406,604,658
Totals								$	(69,484	)	$	735,060	$	435,798,331	$	2,376,123

* The related industry is the same as the presentation in the Portfolio of Investments.

⁽¹⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽²⁾  Non-income producing security.

⁽³⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

10  Fair Value Measurements

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

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

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

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

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

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Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	5,024,872,050		$	9,037,610	$	5,033,909,660
Corporate Bonds & Notes		—		113,619,732			—		113,619,732
Asset-Backed Securities		—		198,012,677			—		198,012,677
Common Stocks		9,586,995		16,462,340			55,400,465		81,449,800
Preferred Stocks		—		—			3,218,718		3,218,718
Miscellaneous		—		418,616			—		418,616
Warrants		—		—			0		0
Exchange-Traded Funds		51,263,250		—			—		51,263,250
Short-Term Investments		—		406,604,658			—		406,604,658
Total Investments	$	60,850,245	$	5,759,990,073		$	67,656,793	$	5,888,497,111
Forward Foreign Currency Exchange Contracts	$	—	$	3,085,054		$	—	$	3,085,054
Total	$	60,850,245	$	5,763,075,127		$	67,656,793	$	5,891,582,165
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(3,519,522	)	$	—	$	(3,519,522	)
Total	$	—	$	(3,519,522	)	$	—	$	(3,519,522	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

11  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

52

Eaton Vance

Floating-Rate Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

⁽¹⁾ Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

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Eaton Vance

Floating-Rate Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating Rate Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s

54

Eaton Vance

Floating-Rate Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

55

Eaton Vance

Floating-Rate Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

56

Eaton Vance

Floating-Rate Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Floating-Rate Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Eaton Vance Floating Rate Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Floating-Rate Fund and Eaton Vance Floating Rate Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

57

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

58

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This Page Intentionally Left Blank

Investment Adviser of Eaton Vance Floating Rate Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7718    4.30.20

Eaton Vance

Floating-Rate & High Income Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Floating-Rate & High Income Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	53
Officers and Trustees	57
Important Notices	58

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Performance^1,2

Portfolio Managers Craig P. Russ, Kelley G. Baccei, Stephen C. Concannon, CFA, Andrew N. Sveen, CFA and Jeffrey D. Mueller

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Ten Years
Advisers Class at NAV		09/07/2000		09/07/2000			–7.23	%		–6.97	%		1.66	%		3.25	%
Class A at NAV		05/07/2003		09/07/2000			–7.23			–6.95			1.66			3.26
Class A with 2.25% Maximum Sales Charge		—		—			–9.31			–9.09			1.20			3.03
Class C at NAV		09/05/2000		09/05/2000			–7.59			–7.57			0.90			2.50
Class C with 1% Maximum Sales Charge		—		—			–8.50			–8.46			0.90			2.50
Class I at NAV		09/15/2000		09/15/2000			–7.11			–6.72			1.92			3.52
Class R6 at NAV		06/27/2016		09/15/2000			–7.08			–6.67			1.96			3.54
S&P/LSTA Leveraged Loan Index		—		—			–7.14	%		–6.61	%		1.85	%		3.38	%
% Total Annual Operating Expense Ratios3			Advisers Class			Class A			Class C			Class I			Class R6
				1.04	%		1.04	%		1.79	%		0.79	%		0.73	%

Fund Profile⁴

Asset Allocation (% of net assets)

Credit Quality (% of bonds, loans and asset-backed securities)⁵

* Net of unfunded loan commitments.

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

Floating-Rate & High Income Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

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

⁴  Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests. Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁵  For Eaton Vance Floating Rate Portfolio’s securities, credit ratings are categorized using S&P Global Ratings (“S&P”). For High Income Opportunities Portfolio’s securities, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable and for purposes of ratings restrictions, the average of Moody’s, S&P and Fitch is used. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

3

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Advisers Class	$	1,000.00	$	927.70	$	5.22		1.09	%
Class A	$	1,000.00	$	927.70	$	5.22		1.09	%
Class C	$	1,000.00	$	924.10	$	8.80		1.84	%
Class I	$	1,000.00	$	928.90	$	4.03		0.84	%
Class R6	$	1,000.00	$	929.20	$	3.79		0.79	%
Hypothetical
(5% return per year before expenses)
Advisers Class	$	1,000.00	$	1,019.40	$	5.47		1.09	%
Class A	$	1,000.00	$	1,019.40	$	5.47		1.09	%
Class C	$	1,000.00	$	1,015.70	$	9.22		1.84	%
Class I	$	1,000.00	$	1,020.70	$	4.22		0.84	%
Class R6	$	1,000.00	$	1,020.90	$	3.97		0.79	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolios.

4

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Eaton Vance Floating Rate Portfolio, at value (identified cost, $885,941,862)	$	753,236,433
Investment in High Income Opportunities Portfolio, at value (identified cost, $174,460,457)		149,192,405
Receivable for Fund shares sold		788,090
Total assets	$	903,216,928
Liabilities
Payable for Fund shares redeemed	$	3,374,894
Distributions payable		435,169
Payable to affiliates:
Administration fee		111,658
Distribution and service fees		81,572
Trustees’ fees		42
Accrued expenses		285,583
Total liabilities	$	4,288,918
Net Assets	$	898,928,010
Sources of Net Assets
Paid-in capital	$	1,145,277,064
Accumulated loss		(246,349,054	)
Total	$	898,928,010
Advisers Class Shares
Net Assets	$	50,276,222
Shares Outstanding		6,434,966
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	7.81
Class A Shares
Net Assets	$	160,977,287
Shares Outstanding		19,366,725
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.31
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	8.50
Class C Shares
Net Assets	$	45,942,082
Shares Outstanding		5,891,356
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	7.80
Class I Shares
Net Assets	$	562,007,925
Shares Outstanding		71,887,985
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	7.82
Class R6 Shares
Net Assets	$	79,724,494
Shares Outstanding		10,198,630
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	7.82

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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

5 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income allocated from Portfolios	$	29,198,692
Dividends allocated from Portfolios (net of foreign taxes, $17)		582,402
Expenses allocated from Portfolios		(3,392,063	)
Total investment income from Portfolios	$	26,389,031
Expenses
Administration fee	$	865,435
Distribution and service fees
Advisers Class		89,372
Class A		228,094
Class C		273,851
Trustees’ fees and expenses		250
Custodian fee		29,802
Transfer and dividend disbursing agent fees		339,119
Legal and accounting services		30,721
Printing and postage		44,113
Registration fees		84,461
Miscellaneous		10,803
Total expenses	$	1,996,021
Net investment income	$	24,393,010
Realized and Unrealized Gain (Loss) from Portfolios
Net realized gain (loss) —
Investment transactions	$	(29,355,496	)
Securities sold short		1,038
Foreign currency transactions		(485,093	)
Forward foreign currency exchange contracts		1,827,460
Net realized loss	$	(28,012,091	)
Change in unrealized appreciation (depreciation) —
Investments	$	(86,303,471	)
Securities sold short		(2,183	)
Foreign currency		(290,526	)
Forward foreign currency exchange contracts		811,497
Net change in unrealized appreciation (depreciation)	$	(85,784,683	)
Net realized and unrealized loss	$	(113,796,774	)
Net decrease in net assets from operations	$	(89,403,764	)

6 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	24,393,010		$	73,238,337
Net realized loss		(28,012,091	)		(16,621,054	)
Net change in unrealized appreciation (depreciation)		(85,784,683	)		(28,238,000	)
Net increase (decrease) in net assets from operations	$	(89,403,764	)	$	28,379,283
Distributions to shareholders —
Advisers Class	$	(1,618,832	)	$	(4,710,780	)
Class A		(4,093,255	)		(9,342,699	)
Class B		—			(12,275	)
Class C		(1,029,778	)		(3,154,072	)
Class I		(17,252,676	)		(50,112,471	)
Class R6		(2,925,760	)		(6,351,742	)
Total distributions to shareholders	$	(26,920,301	)	$	(73,684,039	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Advisers Class	$	2,682,595		$	10,051,704
Class A		15,095,173			33,288,971
Class C		3,523,342			6,606,063
Class I		173,686,896			324,119,660
Class R6		9,665,345			65,450,500
Net asset value of shares issued to shareholders in payment of distributions declared
Advisers Class		1,603,259			4,661,130
Class A		3,747,260			8,540,214
Class B		—			12,104
Class C		863,991			2,669,468
Class I		15,251,174			45,443,028
Class R6		1,546,500			2,949,790
Cost of shares redeemed
Advisers Class		(30,533,106	)		(60,453,715	)
Class A		(37,897,238	)		(70,866,062	)
Class B		—			(37,932	)
Class C		(10,570,088	)		(26,509,551	)
Class I		(361,746,568	)		(899,494,801	)
Class R6		(49,611,756	)		(60,418,360	)
Net asset value of shares converted(1)
Class A		2,319,361			42,086,018
Class B		—			(728,806	)
Class C		(2,319,361	)		(41,357,212	)
Net decrease in net assets from Fund share transactions	$	(262,693,221	)	$	(613,987,789	)
Other capital —
Portfolio transaction fee contributed to Eaton Vance Floating Rate Portfolio	$	—		$	(1,311,403	)
Portfolio transaction fee allocated from Eaton Vance Floating Rate Portfolio		—			978,282
Net decrease in net assets from other capital	$	—		$	(333,121	)
Net decrease in net assets	$	(379,017,286	)	$	(659,625,666	)
Net Assets
At beginning of period	$	1,277,945,296		$	1,937,570,962
At end of period	$	898,928,010		$	1,277,945,296

⁽¹⁾  Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.

7 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Financial Highlights

	Advisers Class
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.620		$	8.850		$	8.880		$	8.740		$	8.550		$	8.890
Income (Loss) From Operations
Net investment income(1)	$	0.171		$	0.408		$	0.364		$	0.339		$	0.362		$	0.351
Net realized and unrealized gain (loss)		(0.793	)		(0.228	)		(0.028	)		0.142			0.193			(0.335	)
Total income (loss) from operations	$	(0.622	)	$	0.180		$	0.336		$	0.481		$	0.555		$	0.016
Less Distributions
From net investment income	$	(0.188	)	$	(0.410	)	$	(0.366	)	$	(0.341	)	$	(0.365	)	$	(0.344	)
Tax return of capital		—			—			—			—			—			(0.012	)
Total distributions	$	(0.188	)	$	(0.410	)	$	(0.366	)	$	(0.341	)	$	(0.365	)	$	(0.356	)
Net asset value — End of period	$	7.810		$	8.620		$	8.850		$	8.880		$	8.740		$	8.550
Total Return(2)		(7.23	)%(3)		1.98	%		3.85	%		5.59	%		6.72	%		0.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	50,276		$	84,179		$	133,055		$	159,778		$	181,145		$	173,352
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.09	%(6)		1.04	%		1.01	%		1.03	%		1.06	%		1.07	%
Net investment income		4.08	%(6)		4.68	%		4.10	%		3.83	%		4.28	%		4.00	%
Portfolio Turnover of the Fund(7)		5	%(3)		5	%		12	%		13	%		13	%		5	%

⁽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⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

⁽⁷⁾ Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

8 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Financial Highlights — continued

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.160		$	9.410		$	9.450		$	9.300		$	9.090		$	9.460
Income (Loss) From Operations
Net investment income(1)	$	0.181		$	0.434		$	0.387		$	0.360		$	0.385		$	0.379
Net realized and unrealized gain (loss)		(0.832	)		(0.248	)		(0.037	)		0.153			0.214			(0.368	)
Total income (loss) from operations	$	(0.651	)	$	0.186		$	0.350		$	0.513		$	0.599		$	0.011
Less Distributions
From net investment income	$	(0.199	)	$	(0.436	)	$	(0.390	)	$	(0.363	)	$	(0.389	)	$	(0.368	)
Tax return of capital		—			—			—			—			—			(0.013	)
Total distributions	$	(0.199	)	$	(0.436	)	$	(0.390	)	$	(0.363	)	$	(0.389	)	$	(0.381	)
Net asset value — End of period	$	8.310		$	9.160		$	9.410		$	9.450		$	9.300		$	9.090
Total Return(2)		(7.23	)%(3)		2.04	%		3.77	%		5.60	%		6.82	%		0.10	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	160,977		$	195,385		$	186,987		$	199,714		$	305,764		$	343,734
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.09	%(6)		1.04	%		1.01	%		1.03	%		1.07	%		1.07	%
Net investment income		4.08	%(6)		4.69	%		4.10	%		3.83	%		4.29	%		4.06	%
Portfolio Turnover of the Fund(7)		5	%(3)		5	%		12	%		13	%		13	%		5	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

⁽⁷⁾ Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

9 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.600		$	8.830		$	8.860		$	8.720		$	8.530		$	8.880
Income (Loss) From Operations
Net investment income(1)	$	0.139		$	0.341		$	0.296		$	0.272		$	0.298		$	0.285
Net realized and unrealized gain (loss)		(0.783	)		(0.227	)		(0.027	)		0.142			0.193			(0.346	)
Total income (loss) from operations	$	(0.644	)	$	0.114		$	0.269		$	0.414		$	0.491		$	(0.061	)
Less Distributions
From net investment income	$	(0.156	)	$	(0.344	)	$	(0.299	)	$	(0.274	)	$	(0.301	)	$	(0.279	)
Tax return of capital		—			—			—			—			—			(0.010	)
Total distributions	$	(0.156	)	$	(0.344	)	$	(0.299	)	$	(0.274	)	$	(0.301	)	$	(0.289	)
Net asset value — End of period	$	7.800		$	8.600		$	8.830		$	8.860		$	8.720		$	8.530
Total Return(2)		(7.59	)%(3)		1.33	%		2.96	%		4.92	%		5.93	%		(0.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	45,942		$	59,716		$	121,021		$	137,536		$	158,443		$	175,558
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.84	%(6)		1.79	%		1.76	%		1.78	%		1.82	%		1.82	%
Net investment income		3.33	%(6)		3.93	%		3.35	%		3.08	%		3.54	%		3.25	%
Portfolio Turnover of the Fund(7)		5	%(3)		5	%		12	%		13	%		13	%		5	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

⁽⁷⁾ Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

10 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.620		$	8.850		$	8.890		$	8.740		$	8.550		$	8.900
Income (Loss) From Operations
Net investment income(1)	$	0.182		$	0.430		$	0.386		$	0.361		$	0.383		$	0.373
Net realized and unrealized gain (loss)		(0.783	)		(0.228	)		(0.037	)		0.153			0.194			(0.345	)
Total income (loss) from operations	$	(0.601	)	$	0.202		$	0.349		$	0.514		$	0.577		$	0.028
Less Distributions
From net investment income	$	(0.199	)	$	(0.432	)	$	(0.389	)	$	(0.364	)	$	(0.387	)	$	(0.365	)
Tax return of capital		—			—			—			—			—			(0.013	)
Total distributions	$	(0.199	)	$	(0.432	)	$	(0.389	)	$	(0.364	)	$	(0.387	)	$	(0.378	)
Net asset value — End of period	$	7.820		$	8.620		$	8.850		$	8.890		$	8.740		$	8.550
Total Return(2)		(7.11	)%(3)		2.35	%		4.00	%		5.97	%		6.99	%		0.29	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	562,008		$	808,175		$	1,369,866		$	1,280,058		$	613,984		$	750,280
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.84	%(6)		0.79	%		0.76	%		0.77	%		0.82	%		0.82	%
Net investment income		4.33	%(6)		4.94	%		4.35	%		4.08	%		4.54	%		4.25	%
Portfolio Turnover of the Fund(7)		5	%(3)		5	%		12	%		13	%		13	%		5	%

⁽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⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

⁽⁷⁾ Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

11 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	8.620		$	8.850		$	8.880		$	8.740		$	8.480
Income (Loss) From Operations
Net investment income(2)	$	0.184		$	0.435		$	0.399		$	0.366		$	0.131
Net realized and unrealized gain (loss)		(0.783	)		(0.228	)		(0.036	)		0.138			0.270
Total income (loss) from operations	$	(0.599	)	$	0.207		$	0.363		$	0.504		$	0.401
Less Distributions
From net investment income	$	(0.201	)	$	(0.437	)	$	(0.393	)	$	(0.364	)	$	(0.141	)
Total distributions	$	(0.201	)	$	(0.437	)	$	(0.393	)	$	(0.364	)	$	(0.141	)
Net asset value — End of period	$	7.820		$	8.620		$	8.850		$	8.880		$	8.740
Total Return(3)		(7.08	)%(4)		2.41	%		4.05	%		5.97	%		4.75	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	79,724		$	130,492		$	125,876		$	15,491		$	13,180
Ratios (as a percentage of average daily net assets):(5)
Expenses		0.79	%(6)		0.73	%		0.72	%		0.73	%		0.76	%(6)
Net investment income		4.39	%(6)		4.99	%		4.49	%		4.13	%		4.35	%(6)
Portfolio Turnover of the Fund(7)		5	%(4)		5	%		12	%		13	%		13	%(8)

⁽¹⁾ For the period from the commencement of operations on June 27, 2016 to October 31, 2016.

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁶⁾ Annualized.

⁽⁷⁾ Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

⁽⁸⁾ For the Fund’s year ended October 31, 2016.

12 See Notes to Financial Statements.

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Floating-Rate & High Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. The Advisers Class, Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is to provide a high level of current income. The Fund currently pursues its objective by investing all of its investable assets in interests in two portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at April 30, 2020 were as follows: Eaton Vance Floating Rate Portfolio (12.9%) and High Income Opportunities Portfolio (16.9%). The performance of the Fund is directly affected by the performance of the Portfolios. The financial statements of Eaton Vance Floating Rate Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of High Income Opportunities Portfolio’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

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

A  Investment Valuation — Valuation of securities by Eaton Vance Floating Rate Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of High Income Opportunities Portfolio.

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

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

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

13

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder,

receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $70,771,533 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The

deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $70,771,533 are long-term.

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. Pursuant to an investment advisory agreement between the Fund and EVM, the investment adviser fee is computed on investable Fund assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receives an advisory fee (“Investable Assets”) at the following annual rates: for bank loans and bank loan related Investable Assets — 0.575% up to $1 billion of the Fund’s average daily net Investable Assets and at reduced rates when average daily net Investable Assets are $1 billion or more; and for high yield bonds and other instruments that are not bank loan related — 0.30% up to $500 million of the Fund’s daily net Investable Assets, and at reduced rates on daily net Investable Assets of $500 million or more, plus 3.00% of the Fund’s daily income when daily net Investable Assets are less than $500 million, and at reduced rates when daily net Investable assets are $500 million or more. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolios’ Notes to Financial Statements. For the six months ended April 30, 2020, the Fund’s allocated portion of investment adviser fees paid by the Portfolios amounted to $2,838,690 or 0.49% (annualized) of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $865,435.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $17,287 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $1,259 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4  Distribution Plans

The Fund has in effect distribution plans for the Advisers Class shares and Class A shares (Advisers/Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Advisers/Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Advisers Class and Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $89,372 for Advisers Class shares and $228,094 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $205,388 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $68,463 for Class C shares.

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

14

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $4,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investments in the Portfolios were as follows:

Portfolio	Contributions		Withdrawals
Eaton Vance Floating Rate Portfolio	$	47,972,477	$	293,435,347
High Income Opportunities Portfolio		9,137,615		55,892,447

During the year ended October 31, 2019, a Portfolio transaction fee was imposed by Eaton Vance Floating Rate Portfolio (the Portfolio) on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1K of the Portfolio’s financial statements included herein. Such fee was allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

7  Shares of Beneficial Interest

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:

Advisers Class	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		326,365			1,154,753
Issued to shareholders electing to receive payments of distributions in Fund shares		190,807			536,505
Redemptions		(3,852,145	)		(6,963,590	)
Net decrease		(3,334,973	)		(5,272,332	)
Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,697,887			3,609,089
Issued to shareholders electing to receive payments of distributions in Fund shares		420,905			923,835
Redemptions		(4,336,069	)		(7,653,592	)
Converted from Class B shares		—			79,945
Converted from Class C shares		263,131			4,486,960
Net increase (decrease)		(1,954,146	)		1,446,237

15

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class B	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019(1)
Sales		—			—
Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,396
Redemptions		—			(4,356	)
Converted to Class A shares		—			(83,885	)
Net decrease		—			(86,845	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		430,457			762,155
Issued to shareholders electing to receive payments of distributions in Fund shares		103,270			308,162
Redemptions		(1,306,734	)		(3,059,598	)
Converted to Class A shares		(280,415	)		(4,775,942	)
Net decrease		(1,053,422	)		(6,765,223	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		20,923,826			37,307,330
Issued to shareholders electing to receive payments of distributions in Fund shares		1,816,559			5,228,689
Redemptions		(44,602,023	)		(103,586,021	)
Net decrease		(21,861,638	)		(61,050,002	)
Class R6	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,127,922			7,529,198
Issued to shareholders electing to receive payments of distributions in Fund shares		184,457			338,979
Redemptions		(6,250,785	)		(6,954,910	)
Net increase (decrease)		(4,938,406	)		913,267

⁽¹⁾   At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8  Fair Value Measurements

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

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

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

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

16

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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 April 30, 2020 and October 31, 2019, the Fund’s investment in High Income Opportunities Portfolio, whose financial statements are not included but are available elsewhere as discussed in Note 1, and in Eaton Vance Floating Rate Portfolio were valued based on Level 1 inputs.

9  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

17

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Senior Floating-Rate Loans — 86.8%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.8%
Aernnova Aerospace S.A.U.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 22, 2027	EUR		913	$	788,131
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing February 26, 2027	EUR		3,562		3,073,711
AI Convoy (Luxembourg) S.a.r.l.
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing January 17, 2027	EUR		3,650		3,835,857
Term Loan, 4.65%, (USD LIBOR + 3.50%), Maturing January 17, 2027(2)			4,225		4,019,031
Dynasty Acquisition Co., Inc.
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			4,709		4,165,868
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing April 6, 2026			8,760		7,748,515
IAP Worldwide Services, Inc.
Revolving Loan, 1.38%, (3 mo. USD LIBOR + 5.50%), Maturing July 19, 2021(3)			5,526		5,096,444
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2020(4)			6,969		5,510,526
TransDigm, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing August 22, 2024			28,747		25,320,425
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 30, 2025			6,433		5,654,352
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing December 9, 2025			34,382		30,240,452
WP CPP Holdings, LLC
Term Loan, 4.75%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing April 30, 2025(2)			9,670		7,324,906
				$	102,778,218
Automotive — 2.4%
Adient US, LLC
Term Loan, 5.52%, (3 mo. USD LIBOR + 4.00%), Maturing May 6, 2024			2,754	$	2,500,284
American Axle and Manufacturing, Inc.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 6, 2024			19,165		16,681,127
Autokiniton US Holdings, Inc.
Term Loan, 6.78%, (1 mo. USD LIBOR + 6.38%), Maturing May 22, 2025			9,309		7,447,350
Bright Bidco B.V.
Term Loan, 4.57%, (USD LIBOR + 3.50%), Maturing June 30, 2024(2)			18,107		5,665,890

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Automotive (continued)
Chassix, Inc.
Term Loan, 7.35%, (USD LIBOR + 5.50%), Maturing November 15, 2023(2)			8,925	$	6,425,694
CS Intermediate Holdco 2, LLC
Term Loan, 2.75%, (1 mo. USD LIBOR + 2.00%, Floor 0.75%), Maturing November 2, 2023			5,097		3,695,127
Dayco Products, LLC
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			11,030		8,272,674
Garrett LX III S.a.r.l.
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		4,625		4,511,246
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 3.20%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2025			8,017		7,450,799
IAA, Inc.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing June 28, 2026			6,071		5,820,631
Panther BF Aggregator 2 L.P.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			22,822		20,739,530
Tenneco, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			34,756		26,943,330
Thor Industries, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			9,618		8,852,577
TI Group Automotive Systems, LLC
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.50%, Floor 0.75%), Maturing June 30, 2022			8,659		8,074,665
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		7,664		7,705,582
Visteon Corporation
Term Loan, 2.40%, (USD LIBOR + 1.75%), Maturing March 25, 2024(2)			2,217		2,086,853
				$	142,873,359
Beverage and Tobacco — 0.3%
Arterra Wines Canada, Inc.
Term Loan, 3.80%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			1,579	$	1,526,011
Flavors Holdings, Inc.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing June 30, 2020			12,507		11,944,646

18 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Beverage and Tobacco (continued)
Flavors Holdings, Inc. (continued)
Term Loan - Second Lien, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021		3,000	$	2,730,000
			$	16,200,657
Brokerage / Securities Dealers / Investment Houses — 0.4%
Advisor Group, Inc.
Term Loan, 5.40%, (1 mo. USD LIBOR + 5.00%), Maturing July 31, 2026		11,176	$	9,310,589
Clipper Acquisitions Corp.
Term Loan, 2.73%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024		13,001		12,415,716
OZ Management L.P.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023		544		538,164
Resolute Investment Managers, Inc.
Term Loan - Second Lien, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 30, 2023		3,800		3,420,000
			$	25,684,469
Building and Development — 2.5%
ACProducts, Inc.
Term Loan, 8.19%, (3 mo. USD LIBOR + 6.50%), Maturing August 18, 2025		3,725	$	3,352,500
Advanced Drainage Systems, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing July 31, 2026		2,794		2,734,435
American Builders & Contractors Supply Co., Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2027		22,014		20,817,343
APi Group DE, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 1, 2026		13,766		13,382,654
Core & Main L.P.
Term Loan, 3.99%, (USD LIBOR + 2.75%), Maturing August 1, 2024(2)		12,644		12,006,395
CPG International, Inc.
Term Loan, 5.93%, (12 mo. USD LIBOR + 3.75%), Maturing May 5, 2024		11,649		10,658,391
Cushman & Wakefield U.S. Borrower, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 21, 2025		31,928		29,726,859
Henry Company, LLC
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing October 5, 2023		1,118		1,040,307

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
NCI Building Systems, Inc.
Term Loan, 4.58%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2025			9,653	$	8,341,486
Quikrete Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2027			8,649		8,103,001
RE/MAX International, Inc.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing December 15, 2023			17,623		16,565,512
Realogy Group, LLC
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025			5,448		4,601,665
Werner FinCo L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing July 24, 2024			8,244		7,131,328
WireCo WorldGroup, Inc.
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 30, 2023			6,808		5,156,973
				$	143,618,849
Business Equipment and Services — 6.6%
Adtalem Global Education, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			4,470	$	4,155,585
Airbnb, Inc.
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), Maturing April 17, 2025			6,450		6,587,062
AlixPartners, LLP
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing April 4, 2024	EUR		8,841		9,445,902
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing April 4, 2024			6,607		6,399,158
Allied Universal Holdco, LLC
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing July 10, 2026			5,287		4,961,049
Amentum Government Services Holdings, LLC
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing February 1, 2027			9,575		9,233,891
AppLovin Corporation
Term Loan, Maturing August 15, 2025(5)			5,375		5,146,563
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing August 15, 2025			26,963		25,800,015
ASGN Incorporated
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 2, 2025			575		564,353

19 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Belfor Holdings, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026		5,881	$	5,689,444
BidFair MergeRight, Inc.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing January 15, 2027		5,893		5,156,609
Bracket Intermediate Holding Corp.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025		9,048		8,267,599
Brand Energy & Infrastructure Services, Inc.
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.25%), Maturing June 21, 2024		5,859		4,989,568
Camelot U.S. Acquisition 1 Co.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2026		10,698		10,319,290
Ceridian HCM Holding, Inc.
Term Loan, 2.64%, (1 week USD LIBOR + 2.50%), Maturing April 30, 2025		10,269		9,742,308
CM Acquisition Co.
Term Loan, 11.45%, (3 mo. USD LIBOR + 10.00%), Maturing July 26, 2023		4,783		4,474,965
Da Vinci Purchaser Corp.
Term Loan, 5.24%, (6 mo. USD LIBOR + 4.00%), Maturing January 8, 2027		3,550		3,363,625
EAB Global, Inc.
Term Loan, 4.88%, (USD LIBOR + 3.75%, Floor 1.00%), Maturing November 15, 2024(2)		14,308		13,628,370
EIG Investors Corp.
Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023		28,522		26,454,245
Garda World Security Corporation
Term Loan, 6.39%, (3 mo. USD LIBOR + 4.75%), Maturing October 30, 2026		7,695		7,446,002
IG Investment Holdings, LLC
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing May 23, 2025		24,659		20,605,939
IRI Holdings, Inc.
Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing December 1, 2025		19,553		16,766,269
Iron Mountain, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026		8,927		8,413,500
KAR Auction Services, Inc.
Term Loan, 2.88%, (1 mo. USD LIBOR + 2.25%), Maturing September 19, 2026		3,352		3,066,980

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
Kronos Incorporated
Term Loan, 4.76%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023			60,618	$	58,685,575
KUEHG Corp.
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025			20,213		16,549,539
Term Loan - Second Lien, 9.70%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025			4,425		3,429,375
Loire Finco Luxembourg S.a.r.l.
Term Loan, Maturing January 22, 2027(5)	EUR		2,275		2,372,144
Term Loan, Maturing January 22, 2027(5)			3,075		2,905,875
Monitronics International, Inc.
Term Loan, 7.75%, (1 mo. USD LIBOR + 6.50%, Floor 1.25%), Maturing March 29, 2024			17,276		11,747,877
Outfront Media Capital, LLC
Term Loan, 2.58%, (1 mo. USD LIBOR + 1.75%), Maturing November 18, 2026			2,000		1,850,000
PGX Holdings, Inc.
Term Loan, 0.00%, Maturing September 29, 2020(6)			9,888		4,202,552
Pre-Paid Legal Services, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025			1,908		1,753,281
Prime Security Services Borrower, LLC
Term Loan, Maturing September 23, 2026(5)			1,000		957,708
Rockwood Service Corporation
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing January 23, 2027			4,300		3,956,000
Speedster Bidco GmbH
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing March 31, 2027	EUR		2,975		2,997,710
Spin Holdco, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing November 14, 2022			31,269		28,884,424
Trans Union, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing November 16, 2026			1,247		1,197,431
Vestcom Parent Holdings, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing December 19, 2023			1,886		1,726,032
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022			1,516		1,371,720
West Corporation
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024			3,881		3,028,468

20 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Business Equipment and Services (continued)
West Corporation (continued)
Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024			4,973	$	3,920,797
Zephyr Bidco Limited
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 23, 2025	EUR		4,975		4,944,148
Term Loan, 4.48%, (1 mo. GBP LIBOR + 4.25%), Maturing July 23, 2025	GBP		8,675		9,587,706
				$	386,746,653
Cable and Satellite Television — 3.5%
Altice France S.A.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			4,519	$	4,202,569
Term Loan, 4.81%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			6,471		6,041,468
Charter Communications Operating, LLC
Term Loan, 2.16%, (1 mo. USD LIBOR + 1.75%), Maturing February 1, 2027			6,790		6,555,867
CSC Holdings, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			25,933		24,921,576
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			4		4,058
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2027			8,408		8,078,413
Numericable Group S.A.
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		7,209		7,416,253
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			21,186		19,607,545
Telenet Financing USD, LLC
Term Loan, 2.81%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2028			33,825		32,319,787
Telenet International Finance S.a.r.l.
Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing April 30, 2029	EUR		5,000		5,375,531
UPC Broadband Holding B.V.
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing April 30, 2028			7,475		7,082,563
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing April 30, 2029	EUR		4,000		4,273,813
Virgin Media Bristol, LLC
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing January 31, 2028			39,275		37,248,135

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
Virgin Media SFA Finance Limited
Term Loan, 3.51%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027	GBP		8,175	$	9,764,426
Term Loan, 3.51%, (1 mo. GBP LIBOR + 3.25%), Maturing November 15, 2027	GBP		600		715,238
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing January 31, 2029	EUR		11,625		12,341,150
Ziggo B.V.
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 31, 2029	EUR		17,350		18,248,155
				$	204,196,547
Chemicals and Plastics — 3.3%
Alpha 3 B.V.
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024			3	$	2,705
Aruba Investments, Inc.
Term Loan, 4.32%, (6 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			2,764		2,680,876
Axalta Coating Systems US Holdings, Inc.
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			30,278		29,573,829
Caldic B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		500		501,694
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing July 18, 2024	EUR		2,166		2,173,727
Chemours Company (The)
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 3, 2025	EUR		2,863		2,876,871
Colouroz Investment 1 GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.00%, Floor 0.75%), Maturing September 7, 2021	EUR		1,979		1,791,628
Element Solutions, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing January 31, 2026			4,451		4,286,852
Emerald Performance Materials, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing August 1, 2021			5,169		4,901,901
Ferro Corporation
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,757		3,634,575
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			3,838		3,713,588
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			7,052		6,823,007

21 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Flint Group GmbH
Term Loan, 4.02%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing September 7, 2021(2)			2,698	$	2,198,805
Flint Group US, LLC
Term Loan, 4.02%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing September 7, 2021(2)			16,320		13,300,967
Gemini HDPE, LLC
Term Loan, 3.27%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			9,352		8,977,562
Hexion, Inc.
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing July 1, 2026	EUR		15,875		16,309,324
INEOS Enterprises Holdings II Limited
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing August 28, 2026	EUR		1,975		2,084,494
INEOS Enterprises Holdings US Finco, LLC
Term Loan, 5.11%, (3 mo. USD LIBOR + 3.50%), Maturing August 28, 2026			2,146		2,028,340
INEOS Finance PLC
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing April 1, 2024	EUR		6,389		6,764,848
Inovyn Finance PLC
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 9, 2027	EUR		3,204		3,361,773
Kraton Polymers, LLC
Term Loan, 2.75%, (1 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025	EUR		1,051		1,140,593
Messer Industries GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 1, 2026	EUR		4,275		4,544,214
PMHC II, Inc.
Term Loan, 4.50%, (12 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 31, 2025			4,116		3,416,280
PQ Corporation
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2027			17,475		16,763,318
Pregis TopCo Corporation
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing July 31, 2026			5,411		4,897,351
Rohm Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing July 31, 2026	EUR		1,600		1,453,828
Term Loan, 6.78%, (6 mo. USD LIBOR + 5.00%), Maturing July 31, 2026			3,292		2,600,466
Starfruit Finco B.V.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			9,959		9,100,332

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics (continued)
Tata Chemicals North America, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing August 7, 2020			5,654	$	5,484,014
Tronox Finance, LLC
Term Loan, 3.59%, (USD LIBOR + 2.75%), Maturing September 23, 2024(2)			12,606		11,861,950
Univar, Inc.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			12,865		12,478,604
				$	191,728,316
Clothing / Textiles — 0.0%(7)
Samsonite International S.A.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025			2,793	$	2,592,376
				$	2,592,376
Conglomerates — 0.1%
Penn Engineering & Manufacturing Corp.
Term Loan, 4.12%, (3 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			2,357	$	2,192,076
SGB-SMIT Management GmbH
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing July 18, 2024	EUR		6,720		2,761,600
				$	4,953,676
Containers and Glass Products — 2.3%
Berry Global, Inc.
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			5,860	$	5,736,804
Term Loan, 2.83%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024			7,271		7,088,863
BWAY Holding Company
Term Loan, 4.56%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			5,744		4,982,489
Flex Acquisition Company, Inc.
Term Loan, 4.43%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023			24,928		23,432,567
Term Loan, 4.68%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			11,697		10,975,503
Libbey Glass, Inc.
Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021			10,168		4,960,795
Pelican Products, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing May 1, 2025			6,951		5,786,864

22 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products (continued)
Proampac PG Borrower, LLC
Term Loan, 4.84%, (USD LIBOR + 3.50%, Floor 1.00%), Maturing November 20, 2023(2)			5,861	$	5,450,481
Reynolds Consumer Products, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 4, 2027			12,900		12,457,711
Reynolds Group Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			49,666		47,551,180
Trident TPI Holdings, Inc.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing October 17, 2024(2)			4,574		4,047,621
				$	132,470,878
Cosmetics / Toiletries — 0.4%
Kronos Acquisition Holdings, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing May 15, 2023			25,180	$	22,724,619
				$	22,724,619
Drugs — 5.2%
Aenova Holding GmbH
Term Loan, 5.00%, (6 mo. EURIBOR + 5.00%), Maturing March 6, 2025	EUR		1,825	$	1,933,262
Akorn, Inc.
Term Loan, 15.50%, (1 mo. USD LIBOR + 14.50%, Floor 1.00%), 14.75% cash, 0.75% PIK, Maturing April 16, 2021			19,134		16,327,605
Albany Molecular Research, Inc.
Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing August 30, 2024			6,226		5,734,062
Alkermes, Inc.
Term Loan, 3.01%, (1 mo. USD LIBOR + 2.25%), Maturing March 27, 2023			18,787		17,378,318
Amneal Pharmaceuticals, LLC
Term Loan, 3.94%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			25,464		22,885,609
Arbor Pharmaceuticals, Inc.
Term Loan, 6.00%, (2 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing July 5, 2023			13,080		10,965,701
Bausch Health Companies, Inc.
Term Loan, 3.72%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			56,974		55,216,851
Catalent Pharma Solutions, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 18, 2026			8,712		8,603,100

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Drugs (continued)
Elanco Animal Health, Inc.
Term Loan, Maturing February 4, 2027(5)			17,575	$	17,000,157
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.25%, Floor 0.75%), Maturing April 29, 2024			25,308		23,270,557
Grifols Worldwide Operations USA, Inc.
Term Loan, 2.14%, (1 week USD LIBOR + 2.00%), Maturing November 15, 2027			36,288		35,199,118
Horizon Therapeutics USA, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing May 22, 2026			7,802		7,652,529
Jaguar Holding Company II
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022			42,662		41,955,366
Mallinckrodt International Finance S.A.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024			33,615		23,986,911
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025			11,026		7,773,334
Nidda Healthcare Holding AG
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 21, 2026	EUR		5,475		5,666,789
				$	301,549,269
Ecological Services and Equipment — 0.4%
Advanced Disposal Services, Inc.
Term Loan, 3.00%, (1 week USD LIBOR + 2.25%, Floor 0.75%), Maturing November 10, 2023			7,473	$	7,408,001
EnergySolutions, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025			17,493		15,919,028
US Ecology Holdings, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 1, 2026			2,594		2,541,630
				$	25,868,659
Electronics / Electrical — 14.5%
Almonde, Inc.
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 13, 2024			24,668	$	21,543,529
Applied Systems, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing September 19, 2024			31,327		30,124,076
Term Loan - Second Lien, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing September 19, 2025			3,279		3,163,868

23 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Aptean, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 23, 2026			7,563	$	7,014,476
Astra Acquisition Corp.
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.50%, Floor 1.00%), Maturing March 1, 2027			5,875		5,493,125
Avast Software B.V.
Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing September 29, 2023			5,584		5,453,627
Banff Merger Sub, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			36,704		31,901,540
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		3,407		3,241,077
Buzz Merger Sub, Ltd.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing January 29, 2027			4,950		4,739,625
Castle US Holding Corporation
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing January 29, 2027			9,021		7,637,706
Celestica, Inc.
Term Loan, 2.61%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025			4,008		3,703,888
Term Loan, 2.99%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			3,319		3,111,328
Cohu, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing October 1, 2025			10,367		8,604,714
CommScope, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			20,008		19,002,853
CPI International, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 26, 2024			10,229		8,643,167
Datto, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			3,896		3,671,568
ECI Macola/Max Holdings, LLC
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			8,411		7,444,163
Electro Rent Corporation
Term Loan, 6.02%, (USD LIBOR + 5.00%, Floor 1.00%), Maturing January 31, 2024(2)			17,200		15,949,323
Entegris, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 6, 2025			2,458		2,433,544

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Epicor Software Corporation
Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			16,680	$	16,172,050
Fiserv Investment Solutions, Inc.
Term Loan, 6.44%, (3 mo. USD LIBOR + 4.75%), Maturing February 18, 2027			5,000		4,850,000
Go Daddy Operating Company, LLC
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 15, 2024			49,169		47,837,786
Hyland Software, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 1, 2024			45,662		44,046,908
Infoblox, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			17,188		16,457,102
Infor (US), Inc.
Term Loan, 3.25%, (1 mo. EURIBOR + 2.25%, Floor 1.00%), Maturing February 1, 2022	EUR		4,957		5,384,657
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 1, 2022			37,679		37,153,562
Informatica, LLC
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing February 25, 2027	EUR		2,425		2,563,317
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 25, 2027			53,775		50,750,156
Term Loan - Second Lien, 7.13%, Maturing February 25, 2025(8)			4,675		4,523,063
MA FinanceCo., LLC
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			32,990		31,794,570
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing June 21, 2024	EUR		2,500		2,586,663
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			3,744		3,489,631
MACOM Technology Solutions Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024			19,119		17,206,784
Marcel LUX IV S.a.r.l.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 15, 2026			2,220		2,120,118
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 16, 2026	EUR		2,650		2,717,660
Mirion Technologies, Inc.
Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing March 6, 2026			5,301		5,126,222
MKS Instruments, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing February 2, 2026			3,562		3,473,320

24 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
MTS Systems Corporation
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing July 5, 2023		373	$	361,419
NCR Corporation
Term Loan, 2.91%, (1 mo. USD LIBOR + 2.50%), Maturing August 28, 2026		9,229		8,813,337
Recorded Books, Inc.
Term Loan, Maturing August 29, 2025(5)		2,400		2,232,000
Renaissance Holding Corp.
Term Loan, 4.01%, (3 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		5,563		5,089,862
Term Loan - Second Lien, 7.76%, (3 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		2,175		1,866,874
Seattle Spinco, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		25,286		23,566,337
SGS Cayman L.P.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		1,111		772,243
SkillSoft Corporation
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing April 28, 2021		50,949		30,497,672
SolarWinds Holdings, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		26,878		26,183,530
Solera, LLC
Term Loan, 4.36%, (3 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		27,872		26,525,149
Sparta Systems, Inc.
Term Loan, 4.56%, (6 mo. USD LIBOR + 3.50%), Maturing August 21, 2024		3,413		2,936,883
SS&C Technologies Holdings Europe S.a.r.l.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		10,465		10,114,591
SS&C Technologies, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		2,733		2,638,996
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing April 16, 2025		14,663		14,170,393
STG-Fairway Holdings, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing January 31, 2027		3,700		3,239,813
SurveyMonkey, Inc.
Term Loan, 3.91%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		13,317		12,252,002

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Electronics / Electrical (continued)
Sutherland Global Services, Inc.
Term Loan, 6.83%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		4,773	$	3,317,519
Tibco Software, Inc.
Term Loan, 4.16%, (1 mo. USD LIBOR + 3.75%), Maturing June 30, 2026		33,166		31,272,815
Term Loan - Second Lien, 7.66%, (1 mo. USD LIBOR + 7.25%), Maturing March 3, 2028		4,900		4,581,500
TTM Technologies, Inc.
Term Loan, 3.48%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024		3,187		3,131,202
Uber Technologies, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023		18,071		17,141,644
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing April 4, 2025		30,076		28,547,333
Ultimate Software Group, Inc. (The)
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing May 4, 2026		21,031		20,163,585
Ultra Clean Holdings, Inc.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		9,530		9,053,500
Verifone Systems, Inc.
Term Loan, 5.69%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025		14,124		11,060,942
Veritas Bermuda, Ltd.
Term Loan, 5.95%, (3 mo. USD LIBOR + 4.50%), Maturing January 27, 2023		23,876		21,040,377
Vero Parent, Inc.
Term Loan, 7.86%, (3 mo. USD LIBOR + 6.25%), Maturing August 16, 2024		16,054		14,669,078
Vertiv Group Corporation
Term Loan, 3.99%, (1 mo. USD LIBOR + 3.00%), Maturing March 2, 2027		1,225		1,150,543
VS Buyer, LLC
Term Loan, 4.86%, (3 mo. USD LIBOR + 3.25%), Maturing February 28, 2027		10,425		9,929,813
Vungle, Inc.
Term Loan, 5.99%, (1 mo. USD LIBOR + 5.50%), Maturing September 30, 2026		6,468		6,144,125
Western Digital Corporation
Term Loan, 2.77%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023		2,946		2,855,997
			$	846,451,840

25 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Equipment Leasing — 0.3%
Avolon TLB Borrower 1 (US), LLC
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing January 15, 2025			21,582	$	20,433,301
				$	20,433,301
Financial Intermediaries — 3.0%
Aretec Group, Inc.
Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			16,947	$	14,164,568
Citco Funding, LLC
Term Loan, 3.57%, (6 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			28,574		27,787,985
Claros Mortgage Trust, Inc.
Term Loan, 4.11%, (1 mo. USD LIBOR + 3.25%), Maturing August 9, 2026			3,203		2,882,377
Ditech Holding Corporation
Term Loan, 0.00%, Maturing June 30, 2022(6)			34,065		13,626,184
EIG Management Company, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), Maturing February 22, 2025			2,965		2,686,578
Evergood 4 ApS
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		8,300		8,654,417
FinCo. I, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			6,919		6,707,437
Focus Financial Partners, LLC
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing July 3, 2024			6,261		5,979,094
Franklin Square Holdings L.P.
Term Loan, 2.69%, (1 mo. USD LIBOR + 2.25%), Maturing August 1, 2025			6,427		5,977,222
Greenhill & Co., Inc.
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			5,785		5,351,560
GreenSky Holdings, LLC
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			13,113		11,998,268
Guggenheim Partners, LLC
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.75%, Floor 0.75%), Maturing July 21, 2023			26,395		25,107,857
Harbourvest Partners, LLC
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing March 3, 2025			3,540		3,389,814
LPL Holdings, Inc.
Term Loan, 2.24%, (1 mo. USD LIBOR + 1.75%), Maturing November 12, 2026			16,359		15,868,230

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Nets Holding A/S
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing February 6, 2025	EUR		1,000	$	1,030,784
Starwood Property Trust, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing July 27, 2026			715		652,566
StepStone Group L.P.
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 27, 2025			6,836		6,664,612
Victory Capital Holdings, Inc.
Term Loan, 3.94%, (3 mo. USD LIBOR + 2.50%), Maturing July 1, 2026			9,803		9,429,158
Virtus Investment Partners, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing June 1, 2024			5,528		5,347,945
				$	173,306,656
Food Products — 3.7%
Alphabet Holding Company, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			31,029	$	27,977,534
Atkins Nutritionals Holdings II, Inc.
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing July 7, 2024			3,417		3,338,420
B&G Foods, Inc.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 10, 2026			2,537		2,474,347
Badger Buyer Corp.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing September 30, 2024			4,953		3,665,238
Del Monte Foods, Inc.
Term Loan, 4.86%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021			26,037		25,679,261
Froneri International, Ltd.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 29, 2027			18,425		17,169,797
Term Loan - Second Lien, Maturing January 31, 2028(5)			1,000		945,000
Hearthside Food Solutions, LLC
Term Loan, 4.09%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			10,174		9,391,462
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			5,678		5,283,024
HLF Financing S.a.r.l.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing August 18, 2025			10,838		10,223,196

26 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Jacobs Douwe Egberts International B.V.
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			26,074	$	25,574,449
JBS USA Lux S.A.
Term Loan, 3.07%, (6 mo. USD LIBOR + 2.00%), Maturing May 1, 2026			53,163		51,593,043
Nomad Foods Europe Midco Limited
Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			10,737		10,407,950
Sunshine Investments B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		10,618		11,351,698
Term Loan, 4.76%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025	GBP		2,000		2,439,230
Valeo F1 Company Limited (Ireland)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024	EUR		6,000		5,648,009
				$	213,161,658
Food Service — 1.0%
1011778 B.C. Unlimited Liability Company
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing November 19, 2026			36,982	$	34,963,707
IRB Holding Corp.
Term Loan, 3.75%, (USD LIBOR + 2.75%, Floor 1.00%), Maturing February 5, 2025(2)			15,641		13,740,213
KFC Holding Co.
Term Loan, 2.47%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			783		753,416
Restaurant Technologies, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			4,379		3,919,441
US Foods, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing June 27, 2023			5,947		5,518,592
				$	58,895,369
Food / Drug Retailers — 0.3%
Allsup’s Convenience Stores, Inc.
Term Loan, 6.88%, (1 mo. USD LIBOR + 6.25%), Maturing November 18, 2024			4,962	$	4,490,780
L1R HB Finance Limited
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		4,674		3,215,550

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Food / Drug Retailers (continued)
L1R HB Finance Limited (continued)
Term Loan, 5.77%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		9,172	$	7,277,896
				$	14,984,226
Forest Products — 0.1%
Clearwater Paper Corporation
Term Loan, 4.25%, (6 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing July 26, 2026			3,466	$	3,414,318
				$	3,414,318
Health Care — 6.5%
Alliance Healthcare Services, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing October 24, 2023			8,625	$	4,743,750
Term Loan - Second Lien, 11.00%, (1 mo. USD LIBOR + 10.00%, Floor 1.00%), Maturing April 24, 2024			5,575		2,230,000
athenahealth, Inc.
Term Loan, 5.28%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026			16,560		15,462,609
Avantor, Inc.
Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing November 21, 2024			6,364		6,284,470
BioClinica, Inc.
Term Loan, 5.25%, (1 mo. USD LIBOR + 4.25%, Floor 1.00%), Maturing October 20, 2023			10,551		9,548,457
BW NHHC Holdco, Inc.
Term Loan, 6.62%, (3 mo. USD LIBOR + 5.00%), Maturing May 15, 2025			13,076		8,151,529
CeramTec AcquiCo GmbH
Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025	EUR		9,170		9,278,457
Change Healthcare Holdings, LLC
Term Loan, 3.50%, (3 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing March 1, 2024			3,230		3,125,696
CHG Healthcare Services, Inc.
Term Loan, 4.07%, (USD LIBOR + 3.00%), Maturing June 7, 2023(2)			14,249		13,537,018
CryoLife, Inc.
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			5,450		5,204,332
Elsan SAS
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), Maturing October 31, 2024	EUR		2,500		2,689,398

27 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Ensemble RCM, LLC
Term Loan, 5.51%, (3 mo. USD LIBOR + 3.75%), Maturing August 3, 2026			5,099	$	4,916,649
Envision Healthcare Corporation
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			65,811		46,232,171
Gentiva Health Services, Inc.
Term Loan, 3.69%, (1 mo. USD LIBOR + 3.25%), Maturing July 2, 2025			24,194		22,924,151
Greatbatch Ltd.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing October 27, 2022			4,881		4,775,267
Hanger, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			11,907		10,865,138
Inovalon Holdings, Inc.
Term Loan, 3.88%, (1 mo. USD LIBOR + 3.00%), Maturing April 2, 2025			12,079		11,747,085
IQVIA, Inc.
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%, Floor 0.75%), Maturing March 7, 2024			9,993		9,658,607
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing January 17, 2025			13,607		13,151,188
Medical Solutions, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing June 14, 2024			10,716		9,966,204
Mehilainen Yhtiot Oy
Term Loan, Maturing August 9, 2025(5)	EUR		1,750		1,814,658
MPH Acquisition Holdings, LLC
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023			18,648		17,222,556
National Mentor Holdings, Inc.
Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing March 9, 2026(2)			6,643		6,344,084
Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing March 9, 2026			302		288,124
Navicure, Inc.
Term Loan, 4.40%, (1 mo. USD LIBOR + 4.00%), Maturing October 22, 2026			6,475		6,086,500
One Call Corporation
Term Loan, 6.95%, (3 mo. USD LIBOR + 5.25%), Maturing November 25, 2022			17,139		14,582,174
Ortho-Clinical Diagnostics S.A.
Term Loan, 4.27%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025			29,412		26,323,625

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Parexel International Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024			467	$	431,034
Phoenix Guarantor, Inc.
Term Loan, 4.08%, (1 mo. USD LIBOR + 3.25%), Maturing March 5, 2026			19,446		18,206,096
Radiology Partners, Inc
Term Loan, 5.67%, (USD LIBOR + 4.25%), Maturing July 9, 2025(2)			3,076		2,780,809
RadNet, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing June 30, 2023			6,691		6,251,937
Select Medical Corporation
Term Loan, 3.07%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025			27,023		25,772,794
Surgery Center Holdings, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing September 3, 2024			10,145		9,096,858
Term Loan, 9.00%, (1 mo. USD LIBOR + 8.00%, Floor 1.00%), Maturing September 3, 2024			1,800		1,809,000
Team Health Holdings, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing February 6, 2024			7,256		5,394,652
Tecomet, Inc.
Term Loan, 4.43%, (6 mo. USD LIBOR + 3.25%), Maturing May 1, 2024			4,422		4,053,768
Verscend Holding Corp.
Term Loan, 4.90%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			19,119		18,124,499
				$	379,075,344
Home Furnishings — 0.5%
Serta Simmons Bedding, LLC
Term Loan, 4.61%, (USD LIBOR + 3.50%), Maturing November 8, 2023(2)			61,020	$	26,441,949
				$	26,441,949
Industrial Equipment — 3.3%
AI Alpine AT Bidco GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing October 31, 2025	EUR		6,125	$	5,765,676
Altra Industrial Motion Corp.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025			8,328		7,921,783

28 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Apex Tool Group, LLC
Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing August 1, 2024			13,866	$	11,192,269
Carlisle Foodservice Products, Inc.
Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing March 20, 2025			3,735		3,060,541
Clark Equipment Company
Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing May 18, 2024			10,248		9,661,748
CPM Holdings, Inc.
Term Loan, Maturing November 17, 2025(5)			2,250		1,823,906
Delachaux Group S.A.
Term Loan, 5.36%, (6 mo. USD LIBOR + 4.50%), Maturing April 16, 2026			5,049		4,316,895
DexKo Global, Inc.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		2,942		2,635,690
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		7,355		6,589,259
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing July 24, 2024			8,421		7,277,554
DXP Enterprises, Inc.
Term Loan, 5.75%, (1 mo. USD LIBOR + 4.75%, Floor 1.00%), Maturing August 29, 2023			5,655		5,117,775
Dynacast International, LLC
Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			10,846		6,484,935
Engineered Machinery Holdings, Inc.
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing July 19, 2024			9,368		8,560,040
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			2,563		2,351,128
EWT Holdings III Corp.
Term Loan, 3.45%, (2 mo. USD LIBOR + 2.75%), Maturing December 20, 2024			21,262		20,624,259
Filtration Group Corporation
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			10,473		10,036,254
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		2,839		2,844,132
Gardner Denver, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			2,750		2,611,029
Gates Global, LLC
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		9,386		9,591,322
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 1, 2024			831		772,769

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Industrial Equipment (continued)
Ingersoll-Rand Services Company
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			6,800	$	6,456,811
LTI Holdings, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			5,812		4,707,315
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing July 24, 2026			2,090		1,706,426
Minimax Viking GmbH
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		1,904		2,047,038
Quimper AB
Term Loan, 4.25%, (6 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		17,725		18,300,997
Robertshaw US Holding Corp.
Term Loan, 4.25%, (USD LIBOR + 3.25%, Floor 1.00%), Maturing February 28, 2025(2)			19,243		14,210,012
Titan Acquisition Limited
Term Loan, 4.45%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			18,742		16,585,418
				$	193,252,981
Insurance — 2.4%
Alliant Holdings Intermediate, LLC
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025			2,449	$	2,303,941
Term Loan, 3.97%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			4,888		4,617,997
AmWINS Group, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing January 25, 2024			25,741		25,011,750
AssuredPartners, Inc.
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2027			1,721		1,620,027
Asurion, LLC
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			25,952		24,900,848
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024			2,211		2,123,582
Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			29,575		28,527,542
Financiere CEP S.A.S.
Term Loan, 4.00%, (2 mo. EURIBOR + 4.00%), Maturing January 16, 2025	EUR		3,725		4,044,620
Hub International Limited
Term Loan, 4.02%, (3 mo. USD LIBOR + 3.00%), Maturing April 25, 2025			19,082		18,108,485

29 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Insurance (continued)
NFP Corp.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing February 15, 2027			28,123	$	25,427,473
USI, Inc.
Term Loan, Maturing December 2, 2026(5)			2,000		1,913,750
				$	138,600,015
Leisure Goods / Activities / Movies — 4.5%
AMC Entertainment Holdings, Inc.
Term Loan, 4.08%, (6 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			7,822	$	5,797,887
Amer Sports Oyj
Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing March 30, 2026	EUR		11,925		10,184,877
Ancestry.com Operations, Inc.
Term Loan, 4.66%, (1 mo. USD LIBOR + 4.25%), Maturing August 27, 2026			33,541		29,404,546
Bombardier Recreational Products, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2027			43,333		39,470,706
Cineworld Limited
Term Loan, Maturing February 5, 2027(5)			13,000		8,173,750
ClubCorp Holdings, Inc.
Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			18,069		13,568,956
Crown Finance US, Inc.
Term Loan, 2.38%, (6 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		3,058		2,306,699
Term Loan, 3.32%, (6 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			10,387		6,855,357
Delta 2 (LUX) S.a.r.l.
Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing February 1, 2024			8,531		7,835,473
Emerald Expositions Holding, Inc.
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			16,461		12,935,886
Etraveli Holding AB
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing August 2, 2024	EUR		9,900		7,350,137
Lindblad Expeditions, Inc.
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			479		371,201
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing March 27, 2025			1,916		1,484,803
Live Nation Entertainment, Inc.
Term Loan, 2.50%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2026			22,450		21,296,456

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods / Activities / Movies (continued)
Match Group, Inc.
Term Loan, 3.46%, (3 mo. USD LIBOR + 1.75%), Maturing February 15, 2027			6,450	$	6,164,787
Motion Finco S.a.r.l.
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 4, 2026(2)			605		544,884
Term Loan, 4.32%, (USD LIBOR + 3.25%), Maturing November 13, 2026(2)			4,607		4,145,859
NASCAR Holdings, Inc.
Term Loan, 3.37%, (1 mo. USD LIBOR + 2.75%), Maturing October 19, 2026			7,289		6,827,991
Playtika Holding Corp.
Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing December 10, 2024			29,823		29,598,831
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 3.00%, Floor 0.75%), Maturing March 31, 2024			5,039		4,281,487
SRAM, LLC
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024			16,198		15,550,214
Steinway Musical Instruments, Inc.
Term Loan, 4.54%, (1 mo. USD LIBOR + 3.75%), Maturing February 14, 2025			3,539		3,311,884
Travel Leaders Group, LLC
Term Loan, 4.49%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			11,201		8,512,380
UFC Holdings, LLC
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing April 29, 2026			14,855		13,944,749
Vue International Bidco PLC
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing July 3, 2026	EUR		3,878		3,623,957
				$	263,543,757
Lodging and Casinos — 3.2%
Aristocrat Technologies, Inc.
Term Loan, 2.86%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			7,466	$	7,117,869
Azelis Finance S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing November 10, 2025	EUR		2,600		2,656,887
Boyd Gaming Corporation
Term Loan, 2.39%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			2,089		1,964,937
Churchill Downs Incorporated
Term Loan, 2.41%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024			3,421		3,253,397

30 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Lodging and Casinos (continued)
CityCenter Holdings, LLC
Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing April 18, 2024			18,841	$	16,754,410
Eldorado Resorts, LLC
Term Loan, 3.25%, (6 mo. USD LIBOR + 2.25%), Maturing April 17, 2024			2,297		2,198,895
ESH Hospitality, Inc.
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing September 18, 2026			7,560		6,976,784
Four Seasons Hotels Limited
Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			4,667		4,341,331
GBT III B.V.
Term Loan, Maturing February 26, 2027(5)			11,599		10,381,010
Term Loan, Maturing February 26, 2027(5)			13,851		12,396,740
Golden Nugget, Inc.
Term Loan, 3.46%, (USD LIBOR + 2.50%, Floor 0.75%), Maturing October 4, 2023(2)			23,388		19,170,018
Golden Nugget, LLC
Term Loan, 13.00%, (3 mo. USD LIBOR + 12.00%, Floor 1.00%), Maturing October 6, 2023			1,875		1,931,250
GVC Holdings PLC
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing March 29, 2024	EUR		21,225		22,852,368
Term Loan, 3.31%, (6 mo. USD LIBOR + 2.25%), Maturing March 29, 2024			9,378		9,018,804
Hanjin International Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			5,650		4,830,750
Playa Resorts Holding B.V.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing April 29, 2024			12,760		10,593,918
Richmond UK Bidco Limited
Term Loan, 4.98%, (6 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024	GBP		2,059		2,130,219
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		8,725		9,477,626
Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			36,223		35,860,907
				$	183,908,120
Nonferrous Metals / Minerals — 0.5%
Arconic Rolled Products Corporation
Term Loan, 3.24%, (1 mo. USD LIBOR + 2.75%), Maturing March 25, 2027			2,800	$	2,786,000

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Nonferrous Metals / Minerals (continued)
CD&R Hydra Buyer, Inc.
Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(4)(8)			627	$	473,229
Murray Energy Corporation
DIP Loan, 13.00%, (1 mo. USD LIBOR + 11.00%, Floor 2.00%), Maturing July 31, 2020			6,088		6,075,002
Term Loan, 0.00%, Maturing October 17, 2022(6)			21,871		382,736
Noranda Aluminum Acquisition Corporation
Term Loan, 0.00%, Maturing February 28, 2021(6)			2,878		201,435
Oxbow Carbon, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023			6,545		5,923,508
Rain Carbon GmbH
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		15,625		14,896,705
				$	30,738,615
Oil and Gas — 2.9%
Ameriforge Group, Inc.
Term Loan, 8.45%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			21,340	$	18,672,591
Apergy Corporation
Term Loan, 2.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025			621		559,240
Blackstone CQP Holdco L.P.
Term Loan, 4.62%, (3 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			11,372		10,532,968
Buckeye Partners L.P.
Term Loan, 3.77%, (1 mo. USD LIBOR + 2.75%), Maturing November 1, 2026			14,100		13,306,875
Centurion Pipeline Company, LLC
Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing September 29, 2025			3,185		2,810,487
CITGO Holding, Inc.
Term Loan, 8.00%, (6 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing August 1, 2023			2,562		2,171,401
CITGO Petroleum Corporation
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing July 29, 2021			15,356		14,665,219
Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing March 28, 2024			24,050		21,644,601
Delek US Holdings, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025			8,703		7,879,913
Fieldwood Energy, LLC
Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), Maturing April 11, 2022			20,306		5,177,929

31 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Matador Bidco S.a.r.l.
Term Loan, 0.50%, Maturing October 15, 2026(3)			4,000	$	3,720,000
Term Loan, 5.15%, (1 mo. USD LIBOR + 4.75%), Maturing October 15, 2026			5,925		5,510,250
McDermott Technology Americas, Inc.
DIP Loan, 10.37%, (USD LIBOR + 9.00%), Maturing October 21, 2020(2)			9,775		9,400,295
DIP Loan, 10.65%, (3 mo. USD LIBOR + 9.00%), Maturing October 21, 2020			4,427		4,257,397
DIP Loan, 0.50%, Maturing October 23, 2020(3)			9,039		8,451,811
Term Loan, 0.00%, Maturing May 9, 2025(6)			14,050		4,542,748
Prairie ECI Acquiror L.P.
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			4,275		3,105,163
Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026			9,057		6,578,886
PSC Industrial Holdings Corp.
Term Loan, 4.98%, (6 mo. USD LIBOR + 3.75%), Maturing October 11, 2024			7,933		6,465,358
RDV Resources Properties, LLC
Term Loan, 6.87%, (3 mo. USD LIBOR + 5.50%), Maturing March 29, 2024(4)			5,395		3,053,855
Sunrise Oil & Gas Properties, LLC
Term Loan, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,177		2,068,291
Term Loan - Second Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,196		1,855,929
Term Loan - Third Lien, 8.00%, (1 mo. USD LIBOR + 7.00%, Floor 1.00%), Maturing January 17, 2023			2,537		1,788,881
UGI Energy Services, LLC
Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing August 13, 2026			10,198		9,229,133
				$	167,449,221
Publishing — 0.5%
Axel Springer S.E.
Term Loan, 5.00%, (3 mo. EURIBOR + 5.00%), Maturing December 18, 2026	EUR		2,000	$	1,945,352
Getty Images, Inc.
Term Loan, 4.94%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026			11,699		9,856,116
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026	EUR		4,000		3,565,162

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Publishing (continued)
Harland Clarke Holdings Corp.
Term Loan, 6.46%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023		2,406	$	1,518,605
LSC Communications, Inc.
Term Loan, 0.00%, Maturing September 30, 2022(6)		7,775		596,048
ProQuest, LLC
Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing October 23, 2026		13,269		12,638,961
Tweddle Group, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing September 17, 2023		2,068		1,610,853
			$	31,731,097
Radio and Television — 2.4%
AP NMT Acquisition B.V.
Term Loan, 7.20%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021		3,685	$	3,605,143
Cumulus Media New Holdings, Inc.
Term Loan, 4.82%, (6 mo. USD LIBOR + 3.75%), Maturing March 31, 2026		4,002		3,476,352
Diamond Sports Group, LLC
Term Loan, 3.82%, (1 mo. USD LIBOR + 3.25%), Maturing August 24, 2026		30,522		25,046,808
Entercom Media Corp.
Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing November 18, 2024		1,690		1,497,214
Entravision Communications Corporation
Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		7,394		6,973,397
Hubbard Radio, LLC
Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing March 28, 2025		7,787		6,034,814
iHeartCommunications, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2026		4,414		3,972,544
Mission Broadcasting, Inc.
Term Loan, 3.23%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		4,276		4,042,508
Nexstar Broadcasting, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		16,620		15,713,786
Term Loan, 3.73%, (1 mo. USD LIBOR + 2.75%), Maturing September 18, 2026		5,019		4,738,187
Sinclair Television Group, Inc.
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		14,005		13,138,030

32 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Radio and Television (continued)
Sinclair Television Group, Inc. (continued)
Term Loan, 3.32%, (1 mo. USD LIBOR + 2.50%), Maturing September 30, 2026		6,393	$	5,985,329
Terrier Media Buyer, Inc.
Term Loan, 5.70%, (3 mo. USD LIBOR + 4.25%), Maturing December 17, 2026		19,295		18,008,719
Univision Communications, Inc.
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing March 15, 2024		33,286		29,500,076
			$	141,732,907
Retailers (Except Food and Drug) — 1.4%
Apro, LLC
Term Loan, 4.00%, Maturing November 14, 2026(3)		1,539	$	1,473,486
Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing November 14, 2026		5,373		5,144,308
Ascena Retail Group, Inc.
Term Loan, 5.63%, (USD LIBOR + 4.50%, Floor 0.75%), Maturing August 21, 2022(2)		15,867		3,758,606
Bass Pro Group, LLC
Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		12,383		10,364,153
BJ’s Wholesale Club, Inc.
Term Loan, 3.08%, (1 mo. USD LIBOR + 2.25%), Maturing February 3, 2024		2,470		2,411,454
Coinamatic Canada, Inc.
Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing May 14, 2022		265		240,229
David’s Bridal, Inc.
Term Loan, 7.65%, (3 mo. USD LIBOR + 6.00%), 1.00% cash, 6.65% PIK, Maturing June 30, 2023		3,995		3,291,312
Go Wireless, Inc.
Term Loan, 7.50%, (3 mo. USD LIBOR + 6.50%, Floor 1.00%), Maturing December 22, 2024		2,483		1,980,531
Hoya Midco, LLC
Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		7,068		5,124,535
J. Crew Group, Inc.
Term Loan, 4.31%, (USD LIBOR + 3.00%, Floor 1.00%), Maturing March 5, 2021(2)		25,542		13,494,599
LSF9 Atlantis Holdings, LLC
Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), Maturing May 1, 2023		11,653		9,245,014
PetSmart, Inc.
Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing March 11, 2022		16,444		15,999,857

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) (continued)
PFS Holding Corporation
Term Loan, 0.00%, Maturing January 31, 2021(6)		9,849	$	3,791,913
Pier 1 Imports (U.S.), Inc.
Term Loan, 0.00%, Maturing April 30, 2021(6)		9,332		1,224,809
Radio Systems Corporation
Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing May 2, 2024		2,630		2,537,556
			$	80,082,362
Steel — 1.0%
Atkore International, Inc.
Term Loan, 4.02%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		10,894	$	10,506,029
GrafTech Finance, Inc.
Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing February 12, 2025		20,674		18,813,454
Neenah Foundry Company
Term Loan, 7.45%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022		7,679		6,719,311
Phoenix Services International, LLC
Term Loan, 4.75%, (1 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing March 1, 2025		2,675		2,235,851
Zekelman Industries, Inc.
Term Loan, 2.82%, (1 mo. USD LIBOR + 2.25%), Maturing January 24, 2027		20,450		19,427,500
			$	57,702,145
Surface Transport — 0.2%
Agro Merchants NAI Holdings, LLC
Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024		2,774	$	2,524,461
Kenan Advantage Group, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		1,793		1,504,389
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing July 31, 2022		6,467		5,426,894
XPO Logistics, Inc.
Term Loan, 3.61%, (3 mo. USD LIBOR + 2.00%), Maturing February 24, 2025		4,275		4,157,437
			$	13,613,181
Telecommunications — 4.6%
CenturyLink, Inc.
Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing March 15, 2027		48,789	$	46,337,531

33 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Ciena Corporation
Term Loan, 2.47%, (1 mo. USD LIBOR + 1.75%), Maturing September 26, 2025			1,923	$	1,907,666
Colorado Buyer, Inc.
Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing May 1, 2024			16,320		10,375,497
Digicel International Finance Limited
Term Loan, 4.87%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			14,427		11,884,145
Gamma Infrastructure III B.V.
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		16,287		15,795,261
Global Eagle Entertainment, Inc.
Term Loan, 8.72%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023			21,266		12,147,991
Intelsat Jackson Holdings S.A.
Term Loan, 6.00%, (USD Prime + 2.75%), Maturing November 27, 2023			15,550		15,303,797
Term Loan, 6.75%, (USD Prime + 3.50%), Maturing January 2, 2024			15,794		15,675,600
IPC Corp.
Term Loan, 5.50%, (3 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing August 6, 2021			11,591		8,084,471
Level 3 Financing, Inc.
Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing March 1, 2027			1,098		1,055,315
Onvoy, LLC
Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing February 10, 2024			12,634		10,675,941
Plantronics, Inc.
Term Loan, 2.99%, (USD LIBOR + 2.50%), Maturing July 2, 2025(2)			15,316		12,674,187
SBA Senior Finance II, LLC
Term Loan, 2.16%, (1 mo. USD LIBOR + 1.75%), Maturing April 11, 2025			15,616		15,139,740
Syniverse Holdings, Inc.
Term Loan, 6.87%, (6 mo. USD LIBOR + 5.00%), Maturing March 9, 2023			11,172		7,920,948
T-Mobile USA, Inc.
Term Loan, Maturing April 1, 2027(5)			23,700		23,575,575
Telesat Canada
Term Loan, 3.16%, (1 mo. USD LIBOR + 2.75%), Maturing December 7, 2026			8,828		8,396,139
Zayo Group Holdings, Inc.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 9, 2027	EUR		3,850		4,071,355

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Ziggo Financing Partnership
Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing April 30, 2028		47,575	$	44,740,339
			$	265,761,498
Utilities — 0.8%
Brookfield WEC Holdings, Inc.
Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing August 1, 2025		10,290	$	9,795,792
Calpine Corporation
Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2024		20,878		20,261,427
Lightstone Holdco, LLC
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024		871		695,522
Term Loan, 4.75%, (3 mo. USD LIBOR + 3.75%, Floor 1.00%), Maturing January 30, 2024		15,439		12,331,608
Longview Power, LLC
Term Loan, 0.00%, Maturing April 13, 2021(6)		4,656		657,607
USIC Holdings, Inc.
Term Loan, Maturing December 8, 2023(5)		1,627		1,452,080
			$	45,194,036
Total Senior Floating-Rate Loans (identified cost $5,748,033,545)			$	5,053,461,141
Corporate Bonds & Notes — 1.9%
Security	Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.1%
TransDigm, Inc.
8.00%, 12/15/25(9)		1,500	$	1,567,500
6.25%, 3/15/26(9)		1,500		1,475,175
			$	3,042,675
Airlines — 0.1%
Delta Air Lines, Inc.
7.00%, 5/1/25(9)		4,650	$	4,770,750
			$	4,770,750

34 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Automotive — 0.1%
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.
6.25%, 5/15/26(9)			4,325	$	4,357,437
Tenneco, Inc.
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10)	EUR		6,000		4,766,946
				$	9,124,383
Building and Development — 0.0%(7)
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/28(9)			2,975	$	2,858,678
				$	2,858,678
Business Equipment and Services — 0.4%
Prime Security Services Borrower, LLC/Prime Finance, Inc.
5.25%, 4/15/24(9)			7,900	$	7,780,631
5.75%, 4/15/26(9)			15,225		15,072,750
				$	22,853,381
Chemicals and Plastics — 0.1%
Tronox, Inc.
6.50%, 5/1/25(9)(11)			7,000	$	7,043,750
				$	7,043,750
Containers and Glass Products — 0.0%(7)
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
4.719%, (3 mo. USD LIBOR + 3.50%), 7/15/21(9)(10)			650	$	643,923
				$	643,923
Diversified Financial Services — 0.1%
AG Issuer, LLC
6.25%, 3/1/28(9)			4,225	$	3,757,799
				$	3,757,799
Drugs — 0.2%
Bausch Health Companies, Inc.
5.50%, 11/1/25(9)			8,975	$	9,374,387
				$	9,374,387

Security		Principal Amount* (000’s omitted)		Value
Ecological Services and Equipment — 0.1%
GFL Environmental, Inc.
4.25%, 6/1/25(9)			5,300	$	5,339,750
				$	5,339,750
Entertainment — 0.0%(7)
Six Flags Theme Parks, Inc.
7.00%, 7/1/25(9)			2,125	$	2,209,575
				$	2,209,575
Food Products — 0.0%(7)
Iceland Bondco PLC
4.975%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10)	GBP		1,049	$	1,314,326
				$	1,314,326
Food / Drug Retailers — 0.1%
Fresh Market, Inc. (The)
9.75%, 5/1/23(9)			12,550	$	7,906,500
				$	7,906,500
Leisure Goods / Activities / Movies — 0.1%
Sabre GLBL, Inc.
9.25%, 4/15/25(9)			2,525	$	2,679,656
SeaWorld Parks & Entertainment, Inc.
8.75%, 5/1/25(9)			2,125		2,135,625
				$	4,815,281
Radio and Television — 0.2%
iHeartCommunications, Inc.
6.375%, 5/1/26			2,896	$	2,750,039
8.375%, 5/1/27			5,248		4,406,854
5.25%, 8/15/27(9)			2,125		1,906,444
4.75%, 1/15/28(9)			2,550		2,217,607
				$	11,280,944
Telecommunications — 0.2%
CenturyLink, Inc.
4.00%, 2/15/27(9)			6,750	$	6,589,688
Digicel International Finance, Ltd./ Digicel Holdings Bermuda, Ltd.
8.75%, 5/25/24(9)			6,325		5,890,156
				$	12,479,844

35 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Utilities — 0.1%
Calpine Corp.
5.25%, 6/1/26(9)		2,245	$	2,296,590
Talen Energy Supply, LLC
6.625%, 1/15/28(9)		2,645		2,507,196
			$	4,803,786
Total Corporate Bonds & Notes (identified cost $123,493,426)			$	113,619,732
Asset-Backed Securities — 3.4%
Security	Principal Amount (000’s omitted)		Value
Alinea CLO, Ltd.
Series 2018-1A, Class D, 4.235%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10)	$	2,500	$	2,068,627
Series 2018-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10)		3,000		1,970,397
AMMC CLO 15, Ltd.
Series 2014-15A, Class ERR, 8.129%, (3 mo. USD LIBOR + 6.91%), 1/15/32(9)(10)		5,000		2,875,170
AMMC CLO XII, Ltd.
Series 2013-12A, Class ER, 7.914%, (3 mo. USD LIBOR + 6.18%), 11/10/30(9)(10)		3,525		1,987,948
Apidos CLO XX
Series 2015-20A, Class DR, 6.876%, (3 mo. USD LIBOR + 5.70%), 7/16/31(9)(10)		2,375		1,665,616
Ares XL CLO, Ltd.
Series 2016-40A, Class CR, 4.619%, (3 mo. USD LIBOR + 3.40%), 1/15/29(9)(10)		2,500		2,177,357
Series 2016-40A, Class DR, 7.569%, (3 mo. USD LIBOR + 6.35%), 1/15/29(9)(10)		3,500		2,547,503
Ares XLIX CLO, Ltd.
Series 2018-49A, Class D, 4.098%, (3 mo. USD LIBOR + 3.00%), 7/22/30(9)(10)		2,500		2,101,100
Series 2018-49A, Class E, 6.798%, (3 mo. USD LIBOR + 5.70%), 7/22/30(9)(10)		3,500		2,458,487
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class C, 4.592%, (3 mo. USD LIBOR + 2.90%), 5/15/30(9)(10)		5,000		4,039,590
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,000		2,859,956
Babson CLO, Ltd.
Series 2015-1A, Class DR, 3.735%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10)		2,500		2,001,728

Security	Principal Amount (000’s omitted)		Value
Babson CLO, Ltd. (continued)
Series 2016-1A, Class DR, 4.093%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10)	$	1,250	$	1,013,211
Series 2016-1A, Class ER, 7.043%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10)		3,500		1,975,411
Series 2018-1A, Class C, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		3,500		2,774,576
Bain Capital Credit CLO
Series 2018-1A, Class D, 3.743%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10)		5,000		3,921,170
Series 2018-1A, Class E, 6.393%, (3 mo. USD LIBOR + 5.35%), 4/23/31(9)(10)		3,000		1,609,875
Benefit Street Partners CLO V-B, Ltd.
Series 2018-5BA, Class C, 4.065%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10)		5,000		3,909,425
Series 2018-5BA, Class D, 7.085%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10)		3,500		1,920,979
Benefit Street Partners CLO VIII, Ltd.
Series 2015-8A, Class DR, 6.735%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10)		5,401		2,866,321
Benefit Street Partners CLO XIV, Ltd.
Series 2018-14A, Class D, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)		1,500		1,158,264
Benefit Street Partners CLO XVI, Ltd.
Series 2018-16A, Class D, 4.835%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10)		2,000		1,662,044
Series 2018-16A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10)		2,250		1,521,630
Benefit Street Partners CLO XVII, Ltd.
Series 2019-17A, Class E, 7.819%, (3 mo. USD LIBOR + 6.60%), 7/15/32(9)(10)		1,750		1,217,536
Betony CLO 2, Ltd.
Series 2018-1A, Class C, 3.66%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10)		2,500		2,054,010
Series 2018-1A, Class D, 6.41%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10)		4,450		2,914,376
BlueMountain CLO, Ltd.
Series 2016-3A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10)		1,500		1,181,250
Series 2016-3A, Class ER, 7.642%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10)		1,500		666,375
Series 2018-1A, Class D, 3.81%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10)		2,500		1,998,763
Series 2018-1A, Class E, 6.71%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10)		2,000		1,124,304
Canyon Capital CLO, Ltd.
Series 2012-1RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)		4,875		3,298,259
Series 2016-1A, Class ER, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		4,000		2,593,924

36 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Canyon Capital CLO, Ltd. (continued)
Series 2016-2A, Class ER, 7.219%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10)	$	4,500	$	2,923,299
Series 2017-1A, Class E, 7.469%, (3 mo. USD LIBOR + 6.25%), 7/15/30(9)(10)		3,250		2,280,996
Series 2018-1A, Class D, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10)		3,000		2,450,712
Series 2018-1A, Class E, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)		2,750		1,771,754
Carlyle C17 CLO, Ltd.
Series C17A, Class CR, 3.56%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10)		5,000		4,128,330
Series C17A, Class DR, 6.76%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10)		3,500		2,008,377
Carlyle Global Market Strategies CLO, Ltd.
Series 2012-3A, Class CR2, 4.811%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10)		2,500		2,005,150
Series 2012-3A, Class DR2, 7.811%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10)		1,500		838,593
Series 2014-3RA, Class C, 3.941%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10)		1,000		790,947
Series 2014-3RA, Class D, 6.391%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10)		2,150		1,152,525
Series 2014-4RA, Class C, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10)		2,000		1,538,964
Series 2014-4RA, Class D, 6.869%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10)		3,500		1,942,175
Dryden CLO, Ltd
Series 2018-55A, Class D, 4.069%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10)		1,500		1,230,429
Series 2018-55A, Class E, 6.619%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10)		2,000		1,376,256
Dryden Senior Loan Fund
Series 2015-40A, Class DR, 4.792%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10)		3,000		2,489,823
Series 2015-41A, Class DR, 3.819%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)		5,000		3,974,900
Series 2015-41A, Class ER, 6.519%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10)		1,268		711,927
Series 2016-42A, Class DR, 4.149%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10)		2,500		2,037,870
Series 2016-42A, Class ER, 6.769%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10)		3,500		2,384,683
Galaxy XV CLO, Ltd.
Series 2013-15A, Class ER, 7.864%, (3 mo. USD LIBOR + 6.65%), 10/15/30(9)(10)		2,500		1,760,945
Galaxy XXV CLO, Ltd.
Series 2018-25A, Class D, 4.091%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10)		2,500		2,066,100

Security	Principal Amount (000’s omitted)		Value
Galaxy XXV CLO, Ltd. (continued)
Series 2018-25A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)	$	3,500	$	2,401,227
Goldentree Loan Management US CLO 5, Ltd.
Series 2019-5A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 10/20/32(9)(10)		1,500		1,287,258
Golub Capital Partners CLO 22B, Ltd.
Series 2015-22A, Class ER, 7.135%, (3 mo. USD LIBOR + 6.00%), 1/20/31(9)(10)		2,500		1,312,658
Golub Capital Partners CLO 37A, Ltd.
Series 2018-37A, Class D, 4.435%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10)		4,000		3,104,732
Series 2018-37A, Class E, 6.885%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10)		4,750		2,856,906
ICG US CLO, Ltd.
Series 2018-2A, Class D, 4.198%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10)		2,000		1,426,556
Series 2018-2A, Class E, 6.848%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10)		3,000		1,511,487
Kayne CLO 5, Ltd.
Series 2019-5A, Class E, 7.72%, (3 mo. USD LIBOR + 6.70%), 7/24/32(9)(10)		500		366,993
Madison Park Funding XXV, Ltd.
Series 2017-25A, Class D, 7.091%, (3 mo. USD LIBOR + 6.10%), 4/25/29(9)(10)		1,500		937,184
Neuberger Berman CLO XXII, Ltd.
Series 2016-22A, Class DR, 4.235%, (3 mo. USD LIBOR + 3.10%), 10/17/30(9)(10)		2,500		2,078,472
Series 2016-22A, Class ER, 7.195%, (3 mo. USD LIBOR + 6.06%), 10/17/30(9)(10)		3,000		2,109,003
Neuberger Berman Loan Advisers CLO, Ltd.
Series 2018-28A, Class E, 6.735%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10)		1,950		1,354,944
Series 2018-30A, Class D, 4.785%, (3 mo. USD LIBOR + 3.65%), 1/20/31(9)(10)		2,500		2,145,530
Series 2018-30A, Class E, 7.885%, (3 mo. USD LIBOR + 6.75%), 1/20/31(9)(10)		1,000		743,695
Oaktree CLO, Ltd.
Series 2019-3A, Class D, 5.095%, (3 mo. USD LIBOR + 3.96%), 7/20/31(9)(10)		2,625		2,212,019
OHA Credit Partners VII, Ltd.
Series 2012-7A, Class ER, 9.195%, (3 mo. USD LIBOR + 7.50%), 11/20/27(9)(10)		900		670,221
Palmer Square CLO, Ltd.
Series 2013-2A, Class CRR, 4.335%, (3 mo. USD LIBOR + 3.20%), 10/17/31(9)(10)		2,500		2,119,597
Series 2013-2A, Class DRR, 6.985%, (3 mo. USD LIBOR + 5.85%), 10/17/31(9)(10)		3,000		2,101,221

37 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Palmer Square CLO, Ltd. (continued)
Series 2018-1A, Class C, 3.635%, (3 mo. USD LIBOR + 2.50%), 4/18/31(9)(10)	$	3,000	$	2,472,933
Series 2018-1A, Class D, 6.285%, (3 mo. USD LIBOR + 5.15%), 4/18/31(9)(10)		2,000		1,367,452
Series 2018-2A, Class D, 6.776%, (3 mo. USD LIBOR + 5.60%), 7/16/31(9)(10)		2,000		1,435,392
Regatta XIII Funding, Ltd.
Series 2018-2A, Class C, 4.319%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10)		2,500		2,078,955
Series 2018-2A, Class D, 7.169%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10)		5,000		3,261,495
Regatta XIV Funding, Ltd.
Series 2018-3A, Class D, 4.191%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10)		2,500		2,086,527
Series 2018-3A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)		4,500		2,925,715
Regatta XV Funding, Ltd.
Series 2018-4A, Class D, 7.491%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10)		3,875		2,615,718
Southwick Park CLO, LLC
Series 2019-4A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 7/20/32(9)(10)		1,750		1,306,232
Upland CLO, Ltd.
Series 2016-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 4/20/31(9)(10)		4,500		3,667,612
Series 2016-1A, Class DR, 7.035%, (3 mo. USD LIBOR + 5.90%), 4/20/31(9)(10)		4,625		3,071,888
Vibrant CLO 1X, Ltd.
Series 2018-9A, Class C, 4.335%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10)		2,500		1,770,148
Series 2018-9A, Class D, 7.385%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10)		3,500		1,823,294
Vibrant CLO X, Ltd.
Series 2018-10A, Class C, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/20/31(9)(10)		5,000		3,634,920
Series 2018-10A, Class D, 7.325%, (3 mo. USD LIBOR + 6.19%), 10/20/31(9)(10)		5,000		2,622,945
Voya CLO, Ltd.
Series 2015-3A, Class CR, 4.285%, (3 mo. USD LIBOR + 3.15%), 10/20/31(9)(10)		2,500		1,994,768
Series 2015-3A, Class DR, 7.335%, (3 mo. USD LIBOR + 6.20%), 10/20/31(9)(10)		5,500		2,997,027
Series 2016-3A, Class CR, 4.385%, (3 mo. USD LIBOR + 3.25%), 10/18/31(9)(10)		2,000		1,606,356
Series 2016-3A, Class DR, 7.215%, (3 mo. USD LIBOR + 6.08%), 10/18/31(9)(10)		3,375		1,822,628
Series 2018-1A, Class C, 3.735%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10)		5,000		4,053,220

Security	Principal Amount (000’s omitted)		Value
Voya CLO, Ltd. (continued)
Series 2018-2A, Class E, 6.469%, (3 mo. USD LIBOR + 5.25%), 7/15/31(9)(10)	$	2,500	$	1,540,680
Webster Park CLO, Ltd.
Series 2015-1A, Class CR, 4.035%, (3 mo. USD LIBOR + 2.90%), 7/20/30(9)(10)		2,000		1,663,520
Series 2015-1A, Class DR, 6.635%, (3 mo. USD LIBOR + 5.50%), 7/20/30(9)(10)		2,500		1,798,968
Wind River CLO, Ltd.
Series 2013-1A, Class DR, 7.435%, (3 mo. USD LIBOR + 6.30%), 7/20/30(9)(10)		3,000		1,654,644
Total Asset-Backed Securities (identified cost $282,169,298)			$	198,012,677
Common Stocks — 1.4%
Security	Shares		Value
Aerospace and Defense — 0.5%
IAP Global Services, LLC(4)(12)(13)(14)		950	$	12,779,163
IAP Global Services, LLC(4)(12)(13)(14)		1,627		16,414,510
			$	29,193,673
Automotive — 0.0%(7)
Dayco Products, LLC(13)(14)		88,506	$	663,795
			$	663,795
Business Equipment and Services — 0.1%
Crossmark Holdings, Inc.(13)(14)		88,008	$	5,060,460
			$	5,060,460
Chemicals and Plastics — 0.1%
Hexion Holdings Corp., Class B(13)(14)		338,679	$	2,387,687
			$	2,387,687
Electronics / Electrical — 0.0%(7)
Answers Corp.(4)(14)		906,100	$	1,676,285
			$	1,676,285
Health Care — 0.0%
New Millennium Holdco, Inc.(4)(13)(14)		421,318	$	0
			$	0

38 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil and Gas — 0.4%
AFG Holdings, Inc.(4)(13)(14)		498,342	$	10,524,983
Fieldwood Energy, Inc.(13)(14)		273,160		27,316
RDV Resources, Inc., Class A(4)(13)(14)		359,500		0
Samson Resources II, LLC, Class A(14)		435,055		7,939,754
Southcross Holdings Group, LLC(4)(13)(14)		1,281		0
Southcross Holdings L.P., Class A(13)(14)		1,281		9,287
Sunrise Oil Gas, Inc., Class A(13)(14)		321,407		2,249,849
			$	20,751,189
Publishing — 0.2%
ION Media Networks, Inc.(4)(14)		28,605	$	11,801,279
Tweddle Group, Inc.(4)(13)(14)		19,500		131,430
			$	11,932,709
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(13)(14)		1,204,044	$	1,161,662
Cumulus Media, Inc., Class A(13)(14)		551,505		2,443,167
Cumulus Media, Inc., Class B(13)(14)		93,069		511,879
iHeartMedia, Inc., Class A(13)(14)		512,034		3,594,479
			$	7,711,187
Retailers (Except Food and Drug) — 0.0%(7)
David’s Bridal, LLC(4)(13)(14)		272,023	$	2,072,815
			$	2,072,815
Total Common Stocks (identified cost $94,204,118)			$	81,449,800
Preferred Stocks — 0.1%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.1%
David’s Bridal, LLC, Series A, 8.00% (PIK)(4)(13)(14)		7,852	$	628,160
David’s Bridal, LLC, Series B, 10.00% (PIK)(4)(13)(14)		31,998		2,590,558
Total Preferred Stocks (identified cost $2,590,558)			$	3,218,718
Miscellaneous — 0.0%(7)
Security	Shares		Value
Oil and Gas — 0.0%(7)
Paragon Offshore Finance Company, Class A(13)(14)		42,177	$	12,653

Security	Shares		Value
Oil and Gas (continued)
Paragon Offshore Finance Company, Class B(13)(14)		21,089	$	405,963
Total Miscellaneous (identified cost $458,685)			$	418,616
Warrants — 0.0%
Security	Shares		Value
Retailers (Except Food and Drug) — 0.0%
David’s Bridal, LLC, Exp. 11/26/22(4)(13)(14)		51,888	$	0
Total Warrants (identified cost $0)			$	0
Exchange-Traded Funds — 0.8%
Security	Shares		Value
Invesco Senior Loan ETF		1,000,000	$	20,980,000
SPDR Blackstone/GSO Senior Loan ETF		725,000		30,283,250
Total Exchange-Traded Funds (identified cost $53,169,569)			$	51,263,250
Short-Term Investments — 7.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(15)		406,604,658	$	406,604,658
Total Short-Term Investments (identified cost $406,442,092)			$	406,604,658
Total Investments — 101.4% (identified cost $6,710,561,291)			$	5,908,048,592
Less Unfunded Loan Commitments — (0.3)%			$	(19,551,481	)
Net Investments — 101.1% (identified cost $6,691,009,810)			$	5,888,497,111
Other Assets, Less Liabilities — (1.1)%			$	(65,501,442	)
Net Assets — 100.0%			$	5,822,995,669

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

39 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

* In U.S. dollars unless otherwise indicated.

⁽¹⁾ Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽²⁾ The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽³⁾ Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $18,232,097.

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

⁽⁵⁾ This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽⁶⁾ Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁷⁾ Amount is less than 0.05%.

⁽⁸⁾ Fixed-rate loan.

⁽⁹⁾ Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $304,475,516 or 5.2% of the Portfolio’s net assets.

⁽¹⁰⁾ Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹¹⁾ When-issued security.

⁽¹²⁾ Affiliated company (see Note 9).

⁽¹³⁾ Non-income producing security.

⁽¹⁴⁾ Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁵⁾ 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 April 30, 2020.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	28,000,000	USD	30,610,037	HSBC Bank USA, N.A.		5/5/20	$	73,751	$	—
EUR	5,000,000	USD	5,429,925	State Street Bank and Trust Company		5/5/20		49,323		—
USD	14,646,617	EUR	13,412,734	HSBC Bank USA, N.A.		5/5/20		—		(51,722	)
USD	143,668,047	EUR	130,772,003	Standard Chartered Bank		5/5/20		361,603		—
EUR	12,000,000	USD	13,275,092	HSBC Bank USA, N.A.		5/29/20		—		(118,918	)
EUR	21,000,000	USD	23,817,549	State Street Bank and Trust Company		5/29/20		—		(794,244	)
GBP	3,400,000	USD	4,280,209	JPMorgan Chase Bank, N.A.		5/29/20		2,490		—
GBP	900,000	USD	1,118,302	State Street Bank and Trust Company		5/29/20		15,354		—
GBP	12,500,000	USD	16,148,188	State Street Bank and Trust Company		5/29/20		—		(402,972	)
USD	16,317,591	EUR	15,005,752	Citibank, N.A.		5/29/20		—		(133,933	)
USD	150,498,545	EUR	134,917,043	HSBC Bank USA, N.A.		5/29/20		2,582,533		—
USD	5,899,625	EUR	5,428,386	JPMorgan Chase Bank, N.A.		5/29/20		—		(51,775	)
USD	995,345	GBP	800,513	Citibank, N.A.		5/29/20		—		(12,995	)
USD	784,613	GBP	631,924	State Street Bank and Trust Company		5/29/20		—		(11,369	)
USD	43,642,433	GBP	35,077,593	State Street Bank and Trust Company		5/29/20		—		(541,909	)
USD	121,843,876	EUR	111,184,736	Standard Chartered Bank		6/2/20		—		(62,911	)
USD	120,670,263	EUR	111,133,764	Goldman Sachs International		7/31/20		—		(1,336,774	)
							$	3,085,054	$	(3,519,522	)

40 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

DIP	–	Debtor In Possession
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
USD	–	United States Dollar

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

41 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $6,282,222,310)	$	5,452,698,780
Affiliated investments, at value (identified cost, $408,787,500)		435,798,331
Cash		17,635,578
Deposits for derivatives collateral — forward foreign currency exchange contracts		1,610,012
Foreign currency, at value (identified cost, $6,764,880)		6,821,503
Interest receivable		17,605,675
Dividends receivable from affiliated investments		184,422
Receivable for investments sold		40,484,407
Receivable for open forward foreign currency exchange contracts		3,085,054
Other receivables		2,064,998
Prepaid expenses		1,502,984
Total assets	$	5,979,491,744
Liabilities
Cash collateral due to brokers	$	110,012
Payable for investments purchased		139,206,638
Payable for when-issued securities		8,875,000
Payable for open forward foreign currency exchange contracts		3,519,522
Payable to affiliates:
Investment adviser fee		2,413,721
Trustees’ fees		9,087
Accrued expenses		2,362,095
Total liabilities	$	156,496,075
Net Assets applicable to investors’ interest in Portfolio	$	5,822,995,669

42 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income	$	177,153,023
Dividends from affiliated investments		2,376,123
Dividends		1,559,528
Total investment income	$	181,088,674
Expenses
Investment adviser fee	$	17,907,452
Trustees’ fees and expenses		54,250
Custodian fee		934,932
Legal and accounting services		556,505
Interest expense and fees		1,962,209
Miscellaneous		235,471
Total expenses	$	21,650,819
Net investment income	$	159,437,855
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(194,958,165	)
Investment transactions — affiliated investments		(69,484	)
Foreign currency transactions		(3,608,676	)
Forward foreign currency exchange contracts		11,949,524
Net realized loss	$	(186,686,801	)
Change in unrealized appreciation (depreciation) —
Investments	$	(486,749,974	)
Investments — affiliated investments		735,060
Foreign currency		(417,073	)
Forward foreign currency exchange contracts		4,346,727
Net change in unrealized appreciation (depreciation)	$	(482,085,260	)
Net realized and unrealized loss	$	(668,772,061	)
Net decrease in net assets from operations	$	(509,334,206	)

43 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	159,437,855		$	481,946,428
Net realized loss		(186,686,801	)		(96,572,643	)
Net change in unrealized appreciation (depreciation)		(482,085,260	)		(251,472,705	)
Net increase (decrease) in net assets from operations	$	(509,334,206	)	$	133,901,080
Capital transactions —
Contributions	$	176,806,103		$	194,015,335
Withdrawals		(1,811,117,438	)		(3,870,956,892	)
Portfolio transaction fee		—			7,292,672
Net decrease in net assets from capital transactions	$	(1,634,311,335	)	$	(3,669,648,885	)
Net decrease in net assets	$	(2,143,645,541	)	$	(3,535,747,805	)
Net Assets
At beginning of period	$	7,966,641,210		$	11,502,389,015
At end of period	$	5,822,995,669		$	7,966,641,210

44 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.60	%(2)		0.55	%		0.54	%		0.56	%		0.58	%		0.55	%
Net investment income		4.44	%(2)		5.09	%		4.38	%		4.07	%		4.58	%		4.27	%
Portfolio Turnover		17	%(3)		16	%		30	%		42	%		27	%		19	%
Total Return		(6.95	)%(3)		1.64	%		5.05	%		5.69	%		7.10	%		0.56	%
Net assets, end of period (000’s omitted)	$	5,822,996		$	7,966,641		$	11,502,389		$	9,795,966		$	8,205,738		$	9,936,014

⁽¹⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾ Annualized.

⁽³⁾ Not annualized.

45 See Notes to Financial Statements.

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 87.1% and 12.9%, respectively, in the Portfolio.

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

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

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.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which

46

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Floating Rate Portfolio

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Notes to Financial Statements (Unaudited) — continued

is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

J  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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Notes to Financial Statements (Unaudited) — continued

K  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposed a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors during the year ended October 31, 2019. The Portfolio transaction fee was sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee was limited to amounts that had been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee was 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective July 31, 2019, the Portfolio transaction fee was discontinued.

L  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.575% of the Portfolio’s average daily net assets up to $1 billion, 0.525% from $1 billion up to $2 billion, 0.490% from $2 billion up to $5 billion, 0.460% from $5 billion up to $10 billion, 0.435% from $10 billion up to $15 billion, 0.415% from $15 billion up to $20 billion, 0.400% from $20 billion up to $25 billion and 0.390% of average daily net assets of $25 billion or more, and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interests in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $17,907,452 or 0.50% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $1,131,563,562 and $2,482,501,088, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	6,693,507,648
Gross unrealized appreciation	$	50,050,009
Gross unrealized depreciation		(855,495,014	)
Net unrealized depreciation	$	(805,445,005	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

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Notes to Financial Statements (Unaudited) — continued

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $3,519,522. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $1,500,000 at April 30, 2020.

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

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Forward foreign currency exchange contracts	$	3,085,054	(1)	$	(3,519,522	)(2)
Total Derivatives subject to master netting or similar agreements	$	3,085,054		$	(3,519,522	)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
HSBC Bank USA, N.A.	$	2,656,284	$	(170,640	)	$	(2,485,644	)	$	—	$	—
JPMorgan Chase Bank, N.A.		2,490		(2,490	)		—			—		—
Standard Chartered Bank		361,603		(62,911	)		—			—		298,692
State Street Bank and Trust Company		64,677		(64,677	)		—			—		—
	$	3,085,054	$	(300,718	)	$	(2,485,644	)	$	—	$	298,692

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Notes to Financial Statements (Unaudited) — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Citibank, N.A.	$	(146,928	)	$	—	$	—	$	—	$	(146,928	)
Goldman Sachs International		(1,336,774	)		—		—		—		(1,336,774	)
HSBC Bank USA, N.A.		(170,640	)		170,640		—		—		—
JPMorgan Chase Bank, N.A.		(51,775	)		2,490		—		—		(49,285	)
Standard Chartered Bank		(62,911	)		62,911		—		—		—
State Street Bank and Trust Company		(1,750,494	)		64,677		—		1,500,000		(185,817	)
	$	(3,519,522	)	$	300,718	$	—	$	1,500,000	$	(1,718,804	)

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Forward foreign currency exchange contracts	$	11,949,524	$	4,346,727

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾ Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $692,156,000.

6  Credit Facility

The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $750 million ($875 million prior to March 9, 2020) unsecured credit facility agreement (Agreement) with a group of banks, which is in effect through March 8, 2021. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is payable on amounts borrowed overnight at the Federal Funds rate plus a margin and for all other amounts borrowed for longer periods at a base rate or LIBOR, plus a margin. Base rate is the highest of (a) the administrative agent’s prime rate, (b) the Federal Funds Rate plus a margin and (c) the one month LIBOR rate plus a margin. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $613,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at April 30, 2020 is $1,013,621 and is included in prepaid expenses in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. Average borrowings and the average interest rate (excluding fees) for the six months ended April 30, 2020 were $34,340,659 and 4.46%, respectively.

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign

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Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

8  Credit Risk

The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

9  Investments in Affiliated Companies/Funds

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At April 30, 2020, the value of the Portfolio’s investment in affiliated companies and funds was $435,798,331, which represents 7.5% of the Portfolio’s net assets. Transactions in affiliated companies and funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated company/fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/Units, end of period
Common Stocks*
IAP Global Services, LLC(1)(2)(3)	$	28,587,401	$	—	$	—		$	—		$	606,272	$	29,193,673	$	—		2,577
Short Term Investments
Eaton Vance Cash Reserves Fund, LLC		373,400,052		1,574,626,273		(1,541,480,971	)		(69,484	)		128,788		406,604,658		2,376,123		406,604,658
Totals								$	(69,484	)	$	735,060	$	435,798,331	$	2,376,123

* The related industry is the same as the presentation in the Portfolio of Investments.

⁽¹⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽²⁾  Non-income producing security.

⁽³⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

10  Fair Value Measurements

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

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

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

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

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

51

Eaton Vance

Floating Rate Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	5,024,872,050		$	9,037,610	$	5,033,909,660
Corporate Bonds & Notes		—		113,619,732			—		113,619,732
Asset-Backed Securities		—		198,012,677			—		198,012,677
Common Stocks		9,586,995		16,462,340			55,400,465		81,449,800
Preferred Stocks		—		—			3,218,718		3,218,718
Miscellaneous		—		418,616			—		418,616
Warrants		—		—			0		0
Exchange-Traded Funds		51,263,250		—			—		51,263,250
Short-Term Investments		—		406,604,658			—		406,604,658
Total Investments	$	60,850,245	$	5,759,990,073		$	67,656,793	$	5,888,497,111
Forward Foreign Currency Exchange Contracts	$	—	$	3,085,054		$	—	$	3,085,054
Total	$	60,850,245	$	5,763,075,127		$	67,656,793	$	5,891,582,165
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(3,519,522	)	$	—	$	(3,519,522	)
Total	$	—	$	(3,519,522	)	$	—	$	(3,519,522	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

11  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

52

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹ Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

53

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate & High Income Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreements between each of Eaton Vance Floating Rate Portfolio and High Income Opportunities Portfolio (the “Portfolios”), which are portfolios in which the Fund is authorized to invest, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser.

54

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolios, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolios, including recent changes to such personnel. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans and high yield debt. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel, which includes portfolio managers and analysts, who provide services to the Portfolios. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolios.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board also considered the performance of the underlying Portfolios. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

55

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

56

Eaton Vance

Floating-Rate & High Income Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Floating-Rate & High Income Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Eaton Vance Floating Rate Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Floating-Rate & High Income Fund and Eaton Vance Floating Rate Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

57

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

58

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Investment Adviser of Eaton Vance Floating Rate Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Floating-Rate & High Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7716    4.30.20

Eaton Vance

Global Income Builder Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Global Income Builder Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	43
Officers and Trustees	47
Important Notices	48

Eaton Vance

Global Income Builder Fund

April 30, 2020

Performance^1,2

Portfolio Managers Christopher M. Dyer, CFA and Jeffrey D. Mueller, of Eaton Vance Advisers International Ltd.; Michael A. Allison, CFA and John H. Croft, CFA, of Boston Management and Research

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		11/30/2005		11/30/2005		–8.43	%		–5.44	%		3.02	%		5.71	%
Class A with 5.75% Maximum Sales Charge		—		—		–13.68			–10.84			1.82			5.09
Class C at NAV		11/30/2005		11/30/2005		–8.75			–6.09			2.26			4.93
Class C with 1% Maximum Sales Charge		—		—		–9.65			–7.00			2.26			4.93
Class I at NAV		01/31/2006		11/30/2005		–8.21			–5.19			3.32			6.00
Class R at NAV		01/31/2006		11/30/2005		–8.47			–5.59			2.75			5.46
MSCI World Index		—		—		–7.29	%		–4.00	%		4.92	%		7.67	%
ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index		—		—		–8.06			–5.91			2.76			5.17
Blended Index		—		—		–7.46			–4.52			4.25			6.89
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I			Class R
Gross						1.21	%		1.97	%		0.96	%		1.46	%
Net						1.17			1.92			0.92			1.42

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

Global Income Builder Fund

April 30, 2020

Fund Profile⁴

Country Allocation (% of net assets)

Asset Allocation (% of net assets)⁶

Top 10 Holdings (% of net assets)⁵

Amazon.com, Inc.	2.1	%
Alphabet, Inc., Class C	2.0
Microsoft Corp.	1.9
Apple, Inc.	1.3
Sanofi	1.0
Nestle S.A.	0.9
Facebook, Inc., Class A	0.8
Keyence Corp.	0.8
Visa, Inc., Class A	0.7
E.ON SE	0.7
Total	12.2	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Global Income Builder Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market below investment grade corporate bonds. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 65% MSCI World Index and 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Effective December 7, 2015, the Fund changed its principal investment strategies to invest in common stocks, preferred stocks and other hybrid securities and income instruments of U.S. and foreign issuers. As of such date, the Fund was no longer required to invest at least 80% of its net assets in dividend-paying common and preferred stocks. Performance prior to December 7, 2015 reflects the Fund’s performance under its former principal investment strategies.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with substantially the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁵  Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

4

Eaton Vance

Global Income Builder Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	915.70	$	5.57	**		1.17	%
Class C	$	1,000.00	$	912.50	$	9.13	**		1.92	%
Class I	$	1,000.00	$	917.90	$	4.39	**		0.92	%
Class R	$	1,000.00	$	915.30	$	6.76	**		1.42	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.00	$	5.87	**		1.17	%
Class C	$	1,000.00	$	1,015.30	$	9.62	**		1.92	%
Class I	$	1,000.00	$	1,020.30	$	4.62	**		0.92	%
Class R	$	1,000.00	$	1,017.80	$	7.12	**		1.42	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

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

5

Eaton Vance

Global Income Builder Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Global Income Builder Portfolio, at value (identified cost, $249,387,197)	$	252,648,690
Receivable for Fund shares sold		110,254
Total assets	$	252,758,944
Liabilities
Payable for Fund shares redeemed	$	468,357
Payable to affiliates:
Administration fee		29,890
Distribution and service fees		57,206
Trustees’ fees		42
Other		13,786
Accrued expenses		96,216
Total liabilities	$	665,497
Net Assets	$	252,093,447
Sources of Net Assets
Paid-in capital	$	260,346,956
Accumulated loss		(8,253,509	)
Total	$	252,093,447
Class A Shares
Net Assets	$	112,643,900
Shares Outstanding		13,610,051
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.28
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	8.79
Class C Shares
Net Assets	$	43,292,609
Shares Outstanding		5,290,593
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.18
Class I Shares
Net Assets	$	95,573,780
Shares Outstanding		11,565,487
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.26
Class R Shares
Net Assets	$	583,158
Shares Outstanding		70,655
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.25

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

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

6 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest allocated from Portfolio (net of foreign taxes, $1,079)	$	3,343,636
Dividends allocated from Portfolio (net of foreign taxes, $418,631)		3,278,012
Interest income		132,000
Expenses allocated from Portfolio		(943,893	)
Total investment income	$	5,809,755
Expenses
Administration fee	$	212,386
Distribution and service fees
Class A		157,303
Class C		256,841
Class R		1,556
Trustees’ fees and expenses		250
Custodian fee		14,591
Transfer and dividend disbursing agent fees		95,554
Legal and accounting services		16,448
Printing and postage		19,442
Registration fees		44,729
Miscellaneous		15,305
Total expenses	$	834,405
Deduct —
Allocation of expenses to affiliates	$	58,128
Total expense reductions	$	58,128
Net expenses	$	776,277
Net investment income	$	5,033,478
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(9,415,173	)
Financial futures contracts		1,684,291
Foreign currency transactions		(96,873	)
Net realized loss	$	(7,827,755	)
Change in unrealized appreciation (depreciation) —
Investments	$	(22,464,611	)
Financial futures contracts		425,671
Foreign currency		(10,722	)
Forward foreign currency exchange contracts		869
Net change in unrealized appreciation (depreciation)	$	(22,048,793	)
Net realized and unrealized loss	$	(29,876,548	)
Net decrease in net assets from operations	$	(24,843,070	)

7 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	5,033,478		$	12,276,131
Net realized loss		(7,827,755	)		(6,846,530	)
Net change in unrealized appreciation (depreciation)		(22,048,793	)		24,797,789
Net increase (decrease) in net assets from operations	$	(24,843,070	)	$	30,227,390
Distributions to shareholders:
Class A	$	(2,262,740	)	$	(4,576,504	)
Class C		(739,761	)		(2,001,405	)
Class I		(2,040,640	)		(4,229,778	)
Class R		(10,450	)		(20,445	)
Total distributions to shareholders	$	(5,053,591	)	$	(10,828,132	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,170,659		$	9,675,393
Class C		1,021,024			5,014,788
Class I		16,587,690			20,998,649
Class R		38,161			446,398
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,105,372			4,273,857
Class C		700,603			1,905,653
Class I		1,812,920			3,649,499
Class R		10,450			20,445
Cost of shares redeemed
Class A		(16,136,556	)		(29,687,852	)
Class C		(6,128,235	)		(20,039,065	)
Class I		(18,499,446	)		(36,436,596	)
Class R		(28,668	)		(384,540	)
Net asset value of shares converted
Class A		3,409,945			22,094,077
Class C		(3,409,945	)		(22,094,077	)
Net decrease in net assets from Fund share transactions	$	(13,346,026	)	$	(40,563,371	)
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(107,153	)	$	(212,786	)
Portfolio transaction fee allocated from Portfolio		105,728			211,160
Net decrease in net assets from other capital	$	(1,425	)	$	(1,626	)
Net decrease in net assets	$	(43,244,112	)	$	(21,165,739	)
Net Assets
At beginning of period	$	295,337,559		$	316,503,298
At end of period	$	252,093,447		$	295,337,559

8 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.210		$	8.620		$	9.060		$	8.130		$	8.420		$	8.470
Income (Loss) From Operations
Net investment income(1)	$	0.162		$	0.372		$	0.267		$	0.357		$	0.293	(2)	$	0.291
Net realized and unrealized gain (loss)		(0.930	)		0.542			(0.383	)		0.897			(0.259	)		0.004
Total income (loss) from operations	$	(0.768	)	$	0.914		$	(0.116	)	$	1.254		$	0.034		$	0.295
Less Distributions
From net investment income	$	(0.162	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.345	)
Total distributions	$	(0.162	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.324	)	$	(0.345	)
Portfolio transaction fee, net(1)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	—
Net asset value — End of period	$	8.280		$	9.210		$	8.620		$	9.060		$	8.130		$	8.420
Total Return(4)(5)		(8.43	)%(6)		10.97	%		(1.52	)%		15.72	%		0.45	%		3.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	112,644		$	131,104		$	115,974		$	137,914		$	166,221		$	192,076
Ratios (as a percentage of average daily net assets):(7)
Expenses(5)(8)		1.17	%(9)		1.24	%		1.28	%		1.29	%		1.30	%		1.25	%
Net investment income		3.61	%(9)		4.22	%		2.94	%		4.16	%		3.59	%(2)		3.44	%
Portfolio Turnover of the Portfolio(10)		56	%(6)		86	%		102	%		143	%		66	%(6)		—
Portfolio Turnover of the Fund		—			—			—			—			72	%(6)(11)		135	%

  ⁽¹⁾ Computed using average shares outstanding.

  ⁽²⁾ Net investment income per share includes special dividends which amounted to $0.051 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.96% for the year ended October 31, 2016.

  ⁽³⁾ Amount is less than $(0.0005).

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.04% and 0.02% of average daily net assets for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁸⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁹⁾ Annualized.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.

9 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.110		$	8.530		$	8.960		$	8.050		$	8.340		$	8.400
Income (Loss) From Operations
Net investment income(1)	$	0.125		$	0.292		$	0.198		$	0.295		$	0.229	(2)	$	0.226
Net realized and unrealized gain (loss)		(0.926	)		0.546			(0.371	)		0.875			(0.256	)		(0.003	)
Total income (loss) from operations	$	(0.801	)	$	0.838		$	(0.173	)	$	1.170		$	(0.027	)	$	0.223
Less Distributions
From net investment income	$	(0.129	)	$	(0.258	)	$	(0.257	)	$	(0.260	)	$	(0.263	)	$	(0.283	)
Total distributions	$	(0.129	)	$	(0.258	)	$	(0.257	)	$	(0.260	)	$	(0.263	)	$	(0.283	)
Portfolio transaction fee, net(1)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	—
Net asset value — End of period	$	8.180		$	9.110		$	8.530		$	8.960		$	8.050		$	8.340
Total Return(4)(5)		(8.75	)%(6)		10.13	%		(2.16	)%		14.76	%		(0.30	)%		2.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	43,293		$	56,314		$	87,821		$	110,594		$	125,354		$	141,117
Ratios (as a percentage of average daily net assets):(7)
Expenses(5)(8)		1.92	%(9)		2.00	%		2.03	%		2.04	%		2.05	%		2.00	%
Net investment income		2.80	%(9)		3.36	%		2.20	%		3.46	%		2.84	%(2)		2.70	%
Portfolio Turnover of the Portfolio(10)		56	%(6)		86	%		102	%		143	%		66	%(6)		—
Portfolio Turnover of the Fund		—			—			—			—			72	%(6)(11)		135	%

  ⁽¹⁾ Computed using average shares outstanding.

  ⁽²⁾ Net investment income per share includes special dividends which amounted to $0.051 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.21% for the year ended October 31, 2016.

  ⁽³⁾ Amount is less than $(0.0005).

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.04% and 0.02% of average daily net assets for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁸⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁹⁾ Annualized.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.

10 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.190		$	8.610		$	9.040		$	8.130		$	8.410		$	8.460
Income (Loss) From Operations
Net investment income(1)	$	0.173		$	0.386		$	0.287		$	0.398		$	0.326	(2)	$	0.307
Net realized and unrealized gain (loss)		(0.929	)		0.542			(0.369	)		0.859			(0.258	)		0.004
Total income (loss) from operations	$	(0.756	)	$	0.928		$	(0.082	)	$	1.257		$	0.068		$	0.311
Less Distributions
From net investment income	$	(0.174	)	$	(0.348	)	$	(0.348	)	$	(0.347	)	$	(0.348	)	$	(0.361	)
Total distributions	$	(0.174	)	$	(0.348	)	$	(0.348	)	$	(0.347	)	$	(0.348	)	$	(0.361	)
Portfolio transaction fee, net(1)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	—
Net asset value — End of period	$	8.260		$	9.190		$	8.610		$	9.040		$	8.130		$	8.410
Total Return(4)(5)		(8.21	)%(6)		11.17	%		(1.26	)%		15.90	%		0.87	%		3.74	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	95,574		$	107,290		$	112,202		$	108,772		$	69,113		$	69,610
Ratios (as a percentage of average daily net assets):(7)
Expenses(5)(8)		0.92	%(9)		0.99	%		1.02	%		1.04	%		1.05	%		1.01	%
Net investment income		3.86	%(9)		4.39	%		3.17	%		4.61	%		4.00	%(2)		3.63	%
Portfolio Turnover of the Portfolio(10)		56	%(6)		86	%		102	%		143	%		66	%(6)		—
Portfolio Turnover of the Fund		—			—			—			—			72	%(6)(11)		135	%

  ⁽¹⁾ Computed using average shares outstanding.

  ⁽²⁾ Net investment income per share includes special dividends which amounted to $0.050 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 3.39% for the year ended October 31, 2016.

  ⁽³⁾ Amount is less than $(0.0005).

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

  ⁽⁵⁾ The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.04% and 0.02% of average daily net assets for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁸⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁹⁾ Annualized.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.

11 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Financial Highlights — continued

	Class R
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.180		$	8.600		$	9.030		$	8.110		$	8.400		$	8.460
Income (Loss) From Operations
Net investment income(1)	$	0.152		$	0.345		$	0.243		$	0.331		$	0.274	(2)	$	0.282
Net realized and unrealized gain (loss)		(0.932	)		0.536			(0.373	)		0.890			(0.262	)		(0.011	)
Total income (loss) from operations	$	(0.780	)	$	0.881		$	(0.130	)	$	1.221		$	0.012		$	0.271
Less Distributions
From net investment income	$	(0.150	)	$	(0.301	)	$	(0.300	)	$	(0.301	)	$	(0.302	)	$	(0.331	)
Total distributions	$	(0.150	)	$	(0.301	)	$	(0.300	)	$	(0.301	)	$	(0.302	)	$	(0.331	)
Portfolio transaction fee, net(1)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	(0.000	)(3)	$	—
Net asset value — End of period	$	8.250		$	9.180		$	8.600		$	9.030		$	8.110		$	8.400
Total Return(4)(5)		(8.47	)%(6)		10.59	%		(1.78	)%		15.45	%		0.18	%		3.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	583		$	629		$	506		$	503		$	765		$	767
Ratios (as a percentage of average daily net assets):(7)
Expenses(5)(8)		1.42	%(9)		1.49	%		1.52	%		1.54	%		1.55	%		1.50	%
Net investment income		3.39	%(9)		3.92	%		2.69	%		3.84	%		3.37	%(2)		3.34	%
Portfolio Turnover of the Portfolio(10)		56	%(6)		86	%		102	%		143	%		66	%(6)		—
Portfolio Turnover of the Fund		—			—			—			—			72	%(6)(11)		135	%

  ⁽¹⁾ Computed using average shares outstanding.

  ⁽²⁾ Net investment income per share includes special dividends which amounted to $0.049 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.77% for the year ended October 31, 2016.

  ⁽³⁾ Amount is less than $(0.0005).

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

  ⁽⁵⁾ The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.04% and 0.02% of average daily net assets for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁸⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁹⁾ Annualized.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from November 1, 2015 through March 27, 2016 when the Fund was making investments directly in securities.

12 See Notes to Financial Statements.

Eaton Vance

Global Income Builder Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Global Income Builder Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. Effective March 28, 2016, the Fund began investing all of its investable assets in interests in Global Income Builder Portfolio (the Portfolio), a Massachusetts business trust, having substantially the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (97.9% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund. 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. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

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

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

13

Eaton Vance

Global Income Builder Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

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

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $6,339,443 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $6,339,443 are short-term.

3  Investment Adviser Fee and Other Transactions with Affiliates

Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Fund and Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), the Fund pays BMR a fee computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which BMR or its affiliates serve as investment adviser and receive an advisory fee (“Direct Assets”) up to $500 million and is payable monthly. On Direct Assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of BMR or the Fund and by the vote of a majority of the holders of interest in the Fund.

Pursuant to the investment sub-advisory agreement and subsequent fee reduction agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Direct Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged BMR to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $212,386. BMR, EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.17%, 1.92%, 0.92% and 1.42% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, BMR, EVM and EVAIL were allocated $58,128 in total of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $7,148 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $9,598 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $157,303 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $192,631 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25%

14

Eaton Vance

Global Income Builder Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

per annum of the average daily net assets attributable to Class R shares. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $778 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $64,210 and $778 for Class C and Class R shares, respectively.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $5,000 and $300 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $7,853,049 and $26,735,033, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1L of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		614,506			1,106,470
Issued to shareholders electing to receive payments of distributions in Fund shares		239,391			484,842
Redemptions		(1,857,512	)		(3,385,702	)
Converted from Class C shares		378,244			2,575,582
Net increase (decrease)		(625,371	)		781,192
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		115,431			569,930
Issued to shareholders electing to receive payments of distributions in Fund shares		80,488			220,060
Redemptions		(705,609	)		(2,303,170	)
Converted to Class A shares		(382,423	)		(2,602,106	)
Net decrease		(892,113	)		(4,115,286	)

15

Eaton Vance

Global Income Builder Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,908,308			2,366,102
Issued to shareholders electing to receive payments of distributions in Fund shares		206,539			415,571
Redemptions		(2,218,530	)		(4,149,865	)
Net decrease		(103,683	)		(1,368,192	)
Class R	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		4,422			51,103
Issued to shareholders electing to receive payments of distributions in Fund shares		1,195			2,327
Redemptions		(3,482	)		(43,753	)
Net increase		2,135			9,677

16

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks— 56.4%
Security	Shares		Value
Auto Components — 0.1%
Nokian Renkaat Oyj		11,952	$	253,924
			$	253,924
Banks — 2.7%
Banco Bilbao Vizcaya Argentaria S.A.		459,954	$	1,503,488
Banco Santander S.A.		314,157		701,948
CaixaBank S.A.		683,638		1,229,950
Canadian Imperial Bank of Commerce		15,993		947,665
Citigroup, Inc.		26,421		1,283,004
ING Groep NV		102,837		576,174
KeyCorp		60,260		702,029
			$	6,944,258
Beverages — 0.8%
Coca-Cola Co. (The)		23,618	$	1,083,830
Diageo PLC		29,345		1,010,344
			$	2,094,174
Biotechnology — 0.4%
CSL, Ltd.		5,482	$	1,092,712
			$	1,092,712
Building Products — 0.6%
Assa Abloy AB, Class B		55,642	$	996,099
Geberit AG		1,148		513,389
			$	1,509,488
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The)		27,163	$	1,019,699
Credit Suisse Group AG		68,614		626,490
Morgan Stanley		29,471		1,162,042
St. James’s Place PLC		101,926		1,085,326
Standard Life Aberdeen PLC		46,712		129,376
UBS Group AG		124,557		1,333,693
			$	5,356,626
Chemicals — 1.7%
Akzo Nobel NV		9,426	$	715,337
BASF SE		35,418		1,812,568
Chr. Hansen Holding A/S		11,127		959,411
Sika AG		4,988		825,061
			$	4,312,377

Security	Shares		Value
Construction & Engineering — 0.0%(1)
Abengoa S.A., Class A(2)		36,194	$	575
Abengoa S.A., Class B(2)		374,261		2,780
			$	3,355
Construction Materials — 0.3%
CRH PLC		29,759	$	902,846
			$	902,846
Consumer Finance — 0.7%
Capital One Financial Corp.		10,222	$	661,977
Cembra Money Bank AG		7,388		702,361
OneMain Holdings, Inc.		23,577		570,799
			$	1,935,137
Diversified Financial Services — 1.0%
Berkshire Hathaway, Inc., Class B(2)		8,161	$	1,529,045
ORIX Corp.		98,303		1,156,779
			$	2,685,824
Diversified Telecommunication Services — 1.7%
Elisa Oyj		4,387	$	266,590
Koninklijke KPN NV		708,856		1,632,737
Proximus SADP		38,383		819,225
Sunrise Communications Group AG(3)		7,955		637,208
Swisscom AG		1,942		1,009,047
Telia Co. AB		36,089		125,480
			$	4,490,287
Electric Utilities — 1.1%
Fortum Oyj		48,233	$	799,228
Iberdrola S.A.		90,409		899,368
NextEra Energy, Inc.		4,658		1,076,557
			$	2,775,153
Electrical Equipment — 1.0%
ABB, Ltd.		10,950	$	207,856
Melrose Industries PLC		725,909		907,315
Schneider Electric SE		16,160		1,493,384
			$	2,608,555
Electronic Equipment, Instruments & Components — 1.5%
CDW Corp.		6,227	$	689,952
Halma PLC		22,132		581,859

17 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Keyence Corp.		5,524	$	1,972,134
Murata Manufacturing Co., Ltd.		12,242		689,799
			$	3,933,744
Entertainment — 1.6%
Nintendo Co., Ltd.		2,061	$	851,036
Vivendi S.A.		78,883		1,704,910
Walt Disney Co. (The)		14,591		1,578,017
			$	4,133,963
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.		4,616	$	1,098,608
Equity Residential		7,955		517,552
Simon Property Group, Inc.		5,359		357,821
			$	1,973,981
Food & Staples Retailing — 0.8%
Kesko Oyj, Class B		35,564	$	579,483
Koninklijke Ahold Delhaize NV		55,962		1,358,776
			$	1,938,259
Food Products — 2.1%
Mondelez International, Inc., Class A		30,584	$	1,573,241
Nestle S.A.		21,186		2,243,810
Orkla ASA		188,463		1,702,363
			$	5,519,414
Health Care Equipment & Supplies — 1.5%
Boston Scientific Corp.(2)		37,578	$	1,408,424
Intuitive Surgical, Inc.(2)		3,009		1,537,238
Straumann Holding AG		1,237		941,143
			$	3,886,805
Health Care Providers & Services — 0.5%
Anthem, Inc.		4,245	$	1,191,699
			$	1,191,699
Hotels, Restaurants & Leisure — 0.5%
Compass Group PLC		72,871	$	1,226,230
			$	1,226,230
Industrial Conglomerates — 0.7%
DCC PLC		24,853	$	1,767,268
			$	1,767,268

Security	Shares		Value
Insurance — 3.6%
AIA Group, Ltd.(3)		140,924	$	1,293,367
American International Group, Inc.		15,332		389,893
Aviva PLC		211,399		639,297
Baloise Holding AG		6,294		941,692
Helvetia Holding AG		9,972		909,003
Muenchener Rueckversicherungs-Gesellschaft AG		4,701		1,029,633
Progressive Corp. (The)		9,274		716,880
Swiss Life Holding AG		2,975		1,055,004
Swiss Re AG		23,348		1,696,613
Topdanmark A/S		4,816		194,409
Zurich Insurance Group AG		1,174		372,222
			$	9,238,013
Interactive Media & Services — 3.3%
Alphabet, Inc., Class C(2)(4)		3,791	$	5,112,770
Facebook, Inc., Class A(2)		10,387		2,126,323
Tencent Holdings, Ltd.		23,003		1,209,254
			$	8,448,347
Internet & Direct Marketing Retail — 2.1%
Amazon.com, Inc.(2)(4)		2,184	$	5,403,216
			$	5,403,216
IT Services — 1.4%
Amadeus IT Group S.A.		36,312	$	1,733,260
Visa, Inc., Class A		10,758		1,922,670
			$	3,655,930
Leisure Products — 0.4%
Yamaha Corp.		24,360	$	983,298
			$	983,298
Life Sciences Tools & Services — 0.3%
Lonza Group AG		2,061	$	899,968
			$	899,968
Machinery — 1.7%
Ingersoll Rand, Inc.(2)		33,922	$	986,452
Sandvik AB(2)		75,385		1,159,679
SMC Corp.		2,803		1,267,018
Stanley Black & Decker, Inc.		8,089		891,408
			$	4,304,557

18 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Media — 0.0%(1)
Clear Channel Outdoor Holdings, Inc.(2)		3,408	$	3,288
iHeartMedia, Inc., Class A(2)		715		5,019
			$	8,307
Metals & Mining — 0.9%
Boliden AB		35,054	$	706,598
Rio Tinto, Ltd.		26,586		1,498,417
			$	2,205,015
Multi-Utilities — 1.0%
CMS Energy Corp.		12,572	$	717,736
E.ON SE		189,054		1,893,804
			$	2,611,540
Oil, Gas & Consumable Fuels — 2.4%
Chevron Corp.		16,652	$	1,531,984
ConocoPhillips		34,334		1,445,461
EOG Resources, Inc.		18,795		892,951
Koninklijke Vopak NV		12,180		700,677
Phillips 66		23,247		1,700,983
			$	6,272,056
Paper & Forest Products — 0.1%
UPM-Kymmene Oyj		8,545	$	234,348
			$	234,348
Personal Products — 0.6%
Unilever PLC		31,737	$	1,634,207
			$	1,634,207
Pharmaceuticals — 4.3%
Bayer AG		2,371	$	155,939
Eli Lilly & Co.		9,027		1,395,935
Novartis AG		17,023		1,452,716
Novo Nordisk A/S, Class B		21,968		1,401,339
Orion Oyj, Class B		12,606		640,616
Roche Holding AG		4,617		1,598,855
Sanofi		26,751		2,612,870
Zoetis, Inc.		14,550		1,881,461
			$	11,139,731
Professional Services — 1.4%
Adecco Group AG		34,423	$	1,506,375
Recruit Holdings Co., Ltd.		41,589		1,213,200

Security	Shares		Value
Professional Services (continued)
Verisk Analytics, Inc.		6,059	$	925,997
			$	3,645,572
Semiconductors & Semiconductor Equipment — 1.7%
ASML Holding NV		5,688	$	1,661,381
Infineon Technologies AG		64,340		1,196,140
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		26,833		1,425,637
			$	4,283,158
Software — 2.6%
Dassault Systemes SE		6,348	$	929,793
Intuit, Inc.		2,968		800,796
Microsoft Corp.		27,204		4,875,229
			$	6,605,818
Specialty Retail — 1.3%
Industria de Diseno Textil S.A.		32,067	$	821,313
Lowe’s Cos., Inc.		15,787		1,653,688
TJX Cos., Inc. (The)		19,867		974,476
			$	3,449,477
Technology Hardware, Storage & Peripherals — 1.3%
Apple, Inc.(4)		11,746	$	3,450,975
			$	3,450,975
Textiles, Apparel & Luxury Goods — 1.1%
adidas AG		5,358	$	1,226,620
LVMH Moet Hennessy Louis Vuitton SE		4,040		1,561,834
			$	2,788,454
Tobacco — 0.2%
Swedish Match AB		8,854	$	547,146
			$	547,146
Wireless Telecommunication Services — 0.5%
Tele2 AB, Class B		93,767	$	1,209,089
			$	1,209,089
Total Common Stocks (identified cost $132,090,714)			$	145,554,301

19 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Preferred Stocks— 1.0%
Security	Shares		Value
Banks — 0.1%
Farm Credit Bank of Texas, 6.75% to 9/15/23(3)(5)		1,115	$	112,615
Wells Fargo & Co., Series Q, 5.85% to 9/15/23(5)		4,680		118,357
			$	230,972
Electric Utilities — 0.1%
SCE Trust III, Series H, 5.75% to 3/15/24(5)		15,000	$	360,000
			$	360,000
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., Series A, 6.375%		10,450	$	208,268
SITE Centers Corp., Series K, 6.25%		1,950		39,137
			$	247,405
Food Products — 0.2%
Dairy Farmers of America, Inc., 7.875%(3)		4,700	$	404,200
Ocean Spray Cranberries, Inc., 6.25%(3)		540		43,740
			$	447,940
Independent Power and Renewable Electricity Producers — 0.0%(1)
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(5)		3,175	$	86,781
			$	86,781
Insurance — 0.1%
American Equity Investment Life Holding Co., Series A, 5.95% to 12/1/24(5)		5,600	$	130,088
			$	130,088
Multi-Utilities — 0.1%
DTE Energy Co., Series C, 5.25%		9,407	$	236,492
			$	236,492
Oil, Gas & Consumable Fuels — 0.1%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(5)		23,750	$	382,375
			$	382,375
Pipelines — 0.1%
Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23(5)		3,000	$	62,880
Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24(5)		2,970		62,815
			$	125,695

Security		Shares		Value
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P., Series A, 5.75%			6,545	$	130,900
Brookfield Property Partners, L.P., Series A2, 6.375%			8,191		175,861
				$	306,761
Total Preferred Stocks (identified cost $3,003,745)				$	2,554,509
Corporate Bonds & Notes — 36.5%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.9%
Boeing Co. (The), 5.805%, 5/1/50			132	$	132,000
Boeing Co. (The), 5.93%, 5/1/60			132		132,000
BWX Technologies, Inc., 5.375%, 7/15/26(3)			215		221,095
F-Brasile SpA/F-Brasile US LLC, 7.375%, 8/15/26(3)			200		138,000
Howmet Aerospace, Inc., 6.875%, 5/1/25			294		300,960
Moog, Inc., 4.25%, 12/15/27(3)			170		160,437
Spirit AeroSystems, Inc., 7.50%, 4/15/25(3)			131		129,690
TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		172,920
TransDigm, Inc., 5.50%, 11/15/27(3)			221		187,773
TransDigm, Inc., 6.25%, 3/15/26(3)			419		412,066
TransDigm, Inc., 6.50%, 5/15/25			30		27,006
TransDigm, Inc., 7.50%, 3/15/27			327		299,189
				$	2,313,136
Airlines — 0.1%
Southwest Airlines Co., 4.75%, 5/4/23			101	$	100,363
Southwest Airlines Co., 5.25%, 5/4/25			84		83,764
				$	184,127
Auto Components — 0.7%
Garrett LX I S.a.r.l./Garrett Borrowing, LLC, 5.125%, 10/15/26(6)	EUR		275	$	201,157
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26(6)	EUR		881		900,276
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27(3)	EUR		765		651,895
				$	1,753,328
Automobiles — 0.5%
Ford Motor Co., 8.50%, 4/21/23			202	$	200,738
Ford Motor Co., 9.625%, 4/22/30			208		204,879
Ford Motor Credit Co., LLC, 3.087%, 1/9/23			231		207,611

20 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Automobiles (continued)
Ford Motor Credit Co., LLC, 3.813%, 10/12/21			254	$	240,347
Ford Motor Credit Co., LLC, 3.815%, 11/2/27			200		158,250
General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27(5)(7)			97		77,224
Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(6)	EUR		100		82,684
Navistar International Corp., 9.50%, 5/1/25(3)			167		175,768
				$	1,347,501
Banks — 2.5%
Banco Bilbao Vizcaya Argentaria S.A., 6.125% to 11/16/27(5)(7)			200	$	175,663
Banco Bilbao Vizcaya Argentaria S.A., 8.875% to 4/14/21(5)(6)(7)	EUR		200		223,260
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(3)(5)(7)			200		161,890
Barclays PLC, 7.875% to 3/15/22(5)(6)(7)			242		240,578
CIT Group, Inc., 6.125%, 3/9/28			105		108,371
Citigroup, Inc., 5.95% to 1/30/23(5)(7)			125		124,477
Citigroup, Inc., Series M, 6.30% to 5/15/24(5)(7)			400		395,278
Credit Suisse Group AG, 7.50% to 7/17/23(3)(5)(7)			208		210,225
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(3)(5)(7)			220		199,554
Fifth Third Bancorp, Series H, 5.10% to 6/30/23(5)(7)			460		409,720
JPMorgan Chase & Co., 4.60% to 2/1/25(5)(7)			298		267,678
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(5)(7)			215		230,969
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(5)(7)			598		613,366
Lloyds Banking Group PLC, 7.50% to 9/27/25(5)(7)			400		396,278
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25(5)(7)			389		406,388
Societe Generale S.A., 6.75% to 4/6/28(3)(5)(7)			210		197,178
Vivion Investments S.a.r.l., 3.00%, 8/8/24(6)	EUR		1,900		1,856,455
Zions Bancorp NA, 5.80% to 6/15/23(5)(7)			268		235,971
				$	6,453,299
Building Products — 0.6%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 4.875%, 2/15/30(3)			90	$	74,191
Builders FirstSource, Inc., 5.00%, 3/1/30(3)			90		77,652
Builders FirstSource, Inc., 6.75%, 6/1/27(3)			150		155,565
M/I Homes, Inc., 4.95%, 2/1/28(3)			82		72,262
Masonite International Corp., 5.375%, 2/1/28(3)			105		100,501
Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28(3)			253		219,718
Standard Industries, Inc., 2.25%, 11/21/26(6)	EUR		500		471,962
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(3)			196		178,772
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(3)			146		135,167

Security		Principal Amount* (000’s omitted)		Value
Building Products (continued)
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24			27	$	26,390
				$	1,512,180
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(5)			150	$	100,792
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(5)(7)			306		298,508
Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25(5)(7)			139		144,560
				$	543,860
Casino & Gaming — 0.3%
Cinemark USA, Inc., 4.875%, 6/1/23			430	$	363,887
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(3)			156		130,455
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26(3)			287		296,371
				$	790,713
Chemicals — 0.6%
Hexion, Inc., 7.875%, 7/15/27(3)			89	$	81,106
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(3)			285		269,923
SPCM S.A., 4.875%, 9/15/25(3)			200		203,250
Valvoline, Inc., 4.25%, 2/15/30(3)			140		136,808
Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25(3)			58		40,383
W.R. Grace & Co., 5.125%, 10/1/21(3)			750		757,987
				$	1,489,457
Commercial Services & Supplies — 1.3%
Advanced Disposal Services, Inc., 5.625%, 11/15/24(3)			170	$	177,191
Autostrade per l’Italia SpA, 5.875%, 6/9/24	EUR		300		354,990
Clean Harbors, Inc., 4.875%, 7/15/27(3)			101		105,138
Clean Harbors, Inc., 5.125%, 7/15/29(3)			61		62,501
Covanta Holding Corp., 5.875%, 3/1/24			500		494,900
Covanta Holding Corp., 5.875%, 7/1/25			95		92,606
GFL Environmental, Inc., 8.50%, 5/1/27(3)			313		342,998
IPD 3 B.V., 4.50%, 7/15/22(6)	EUR		125		133,617
KAR Auction Services, Inc., 5.125%, 6/1/25(3)			139		120,612
Korn Ferry, 4.625%, 12/15/27(3)			64		60,448
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		593,532
Team Health Holdings, Inc., 6.375%, 2/1/25(3)			84		46,796

21 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Commercial Services & Supplies (continued)
TMS International Holding Corp., 7.25%, 8/15/25(3)			80	$	60,284
Verisure Holding AB, 3.50%, 5/15/23(6)	EUR		540		589,658
				$	3,235,271
Communications Equipment — 0.3%
Crystal Almond S.a.r.l., 4.25%, 10/15/24(6)	EUR		323	$	336,155
Riverbed Technology, Inc., 8.875%, 3/1/23(3)			398		244,770
Sprint Communications, Inc., 6.00%, 11/15/22			75		79,655
				$	660,580
Consumer Finance — 0.2%
CPUK Finance, Ltd., 4.875%, 2/28/47(6)	GBP		445	$	492,595
William Carter Co. (The), 5.625%, 3/15/27(3)			144		146,817
				$	639,412
Containers & Packaging — 0.9%
ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27(6)(8)	EUR		596	$	593,597
Silgan Holdings, Inc., 2.25%, 6/1/28(6)	EUR		565		602,128
Trivium Packaging Finance B.V., 3.75%, 8/15/26(6)	EUR		780		843,961
Trivium Packaging Finance B.V., 5.50%, 8/15/26(3)			200		205,940
				$	2,245,626
Distributors — 0.6%
Core & Main Holdings, L.P., 8.625%, (8.625% cash or 9.375% PIK), 9/15/24(3)(8)			214	$	204,862
Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(6)(9)	EUR		662		596,615
Parts Europe S.A., 5.50%, (3 mo. EURIBOR + 5.50%), 5/1/22(6)(9)	EUR		340		309,249
Performance Food Group, Inc., 5.50%, 10/15/27(3)			169		161,618
Performance Food Group, Inc., 6.875%, 5/1/25(3)			99		101,227
Univar Solutions USA, Inc., 5.125%, 12/1/27(3)			65		64,815
				$	1,438,386
Diversified Consumer Services — 0.5%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(3)			267	$	256,320
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(6)			1,050		1,008,000
				$	1,264,320

Security		Principal Amount* (000’s omitted)		Value
Diversified Financial Services — 1.2%
AG Issuer, LLC, 6.25%, 3/1/28(3)			199	$	176,995
Alliance Data Systems Corp., 4.75%, 12/15/24(3)			194		144,773
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(3)			171		176,609
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(3)			198		201,128
Alpha Holding S.A. de CV, 9.00%, 2/10/25(3)			200		137,250
Avolon Holdings Funding, Ltd., 5.125%, 10/1/23(3)			350		313,703
Cabot Financial Luxembourg S.A., 7.50%, 10/1/23(6)	GBP		160		189,493
DAE Funding, LLC, 4.50%, 8/1/22(3)			155		138,919
DAE Funding, LLC, 5.00%, 8/1/24(3)			255		227,269
GFL Environmental, Inc., 7.00%, 6/1/26(3)			147		154,085
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27			292		279,228
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			291		287,310
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		120,024
Louvre Bidco SAS, 4.25%, 9/30/24(6)	EUR		215		214,409
Park Aerospace Holdings, Ltd., 5.25%, 8/15/22(3)			340		313,904
				$	3,075,099
Diversified Telecommunication Services — 0.0%(1)
Level 3 Financing, Inc., 5.25%, 3/15/26			90	$	92,669
				$	92,669
Electric Utilities — 0.8%
AES Corp. (The), 6.00%, 5/15/26			45	$	47,266
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(3)			277		291,889
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(5)			155		158,959
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(3)			95		96,919
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(3)			150		154,807
NRG Energy, Inc., 5.25%, 6/15/29(3)			122		131,260
Pattern Energy Group, Inc., 5.875%, 2/1/24(3)			60		61,038
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(5)			192		193,340
TerraForm Power Operating, LLC, 4.25%, 1/31/23(3)			95		97,921
TerraForm Power Operating, LLC, 5.00%, 1/31/28(3)			237		249,725
Vistra Energy Corp., 8.125%, 1/30/26(3)			190		200,212
Vistra Operations Co., LLC, 4.30%, 7/15/29(3)			36		35,849
Vistra Operations Co., LLC, 5.00%, 7/31/27(3)			232		237,696
				$	1,956,881

22 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Electronic Equipment, Instruments & Components — 0.0%(1)
Energizer Holdings, Inc., 6.375%, 7/15/26(3)			42	$	43,403
				$	43,403
Entertainment — 0.7%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(3)			219	$	194,910
EIG Investors Corp., 10.875%, 2/1/24			480		416,304
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27(3)			226		233,266
Netflix, Inc., 4.875%, 6/15/30(3)			234		251,679
Netflix, Inc., 5.875%, 11/15/28			300		340,650
Pinewood Finance Co., Ltd., 3.25%, 9/30/25(6)	GBP		300		376,963
Vail Resorts, Inc., 6.25%, 5/15/25(3)			33		34,237
				$	1,848,009
Equity Real Estate Investment Trusts (REITs) — 0.2%
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26			100	$	97,330
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			200		204,082
SBA Communications Corp., 4.00%, 10/1/22			150		151,732
				$	453,144
Food Products — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30(3)			185	$	188,700
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(3)			181		189,932
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(3)			291		295,991
Kraft Heinz Foods Co., 4.375%, 6/1/46			540		515,232
Land O’ Lakes, Inc., 8.00%(3)(7)			415		390,100
Post Holdings, Inc., 5.00%, 8/15/26(3)			85		85,076
				$	1,665,031
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(5)(7)			280	$	257,737
				$	257,737
Health Care Equipment & Supplies — 1.6%
Catalent Pharma Solutions, Inc., 2.375%, 3/1/28(6)	EUR		795	$	815,156
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(3)			121		123,983
Centene Corp., 3.375%, 2/15/30(3)			272		275,223
Centene Corp., 4.25%, 12/15/27(3)			182		191,264

Security	Principal Amount* (000’s omitted)		Value
Health Care Equipment & Supplies (continued)
Centene Corp., 4.625%, 12/15/29(3)		319	$	350,788
Centene Corp., 4.75%, 1/15/25		300		308,565
Centene Corp., 5.25%, 4/1/25(3)		318		333,105
Centene Corp., 5.375%, 6/1/26(3)		445		473,573
Centene Corp., 5.375%, 8/15/26(3)		261		280,445
Compass Minerals International, Inc., 6.75%, 12/1/27(3)		182		181,026
Hologic, Inc., 4.375%, 10/15/25(3)		70		70,686
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(3)		429		461,733
Select Medical Corp., 6.25%, 8/15/26(3)		180		172,728
			$	4,038,275
Health Care Providers & Services — 1.3%
Encompass Health Corp., 4.75%, 2/1/30		110	$	110,526
HCA, Inc., 3.50%, 9/1/30		274		261,833
HCA, Inc., 5.00%, 3/15/24		110		120,285
HCA, Inc., 5.375%, 9/1/26		270		293,976
HCA, Inc., 5.625%, 9/1/28		330		367,184
HCA, Inc., 5.875%, 2/15/26		750		836,250
HCA, Inc., 5.875%, 2/1/29		190		218,301
LifePoint Health, Inc., 4.375%, 2/15/27(3)		248		234,670
LifePoint Health, Inc., 6.75%, 4/15/25(3)		130		134,277
Tenet Healthcare Corp., 4.625%, 9/1/24(3)		49		48,265
Tenet Healthcare Corp., 4.875%, 1/1/26(3)		290		288,100
Tenet Healthcare Corp., 5.125%, 11/1/27(3)		290		287,289
Tenet Healthcare Corp., 6.75%, 6/15/23		260		261,092
			$	3,462,048
Hotels, Restaurants & Leisure — 1.3%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 3.875%, 1/15/28(3)		119	$	115,973
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(3)		325		326,589
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.375%, 1/15/28(3)		182		176,831
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25(3)		504		509,141
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25(3)		66		69,795
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(3)		232		183,640
Eldorado Resorts, Inc., 6.00%, 4/1/25		115		110,998
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(3)		490		415,177
Golden Nugget, Inc., 6.75%, 10/15/24(3)		266		209,142
Golden Nugget, Inc., 8.75%, 10/1/25(3)		87		49,264

23 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(3)			127	$	129,222
Lithia Motors, Inc., 4.625%, 12/15/27(3)			91		86,564
Merlin Entertainments PLC, 5.75%, 6/15/26(3)			200		190,420
Viking Cruises, Ltd., 5.875%, 9/15/27(3)			977		669,567
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(3)			186		159,500
				$	3,401,823
Household Products — 0.2%
Central Garden & Pet Co., 5.125%, 2/1/28			50	$	50,855
Central Garden & Pet Co., 6.125%, 11/15/23			235		239,066
Prestige Brands, Inc., 5.125%, 1/15/28(3)			64		65,136
Spectrum Brands, Inc., 5.00%, 10/1/29(3)			73		70,233
Spectrum Brands, Inc., 5.75%, 7/15/25			120		120,450
				$	545,740
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Corp., 4.50%, 2/15/28(3)			195	$	189,686
Calpine Corp., 5.125%, 3/15/28(3)			273		267,881
Calpine Corp., 5.25%, 6/1/26(3)			150		153,447
Calpine Corp., 5.50%, 2/1/24			45		44,888
Calpine Corp., 5.75%, 1/15/25			295		295,357
NRG Energy, Inc., 5.75%, 1/15/28			210		226,727
NRG Energy, Inc., 7.25%, 5/15/26			271		292,585
				$	1,470,571
Industrial Conglomerates — 0.4%
Ellaktor Value PLC, 6.375%, 12/15/24(6)	EUR		1,310	$	934,250
Hillman Group, Inc. (The), 6.375%, 7/15/22(3)			139		105,925
				$	1,040,175
Insurance — 1.0%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(3)			553	$	554,244
AmWINS Group, Inc., 7.75%, 7/1/26(3)			236		244,756
Galaxy Finco, Ltd., 9.25%, 7/31/27(6)	GBP		825		961,156
GTCR AP Finance, Inc., 8.00%, 5/15/27(3)			195		183,709
Hub International, Ltd., 7.00%, 5/1/26(3)			440		436,810
USI, Inc., 6.875%, 5/1/25(3)			169		170,479
				$	2,551,154
Internet & Direct Marketing Retail — 0.1%
Expedia Group, Inc., 6.25%, 5/1/25(3)			84	$	85,796

Security		Principal Amount* (000’s omitted)		Value
Internet & Direct Marketing Retail (continued)
Expedia Group, Inc., 7.00%, 5/1/25(3)			42	$	42,825
				$	128,621
Leisure Products — 0.2%
Carnival Corp., 11.50%, 4/1/23(3)			279	$	292,165
NCL Corp, Ltd., 3.625%, 12/15/24(3)			189		122,614
Sabre GLBL, Inc., 9.25%, 4/15/25(3)			86		91,267
				$	506,046
Machinery — 0.2%
Colfax Corp., 6.00%, 2/15/24(3)			83	$	84,677
Colfax Corp., 6.375%, 2/15/26(3)			136		140,671
Maxim Crane Works Holdings Capital, LLC, 10.125%, 8/1/24(3)			20		18,964
Navistar International Corp., 6.625%, 11/1/25(3)			232		200,193
				$	444,505
Media — 3.5%
Altice Financing S.A., 2.25%, 1/15/25(6)	EUR		313	$	322,198
Altice Finco S.A., 4.75%, 1/15/28(6)	EUR		250		234,928
Altice France S.A., 7.375%, 5/1/26(3)			455		477,591
Altice France S.A., 8.125%, 2/1/27(3)			458		498,029
Cablevision Systems Corp., 5.875%, 9/15/22			50		52,285
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(3)			290		292,813
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32(3)			136		135,747
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(3)			322		329,937
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(3)			110		116,563
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24(3)			1,130		1,168,307
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(3)			230		217,178
CSC Holdings, LLC, 5.75%, 1/15/30(3)			616		642,388
CSC Holdings, LLC, 7.50%, 4/1/28(3)			200		220,947
CSC Holdings, LLC, 10.875%, 10/15/25(3)			422		458,144
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(3)			369		282,174
DISH DBS Corp., 7.75%, 7/1/26			119		117,768
iHeartCommunications, Inc., 8.375%, 5/1/27			140		117,134
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(3)			200		206,930
Live Nation Entertainment, Inc., 4.75%, 10/15/27(3)			217		186,542
Nexstar Broadcasting, Inc., 5.625%, 7/15/27(3)			238		228,397

24 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
Scripps Escrow, Inc., 5.875%, 7/15/27(3)			190	$	161,434
Sinclair Television Group, Inc., 5.50%, 3/1/30(3)			188		156,914
Sirius XM Radio, Inc., 4.625%, 7/15/24(3)			291		298,217
Sirius XM Radio, Inc., 5.00%, 8/1/27(3)			218		223,973
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(6)	EUR		520		508,384
TEGNA, Inc., 4.625%, 3/15/28(3)			108		97,303
TEGNA, Inc., 5.00%, 9/15/29(3)			181		162,373
Terrier Media Buyer, Inc., 8.875%, 12/15/27(3)			533		443,056
Virgin Media Secured Finance PLC, 5.50%, 8/15/26(3)			210		217,969
Ziggo Bond Co., B.V., 3.375%, 2/28/30(6)	EUR		500		517,789
				$	9,093,412
Metals & Mining — 1.7%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			1,050	$	952,665
Allegheny Technologies, Inc., 5.875%, 12/1/27			279		232,267
Allegheny Technologies, Inc., 7.875%, 8/15/23			330		304,290
Arconic Corp., 6.125%, 2/15/28(3)			436		417,601
Bombardier, Inc., 6.00%, 10/15/22(3)			313		236,706
Bombardier, Inc., 6.125%, 1/15/23(3)			168		120,994
Bombardier, Inc., 7.875%, 4/15/27(3)			207		135,337
Centennial Resource Production, LLC, 5.375%, 1/15/26(3)			320		98,272
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(3)			321		281,581
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(3)			78		77,415
Eldorado Gold Corp., 9.50%, 6/1/24(3)			97		103,528
First Quantum Minerals, Ltd., 7.25%, 4/1/23(3)			299		272,927
Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		75,484
Freeport-McMoRan, Inc., 5.45%, 3/15/43			222		205,761
Hudbay Minerals, Inc., 7.25%, 1/15/23(3)			115		105,535
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(3)			549		470,658
New Gold, Inc., 6.375%, 5/15/25(3)			39		37,725
Novelis Corp., 4.75%, 1/30/30(3)			225		201,307
Novelis Corp., 5.875%, 9/30/26(3)			180		175,914
				$	4,505,967
Multi-Utilities — 0.3%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(5)(7)			425	$	388,108
Thames Water Kemble Finance PLC, 5.875%, 7/15/22(6)	GBP		375		477,080
				$	865,188
Oil, Gas & Consumable Fuels — 2.5%
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.50%, 5/20/25			105	$	107,286
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24			24		24,629

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Apache Corp., 3.25%, 4/15/22		52	$	46,837
Apache Corp., 3.625%, 2/1/21		16		15,203
Apache Corp., 4.25%, 1/15/30		153		118,201
Apache Corp., 4.375%, 10/15/28		88		70,070
Apache Corp., 4.75%, 4/15/43		26		17,824
Apache Corp., 5.25%, 2/1/42		22		15,173
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(3)		135		101,419
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26(3)		342		200,788
Berry Petroleum Co., LLC, 7.00%, 2/15/26(3)		115		56,016
Centennial Resource Production, LLC, 6.875%, 4/1/27(3)		365		111,617
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		110		111,006
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		120		124,152
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(3)		370		302,053
CVR Energy, Inc., 5.75%, 2/15/28(3)		229		195,053
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(5)(7)		160		61,479
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26(3)		155		138,074
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28(3)		205		179,303
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(5)(7)		432		123,120
EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26(3)(10)		149		17,880
EQT Corp., 6.125%, 2/1/25		145		139,019
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(3)		287		49,393
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(3)		223		36,675
Gran Tierra Energy, Inc., 7.75%, 5/23/27(3)		250		61,094
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(3)		418		284,240
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28(3)		345		180,987
Laredo Petroleum, Inc., 9.50%, 1/15/25		74		31,683
Laredo Petroleum, Inc., 10.125%, 1/15/28		112		46,327
Matador Resources Co., 5.875%, 9/15/26		370		183,594
MEG Energy Corp., 7.125%, 2/1/27(3)		184		128,110
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(3)		275		94,077
Murphy Oil USA, Inc., 4.75%, 9/15/29		131		135,500
Murphy Oil USA, Inc., 5.625%, 5/1/27		65		67,382
Nabors Industries, Ltd., 7.25%, 1/15/26(3)		110		42,487
Nabors Industries, Ltd., 7.50%, 1/15/28(3)		118		47,937
Neptune Energy Bondco PLC, 6.625%, 5/15/25(6)		725		486,656

25 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Nine Energy Service, Inc., 8.75%, 11/1/23(3)		92	$	18,345
Occidental Petroleum Corp., 2.60%, 4/15/22		47		41,595
Occidental Petroleum Corp., 2.70%, 8/15/22		53		46,375
Occidental Petroleum Corp., 2.90%, 8/15/24		16		12,235
Occidental Petroleum Corp., 3.125%, 2/15/22		3		2,746
Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22(9)		40		31,226
Occidental Petroleum Corp., 3.45%, 7/15/24		42		29,610
Odebrecht Oil & Gas Finance, Ltd., 0.0%(3)(7)		862		9,480
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25(3)		75		66,547
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27(3)		137		117,772
PBF Holding Co., LLC/PBF Finance Corp., 6.00%, 2/15/28(3)		325		233,399
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		237		183,130
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(5)(7)		710		477,173
Precision Drilling Corp., 6.50%, 12/15/21		5		3,496
Precision Drilling Corp., 7.125%, 1/15/26(3)		75		30,533
Precision Drilling Corp., 7.75%, 12/15/23		33		14,761
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25(3)		440		138,600
SM Energy Co., 5.00%, 1/15/24		11		3,550
SM Energy Co., 5.625%, 6/1/25		181		52,001
SM Energy Co., 6.125%, 11/15/22		326		132,698
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23		145		142,071
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		155		138,291
Teleflex, Inc., 4.625%, 11/15/27		160		164,744
Transocean Pontus, Ltd., 6.125%, 8/1/25(3)		100		82,665
Transocean Poseidon, Ltd., 6.875%, 2/1/27(3)		51		40,800
Transocean, Inc., 7.25%, 11/1/25(3)		228		91,770
Transocean, Inc., 7.50%, 1/15/26(3)		84		32,760
WPX Energy, Inc., 5.25%, 10/15/27		67		58,602
			$	6,549,319
Pharmaceuticals — 1.5%
Bausch Health Americas, Inc., 8.50%, 1/31/27(3)		448	$	495,958
Bausch Health Americas, Inc., 9.25%, 4/1/26(3)		105		116,025
Bausch Health Cos., Inc., 5.00%, 1/30/28(3)		190		182,837
Bausch Health Cos., Inc., 5.25%, 1/30/30(3)		376		374,120
Bausch Health Cos., Inc., 5.50%, 3/1/23(3)		35		34,825
Bausch Health Cos., Inc., 5.50%, 11/1/25(3)		129		134,741
Bausch Health Cos., Inc., 5.75%, 8/15/27(3)		72		76,262
Bausch Health Cos., Inc., 5.875%, 5/15/23(3)		3		2,982

Security		Principal Amount* (000’s omitted)		Value
Pharmaceuticals (continued)
Bausch Health Cos., Inc., 6.125%, 4/15/25(3)			60	$	60,950
Bausch Health Cos., Inc., 7.00%, 3/15/24(3)			281		293,052
Bausch Health Cos., Inc., 7.00%, 1/15/28(3)			94		97,962
Bausch Health Cos., Inc., 7.25%, 5/30/29(3)			98		105,034
Bausch Health Cos., Inc., 9.00%, 12/15/25(3)			245		268,397
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(3)			270		275,967
Cheplapharm Arzneimittel GmbH, 3.50%, 2/11/27(6)	EUR		340		367,632
Grifols S.A., 2.25%, 11/15/27(6)	EUR		600		644,360
Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(6)	EUR		426		455,502
				$	3,986,606
Pipelines — 0.6%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27(3)			242	$	180,605
Buckeye Partners, L.P., 4.125%, 3/1/25(3)			187		174,144
Buckeye Partners, L.P., 4.50%, 3/1/28(3)			164		148,625
Cheniere Energy Partners, L.P., 4.50%, 10/1/29(3)			199		184,503
Cheniere Energy Partners, L.P., 5.625%, 10/1/26			115		110,434
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27(3)			190		124,697
Energy Transfer Operating, L.P., 5.875%, 1/15/24			15		15,606
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(5)(7)			307		215,436
EnLink Midstream, LLC, 5.375%, 6/1/29			117		73,219
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(3)			123		119,771
NGPL PipeCo, LLC, 4.375%, 8/15/22(3)			50		50,192
Western Midstream Operating, L.P., 4.05%, 2/1/30			147		134,872
Western Midstream Operating, L.P., 4.50%, 3/1/28			27		23,929
				$	1,556,033
Real Estate Investment Trusts (REITs) — 0.9%
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(3)			287	$	230,949
Consus Real Estate AG, 9.625%, 5/15/24(6)	EUR		330		334,383
ESH Hospitality, Inc., 4.625%, 10/1/27(3)			249		225,968
ESH Hospitality, Inc., 5.25%, 5/1/25(3)			160		151,232
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(3)			274		253,792
HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25(3)			127		127,318
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23			111		104,040
VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27(3)			198		185,071
VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30(3)			198		181,111

26 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Real Estate Investment Trusts (REITs) (continued)
VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26(3)		300	$	281,757
VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29(3)		286		265,522
			$	2,341,143
Real Estate Management & Development — 0.5%
AT Securities B.V., 5.25% to 7/21/23(5)(6)(7)		1,250	$	1,181,462
			$	1,181,462
Software — 0.4%
CDK Global, Inc., 5.25%, 5/15/29(3)		96	$	98,222
Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc., 5.75%, 3/1/25(3)		89		87,569
j2 Cloud Services, LLC/j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(3)		255		258,876
Open Text Corp., 3.875%, 2/15/28(3)		179		175,364
Open Text Holdings, Inc., 4.125%, 2/15/30(3)		157		153,452
PTC, Inc., 3.625%, 2/15/25(3)		89		88,177
PTC, Inc., 4.00%, 2/15/28(3)		89		87,776
SS&C Technologies, Inc., 5.50%, 9/30/27(3)		95		97,822
			$	1,047,258
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 4.50%, 3/1/28(3)		24	$	20,303
Asbury Automotive Group, Inc., 4.75%, 3/1/30(3)		34		28,699
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(3)		177		180,540
Entegris, Inc., 4.375%, 4/15/28(3)		166		167,038
Entegris, Inc., 4.625%, 2/10/26(3)		77		77,547
Ferrellgas, L.P./Ferrellgas Finance Corp., 10.00%, 4/15/25(3)		216		229,370
L Brands, Inc., 6.75%, 7/1/36		46		33,419
L Brands, Inc., 6.875%, 11/1/35		237		175,581
L Brands, Inc., 7.60%, 7/15/37		45		26,937
Nordstrom, Inc., 8.75%, 5/15/25(3)		70		75,176
Yum! Brands, Inc., 7.75%, 4/1/25(3)		54		59,002
			$	1,073,612
Technology Hardware, Storage & Peripherals — 0.5%
Dell International, LLC/EMC Corp., 5.45%, 6/15/23(3)		135	$	142,851
Dell International, LLC/EMC Corp., 5.85%, 7/15/25(3)		90		98,336
Dell International, LLC/EMC Corp., 6.02%, 6/15/26(3)		315		341,409
Dell International, LLC/EMC Corp., 6.10%, 7/15/27(3)		182		199,475

Security		Principal Amount* (000’s omitted)		Value
Technology Hardware, Storage & Peripherals (continued)
Dell International, LLC/EMC Corp., 6.20%, 7/15/30(3)			90	$	99,914
MTS Systems Corp., 5.75%, 8/15/27(3)			67		62,618
Presidio Holdings, Inc., 4.875%, 2/1/27(3)			63		61,916
Presidio Holdings, Inc., 8.25%, 2/1/28(3)			176		174,777
Science Applications International Corp., 4.875%, 4/1/28(3)			64		62,977
				$	1,244,273
Telecommunications — 2.5%
Altice France Holding S.A., 6.00%, 2/15/28(3)			200	$	184,000
Altice France Holding S.A., 8.00%, 5/15/27(3)	EUR		505		564,217
Altice France Holding S.A., 10.50%, 5/15/27(3)			200		216,520
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(3)			447		428,293
Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		154,004
Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		102,325
Intelsat Jackson Holdings S.A, 5.50%, 8/1/23			30		16,450
Intelsat Jackson Holdings S.A., 8.00%, 2/15/24(3)			200		206,400
Intelsat Jackson Holdings S.A., 8.50%, 10/15/24(3)			216		126,403
Sprint Capital Corp., 6.875%, 11/15/28			346		418,314
Sprint Corp., 7.875%, 9/15/23			1,558		1,760,540
T-Mobile USA, Inc., 4.50%, 2/1/26			155		160,417
T-Mobile USA, Inc., 4.75%, 2/1/28			170		179,294
TalkTalk Telecom Group PLC, 3.875%, 2/20/25(6)	GBP		580		716,813
Telecom Italia Capital S.A., 6.00%, 9/30/34			337		351,053
Telecom Italia SpA, 3.00%, 9/30/25(6)	EUR		520		579,216
ViaSat, Inc., 5.625%, 4/15/27(3)			143		141,520
Zayo Group Holdings, Inc., 6.125%, 3/1/28(3)			187		177,130
				$	6,482,909
Transportation — 0.2%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(3)			127	$	119,380
CMA CGM S.A., 5.25%, 1/15/25(6)	EUR		127		87,745
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(3)			260		253,448
XPO Logistics, Inc., 6.125%, 9/1/23(3)			80		81,416
				$	541,989
Water Utilities — 0.2%
Anglian Water Osprey Financing PLC, 4.00%, 3/8/26(6)	GBP		475	$	584,706
				$	584,706

27 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26		157	$	186,320
			$	186,320
Total Corporate Bonds & Notes (identified cost $104,066,186)			$	94,092,324
Senior Floating-Rate Loans — 2.3%(11)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Aerospace and Defense — 0.0%(1)
TransDigm, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing 5/30/25	$	130	$	114,695
			$	114,695
Business Equipment and Services — 0.2%
EIG Investors Corp., Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	402	$	373,024
Hillman Group, Inc. (The), Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing 5/31/25		115		98,396
			$	471,420
Drugs — 0.1%
Elanco Animal Health, Inc., Term Loan, Maturing 2/4/27(12)	$	171	$	165,838
			$	165,838
Electronics / Electrical — 0.2%
SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25	$	49	$	47,748
SS&C Technologies, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25		68		66,097
SS&C Technologies, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25		289		279,007
			$	392,852
Farming / Agriculture — 0.0%(1)
BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24	$	99	$	98,167
			$	98,167

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Financial Intermediaries — 0.1%
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25	$	162	$	141,963
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25(13)		12		10,287
			$	152,250
Food Products — 0.1%
HLF Financing S.a.r.l., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25	$	291	$	274,085
			$	274,085
Health Care — 0.1%
Envision Healthcare Corporation, Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 10/10/25	$	244	$	171,445
National Mentor Holdings, Inc., Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing 3/9/26(14)		215		204,945
National Mentor Holdings, Inc., Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing 3/9/26		10		9,308
			$	385,698
Industrial Equipment — 0.0%(1)
Welbilt, Inc., Term Loan, Maturing 10/23/25(12)	$	150	$	123,343
			$	123,343
Insurance — 0.5%
Asurion, LLC, Term Loan – Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	1,221	$	1,177,896
			$	1,177,896
Leisure Goods / Activities / Movies — 0.2%
Playtika Holding Corp., Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing 12/10/24	$	573	$	568,454
			$	568,454
Lodging and Casinos — 0.1%
Stars Group Holdings B.V. (The), Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25	$	176	$	174,174
			$	174,174
Retailers (Except Food and Drug) — 0.2%
PetSmart, Inc., Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 3/11/22	$	404	$	393,495
			$	393,495

28 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Steel — 0.5%
Big River Steel, LLC, Term Loan, 6.45%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	171	$	152,994
GrafTech Finance, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 2/12/25		1,264		1,150,668
			$	1,303,662
Telecommunications — 0.0%(1)
Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24(15)	$	110	$	110,357
			$	110,357
Total Senior Floating-Rate Loans (identified cost $5,983,459)			$	5,906,386
Convertible Bonds— 0.1%
Security	Principal Amount (000’s omitted)		Value
Air Transportation — 0.1%
Air Transport Services Group, Inc., 1.125%, 10/15/24	$	169	$	153,268
			$	153,268
Total Convertible Bonds (identified cost $151,798)			$	153,268
Exchange-Traded Funds— 0.4%
Security	Shares		Value
Equity Funds — 0.4%
First Trust Preferred Securities and Income ETF		29,885	$	535,838
iShares Preferred & Income Securities ETF		15,592		540,263
Total Exchange-Traded Funds (identified cost $1,105,039)			$	1,076,101
Warrants— 0.0%(1)
Security	Shares		Value
Media — 0.0%(1)
iHeartMedia, Inc., Exp. 5/1/39(2)		3,627	$	25,462
			$	25,462
Total Warrants (identified cost $60,109)			$	25,462

Short-Term Investments— 0.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(16)		1,670,919	$	1,670,919
Total Short-Term Investments (identified cost $1,670,741)			$	1,670,919
Total Investments — 97.3% (identified cost $248,131,791)			$	251,033,270
Less Unfunded Loan Commitments — (0.0)%(1)			$	(11,757	)
Net Investments — 97.3% (identified cost $248,120,034)			$	251,021,513
Other Assets, Less Liabilities — 2.7%			$	7,087,640
Net Assets — 100.0%			$	258,109,153

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⁾  Amount is less than 0.05% or (0.05)%, as applicable.

⁽²⁾  Non-income producing security.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $50,878,454 or 19.7% of the Portfolio’s net assets.

⁽⁴⁾  Security (or a portion thereof) has been pledged as collateral for open financial futures contracts.

⁽⁵⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁶⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $20,472,228 or 7.9% of the Portfolio’s net assets.

⁽⁷⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁸⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁹⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹⁰⁾  Issuer is in default with respect to interest and/or principal payments.

29 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

⁽¹¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹²⁾  This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽¹³⁾  Unfunded loan commitment. The stated interest rate represents the commitment fee in effect at April 30, 2020. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $10,287.

⁽¹⁴⁾  The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹⁵⁾  Fixed-rate loan.

⁽¹⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		52.7	%	$	132,260,195
Switzerland		7.9			19,883,888
United Kingdom		6.7			16,727,711
France		4.3			10,886,857
Germany		3.9			9,653,683
Netherlands		3.3			8,346,389
Japan		3.3			8,133,264
Spain		3.2			7,935,965
Canada		2.1			5,360,578
Sweden		2.1			5,333,749
Luxembourg		2.1			5,276,064
Finland		1.1			2,774,189
Denmark		1.0			2,555,159
Ireland		0.7			1,838,175
Australia		0.7			1,833,293
United Arab Emirates		0.7			1,769,108
Norway		0.7			1,702,363
Taiwan		0.6			1,425,637
Italy		0.6			1,423,259
Hong Kong		0.5			1,293,367
China		0.5			1,209,254
Greece		0.4			934,250
Belgium		0.3			819,225
Mexico		0.1			299,140
Zambia		0.1			272,927
Brazil		0.0	(1)		9,480
Exchange-Traded Funds		0.4			1,076,101
Total Investments		100.0	%	$	251,033,270

⁽¹⁾   Amount is less than 0.05%.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	214,862	EUR	195,170	State Street Bank and Trust Company		5/29/20	$	888	$	—
							$	888	$	—

30 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		147		Long	6/19/20	$	21,332,640		$	2,020,542
Nikkei 225 Index		13		Long	6/11/20		2,411,673			85,824
STOXX Europe 600 Banks Index		(686	)	Short	6/19/20		(3,364,094	)		(209,223	)
STOXX Europe 600 Index		(590	)	Short	6/19/20		(10,904,087	)		(1,160,524	)
STOXX Europe 600 Insurance Index		(714	)	Short	6/19/20		(9,095,826	)		(301,543	)
									$	435,076

Abbreviations:

ADR	–	American Depositary Receipt
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

31 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $246,449,293)	$	249,350,594
Affiliated investment, at value (identified cost, $1,670,741)		1,670,919
Foreign currency, at value (identified cost, $1,895,629)		1,901,719
Interest and dividends receivable		2,026,597
Dividends receivable from affiliated investment		3,808
Receivable for investments sold		4,785,899
Receivable for variation margin on open financial futures contracts		413,911
Receivable for open forward foreign currency exchange contracts		888
Tax reclaims receivable		2,201,498
Total assets	$	262,355,833
Liabilities
Payable for investments purchased	$	3,843,823
Due to custodian		70,758
Payable to affiliates:
Investment adviser fee		112,113
Trustees’ fees		1,325
Accrued expenses		218,661
Total liabilities	$	4,246,680
Net Assets applicable to investors’ interest in Portfolio	$	258,109,153

32 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest (net of foreign taxes, $1,102)	$	3,415,894
Dividends (net of foreign taxes, $427,802)		3,333,179
Dividends from affiliated investment		16,250
Total investment income	$	6,765,323
Expenses
Investment adviser fee	$	796,375
Trustees’ fees and expenses		7,848
Custodian fee		102,995
Legal and accounting services		28,880
Miscellaneous		28,173
Total expenses	$	964,271
Net investment income	$	5,801,052
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(9,623,689	)
Investment transactions — affiliated investment		(2,010	)
Financial futures contracts		1,721,087
Foreign currency transactions		(99,015	)
Net realized loss	$	(8,003,627	)
Change in unrealized appreciation (depreciation) —
Investments	$	(22,941,970	)
Investments — affiliated investment		177
Financial futures contracts		435,076
Foreign currency		(11,056	)
Forward foreign currency exchange contracts		888
Net change in unrealized appreciation (depreciation)	$	(22,516,885	)
Net realized and unrealized loss	$	(30,520,512	)
Net decrease in net assets from operations	$	(24,719,460	)

33 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	5,801,052		$	14,450,194
Net realized loss		(8,003,627	)		(6,970,681	)
Net change in unrealized appreciation (depreciation)		(22,516,885	)		25,251,717
Net increase (decrease) in net assets from operations	$	(24,719,460	)	$	32,731,230
Capital transactions —
Contributions	$	7,898,868		$	4,524,358
Withdrawals		(27,198,181	)		(58,888,266	)
Portfolio transaction fee		108,030			215,407
Net decrease in net assets from capital transactions	$	(19,191,283	)	$	(54,148,501	)
Net decrease in net assets	$	(43,910,743	)	$	(21,417,271	)
Net Assets
At beginning of period	$	302,019,896		$	323,437,167
At end of period	$	258,109,153		$	302,019,896

34 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									Period Ended October 31, 2016(1)
Ratios/Supplemental Data				2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.67	%(2)		0.70	%		0.75	%		0.75	%		0.80	%(2)
Net investment income		4.01	%(2)		4.72	%		3.47	%		4.56	%		3.75	%(2)
Portfolio Turnover		56	%(3)		86	%		102	%		143	%		66	%(3)
Total Return		(8.19	)%(3)		11.57	%		(1.00	)%		15.99	%		3.65	%(3)
Net assets, end of period (000’s omitted)	$	258,109		$	302,020		$	323,437		$	364,476		$	376,698

⁽¹⁾   For the period from the start of business, March 28, 2016, to October 31, 2016.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

35 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 97.9% and 2.1%, respectively, in the Portfolio.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

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

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

36

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

J  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will

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Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

M  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.55% of the Portfolio’s average daily net assets up to $500 million. On average daily net assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $796,375 or 0.55% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, and subsequent fee reduction agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $159,172,669 and $174,093,517, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	248,613,624
Gross unrealized appreciation	$	24,051,651
Gross unrealized depreciation		(21,207,798	)
Net unrealized appreciation	$	2,843,853

5  Financial Instruments

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

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Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Equity Price Risk:  The Portfolio enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk:  Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

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

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Futures contracts	$	2,106,366	(1)	$	(1,671,290	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		888	(2)		—
Total		$	2,107,254		$	(1,671,290	)
Derivatives not subject to master netting or similar agreements		$	2,106,366		$	(1,671,290	)
Total Derivatives subject to master netting or similar agreements		$	888		$	—

⁽¹⁾   Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

⁽²⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

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Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	888	$	—	$	—	$	—	$	888

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Risk	Derivative		Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Equity Price		Futures contracts	$	1,721,087	$	435,076
Foreign Exchange		Forward foreign currency exchange contracts		—		888
Total			$	1,721,087	$	435,964

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, 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*
	$9,535,000	$	9,513,000	$	421,000

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

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

7  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT

40

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At April 30, 2020, the Portfolio had a payment due to SSBT pursuant to the foregoing arrangement of $70,758. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at April 30, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2020. The Portfolio’s average overdraft advances during the six months ended April 30, 2020 were not significant.

8  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $1,670,919, which represents 0.6% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	1,345,311	$	88,765,520	$	(88,438,079	)	$	(2,010	)	$	177	$	1,670,919	$	16,250		1,670,919

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 April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	8,825,417	$	9,464,576		$	—	$	18,289,993
Consumer Discretionary		8,031,380		6,073,219			—		14,104,599
Consumer Staples		2,657,071		9,076,129			—		11,733,200
Energy		5,571,379		700,677			—		6,272,056
Financials		8,983,033		17,176,825			—		26,159,858
Health Care		7,414,757		10,796,158			—		18,210,915
Industrials		2,803,857		11,034,938			—		13,838,795
Information Technology		13,165,259		8,764,366			—		21,929,625
Materials		—		7,654,586			—		7,654,586
Real Estate		1,973,981		—			—		1,973,981
Utilities		1,794,293		3,592,400			—		5,386,693
Total Common Stocks	$	61,220,427	$	84,333,874	*	$	—	$	145,554,301

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Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Asset Description	Level 1			Level 2		Level 3		Total
Preferred Stocks
Consumer Staples	$	—		$	447,940	$	—	$	447,940
Energy		508,070			—		—		508,070
Financials		248,445			112,615		—		361,060
Real Estate		554,166			—		—		554,166
Utilities		596,492			86,781		—		683,273
Total Preferred Stocks	$	1,907,173		$	647,336	$	—	$	2,554,509
Corporate Bonds & Notes	$	—		$	94,092,324	$	—	$	94,092,324
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—			5,894,629		—		5,894,629
Convertible Bonds		—			153,268		—		153,268
Exchange-Traded Funds		1,076,101			—		—		1,076,101
Warrants		25,462			—		—		25,462
Short-Term Investments		—			1,670,919		—		1,670,919
Total Investments	$	64,229,163		$	186,792,350	$	—	$	251,021,513
Forward Foreign Currency Exchange Contracts	$	—		$	888	$	—	$	888
Futures Contracts		2,020,542			85,824		—		2,106,366
Total	$	66,249,705		$	186,879,062	$	—	$	253,128,767
Liability Description
Futures Contracts	$	(1,671,290	)	$	—	$	—	$	(1,671,290	)
Total	$	(1,671,290	)	$	—	$	—	$	(1,671,290	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

10  Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

42

Eaton Vance

Global Income Builder Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

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Eaton Vance

Global Income Builder Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Income Builder Fund (the “Fund”), as well as the investment advisory agreement between Global Income Builder Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (the “Adviser”), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of Eaton Vance Management, with respect to the Fund, as well as the sub-advisory agreement between the Adviser and the Sub-adviser with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements and the sub-advisory agreements for the Fund and the Portfolio (collectively, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the Adviser and the Sub-adviser.

44

Eaton Vance

Global Income Builder Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund and the Portfolio. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that under the terms of the investment advisory agreement of the Fund, the Adviser may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which the Adviser receives an advisory fee from the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary benchmark and blended benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

45

Eaton Vance

Global Income Builder Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund and the Portfolio currently share in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

46

Eaton Vance

Global Income Builder Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Global Income Builder Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Income Builder Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Global Income Builder Fund and Global Income Builder Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

47

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

48

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad St.

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7747    4.30.20

Eaton Vance

Global Macro Absolute Return Fund

Semiannual Report

April 30, 2020

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

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

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

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

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

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

Semiannual Report April 30, 2020

Eaton Vance

Global Macro Absolute Return Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	62
Officers and Trustees	66
Important Notices	67

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/27/2007		10/31/1997			–1.31	%		2.77	%		1.81	%		1.81	%
Class A with 4.75% Maximum Sales Charge		—		—			–6.04			–2.13			0.82			1.32
Class C at NAV		10/01/2009		10/31/1997			–1.64			2.06			1.10			1.10
Class C with 1% Maximum Sales Charge		—		—			–2.60			1.09			1.10			1.10
Class I at NAV		06/27/2007		10/31/1997			–1.17			3.08			2.10			2.11
Class R at NAV		04/08/2010		10/31/1997			–1.40			2.45			1.58			1.61
Class R6 at NAV		05/31/2017		10/31/1997			–1.14			3.14			2.14			2.13
ICE BofA 3-Month U.S. Treasury Bill Index		—		—			0.85	%		2.07	%		1.19	%		0.64	%
% Total Annual Operating Expense Ratios3			Class A			Class C			Class I			Class R			Class R6
				1.04	%		1.76	%		0.75	%		1.26	%		0.69	%

Fund Profile⁴

Asset Allocation (% of net assets)⁵

* Net securities sold short.

Foreign Currency Exposures by Country (% of net assets)⁶

Ukraine	9.6	%
Serbia	7.8
Iceland	5.0
Switzerland	1.5
Japan	1.3
Georgia	1.2
Australia	1.0
Other	3.7	*
Hungary	–1.6
China	–1.6
Bahrain	–1.7
Poland	–2.0
South Korea	–2.1
Turkey	–2.8
Saudi Arabia	–3.7
Oman	–5.0
Euro	–11.2
United Arab Emirates	–11.5
Total Long	32.2
Total Short	–44.3
Total Net	–12.1

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

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

Global Macro Absolute Return Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  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. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

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

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

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

⁶  Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

3

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	986.90	$	5.34		1.08	%
Class C	$	1,000.00	$	983.60	$	8.78		1.78	%
Class I	$	1,000.00	$	988.30	$	3.86		0.78	%
Class R	$	1,000.00	$	986.00	$	6.32		1.28	%
Class R6	$	1,000.00	$	988.60	$	3.56		0.72	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.50	$	5.42		1.08	%
Class C	$	1,000.00	$	1,016.00	$	8.92		1.78	%
Class I	$	1,000.00	$	1,021.00	$	3.92		0.78	%
Class R	$	1,000.00	$	1,018.50	$	6.42		1.28	%
Class R6	$	1,000.00	$	1,021.30	$	3.62		0.72	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

4

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Global Macro Portfolio, at value (identified cost, $3,242,643,233)	$	3,123,319,069
Receivable for Fund shares sold		8,658,066
Total assets	$	3,131,977,135
Liabilities
Payable for Fund shares redeemed	$	13,196,251
Payable to affiliates:
Distribution and service fees		154,181
Trustees’ fees		43
Accrued expenses		651,696
Total liabilities	$	14,002,171
Net Assets	$	3,117,974,964
Sources of Net Assets
Paid-in capital	$	3,778,754,600
Accumulated loss		(660,779,636	)
Total	$	3,117,974,964
Class A Shares
Net Assets	$	358,844,745
Shares Outstanding		42,895,036
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.37
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	8.79
Class C Shares
Net Assets	$	80,144,454
Shares Outstanding		9,545,191
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.40
Class I Shares
Net Assets	$	2,515,059,634
Shares Outstanding		301,260,110
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.35
Class R Shares
Net Assets	$	891,653
Shares Outstanding		106,382
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.38
Class R6 Shares
Net Assets	$	163,034,478
Shares Outstanding		19,537,393
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.34

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

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

5 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest allocated from Portfolio (net of foreign taxes, $3,484,334)	$	91,785,372
Dividends allocated from Portfolio (net of foreign taxes, $66,525)		5,446,308
Expenses, excluding interest and dividend expense, allocated from Portfolio		(11,537,795	)
Interest and dividend expense allocated from Portfolio		(170,989	)
Total investment income from Portfolio	$	85,522,896
Expenses
Distribution and service fees
Class A	$	547,989
Class C		479,175
Class R		2,214
Trustees’ fees and expenses		250
Custodian fee		30,760
Transfer and dividend disbursing agent fees		1,310,031
Legal and accounting services		43,355
Printing and postage		129,924
Registration fees		95,485
Miscellaneous		22,663
Total expenses	$	2,661,846
Net investment income	$	82,861,050
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $655,494)	$	(57,898,223	)
Futures contracts		16,313,896
Swap contracts		6,284,553
Foreign currency transactions		(4,796,889	)
Forward foreign currency exchange contracts		27,917,847
Net realized loss	$	(12,178,816	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $114,323)	$	(225,681,359	)
Securities sold short		3,122,583
Futures contracts		(3,760,986	)
Swap contracts		47,786,260
Foreign currency		1,170,703
Forward foreign currency exchange contracts		61,666,857
Net change in unrealized appreciation (depreciation)	$	(115,695,942	)
Net realized and unrealized loss	$	(127,874,758	)
Net decrease in net assets from operations	$	(45,013,708	)

6 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	82,861,050		$	208,079,187
Net realized loss		(12,178,816	)		(116,195,079	)
Net change in unrealized appreciation (depreciation)		(115,695,942	)		141,777,947
Net increase (decrease) in net assets from operations	$	(45,013,708	)	$	233,662,055
Distributions to shareholders —
Class A	$	(11,060,839	)	$	(13,472,803	)
Class C		(2,547,262	)		(4,680,061	)
Class I		(88,053,999	)		(148,262,513	)
Class R		(25,924	)		(37,287	)
Class R6		(5,947,942	)		(6,639,389	)
Total distributions to shareholders	$	(107,635,966	)	$	(173,092,053	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	52,041,653		$	238,658,629
Class C		3,500,700			6,749,097
Class I		420,547,226			1,318,653,109
Class R		185,397			78,954
Class R6		37,827,748			173,268,558
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		10,796,177			13,089,995
Class C		2,260,403			4,166,008
Class I		64,770,078			106,037,056
Class R		25,924			37,287
Class R6		4,003,086			5,037,991
Cost of shares redeemed
Class A		(68,269,683	)		(183,972,463	)
Class C		(14,567,649	)		(76,067,305	)
Class I		(704,659,438	)		(2,853,775,002	)
Class R		(135,323	)		(305,596	)
Class R6		(95,513,189	)		(108,983,142	)
Net asset value of shares converted
Class A		13,447,195			8,945,698
Class C		(13,447,195	)		(8,945,698	)
Net decrease in net assets from Fund share transactions	$	(287,186,890	)	$	(1,357,326,824	)
Net decrease in net assets	$	(439,836,564	)	$	(1,296,756,822	)
Net Assets
At beginning of period	$	3,557,811,528		$	4,854,568,350
At end of period	$	3,117,974,964		$	3,557,811,528

7 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.740		$	8.590		$	9.140		$	9.110		$	9.160		$	9.370
Income (Loss) From Operations
Net investment income(1)	$	0.198		$	0.438		$	0.383		$	0.344		$	0.375		$	0.372
Net realized and unrealized gain (loss)		(0.305	)		0.078			(0.647	)		(0.029	)		0.035			(0.224	)
Total income (loss) from operations	$	(0.107	)	$	0.516		$	(0.264	)	$	0.315		$	0.410		$	0.148
Less Distributions
From net investment income	$	(0.263	)	$	(0.366	)	$	(0.087	)	$	(0.285	)	$	(0.337	)	$	(0.358	)
Tax return of capital		—			—			(0.199	)		—			(0.123	)		—
Total distributions	$	(0.263	)	$	(0.366	)	$	(0.286	)	$	(0.285	)	$	(0.460	)	$	(0.358	)
Net asset value — End of period	$	8.370		$	8.740		$	8.590		$	9.140		$	9.110		$	9.160
Total Return(2)		(1.31	)%(3)		6.14	%		(2.97	)%		3.52	%		4.62	%(4)		1.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	358,845		$	366,740		$	284,958		$	336,889		$	476,495		$	553,640
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)(7)		1.08	%(8)		1.04	%		1.08	%		1.04	%		1.06	%		1.07	%
Net investment income		4.57	%(8)		5.06	%		4.26	%		3.77	%		4.15	%		3.98	%
Portfolio Turnover of the Portfolio		41	%(3)		61	%		78	%		74	%		65	%		66	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁸⁾  Annualized.

8 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.770		$	8.620		$	9.170		$	9.140		$	9.180		$	9.390
Income (Loss) From Operations
Net investment income(1)	$	0.171		$	0.374		$	0.321		$	0.280		$	0.313		$	0.307
Net realized and unrealized gain (loss)		(0.308	)		0.082			(0.647	)		(0.028	)		0.036			(0.231	)
Total income (loss) from operations	$	(0.137	)	$	0.456		$	(0.326	)	$	0.252		$	0.349		$	0.076
Less Distributions
From net investment income	$	(0.233	)	$	(0.306	)	$	(0.068	)	$	(0.222	)	$	(0.291	)	$	(0.286	)
Tax return of capital		—			—			(0.156	)		—			(0.098	)		—
Total distributions	$	(0.233	)	$	(0.306	)	$	(0.224	)	$	(0.222	)	$	(0.389	)	$	(0.286	)
Net asset value — End of period	$	8.400		$	8.770		$	8.620		$	9.170		$	9.140		$	9.180
Total Return(2)		(1.64	)%(3)		5.39	%		(3.63	)%		2.80	%		3.91	%(4)		0.91	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	80,144		$	106,291		$	178,033		$	216,384		$	257,491		$	302,451
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)(7)		1.78	%(8)		1.76	%		1.78	%		1.74	%		1.76	%		1.77	%
Net investment income		3.92	%(8)		4.31	%		3.56	%		3.06	%		3.44	%		3.28	%
Portfolio Turnover of the Portfolio		41	%(3)		61	%		78	%		74	%		65	%		66	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁸⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.720		$	8.580		$	9.120		$	9.090		$	9.140		$	9.360
Income (Loss) From Operations
Net investment income(1)	$	0.211		$	0.458		$	0.408		$	0.369		$	0.401		$	0.399
Net realized and unrealized gain (loss)		(0.305	)		0.074			(0.636	)		(0.027	)		0.039			(0.231	)
Total income (loss) from operations	$	(0.094	)	$	0.532		$	(0.228	)	$	0.342		$	0.440		$	0.168
Less Distributions
From net investment income	$	(0.276	)	$	(0.392	)	$	(0.095	)	$	(0.312	)	$	(0.356	)	$	(0.388	)
Tax return of capital		—			—			(0.217	)		—			(0.134	)		—
Total distributions	$	(0.276	)	$	(0.392	)	$	(0.312	)	$	(0.312	)	$	(0.490	)	$	(0.388	)
Net asset value — End of period	$	8.350		$	8.720		$	8.580		$	9.120		$	9.090		$	9.140
Total Return(2)		(1.17	)%(3)		6.34	%		(2.58	)%		3.83	%		4.98	%(4)		1.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,515,060		$	2,859,484		$	4,237,027		$	4,910,029		$	4,685,999		$	3,449,243
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)(7)		0.78	%(8)		0.75	%		0.78	%		0.74	%		0.76	%		0.77	%
Net investment income		4.89	%(8)		5.31	%		4.56	%		4.06	%		4.43	%		4.28	%
Portfolio Turnover of the Portfolio		41	%(3)		61	%		78	%		74	%		65	%		66	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁸⁾  Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Financial Highlights — continued

	Class R
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.750		$	8.610		$	9.150		$	9.120		$	9.170		$	9.380
Income (Loss) From Operations
Net investment income(1)	$	0.188		$	0.417		$	0.369		$	0.325		$	0.358		$	0.353
Net realized and unrealized gain (loss)		(0.303	)		0.073			(0.641	)		(0.027	)		0.032			(0.225	)
Total income (loss) from operations	$	(0.115	)	$	0.490		$	(0.272	)	$	0.298		$	0.390		$	0.128
Less Distributions
From net investment income	$	(0.255	)	$	(0.350	)	$	(0.081	)	$	(0.268	)	$	(0.324	)	$	(0.338	)
Tax return of capital		—			—			(0.187	)		—			(0.116	)		—
Total distributions	$	(0.255	)	$	(0.350	)	$	(0.268	)	$	(0.268	)	$	(0.440	)	$	(0.338	)
Net asset value — End of period	$	8.380		$	8.750		$	8.610		$	9.150		$	9.120		$	9.170
Total Return(2)		(1.40	)%(3)		5.80	%		(3.04	)%		3.31	%		4.39	%(4)		1.36	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	892		$	861		$	1,034		$	1,703		$	815		$	903
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)(7)		1.28	%(8)		1.26	%		1.28	%		1.23	%		1.26	%		1.27	%
Net investment income		4.34	%(8)		4.82	%		4.09	%		3.56	%		3.94	%		3.77	%
Portfolio Turnover of the Portfolio		41	%(3)		61	%		78	%		74	%		65	%		66	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁸⁾  Annualized.

11 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2017(1)
				2019			2018
Net asset value — Beginning of period	$	8.710		$	8.570		$	9.120		$	9.120
Income (Loss) From Operations
Net investment income(2)	$	0.216		$	0.464		$	0.405		$	0.163
Net realized and unrealized gain (loss)		(0.308	)		0.073			(0.638	)		(0.031	)
Total income (loss) from operations	$	(0.092	)	$	0.537		$	(0.233	)	$	0.132
Less Distributions
From net investment income	$	(0.278	)	$	(0.397	)	$	(0.096	)	$	(0.132	)
Tax return of capital		—			—			(0.221	)		—
Total distributions	$	(0.278	)	$	(0.397	)	$	(0.317	)	$	(0.132	)
Net asset value — End of period	$	8.340		$	8.710		$	8.570		$	9.120
Total Return(3)		(1.14	)%(4)		6.53	%		(2.63	)%		1.46	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	163,034		$	224,436		$	153,516		$	14,841
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		0.72	%(7)		0.69	%		0.72	%		0.68	%(7)
Net investment income		4.99	%(7)		5.37	%		4.54	%		4.23	%(7)
Portfolio Turnover of the Portfolio		41	%(4)		61	%		78	%		74	%(8)

⁽¹⁾  For the period from commencement of operations, May 31, 2017, to October 31, 2017.

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Includes interest and dividend expense, including on securities sold short, and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04% and 0.03% for the six months ended April 30, 2020, the years ended October 31, 2018 and 2019 and the period ended October 31, 2017, respectively.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the Portfolio’s year ended October 31, 2017.

12 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Global Macro Absolute Return Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Global Macro Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

13

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only 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. For the six months ended April 30, 2020, management estimates that a portion of distributions for the period will be a tax return of capital. The final determination of tax characteristics of the Fund’s distributions will occur at the end of the year and will be reported to the shareholders.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $417,144,793 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $94,878,006 are short-term and $322,266,787 are long-term.

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. The fee is computed at an annual rate of 0.615% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Consolidated Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $127,215 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 $4,795 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

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 0.30% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $547,989 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $359,381 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $1,107 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $119,794 and $1,107 for Class C and Class R shares, respectively.

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

14

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $2,000 of CDSCs paid by Class C shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $73,987,161 and $468,042,996, respectively.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		6,089,092			27,610,532
Issued to shareholders electing to receive payments of distributions in Fund shares		1,240,968			1,511,518
Redemptions		(7,972,775	)		(21,340,044	)
Converted from Class C shares		1,560,613			1,034,404
Net increase		917,898			8,816,410
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		400,392			778,714
Issued to shareholders electing to receive payments of distributions in Fund shares		258,341			480,705
Redemptions		(1,679,922	)		(8,752,716	)
Converted to Class A shares		(1,555,190	)		(1,031,188	)
Net decrease		(2,576,379	)		(8,524,485	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		48,388,967			153,499,227
Issued to shareholders electing to receive payments of distributions in Fund shares		7,456,063			12,300,814
Redemptions		(82,544,913	)		(331,928,868	)
Net decrease		(26,699,883	)		(166,128,827	)

15

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class R	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		20,846			9,106
Issued to shareholders electing to receive payments of distributions in Fund shares		2,977			4,306
Redemptions		(15,760	)		(35,243	)
Net increase (decrease)		8,063			(21,831	)
Class R6	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		4,307,185			19,915,857
Issued to shareholders electing to receive payments of distributions in Fund shares		459,934			583,708
Redemptions		(10,983,893	)		(12,653,133	)
Net increase (decrease)		(6,216,774	)		7,846,432

16

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited)

Foreign Government Bonds — 50.0%
Security		Principal Amount (000’s omitted)		Value
Albania — 0.0%(1)
Republic of Albania, 5.75%, 11/12/20(2)	EUR		1,000	$	1,115,684
Total Albania				$	1,115,684
Argentina — 0.5%
Republic of Argentina, 3.75% to 3/31/29, 12/31/38(3)	USD		8,986	$	2,876,262
Republic of Argentina, 6.25%, 11/9/47(2)	EUR		17,707		4,501,194
Republic of Argentina, 6.625%, 7/6/28	USD		3,040		767,600
Republic of Argentina, 6.875%, 1/11/48	USD		18,915		4,468,858
Republic of Argentina, 7.625%, 4/22/46	USD		6,956		1,739,070
Total Argentina				$	14,352,984
Armenia — 0.2%
Republic of Armenia, 3.95%, 9/26/29(2)	USD		3,412	$	3,184,809
Republic of Armenia, 7.15%, 3/26/25(2)	USD		2,450		2,620,870
Total Armenia				$	5,805,679
Bahrain — 0.2%
Kingdom of Bahrain, 6.125%, 7/5/22(2)	USD		4,636	$	4,670,580
Kingdom of Bahrain, 7.00%, 1/26/26(2)	USD		3,000		3,001,746
Total Bahrain				$	7,672,326
Barbados — 0.9%
Government of Barbados, 6.50%, 10/1/29(4)	USD		30,636	$	26,500,486
Total Barbados				$	26,500,486
Belarus — 0.2%
Republic of Belarus, 6.875%, 2/28/23(2)	USD		6,700	$	6,577,631
Total Belarus				$	6,577,631
Benin — 0.4%
Benin Government International Bond, 5.75%, 3/26/26(2)	EUR		15,118	$	13,824,544
Total Benin				$	13,824,544
China — 0.0%(1)
China Government Bond, 3.40%, 2/9/27	CNY		10,000	$	1,512,441
Total China				$	1,512,441

Security		Principal Amount (000’s omitted)		Value
Costa Rica — 0.1%
Titulo Propiedad UD, 1.00%, 1/12/22(5)	CRC		1,688,406	$	2,686,870
Total Costa Rica				$	2,686,870
Ecuador — 0.1%
Republic of Ecuador, 9.50%, 3/27/30(2)	USD		4,288	$	1,254,240
Republic of Ecuador, 9.625%, 6/2/27(2)	USD		1,300		375,388
Total Ecuador				$	1,629,628
Egypt — 4.0%
Arab Republic of Egypt, 4.75%, 4/11/25(2)	EUR		9,369	$	9,042,961
Arab Republic of Egypt, 5.625%, 4/16/30(2)	EUR		1,025		928,307
Arab Republic of Egypt, 6.375%, 4/11/31(2)	EUR		38,240		35,335,419
Arab Republic of Egypt, 8.15%, 11/20/59(2)	USD		46,664		40,988,724
Arab Republic of Egypt, 8.50%, 1/31/47(2)	USD		8,571		7,699,758
Arab Republic of Egypt, 8.70%, 3/1/49(2)	USD		32,907		29,675,763
Total Egypt				$	123,670,932
Fiji — 1.7%
Republic of Fiji, 6.625%, 10/2/20(2)	USD		53,368	$	53,718,030
Total Fiji				$	53,718,030
Georgia — 0.6%
Georgia Treasury Bond, 7.00%, 5/30/24	GEL		25,057	$	7,097,351
Georgia Treasury Bond, 7.25%, 1/17/21	GEL		4,385		1,351,649
Georgia Treasury Bond, 7.375%, 9/27/23	GEL		5,820		1,693,620
Georgia Treasury Bond, 8.125%, 1/25/23	GEL		2,922		889,829
Georgia Treasury Bond, 9.375%, 4/9/22	GEL		22,758		7,129,120
Total Georgia				$	18,161,569
Iceland — 3.3%
Republic of Iceland, 5.00%, 11/15/28	ISK		4,794,888	$	39,704,802
Republic of Iceland, 6.50%, 1/24/31	ISK		5,641,242		54,034,663
Republic of Iceland, 8.00%, 6/12/25	ISK		1,217,748		10,768,121
Total Iceland				$	104,507,586
India — 0.1%
Export-Import Bank of India, 3.25%, 1/15/30(2)	USD		2,000	$	1,847,599
Total India				$	1,847,599
Indonesia — 0.7%
Indonesia Government Bond, 7.50%, 4/15/40	IDR		57,424,000	$	3,661,624
Indonesia Government International Bond, 3.85%, 10/15/30	USD		13,045		13,543,137

17 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Indonesia (continued)
Indonesia Government International Bond, 4.20%, 10/15/50	USD		4,600	$	4,622,844
Total Indonesia				$	21,827,605
Jordan — 0.3%
Jordan Government International Bond, 7.375%, 10/10/47(2)	USD		8,600	$	8,008,673
Total Jordan				$	8,008,673
Lebanon — 0.3%
Lebanese Republic, 6.25%, 11/4/24(2)(6)	USD		7,398	$	1,239,165
Lebanese Republic, 6.40%, 5/26/23(6)	USD		7,397		1,238,997
Lebanese Republic, 6.65%, 4/22/24(2)(6)	USD		14,581		2,314,734
Lebanese Republic, 6.65%, 2/26/30(2)(6)	USD		453		75,878
Lebanese Republic, 6.75%, 11/29/27(2)(6)	USD		120		20,100
Lebanese Republic, 6.85%, 5/25/29(6)	USD		9,840		1,623,600
Lebanese Republic, 7.00%, 12/3/24(6)	USD		3,446		577,205
Lebanese Republic, 7.00%, 3/20/28(2)(6)	USD		2,952		494,460
Lebanese Republic, 7.15%, 11/20/31(2)(6)	USD		2,042		342,035
Lebanese Republic, 8.20%, 5/17/33(6)	USD		1,595		267,162
Lebanese Republic, 8.25%, 4/12/21(2)(6)	USD		1,000		167,500
Lebanese Republic, 8.25%, 5/17/34(6)	USD		1,326		222,105
Total Lebanon				$	8,582,941
Macedonia — 0.0%(1)
Republic of Macedonia, 5.625%, 7/26/23(2)	EUR		1,000	$	1,182,743
Total Macedonia				$	1,182,743
Mexico — 0.1%
Mexico Government International Bond, 3.60%, 1/30/25	USD		3,000	$	3,013,350
Total Mexico				$	3,013,350
Montenegro — 0.1%
Montenegro Government International Bond, 3.375%, 4/21/25(2)	EUR		1,000	$	1,079,716
Montenegro Government International Bond, 5.75%, 3/10/21(2)	EUR		1,104		1,227,692
Total Montenegro				$	2,307,408
New Zealand — 4.8%
New Zealand Government Bond, 2.00%, 9/20/25(2)(5)	NZD		91,897	$	62,890,587
New Zealand Government Bond, 2.50%, 9/20/35(2)(5)	NZD		41,475		33,348,763

Security		Principal Amount (000’s omitted)		Value
New Zealand (continued)
New Zealand Government Bond, 3.00%, 9/20/30(2)(5)	NZD		66,916	$	52,989,868
Total New Zealand				$	149,229,218
Oman — 0.1%
Oman Government International Bond, 3.625%, 6/15/21(2)	USD		3,600	$	3,467,668
Total Oman				$	3,467,668
Paraguay — 0.3%
Republic of Paraguay, 4.95%, 4/28/31(2)	USD		8,910	$	9,238,556
Total Paraguay				$	9,238,556
Philippines — 1.5%
Republic of the Philippines, 2.457%, 5/5/30	USD		4,300	$	4,395,680
Republic of the Philippines, 2.95%, 5/5/45	USD		5,295		5,450,934
Republic of the Philippines, 6.25%, 1/14/36	PHP		1,649,000		36,987,159
Total Philippines				$	46,833,773
Romania — 2.8%
Romanian Government International Bond, 3.375%, 1/28/50(2)	EUR		27,506	$	25,700,016
Romanian Government International Bond, 4.375%, 8/22/23(2)	USD		14,972		15,598,503
Romanian Government International Bond, 4.625%, 4/3/49(2)	EUR		40,635		45,080,905
Total Romania				$	86,379,424
Rwanda — 0.0%(1)
Republic of Rwanda, 6.625%, 5/2/23(2)	USD		579	$	543,756
Total Rwanda				$	543,756
Serbia — 9.1%
Serbia Treasury Bond, 4.50%, 1/11/26	RSD		2,759,650	$	27,793,066
Serbia Treasury Bond, 5.75%, 7/21/23	RSD		17,062,630		175,997,405
Serbia Treasury Bond, 5.875%, 2/8/28	RSD		7,189,920		80,920,676
Serbia Treasury Bond, 10.00%, 10/23/24	RSD		48,700		597,483
Total Serbia				$	285,308,630
South Africa — 4.1%
Republic of South Africa, 4.30%, 10/12/28	USD		10,400	$	8,783,112
Republic of South Africa, 10.50%, 12/21/26	ZAR		1,991,000		118,071,118
Total South Africa				$	126,854,230

18 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Suriname — 0.2%
Republic of Suriname, 9.25%, 10/26/26(2)	USD		16,043	$	6,136,678
Total Suriname				$	6,136,678
Thailand — 2.3%
Thailand Government Bond, 1.25%, 3/12/28(2)(5)	THB		2,475,755	$	68,374,472
Thailand Government Bond, 2.875%, 6/17/46	THB		112,400		4,016,058
Total Thailand				$	72,390,530
Ukraine — 10.9%
Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40(2)(4)(7)	USD		47,964	$	35,686,031
Ukraine Government International Bond, 9.79%, 5/26/27	UAH		75,000		2,268,267
Ukraine Government International Bond, 10.00%, 8/23/23	UAH		1,710,361		56,886,068
Ukraine Government International Bond, 11.67%, 11/22/23	UAH		750,674		26,072,251
Ukraine Government International Bond, 14.30%, 7/8/20	UAH		1,000		36,984
Ukraine Government International Bond, 14.91%, 10/12/22	UAH		63,115		2,373,054
Ukraine Government International Bond, 15.70%, 1/20/21	UAH		248,191		9,245,586
Ukraine Government International Bond, 15.84%, 2/26/25	UAH		4,502,709		177,587,845
Ukraine Government International Bond, 17.00%, 5/11/22	UAH		88,200		3,426,378
Ukraine Government International Bond, 17.25%, 1/5/22	UAH		39,000		1,492,699
Ukraine Government International Bond, 18.00%, 3/24/21	UAH		696,753		26,467,315
Total Ukraine				$	341,542,478
Uzbekistan — 0.1%
Republic of Uzbekistan, 4.75%, 2/20/24(2)	USD		3,500	$	3,528,438
Total Uzbekistan				$	3,528,438
Total Foreign Government Bonds (identified cost $1,636,358,108)				$	1,559,960,088

Foreign Corporate Bonds — 2.7%
Security		Principal Amount (000’s omitted)		Value
Bulgaria — 0.3%
Eurohold Bulgaria AD, 6.50%, 12/7/22(2)	EUR		9,200	$	10,059,434
Total Bulgaria				$	10,059,434
China — 0.1%
Baidu, Inc., 3.075%, 4/7/25	USD		2,000	$	2,048,770
Tencent Holdings, Ltd., 3.595%, 1/19/28(2)	USD		1,850		1,999,029
Total China				$	4,047,799
Georgia — 0.1%
Georgia Capital JSC, 6.125%, 3/9/24(2)	USD		400	$	356,000
Silknet JSC, 11.00%, 4/2/24(2)	USD		2,470		2,262,125
Total Georgia				$	2,618,125
Iceland — 0.8%
Arion Banki HF, 6.00%, 4/12/24(2)	ISK		1,000,000	$	7,728,289
Heimavellir HF, 7.91%, 4/25/23(8)	ISK		1,036,833		7,718,817
Islandsbanki HF, 6.40%, 10/26/23	ISK		860,000		6,641,596
Landsbankinn HF, 5.00%, 11/23/23(2)	ISK		560,000		4,147,948
WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24(6)(9)	EUR		3,600		118,391
WOW Air HF, 0.00%(6)(10)	EUR		79		2,605
Total Iceland				$	26,357,646
India — 0.2%
Adani Electricity Mumbai, Ltd., 3.949%, 2/12/30(2)	USD		2,300	$	1,963,175
NTPC, Ltd., 4.25%, 2/26/26(2)	USD		2,000		1,991,782
Reliance Communications, Ltd., 6.50%, 11/6/20(2)(6)	USD		1,800		117,000
Reliance Industries, Ltd., 3.667%, 11/30/27(2)	USD		1,875		1,887,116
Total India				$	5,959,073
Indonesia — 0.2%
Bayan Resources Tbk PT, 6.125%, 1/24/23(2)	USD		5,385	$	4,291,123
Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(2)	IDR		18,080,000		1,170,216
Total Indonesia				$	5,461,339
Ireland — 0.3%
Aragvi Finance International DAC, 12.00%, 4/9/24(2)	USD		11,426	$	10,311,965
Total Ireland				$	10,311,965

19 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Mexico — 0.0%(1)
Grupo Kaltex SA de CV, 8.875%, 4/11/22(2)	USD		781	$	470,201
Total Mexico				$	470,201
Mongolia — 0.2%
Trade and Development Bank of Mongolia, LLC, 9.375%, 5/19/20(2)	USD		4,990	$	4,980,644
Total Mongolia				$	4,980,644
Netherlands — 0.1%
Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25(2)	USD		4,747	$	4,090,689
Total Netherlands				$	4,090,689
Singapore — 0.1%
ONGC Videsh Vankorneft Pte, Ltd., 3.75%, 7/27/26(2)	USD		2,100	$	2,006,863
Total Singapore				$	2,006,863
Spain — 0.1%
Atento Luxco 1 S.A., 6.125%, 8/10/22(2)	USD		2,353	$	1,508,861
Total Spain				$	1,508,861
Turkey — 0.1%
QNB Finansbank AS, 6.875%, 9/7/24(2)	USD		3,640	$	3,649,100
Total Turkey				$	3,649,100
United Kingdom — 0.1%
Ellaktor Value PLC, 6.375%, 12/15/24(2)	EUR		4,445	$	3,170,031
Total United Kingdom				$	3,170,031
Total Foreign Corporate Bonds (identified cost $100,948,797)				$	84,691,770
Senior Floating-Rate Loans — 0.0%(1)(11)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Argentina — 0.0%(1)
Desarrolladora Energética S.A., Term Loan, 9.50%, Maturing July 27, 2020(8)(12)		$	1,825	$	1,140,625
Total Argentina				$	1,140,625
Total Senior Floating-Rate Loans (identified cost $1,466,737)				$	1,140,625

Sovereign Loans — 2.7%
Borrower		Principal Amount (000’s omitted)		Value
Ethiopia — 0.2%
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 5.51%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021(9)(13)		$	5,200	$	5,012,431
Total Ethiopia				$	5,012,431
Kenya — 0.6%
Government of Kenya, Term Loan, 7.69%, (6 mo. USD LIBOR + 6.70%), Maturing October 24, 2024(9)		$	2,614	$	2,434,520
Government of Kenya, Term Loan, 8.37%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025(9)			17,415		15,671,218
Total Kenya				$	18,105,738
Macedonia — 0.3%
Republic of Macedonia, Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing December 16, 2022(9)(13)	EUR		7,700	$	8,528,008
Total Macedonia				$	8,528,008
Nigeria — 0.3%
Bank of Industry Limited, Term Loan, 7.31%, (3 mo. USD LIBOR + 6.00%), Maturing April 11, 2021(9)(13)		$	12,190	$	11,107,565
Total Nigeria				$	11,107,565
Tanzania — 1.3%
Government of the United Republic of Tanzania, Term Loan, 7.12%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(9)		$	42,243	$	40,520,193
Total Tanzania				$	40,520,193
Total Sovereign Loans (identified cost $87,829,594)				$	83,273,935
Debt Obligations — United States — 7.0%
Asset-Backed Securities — 0.8%
Security		Principal Amount		Value
Invitation Homes Trust
Series 2018-SFR3, Class E, 2.751%, (1 mo. USD LIBOR + 2.00%), 7/17/37(4)(9)		$	13,000,000	$	11,988,824

20 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
Pnmac Gmsr Issuer Trust
Series 2018-GT1, Class A, 3.337%, (1 mo. USD LIBOR + 2.85%), 2/25/23(4)(9)	$	9,000,000	$	7,555,243
Series 2018-GT2, Class A, 3.137%, (1 mo. USD LIBOR + 2.65%), 8/25/25(4)(9)		8,064,000		6,701,370
Total Asset-Backed Securities (identified cost $30,064,000)			$	26,245,437
Collateralized Mortgage Obligations — 2.6%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 4, Class D, 8.00%, 12/25/22	$	22,154	$	23,466
Series 1548, Class Z, 7.00%, 7/15/23		30,645		33,121
Series 1650, Class K, 6.50%, 1/15/24		180,722		196,235
Series 1817, Class Z, 6.50%, 2/15/26		35,347		39,231
Series 1927, Class ZA, 6.50%, 1/15/27		122,446		137,118
Series 2344, Class ZD, 6.50%, 8/15/31		352,008		415,764
Series 2458, Class ZB, 7.00%, 6/15/32		664,622		803,476
Interest Only:(14)
Series 362, Class C6, 3.50%, 12/15/47		14,676,099		1,350,930
Series 4791, Class JI, 4.00%, 5/15/48		22,840,649		1,922,187
			$	4,921,528
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2016-DNA4, Class M3, 4.287%, (1 mo. USD LIBOR + 3.80%), 3/25/29(9)	$	3,145,450	$	3,098,389
Series 2017-DNA2, Class M2, 3.937%, (1 mo. USD LIBOR + 3.45%), 10/25/29(9)		1,859,799		1,799,416
Series 2019-DNA1, Class M2, 3.137%, (1 mo. USD LIBOR + 2.65%), 1/25/49(4)(9)		1,512,465		1,358,021
Series 2019-DNA2, Class M2, 2.937%, (1 mo. USD LIBOR + 2.45%), 3/25/49(4)(9)		4,260,265		3,758,591
Series 2019-DNA3, Class M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 7/25/49(4)(9)		316,474		273,830
Series 2019-DNA4, Class M2, 2.437%, (1 mo. USD LIBOR + 1.95%), 10/25/49(4)(9)		369,853		310,019
Series 2020-DNA1, Class M2, 2.187%, (1 mo. USD LIBOR + 1.70%), 1/25/50(4)(9)		15,790,178		12,177,652
Series 2020-DNA2, Class M1, 1.237%, (1 mo. USD LIBOR + 0.75%), 2/25/50(4)(9)		3,389,798		3,254,947
			$	26,030,865
Federal National Mortgage Association:
Series G48, Class Z, 7.10%, 12/25/21	$	70,274	$	72,863
Series G92-60, Class Z, 7.00%, 10/25/22		118,343		124,433
Series G93-1, Class K, 6.675%, 1/25/23		114,817		120,547
Series G94-7, Class PJ, 7.50%, 5/17/24		172,535		188,593

Security	Principal Amount		Value
Federal National Mortgage Association: (continued)
Series 1992-180, Class F, 1.637%, (1 mo. USD LIBOR + 1.15%), 10/25/22(9)	$	97,130	$	97,407
Series 1993-16, Class Z, 7.50%, 2/25/23		94,703		101,306
Series 1993-79, Class PL, 7.00%, 6/25/23		62,108		67,065
Series 1993-104, Class ZB, 6.50%, 7/25/23		26,119		28,071
Series 1993-121, Class Z, 7.00%, 7/25/23		372,480		396,155
Series 1993-141, Class Z, 7.00%, 8/25/23		84,046		90,998
Series 1994-42, Class ZQ, 7.00%, 4/25/24		589,790		640,713
Series 1994-79, Class Z, 7.00%, 4/25/24		110,827		120,116
Series 1994-89, Class ZQ, 8.00%, 7/25/24		106,687		118,320
Series 1996-35, Class Z, 7.00%, 7/25/26		34,388		38,814
Series 1998-16, Class H, 7.00%, 4/18/28		151,402		174,922
Series 1998-44, Class ZA, 6.50%, 7/20/28		250,568		283,672
Series 1999-25, Class Z, 6.00%, 6/25/29		258,554		296,609
Series 2000-2, Class ZE, 7.50%, 2/25/30		60,751		70,951
Series 2000-49, Class A, 8.00%, 3/18/27		184,303		208,679
Series 2001-31, Class ZA, 6.00%, 7/25/31		2,046,445		2,349,268
Series 2001-74, Class QE, 6.00%, 12/25/31		535,125		619,455
Series 2009-48, Class WA, 5.846%, 7/25/39(15)		2,675,933		2,982,116
Series 2011-38, Class SA, 12.038%, (13.50% - 1 mo. USD LIBOR x 3), 5/25/41(9)(16)		3,901,841		5,342,936
Interest Only:(14)
Series 424, Class C8, 3.50%, 2/25/48		20,694,176		1,686,803
Series 2018-21, Class IO, 3.00%, 4/25/48		21,652,767		1,635,096
Series 2018-58, Class BI, 4.00%, 8/25/48		3,246,114		264,830
			$	18,120,738
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2016-C03, Class 1M2, 5.787%, (1 mo. USD LIBOR + 5.30%), 10/25/28(9)	$	1,576,341	$	1,601,544
Series 2017-C03, Class 1M2C, 3.487%, (1 mo. USD LIBOR + 3.00%), 10/25/29(9)		2,116,893		1,741,774
Series 2017-C07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(9)		6,456,848		6,009,875
Series 2017-C07, Class 1M2C, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(9)		3,942,383		3,207,625
Series 2018-C01, Class 1M2, 2.737%, (1 mo. USD LIBOR + 2.25%), 7/25/30(9)		5,000,000		4,436,026
Series 2018-C03, Class 1M2, 2.637%, (1 mo. USD LIBOR + 2.15%), 10/25/30(9)		5,500,000		4,896,493
Series 2018-C06, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 3/25/31(9)		876,334		796,544
Series 2018-R07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 4/25/31(4)(9)		420,514		393,039
Series 2019-R02, Class 1M2, 2.787%, (1 mo. USD LIBOR + 2.30%), 8/25/31(4)(9)		1,501,999		1,387,695

21 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities: (continued)
Series 2019-R05, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 7/25/39(4)(9)	$	713,863	$	657,980
Series 2019-R07, Class 1M2, 2.587%, (1 mo. USD LIBOR + 2.10%), 10/25/39(4)(9)		2,101,177		1,838,153
Series 2020-R01, Class 1M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 1/25/40(4)(9)		6,091,416		4,658,653
			$	31,625,401
Government National Mortgage Association:
Series 2001-35, Class K, 6.45%, 10/26/23	$	37,583	$	40,162
			$	40,162
Total Collateralized Mortgage Obligations (identified cost $91,869,638)			$	80,738,694
Mortgage Pass-Throughs — 2.8%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
2.845%, (COF + 1.25%), with maturity at 2035(17)	$	1,231,551	$	1,241,514
3.472%, (COF + 2.39%), with maturity at 2023(17)		12,535		12,564
3.924%, (COF + 1.25%), with maturity at 2029(17)		10,370		10,720
4.364%, (1 yr. CMT + 2.33%), with maturity at 2036(17)		1,047,182		1,097,915
4.403%, (COF + 1.25%), with maturity at 2030(17)		250,041		260,262
4.50%, with maturity at 2035		204,307		221,029
6.00%, with various maturities to 2035		5,487,268		6,305,629
6.50%, with various maturities to 2032		6,218,390		7,145,895
6.60%, with maturity at 2030		600,312		685,094
7.00%, with various maturities to 2036		8,775,805		10,046,475
7.31%, with maturity at 2026		20,995		22,940
7.50%, with various maturities to 2035		3,899,464		4,376,394
7.95%, with maturity at 2022		45,515		45,660
8.00%, with various maturities to 2030		887,566		965,730
8.15%, with maturity at 2021		1,860		1,895
8.50%, with maturity at 2025		42,029		43,023
9.00%, with various maturities to 2027		98,738		105,432
9.50%, with maturity at 2027		38,735		43,229
10.00%, with maturity at 2020		25		25
10.50%, with maturity at 2021		541		546
			$	32,631,971

Security	Principal Amount		Value
Federal National Mortgage Association:
2.239%, (COF + 1.25%), with maturity at 2027(17)	$	72,142	$	71,915
2.286%, (COF + 1.25%), with various maturities to 2033(17)		1,638,730		1,633,175
2.384%, (COF + 1.40%), with maturity at 2025(17)		281,202		280,637
2.584%, (COF + 1.60%), with maturity at 2024(17)		115,022		115,096
3.396%, (COF + 1.25%), with maturity at 2034(17)		575,586		585,934
3.445%, (COF + 1.25%), with maturity at 2035(17)		1,474,875		1,497,223
3.79%, (1 yr. CMT + 2.15%), with maturity at 2028(17)		97,621		101,793
4.005%, (COF + 1.77%), with maturity at 2035(17)		2,004,754		2,063,303
6.00%, with various maturities to 2035		18,435,665		21,412,885
6.328%, (COF + 2.00%, Floor 6.328%), with maturity at 2032(17)		577,378		626,542
6.50%, with various maturities to 2038		7,562,138		8,584,190
7.00%, with various maturities to 2035		11,962,844		13,823,851
7.50%, with various maturities to 2027		61,536		65,795
7.643%, (1 yr. CMT + 2.15%), with maturity at 2025(17)		16,931		17,752
8.00%, with various maturities to 2026		12,199		12,752
8.50%, with various maturities to 2037		1,529,237		1,771,960
9.00%, with various maturities to 2032		198,526		219,493
9.251%, with maturity at 2028		616		632
9.50%, with various maturities to 2031		74,183		80,844
9.543%, with maturity at 2027		2,682		2,876
10.50%, with maturity at 2029		25,309		29,844
11.50%, with maturity at 2031		110,661		132,983
			$	53,131,475
Government National Mortgage Association:
3.125%, (1 yr. CMT + 1.50%), with maturity at 2024(17)	$	125,421	$	128,468
6.50%, with various maturities to 2032		346,586		388,088
7.00%, with various maturities to 2031		590,350		664,930
7.50%, with various maturities to 2028		86,201		95,439
8.00%, with various maturities to 2023		49,319		52,586
9.00%, with maturity at 2025		15,657		16,686
9.50%, with various maturities to 2021		2,081		2,116
			$	1,348,313
Total Mortgage Pass-Throughs (identified cost $82,482,873)			$	87,111,759

22 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

U.S. Treasury Obligations — 0.1%
Security	Principal Amount		Value
U.S. Treasury Bond, 7.875%, 2/15/21	$	1,500,000	$	1,591,523
Total U.S. Treasury Obligations (identified cost $1,524,690)			$	1,591,523
U.S. Government Guaranteed Small Business Administration Loans(18)(19) — 0.7%
Security	Principal Amount (000’s omitted)		Value
1.11%, 9/15/42	$	1,679	$	59,912
1.41%, 9/15/42		1,111		51,316
1.61%, 9/15/42		1,899		106,162
1.66%, 8/15/42 to 4/15/43		7,264		404,855
1.91%, 8/15/42 to 4/15/43		13,323		854,882
1.93%, 3/15/41 to 5/15/42		2,134		130,708
1.96%, 9/15/42		2,939		176,420
2.03%, 8/15/32		801		44,985
2.11%, 8/15/42 to 9/15/42		5,978		409,142
2.16%, 2/15/42 to 4/15/43		16,291		1,226,599
2.21%, 9/15/42		2,642		184,397
2.28%, 3/15/43		2,752		248,587
2.36%, 9/15/42		1,972		152,438
2.38%, 2/15/41		660		43,612
2.39%, 7/15/39		1,015		64,139
2.41%, 12/15/41 to 4/15/43		23,621		2,028,898
2.46%, 3/15/28 to 4/15/43		10,125		793,067
2.53%, 6/15/36		868		49,893
2.56%, 5/15/37		1,387		83,952
2.58%, 9/15/42		2,493		208,612
2.61%, 9/15/42		2,889		255,762
2.63%, 11/15/36		623		36,058
2.66%, 4/15/43		8,177		800,226
2.69%, 10/4/23 to 8/25/42(20)		30,950		2,245,913
2.91%, 10/15/42 to 4/15/43		16,462		1,762,868
2.93%, 4/15/42		925		98,642
2.96%, 7/15/27 to 2/15/43		8,183		645,484
2.98%, 7/15/43		1,214		131,243
2.99%, 2/15/29		900		65,954
3.03%, 4/15/41 to 7/15/41		1,886		171,570
3.16%, 9/15/42 to 4/15/43		6,420		779,893
3.21%, 6/15/27 to 3/15/43		8,571		896,601
3.29%, 12/15/42		3,560		434,021
3.34%, 12/28/26 to 8/17/42(20)		34,799		2,564,283
3.41%, 3/15/43 to 4/15/43		8,270		1,012,311
3.46%, 3/15/27 to 9/15/42		5,349		574,018

Security	Principal Amount (000’s omitted)		Value
3.66%, 9/15/42 to 6/15/43	$	9,575	$	1,357,653
3.69%, 3/15/43		1,354		218,423
3.71%, 2/15/28 to 10/15/42		13,390		1,362,126
3.78%, 5/15/27 to 9/15/42		4,090		483,441
Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $27,807,608)			$	23,219,066
Total Debt Obligations — United States (identified cost $233,748,809)			$	218,906,479
Common Stocks — 2.1%
Security	Shares		Value
Cyprus — 0.1%
Bank of Cyprus Holdings PLC(21)		4,401,002	$	3,174,453
Total Cyprus			$	3,174,453
Greece — 0.3%
Alpha Bank AE(21)		1,247,900	$	911,248
Eurobank Ergasias Services and Holdings S.A.(21)		2,679,600		1,082,371
Hellenic Telecommunications Organization S.A.		171,200		2,261,807
JUMBO S.A.		123,900		1,939,023
National Bank of Greece S.A.(21)		776,900		1,053,534
OPAP S.A.		215,671		1,931,832
Piraeus Bank S.A.(21)		716,900		956,861
Total Greece			$	10,136,676
Iceland — 0.8%
Arion Banki HF(4)(21)		13,876,503	$	5,378,100
Eik Fasteignafelag HF		51,609,452		2,381,710
Eimskipafelag Islands HF(21)		3,639,045		3,219,423
Hagar HF		13,723,319		4,367,770
Reginn HF(21)		19,224,700		2,217,273
Reitir Fasteignafelag HF		8,110,081		2,810,237
Siminn HF		86,467,161		3,485,278
Total Iceland			$	23,859,791
Serbia — 0.1%
Komercijalna Banka AD Beograd(21)		84,003	$	1,924,075
Total Serbia			$	1,924,075
Singapore — 0.2%
Yoma Strategic Holdings, Ltd.(21)		43,974,000	$	6,137,556
Total Singapore			$	6,137,556

23 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Shares		Value
Sri Lanka — 0.1%
Softlogic Life Insurance PLC			23,762,288	$	3,581,943
Total Sri Lanka				$	3,581,943
Vietnam — 0.5%
Bank for Foreign Trade of Vietnam JSC			539,910	$	1,566,943
Bank for Investment and Development of Vietnam JSC			468,816		715,844
Binh Minh Plastics JSC			39,120		78,884
Coteccons Construction JSC			133,000		357,094
FPT Corp.			412,440		956,874
Hoa Phat Group JSC(21)			794,407		727,586
KIDO Group Corp.			24,450		18,056
Masan Group Corp.(21)			429,280		1,076,152
Military Commercial Joint Stock Bank(21)			1,863,880		1,357,715
PetroVietnam Nhon Trach 2 Power JSC			485,400		427,512
Phu Nhuan Jewelry JSC			532,630		1,384,101
Refrigeration Electrical Engineering Corp.			807,810		1,035,411
SSI Securities Corp.			775,425		431,282
Viet Capital Securities JSC			448,200		338,098
Vietnam Dairy Products JSC			395,068		1,670,853
Vietnam Prosperity JSC Bank(21)			1,581,255		1,392,916
Vietnam Technological & Commercial Joint Stock Bank(21)			781,800		614,121
Vingroup JSC(21)			632,834		2,483,486
Total Vietnam				$	16,632,928
Total Common Stocks (identified cost $111,811,752)				$	65,447,422
Short-Term Investments — 29.4%
Foreign Government Securities — 0.6%
Security		Principal Amount (000’s omitted)		Value
Georgia — 0.6%
Bank of Georgia Promissory Note, 7.40%, 5/13/20	GEL		1,565	$	488,637
Bank of Georgia Promissory Note, 7.40%, 5/18/20	GEL		2,302		717,820
Bank of Georgia Promissory Note, 7.50%, 5/26/20	GEL		2,879		894,475
Bank of Georgia Promissory Note, 7.50%, 5/28/20	GEL		7,363		2,284,904
Bank of Georgia Promissory Note, 7.50%, 6/10/20	GEL		1,309		405,321
Bank of Georgia Promissory Note, 7.50%, 6/12/20	GEL		1,021		316,012
Bank of Georgia Promissory Note, 7.50%, 6/15/20	GEL		2,028		627,241
Bank of Georgia Promissory Note, 7.50%, 6/16/20	GEL		1,185		366,534
Bank of Georgia Promissory Note, 7.50%, 6/17/20	GEL		1,944		601,212

Security		Principal Amount (000’s omitted)		Value
Georgia (continued)
Bank of Georgia Promissory Note, 7.50%, 6/19/20	GEL		2,140	$	661,699
Bank of Georgia Promissory Note, 7.50%, 6/26/20	GEL		2,843		878,066
Bank of Georgia Promissory Note, 7.50%, 6/29/20	GEL		2,384		736,265
Georgia Treasury Bill, 0.00%, 5/7/20	GEL		1,815		564,514
Georgia Treasury Bill, 0.00%, 5/14/20	GEL		4,290		1,332,753
Georgia Treasury Bill, 0.00%, 6/4/20	GEL		2,686		830,712
Georgia Treasury Bill, 0.00%, 6/11/20	GEL		3,269		1,009,304
Georgia Treasury Bill, 0.00%, 7/2/20	GEL		160		49,176
Georgia Treasury Bill, 0.00%, 1/14/21	GEL		3,982		1,167,948
Georgia Treasury Bill, 0.00%, 2/11/21	GEL		11,447		3,334,149
Total Georgia				$	17,266,742
Total Foreign Government Securities (identified cost $19,717,358)				$	17,266,742
U.S. Treasury Obligations — 6.6%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 5/21/20(22)		$	54,900	$	54,897,330
U.S. Treasury Bill, 0.00%, 7/30/20			150,000		149,964,843
Total U.S. Treasury Obligations (identified cost $204,860,669)				$	204,862,173
Repurchase Agreements — 0.0%(1)
Description		Principal Amount (000’s omitted)		Value
JPMorgan Chase Bank, N.A.:
Dated 4/22/20 with an interest rate of 0.65% payable by the Portfolio, collateralized by $1,000,000 Republic of Angola 9.125%, due 11/26/49 and a market value, including accrued interest, of $449,288(23)		$	470	$	469,890
Total Repurchase Agreements (identified cost $469,890)				$	469,890

24 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Other — 22.2%
Description	Units			Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(24)		694,904,361		$	694,904,361
Total Other (identified cost $694,864,525)				$	694,904,361
Total Short-Term Investments (identified cost $919,912,442)				$	917,503,166
Total Purchased Options — 0.0%(1) (identified cost $623,662)				$	37
Total Investments — 93.9% (identified cost $3,092,699,901)				$	2,930,923,522
Securities Sold Short — (0.3)%
Common Stocks — (0.3)%
Security	Shares			Value
Ashmore Group PLC		(1,867,300	)	$	(8,902,974	)
Total Common Stocks				$	(8,902,974	)
Total Securities Sold Short (proceeds $12,025,557)				$	(8,902,974	)
Other Assets, Less Liabilities — 6.4%				$	201,298,537
Net Assets — 100.0%				$	3,123,319,085

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

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $667,261,775 or 21.4% of the Portfolio’s net assets.

⁽³⁾  Step coupon security. Interest rate represents the rate in effect at April 30, 2020.

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $123,878,634 or 4.0% of the Portfolio’s net assets.

⁽⁵⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁶⁾  Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁷⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽⁸⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁹⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹⁰⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹²⁾  Fixed-rate loan.

⁽¹³⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹⁴⁾  Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽¹⁵⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽¹⁶⁾  Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at April 30, 2020.

⁽¹⁷⁾  Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at April 30, 2020.

⁽¹⁸⁾  Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹⁹⁾  Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro rata basis with all securities in the trust.

⁽²⁰⁾  The stated interest rate represents the weighted average fixed interest rate at April 30, 2020 of all interest only securities comprising the certificate.

⁽²¹⁾  Non-income producing security.

⁽²²⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽²³⁾  Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

⁽²⁴⁾  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 April 30, 2020.

25 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Purchased Currency Options — 0.0%(1)
Description	Counterparty	Notional Amount		Exercise Price		Expiration Date	Value
Call BRL/Put USD	Standard Chartered Bank	USD	36,740,000	BRL	3.57	7/20/20	$	37
Total							$	37

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)
BRL	43,350,000	USD	8,344,144	5/5/20	$	(372,317	)
BRL	43,350,000	USD	7,987,839	5/5/20		(16,011	)
USD	8,406,213	BRL	43,350,000	5/5/20		434,386
USD	7,987,839	BRL	43,350,000	5/5/20		16,011
CLP	13,423,553,874	USD	17,123,409	5/7/20		(1,043,968	)
USD	17,247,275	CLP	13,423,553,874	5/7/20		1,167,834
EUR	18,891,147	USD	20,568,775	5/8/20		134,133
EUR	8,851,532	USD	9,616,574	5/8/20		83,867
EUR	11,052,000	USD	12,033,473	5/8/20		78,472
PHP	256,728,338	USD	5,035,370	5/8/20		56,043
USD	21,252,508	EUR	19,083,051	5/8/20		339,291
USD	7,115,358	EUR	6,376,340	5/8/20		127,493
USD	5,177,776	EUR	4,640,000	5/8/20		92,775
USD	1,828,960	EUR	1,639,000	5/8/20		32,771
USD	6,286,760	EUR	5,774,000	5/8/20		(40,997	)
USD	12,076,959	EUR	11,091,939	5/8/20		(78,756	)
USD	31,463,002	EUR	28,896,820	5/8/20		(205,176	)
USD	35,671,091	EUR	32,761,689	5/8/20		(232,617	)
USD	38,718,206	EUR	35,560,276	5/8/20		(252,488	)
USD	41,096,288	PHP	2,095,294,228	5/8/20		(457,396	)
USD	34,835,115	KRW	41,310,962,579	5/12/20		909,839
AUD	24,417,818	USD	15,579,545	5/15/20		332,816
USD	18,448,642	AUD	29,255,000	5/15/20		(615,965	)
CAD	69,790,100	USD	52,749,006	5/20/20		(2,609,919	)
USD	52,241,618	CAD	69,790,100	5/20/20		2,102,531
USD	6,383,833	NZD	10,720,267	5/20/20		(191,723	)
USD	11,947,471	NZD	20,063,194	5/20/20		(358,813	)
USD	7,510,288	JPY	830,713,000	5/21/20		(231,981	)
INR	785,552,200	USD	10,892,671	5/22/20		(479,041	)
INR	1,037,630,000	USD	14,386,052	5/22/20		(630,766	)
USD	8,364,947	EUR	7,703,664	5/22/20		(79,781	)
USD	40,032,697	EUR	36,771,945	5/22/20		(276,569	)
USD	47,229,686	EUR	43,382,723	5/22/20		(326,290	)
USD	7,772,944	INR	598,944,200	5/22/20		(166,927	)
USD	7,681,276	INR	592,645,000	5/22/20		(175,091	)
USD	8,183,058	INR	631,593,000	5/22/20		(189,620	)

26 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)
JPY	8,574,262,485	USD	77,435,835	5/26/20	$	2,481,756
USD	9,803,642	JPY	1,049,872,000	5/26/20		18,166
USD	11,600,204	JPY	1,260,091,883	5/26/20		(144,655	)
USD	25,473,428	JPY	2,820,604,435	5/26/20		(816,403	)
USD	48,788,660	ZAR	717,447,000	5/26/20		10,171,706
USD	5,650,196	ZAR	103,617,246	5/26/20		72,944
ZAR	1,244,734,300	USD	67,874,729	5/26/20		(876,266	)
USD	4,949,504	PHP	254,454,000	6/2/20		(85,330	)
USD	1,261,995	NZD	2,129,000	6/8/20		(43,732	)
USD	3,891,496	NZD	6,565,000	6/8/20		(134,851	)
AUD	14,764,582	USD	8,996,665	6/9/20		625,801
AUD	31,921,000	USD	21,161,299	6/9/20		(357,544	)
TWD	594,430,000	USD	19,994,282	6/9/20		114,823
TWD	464,170,000	USD	15,612,849	6/9/20		89,661
USD	35,589,175	TWD	1,058,600,000	6/9/20		(222,440	)
JPY	625,358,000	USD	5,813,606	6/10/20		16,334
JPY	3,012,675,633	USD	28,584,074	6/10/20		(498,210	)
AUD	56,089,807	USD	34,308,536	6/12/20		2,246,876
AUD	24,047,320	USD	15,656,729	6/12/20		15,632
AUD	92,906,533	USD	60,828,880	6/12/20		(278,901	)
USD	71,726,696	AUD	109,551,230	6/12/20		328,868
USD	7,854,238	AUD	12,924,000	6/12/20		(568,721	)
USD	25,787,644	AUD	42,159,303	6/12/20		(1,688,840	)
USD	31,979,795	NZD	50,858,000	6/12/20		789,098
USD	4,070,259	NZD	6,473,000	6/12/20		100,433
GBP	3,930,000	USD	4,611,934	6/18/20		338,817
GBP	7,387,574	USD	9,053,250	6/18/20		253,120
USD	54,211,050	ZAR	817,827,898	6/18/20		10,288,287
CAD	11,700,000	USD	8,079,274	6/22/20		327,116
CAD	5,280,000	USD	3,644,053	6/22/20		149,600
CAD	5,587,000	USD	3,989,489	6/22/20		24,742
NZD	13,944,849	USD	8,353,662	6/29/20		197,684
USD	38,394,912	NZD	64,093,000	6/29/20		(908,591	)
GBP	6,719,000	USD	8,093,170	6/30/20		371,454
EUR	28,896,819	USD	31,228,504	7/6/20		478,230
EUR	8,035,900	USD	8,834,427	7/6/20		(17,120	)
EUR	10,368,739	USD	11,436,200	7/6/20		(59,210	)
EUR	35,397,612	USD	39,417,011	7/6/20		(577,350	)
USD	210,221,015	EUR	188,784,532	7/6/20		3,079,155
USD	10,244,660	EUR	9,200,000	7/6/20		150,056
USD	13,401,424	EUR	12,400,803	7/6/20		(205,228	)
USD	14,880,536	EUR	13,769,477	7/6/20		(227,879	)
USD	42,242,013	EUR	39,088,002	7/6/20		(646,890	)
USD	46,177,304	EUR	42,729,464	7/6/20		(707,155	)

27 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date	Value/Unrealized Appreciation (Depreciation)
USD	2,473,324	NZD	4,158,000	7/9/20	$	(76,305	)
USD	6,468,236	NZD	10,874,000	7/9/20		(199,554	)
USD	81,884,413	EUR	72,337,013	7/10/20		2,506,440
USD	41,399,577	EUR	36,572,549	7/10/20		1,267,220
USD	4,075,146	EUR	3,600,000	7/10/20		124,738
CHF	22,895,000	USD	23,738,426	7/15/20		29,202
CHF	22,930,000	USD	23,812,986	7/15/20		(9,023	)
NOK	324,146,700	USD	31,568,477	7/16/20		83,826
EUR	7,926,000	USD	8,647,345	7/17/20		51,467
EUR	1,818,678	USD	2,051,160	7/17/20		(55,154	)
EUR	5,774,000	USD	6,512,090	7/17/20		(175,105	)
NZD	14,215,000	USD	8,627,084	7/17/20		88,852
USD	76,820,574	EUR	68,113,611	7/17/20		2,065,650
USD	8,939,181	EUR	7,926,000	7/17/20		240,368
USD	17,810,856	EUR	16,075,505	7/17/20		167,933
USD	2,051,159	EUR	1,818,678	7/17/20		55,154
USD	32,602,375	EUR	29,895,900	7/17/20		(208,478	)
USD	8,981,513	NZD	14,799,000	7/17/20		(92,502	)
USD	18,073,482	NZD	29,780,000	7/17/20		(186,142	)
IDR	148,621,203,894	USD	9,162,836	7/21/20		478,188
USD	5,955,559	IDR	82,526,178,894	7/21/20		602,104
USD	4,767,041	IDR	66,095,025,000	7/21/20		479,472
USD	30,847,775	KRW	37,995,203,878	7/29/20		(474,801	)
USD	8,234,827	SGD	11,272,943	8/6/20		237,361
USD	17,541,191	ZAR	296,497,000	8/19/20		1,706,715
USD	11,710,678	ZAR	203,952,000	8/19/20		818,584
USD	223,673	ZAR	4,247,300	9/17/20		(2,564	)
USD	14,742,876	ZAR	279,951,000	9/17/20		(168,985	)
USD	67,641,986	ZAR	1,284,446,912	9/17/20		(775,324	)
ZAR	257,360,000	USD	13,553,181	9/17/20		155,350
					$	29,275,780

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	41,443,836	HUF	15,049,500,000	BNP Paribas		5/4/20	$	—	$	(1,370,247	)
EUR	951,903	HUF	340,010,000	JPMorgan Chase Bank, N.A.		5/4/20		—		(13,894	)
HUF	15,389,510,000	EUR	43,314,129	BNP Paribas		5/4/20		377,723		—
EUR	23,215,016	HUF	8,187,472,000	BNP Paribas		5/5/20		—		(13,357	)
EUR	20,397,174	HUF	7,202,038,000	BNP Paribas		5/5/20		—		(37,735	)
EUR	57,841,181	PLN	262,512,200	BNP Paribas		5/5/20		110,986		—
EUR	357,015	RON	1,729,000	Goldman Sachs International		5/5/20		—		(318	)

28 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	8,668,456	RON	41,977,000	JPMorgan Chase Bank, N.A.		5/5/20	$	—	$	(6,875	)
EUR	6,878,443	USD	7,533,050	Bank of America, N.A.		5/5/20		4,688		—
EUR	1,374,333	USD	1,505,126	Bank of America, N.A.		5/5/20		937		—
EUR	347,238	USD	380,284	Bank of America, N.A.		5/5/20		237		—
EUR	7,703,664	USD	8,362,328	Goldman Sachs International		5/5/20		79,730		—
EUR	5,022,492	USD	5,455,923	UBS AG		5/5/20		47,973		—
EUR	4,445,000	USD	4,828,595	UBS AG		5/5/20		42,457		—
EUR	2,314,559	USD	2,514,301	UBS AG		5/5/20		22,108		—
EUR	1,884,473	USD	2,047,099	UBS AG		5/5/20		18,000		—
EUR	1,850,344	USD	2,010,025	UBS AG		5/5/20		17,674		—
EUR	1,189,129	USD	1,291,749	UBS AG		5/5/20		11,358		—
EUR	1,184,298	USD	1,286,501	UBS AG		5/5/20		11,312		—
EUR	1,114,643	USD	1,210,835	UBS AG		5/5/20		10,647		—
HUF	44,391,000	EUR	125,843	Citibank, N.A.		5/5/20		100		—
HUF	12,292,800,000	EUR	34,825,499	Standard Chartered Bank		5/5/20		52,815		—
HUF	3,052,319,000	EUR	8,641,132	UBS AG		5/5/20		19,784		—
PLN	16,226,000	EUR	3,579,696	Standard Chartered Bank		5/5/20		—		(11,798	)
PLN	117,620,000	EUR	25,883,873	Standard Chartered Bank		5/5/20		—		(14,464	)
PLN	128,666,200	EUR	28,362,696	UBS AG		5/5/20		—		(68,377	)
RON	971,800	EUR	200,698	Citibank, N.A.		5/5/20		141		—
RON	42,734,200	EUR	8,825,739	Standard Chartered Bank		5/5/20		5,994		—
USD	1,220,722	EUR	1,114,643	Bank of America, N.A.		5/5/20		—		(760	)
USD	1,297,005	EUR	1,184,298	Bank of America, N.A.		5/5/20		—		(807	)
USD	1,302,296	EUR	1,189,129	Bank of America, N.A.		5/5/20		—		(811	)
USD	2,026,438	EUR	1,850,344	Bank of America, N.A.		5/5/20		—		(1,261	)
USD	2,063,815	EUR	1,884,473	Bank of America, N.A.		5/5/20		—		(1,284	)
USD	2,534,831	EUR	2,314,559	Bank of America, N.A.		5/5/20		—		(1,578	)
USD	4,868,022	EUR	4,445,000	Bank of America, N.A.		5/5/20		—		(3,030	)
USD	8,436,807	EUR	7,703,664	Bank of America, N.A.		5/5/20		—		(5,251	)
USD	377,204	EUR	347,238	UBS AG		5/5/20		—		(3,317	)
USD	1,492,935	EUR	1,374,333	UBS AG		5/5/20		—		(13,127	)
USD	2,218,056	EUR	2,040,395	UBS AG		5/5/20		—		(17,910	)
USD	3,239,023	EUR	2,982,097	UBS AG		5/5/20		—		(28,907	)
USD	7,472,039	EUR	6,878,443	UBS AG		5/5/20		—		(65,700	)
USD	3,309,603	ZAR	60,110,000	Bank of America, N.A.		5/5/20		66,637		—
USD	5,125,456	ZAR	92,842,000	Credit Agricole Corporate and Investment Bank		5/5/20		116,581		—
USD	5,679,992	ZAR	103,617,246	Credit Agricole Corporate and Investment Bank		5/5/20		89,786		—
USD	68,024,043	ZAR	1,244,734,300	Standard Chartered Bank		5/5/20		869,971		—
USD	5,059,200	ZAR	91,690,000	Standard Chartered Bank		5/5/20		112,476		—
ZAR	4,036,300	USD	223,420	Bank of America, N.A.		5/5/20		—		(5,659	)
ZAR	103,617,246	USD	5,662,716	Standard Chartered Bank		5/5/20		—		(72,511	)
ZAR	1,485,340,000	USD	82,109,275	Standard Chartered Bank		5/5/20		—		(1,974,399	)
EGP	147,335,000	USD	7,734,121	Goldman Sachs International		5/7/20		1,612,989		—

29 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	9,348,668	EGP	147,335,000	HSBC Bank USA, N.A.		5/7/20	$	1,557	$	—
USD	4,810,628	UAH	119,496,000	Bank of America, N.A.		5/12/20		394,482		—
USD	4,803,922	UAH	120,050,000	Morgan Stanley & Co. International PLC		5/12/20		367,302		—
EGP	136,520,000	USD	7,185,263	Societe Generale		5/13/20		1,454,968		—
USD	2,585,722	UAH	71,172,000	Citibank, N.A.		5/13/20		—		(43,377	)
EUR	15,666,018	HUF	5,396,160,000	JPMorgan Chase Bank, N.A.		5/18/20		399,686		—
USD	26,894,886	THB	849,609,458	Standard Chartered Bank		5/18/20		635,390		—
AED	14,203,000	USD	3,863,185	Standard Chartered Bank		5/21/20		3,165		—
OMR	1,935,000	USD	5,009,709	Standard Chartered Bank		5/21/20		6,223		—
USD	3,854,797	AED	14,203,000	Standard Chartered Bank		5/21/20		—		(11,553	)
USD	4,904,943	OMR	1,935,000	Standard Chartered Bank		5/21/20		—		(110,988	)
USD	605,446	GHS	3,669,000	ICBC Standard Bank plc		5/22/20		—		(22,497	)
USD	1,222,772	GHS	7,410,000	ICBC Standard Bank plc		5/22/20		—		(45,436	)
USD	502,391	GHS	3,047,000	JPMorgan Chase Bank, N.A.		5/22/20		—		(19,098	)
USD	1,243,931	GHS	7,532,000	JPMorgan Chase Bank, N.A.		5/22/20		—		(45,158	)
EUR	15,031,480	HUF	5,364,200,000	Credit Agricole Corporate and Investment Bank		5/26/20		—		(191,969	)
EUR	14,538,757	NOK	166,286,000	BNP Paribas		5/26/20		—		(294,017	)
USD	1,518,294	GHS	9,254,000	ICBC Standard Bank plc		5/26/20		—		(62,832	)
USD	5,944,747	ZAR	91,690,000	Standard Chartered Bank		5/27/20		1,009,996		—
ZAR	91,690,000	USD	5,047,363	Standard Chartered Bank		5/27/20		—		(112,612	)
NZD	6,708,000	USD	3,904,995	Morgan Stanley & Co. International PLC		5/29/20		209,306		—
TRY	14,300,000	USD	2,195,182	Standard Chartered Bank		5/29/20		—		(159,921	)
TRY	32,590,000	USD	5,016,547	Standard Chartered Bank		5/29/20		—		(378,145	)
TRY	73,980,000	USD	11,336,350	Standard Chartered Bank		5/29/20		—		(807,077	)
USD	494,042	GHS	3,039,000	JPMorgan Chase Bank, N.A.		5/29/20		—		(24,539	)
USD	249,552	GHS	1,531,000	Standard Chartered Bank		5/29/20		—		(11,701	)
USD	14,352,956	TRY	91,142,000	Standard Chartered Bank		5/29/20		1,381,085		—
USD	14,353,139	TRY	91,293,000	Standard Chartered Bank		5/29/20		1,359,778		—
USD	14,352,965	TRY	91,343,000	Standard Chartered Bank		5/29/20		1,352,487		—
USD	14,353,057	TRY	91,401,000	Standard Chartered Bank		5/29/20		1,344,324		—
USD	14,352,900	TRY	91,400,000	Standard Chartered Bank		5/29/20		1,344,310		—
USD	268,171	TRY	1,707,085	Standard Chartered Bank		5/29/20		25,209		—
USD	1,575,138	TRY	11,100,000	Standard Chartered Bank		5/29/20		—		(4,680	)
EUR	6,878,443	USD	7,476,283	UBS AG		6/2/20		65,480		—
EUR	1,374,333	USD	1,493,783	UBS AG		6/2/20		13,083		—
EUR	347,238	USD	377,418	UBS AG		6/2/20		3,306		—
USD	1,211,523	EUR	1,114,643	UBS AG		6/2/20		—		(10,611	)
USD	1,287,231	EUR	1,184,298	UBS AG		6/2/20		—		(11,274	)
USD	1,292,483	EUR	1,189,129	UBS AG		6/2/20		—		(11,320	)
USD	2,011,167	EUR	1,850,344	UBS AG		6/2/20		—		(17,614	)
USD	2,048,262	EUR	1,884,473	UBS AG		6/2/20		—		(17,939	)
USD	2,515,729	EUR	2,314,559	UBS AG		6/2/20		—		(22,034	)

30 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	4,831,337	EUR	4,445,000	UBS AG		6/2/20	$	—	$	(42,314	)
USD	5,459,022	EUR	5,022,492	UBS AG		6/2/20		—		(47,812	)
USD	1,402,011	UAH	39,747,000	Goldman Sachs International		6/2/20		—		(53,361	)
USD	624,544	GHS	3,855,000	JPMorgan Chase Bank, N.A.		6/3/20		—		(31,894	)
USD	2,036,846	GHS	12,659,000	Standard Chartered Bank		6/4/20		—		(117,850	)
USD	765,133	GHS	4,740,000	JPMorgan Chase Bank, N.A.		6/8/20		—		(40,299	)
USD	1,288,382	GHS	7,901,000	Standard Chartered Bank		6/8/20		—		(54,176	)
USD	9,689,959	THB	304,119,367	Standard Chartered Bank		6/8/20		290,504		—
USD	2,536,643	UAH	71,026,000	Goldman Sachs International		6/9/20		—		(55,524	)
UGX	3,554,626,000	USD	880,076	Standard Chartered Bank		6/15/20		45,640		—
USD	1,259,464	GHS	7,752,000	Standard Chartered Bank		6/15/20		—		(53,877	)
USD	931,506	UGX	3,554,626,000	Standard Chartered Bank		6/15/20		5,790		—
EUR	30,971,722	PLN	137,564,000	BNP Paribas		6/17/20		821,574		—
EUR	30,071,108	PLN	134,057,000	Goldman Sachs International		6/17/20		678,849		—
PLN	262,512,200	EUR	57,772,760	BNP Paribas		6/17/20		—		(108,737	)
USD	741,998	GHS	4,567,000	JPMorgan Chase Bank, N.A.		6/17/20		—		(31,087	)
EUR	13,648,144	HUF	4,688,820,000	Citibank, N.A.		6/18/20		401,930		—
EUR	810,736	HUF	279,420,000	Citibank, N.A.		6/18/20		21,105		—
EUR	352,225	RON	1,729,000	Goldman Sachs International		6/18/20		—		(2,893	)
EUR	8,543,197	RON	41,977,000	JPMorgan Chase Bank, N.A.		6/18/20		—		(79,229	)
RON	1,729,000	EUR	354,808	Goldman Sachs International		6/18/20		60		—
RON	41,977,000	EUR	8,612,433	JPMorgan Chase Bank, N.A.		6/18/20		3,290		—
USD	739,595	GHS	4,567,000	Standard Chartered Bank		6/19/20		—		(32,838	)
USD	1,035,855	GHS	6,298,000	JPMorgan Chase Bank, N.A.		6/22/20		—		(28,001	)
GBP	13,858,000	USD	16,208,594	Citibank, N.A.		6/23/20		1,249,196		—
USD	7,423,841	THB	241,351,000	Standard Chartered Bank		6/24/20		—		(35,815	)
EUR	14,955,037	PLN	69,182,000	Goldman Sachs International		6/25/20		—		(264,963	)
EUR	1,668,377	PLN	7,702,773	Citibank, N.A.		6/26/20		—		(25,872	)
EUR	13,289,287	PLN	61,480,227	Citibank, N.A.		6/26/20		—		(236,096	)
UGX	3,964,490,000	USD	989,391	Citibank, N.A.		6/26/20		40,715		—
USD	936,339	GHS	5,795,000	JPMorgan Chase Bank, N.A.		6/26/20		—		(40,903	)
USD	1,036,468	UGX	3,964,490,000	Citibank, N.A.		6/26/20		6,362		—
USD	5,384,570	THB	178,584,633	Standard Chartered Bank		7/1/20		—		(135,171	)
UGX	19,325,459,000	USD	4,845,295	Standard Chartered Bank		7/2/20		169,875		—
USD	1,302,249	GHS	7,985,000	Citibank, N.A.		7/2/20		—		(40,913	)
USD	1,761,778	UGX	6,950,215,194	Standard Chartered Bank		7/2/20		—		(41,879	)
EUR	11,380,389	PLN	52,401,000	Goldman Sachs International		7/3/20		—		(140,513	)
EUR	1,807,005	PLN	8,220,000	JPMorgan Chase Bank, N.A.		7/3/20		1,871		—
EUR	11,826,478	PLN	54,429,000	JPMorgan Chase Bank, N.A.		7/3/20		—		(139,752	)
EUR	14,599,499	RSD	1,721,134,880	JPMorgan Chase Bank, N.A.		7/6/20		—		(23,203	)
USD	3,048,575	CNH	21,690,000	Citibank, N.A.		7/8/20		—		(11,344	)
USD	4,270,488	CNH	30,370,000	Citibank, N.A.		7/8/20		—		(13,963	)
USD	8,597,571	CNH	61,170,000	Citibank, N.A.		7/8/20		—		(31,992	)
USD	11,982,223	CNH	85,212,776	Citibank, N.A.		7/8/20		—		(39,178	)
USD	3,799,175	CNH	27,020,000	Standard Chartered Bank		7/8/20		—		(12,674	)

31 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	10,714,180	CNH	76,200,000	Standard Chartered Bank		7/8/20	$	—	$	(35,742	)
UGX	16,955,721,000	USD	4,258,092	Standard Chartered Bank		7/10/20		132,008		—
USD	29,827,313	THB	980,879,038	Standard Chartered Bank		7/10/20		—		(490,379	)
USD	4,414,403	UGX	16,955,721,000	Standard Chartered Bank		7/10/20		24,303		—
USD	1,284,910	GHS	7,872,000	JPMorgan Chase Bank, N.A.		7/13/20		—		(32,937	)
USD	20,132,906	ZAR	309,175,000	Standard Chartered Bank		7/20/20		3,576,372		—
ZAR	105,223,000	USD	6,228,445	Standard Chartered Bank		7/20/20		—		(593,681	)
ZAR	203,952,000	USD	11,762,032	Standard Chartered Bank		7/20/20		—		(840,262	)
USD	975,460	CRC	556,500,000	Citibank, N.A.		7/21/20		—		(239	)
USD	975,411	CRC	563,300,000	Citibank, N.A.		7/22/20		—		(12,095	)
BRL	38,197,000	USD	9,913,653	Standard Chartered Bank		7/23/20		—		(2,926,284	)
USD	9,910,408	BRL	38,197,000	Standard Chartered Bank		7/23/20		2,923,039		—
USD	3,406,470	CNH	24,220,000	Bank of America, N.A.		7/23/20		—		(9,201	)
USD	1,950,692	CRC	1,127,500,000	Citibank, N.A.		7/23/20		—		(25,668	)
EUR	21,638,913	RSD	2,551,876,957	Citibank, N.A.		7/24/20		—		(33,399	)
SEK	90,456,918	USD	8,872,917	Goldman Sachs International		7/24/20		406,344		—
SEK	40,000,000	USD	3,943,493	Goldman Sachs International		7/24/20		159,792		—
EUR	11,430,819	RSD	1,348,379,351	HSBC Bank USA, N.A.		7/27/20		—		(20,042	)
USD	1,625,565	CRC	934,700,000	Citibank, N.A.		8/3/20		—		(10,738	)
EUR	43,170,753	HUF	15,389,510,000	BNP Paribas		8/4/20		—		(386,026	)
HUF	7,202,038,000	EUR	20,337,272	BNP Paribas		8/4/20		33,455		—
HUF	8,187,472,000	EUR	23,146,106	BNP Paribas		8/4/20		9,328		—
USD	1,235,397	CRC	711,700,000	Citibank, N.A.		8/6/20		—		(10,052	)
UGX	2,576,770,000	USD	645,807	Citibank, N.A.		8/10/20		14,197		—
USD	664,458	UGX	2,576,770,000	Citibank, N.A.		8/10/20		4,454		—
USD	975,390	CRC	562,800,000	Citibank, N.A.		8/12/20		—		(8,659	)
UGX	3,610,435,000	USD	907,829	Standard Chartered Bank		8/14/20		15,989		—
USD	909,422	UGX	3,610,435,000	Standard Chartered Bank		8/14/20		—		(14,395	)
OMR	1,946,000	USD	4,989,744	Deutsche Bank AG		8/27/20		—		(7,027	)
USD	4,940,466	OMR	1,946,000	Deutsche Bank AG		8/27/20		—		(42,251	)
USD	5,830,940	ZAR	103,617,246	Credit Agricole Corporate and Investment Bank		8/31/20		303,220		—
ZAR	103,617,246	USD	5,616,817	Credit Agricole Corporate and Investment Bank		8/31/20		—		(89,098	)
USD	3,271,466	ZAR	60,110,000	Bank of America, N.A.		9/3/20		65,615		—
USD	5,031,612	ZAR	92,842,000	Credit Agricole Corporate and Investment Bank		9/3/20		80,062		—
ZAR	60,110,000	USD	3,272,514	Bank of America, N.A.		9/3/20		—		(66,663	)
ZAR	92,842,000	USD	5,067,326	Credit Agricole Corporate and Investment Bank		9/3/20		—		(115,775	)
USD	5,208,847	CNH	37,000,000	Citibank, N.A.		10/21/20		2,229		—
EGP	95,900,000	USD	5,407,387	Goldman Sachs International		11/12/20		236,661		—
OMR	2,165,000	USD	5,469,934	BNP Paribas		2/16/21		—		(52,749	)
USD	5,479,625	OMR	2,165,000	BNP Paribas		2/16/21		62,440		—
USD	11,506,751	TRY	80,289,000	Standard Chartered Bank		2/26/21		1,057,619		—

32 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	9,205,351	TRY	64,075,000	Standard Chartered Bank		2/26/21	$	866,373	$	—
USD	9,205,539	TRY	64,092,000	Standard Chartered Bank		2/26/21		864,349		—
USD	5,753,439	TRY	40,237,000	Standard Chartered Bank		2/26/21		516,835		—
USD	1,989,529	TRY	14,440,000	Standard Chartered Bank		2/26/21		110,249		—
USD	4,070,803	TRY	30,870,000	Standard Chartered Bank		2/26/21		53,258		—
USD	22,086	TRY	154,000	Standard Chartered Bank		2/26/21		2,044		—
EGP	75,050,000	USD	4,237,719	Goldman Sachs International		3/8/21		—		(14,809	)
EGP	489,295,000	USD	26,999,674	HSBC Bank USA, N.A.		3/8/21		531,956		—
EGP	147,335,000	USD	8,309,927	HSBC Bank USA, N.A.		3/8/21		—		(19,687	)
USD	21,908,945	EGP	382,092,000	Goldman Sachs International		3/8/21		409,409		—
USD	21,908,945	EGP	382,092,000	Goldman Sachs International		3/8/21		409,409		—
USD	10,316,284	EGP	179,916,000	Goldman Sachs International		3/8/21		192,779		—
OMR	2,000,000	USD	5,037,783	Standard Chartered Bank		3/10/21		—		(50,022	)
USD	46,099,201	OMR	18,170,000	Standard Chartered Bank		3/10/21		785,385		—
USD	8,023,144	BHD	3,039,167	Standard Chartered Bank		3/11/21		—		(19,122	)
USD	6,685,631	SAR	25,265,000	Standard Chartered Bank		3/11/21		—		(19,577	)
USD	10,723,443	BHD	4,061,000	Standard Chartered Bank		3/16/21		—		(22,390	)
USD	23,189,500	OMR	9,138,750	Standard Chartered Bank		3/29/21		463,519		—
USD	23,457,728	AED	86,430,000	BNP Paribas		4/5/21		—		(15,938	)
USD	100,000,000	AED	368,410,000	Credit Agricole Corporate and Investment Bank		4/5/21		—		(57,080	)
USD	6,889,064	AED	25,380,000	BNP Paribas		4/8/21		—		(3,806	)
USD	13,779,125	AED	50,749,895	BNP Paribas		4/8/21		—		(3,870	)
USD	77,166,210	AED	284,180,000	Standard Chartered Bank		4/8/21		—		(13,293	)
USD	61,323,814	AED	225,892,400	Standard Chartered Bank		4/8/21		—		(25,553	)
USD	9,084,659	OMR	3,568,000	BNP Paribas		4/8/21		225,153		—
USD	7,091,855	OMR	2,781,000	Standard Chartered Bank		4/26/21		205,077		—
USD	17,461,490	OMR	6,858,000	Standard Chartered Bank		5/27/21		546,950		—
USD	9,440,346	OMR	3,711,000	BNP Paribas		7/6/21		332,480		—
USD	9,949,641	OMR	3,912,000	Standard Chartered Bank		7/6/21		348,463		—
USD	8,422,392	OMR	3,310,000	BNP Paribas		7/19/21		311,635		—
USD	35,093,372	OMR	13,793,450	Standard Chartered Bank		8/9/21		1,380,920		—
USD	1,085,187	AED	4,000,000	Standard Chartered Bank		1/31/22		2,409		—
USD	78,294,208	AED	288,627,683	Standard Chartered Bank		2/10/22		173,247		—
USD	6,701,464	BHD	2,555,000	Bank of America, N.A.		3/14/22		—		(3,644	)
USD	13,371,339	SAR	50,898,000	Standard Chartered Bank		3/14/22		—		(50,858	)
USD	32,193,679	SAR	122,510,000	Standard Chartered Bank		3/14/22		—		(113,157	)
USD	3,538,199	BHD	1,350,000	Credit Agricole Corporate and Investment Bank		3/16/22		—		(4,439	)
USD	13,404,845	BHD	5,116,000	Standard Chartered Bank		3/16/22		—		(20,442	)
USD	3,038,592	BHD	1,171,833	Standard Chartered Bank		3/16/22		—		(36,505	)
USD	6,701,258	BHD	2,583,000	Standard Chartered Bank		3/16/22		—		(76,990	)
USD	14,866,113	SAR	56,350,000	BNP Paribas		3/24/22		8,811		—
USD	22,298,945	SAR	84,513,000	HSBC Bank USA, N.A.		3/24/22		16,156		—
USD	26,680,048	SAR	101,024,000	Standard Chartered Bank		3/28/22		45,837		—
							$	36,720,832	$	(14,578,436	)

33 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Non-deliverable Bond Forward Contracts*
Settlement Date	Notional Amount (000’s omitted)			Reference Entity	Counterparty	Aggregate Cost		Unrealized Appreciation (Depreciation)
5/6/20		COP	37,121,000	Republic of Colombia, 10.00%, 7/24/24	Goldman Sachs International	$	9,376,358	$	—
5/6/20		COP	31,259,800	Republic of Colombia, 10.00%, 7/24/24	Goldman Sachs International		7,895,883		—
								$	—

* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		62			Long		6/19/20	$	8,997,440		$	(135,935	)
SPI 200 Index		84			Long		6/18/20		7,487,960			508,788
TOPIX Index		61			Long		6/11/20		8,202,353			345,935
Interest Rate Futures
Euro-Bobl		(131	)		Short		6/8/20		(19,516,478	)		30,147
Euro-Bund		(53	)		Short		6/8/20		(10,130,899	)		14,520
Euro-Buxl		(68	)		Short		6/8/20		(16,334,295	)		550,351
U.S. 2-Year Treasury Note		(151	)		Short		6/30/20		(33,284,883	)		(457,719	)
U.S. 5-Year Treasury Note		(523	)		Short		6/30/20		(65,628,328	)		(1,692,516	)
U.S. 10-Year Treasury Note		(171	)		Short		6/19/20		(23,779,688	)		(153,140	)
U.S. Ultra-Long Treasury Bond		(19	)		Short		6/19/20		(4,270,844	)		(6,079	)
											$	(995,648	)

Centrally Cleared Inflation Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
EUR	13,634	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.57% (pays upon termination)	8/15/32	$	(2,033,961	)
EUR	13,669	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.59% (pays upon termination)	8/15/32		(2,084,912	)
EUR	13,346	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.60% (pays upon termination)	8/15/32		(2,080,420	)

34 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Inflation Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
EUR	13,427	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.64% (pays upon termination)	10/15/32	$	(2,182,685	)
EUR	13,634	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.77% (pays upon termination)	8/15/42		4,020,646
EUR	13,669	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.78% (pays upon termination)	8/15/42		4,048,581
EUR	13,346	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.79% (pays upon termination)	8/15/42		4,053,474
EUR	13,427	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.85% (pays upon termination)	10/15/42		4,370,768
EUR	1,231	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.90% (pays upon termination)	8/4/47		521,355
USD	3,927	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.16% (pays upon termination)	8/4/47		(874,047	)
USD	6,107	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.13% (pays upon termination)	8/22/47		(1,277,125	)
USD	6,072	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)	8/25/47		(1,308,297	)
USD	6,054	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)	9/1/47		(1,312,253	)
USD	5,275	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.22% (pays upon termination)	10/5/47		(1,311,399	)
							$	2,549,725

CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted
HICP	–	Harmonised Indices of Consumer Prices

35 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
CAD	41,210	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.80% (pays semi-annually)	6/11/24	$	(1,293,091	)	$	—	$	(1,293,091	)
CAD	20,350	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.70% (pays semi-annually)	2/19/25		(642,346	)		—		(642,346	)
CAD	23,340	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.71% (pays semi-annually)	2/19/25		(741,916	)		—		(741,916	)
CNY	102,100	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)	4/30/24		817,554			—		817,554
CNY	163,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)	4/30/24		1,309,849			—		1,309,849
CNY	408,400	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)	4/30/24		3,264,608			—		3,264,608
CNY	59,180	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		403,636			—		403,636
CNY	59,180	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		402,945			—		402,945
CNY	78,906	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		535,873			—		535,873
CNY	118,359	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		807,266			—		807,266
CNY	120,332	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		822,480			—		822,480
CNY	39,453	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.87% (pays quarterly)	6/10/24		261,756			—		261,756
CNY	77,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.96% (pays quarterly)	6/12/24		549,603			—		549,603
CNY	147,200	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.95% (pays quarterly)	6/12/24		1,042,074			—		1,042,074
CNY	180,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)	6/12/24		1,269,020			—		1,269,020
CNY	231,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)	6/12/24		1,626,282			—		1,626,282
CNY	42,255	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.22% (pays quarterly)	6/19/24		365,897			—		365,897
CNY	147,945	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.22% (pays quarterly)	6/19/24		1,281,093			—		1,281,093
CNY	111,819	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)	8/12/24		632,548			—		632,548
CNY	196,330	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)	8/12/24		1,101,527			—		1,101,527
EUR	7,400	Receives	6-month EURIBOR (pays semi-annually)	1.00% (pays annually)	3/21/23		(338,158	)		153,194		(184,964	)
EUR	2,800	Receives	6-month EURIBOR (pays semi-annually)	(0.30)% (pays annually)	7/23/24		(1,460	)		—		(1,460	)

36 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
EUR	7,139	Receives	6-month EURIBOR (pays semi-annually)	(0.53)% (pays annually)	8/22/24	$	82,365		$	(3	)	$	82,362
EUR	2,500	Receives	6-month EURIBOR (pays semi-annually)	(0.45)% (pays annually)	8/26/24		17,966			(3	)		17,963
EUR	1,000	Receives	6-month EURIBOR (pays semi-annually)	(0.52)% (pays annually)	8/30/24		11,185			(19	)		11,166
EUR	2,500	Receives	6-month EURIBOR (pays semi-annually)	(0.46)% (pays annually)	9/12/24		17,688			—			17,688
EUR	3,813	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)	7/23/29		(125,362	)		40,200			(85,162	)
EUR	6,627	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)	7/23/29		(211,455	)		25,405			(186,050	)
EUR	6,421	Receives	6-month EURIBOR (pays semi-annually)	(0.05)% (pays annually)	8/6/29		(94,370	)		(6	)		(94,376	)
EUR	7,000	Receives	6-month EURIBOR (pays semi-annually)	(0.08)% (pays annually)	8/6/29		(81,045	)		(7	)		(81,052	)
EUR	4,728	Receives	6-month EURIBOR (pays semi-annually)	(0.16)% (pays annually)	9/12/29		(13,371	)		2			(13,369	)
EUR	1,847	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	2/12/50		(264,719	)		—			(264,719	)
EUR	454	Receives	6-month EURIBOR (pays semi-annually)	0.38% (pays annually)	2/13/50		(66,509	)		—			(66,509	)
EUR	1,561	Receives	6-month EURIBOR (pays semi-annually)	0.38% (pays annually)	2/13/50		(227,135	)		27			(227,108	)
EUR	1,821	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)	2/13/50		(268,878	)		—			(268,878	)
EUR	781	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)	2/14/50		(116,801	)		—			(116,801	)
EUR	3,316	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	2/17/50		(473,454	)		(1	)		(473,455	)
EUR	2,876	Receives	6-month EURIBOR (pays semi-annually)	0.35% (pays annually)	2/18/50		(395,458	)		(1	)		(395,459	)
EUR	4,108	Receives	6-month EURIBOR (pays semi-annually)	0.32% (pays annually)	2/21/50		(518,267	)		33			(518,234	)
EUR	16,000	Receives	6-month EURIBOR (pays semi-annually)	0.26% (pays annually)	2/25/50		(1,713,981	)		4			(1,713,977	)
EUR	2,510	Receives	6-month EURIBOR (pays semi-annually)	0.21% (pays annually)	2/26/50		(226,574	)		—			(226,574	)
GBP	23,102	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)	2/28/29		(2,595,025	)		—			(2,595,025	)
GBP	26,040	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)	2/28/29		(2,926,495	)		—			(2,926,495	)
MXN	428,165	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.38% (pays monthly)	4/13/22		135,257			—			135,257
MXN	884,875	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.35% (pays monthly)	4/13/22		258,326			—			258,326

37 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
MXN	428,165	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.25% (pays monthly)	4/14/22		$       93,137			$         —		$       93,137
MXN	1,338,015	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)	4/14/22		337,327			—		337,327
MXN	279,022	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.16% (pays monthly)	4/15/22		41,130			—		41,130
MXN	428,163	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.20% (pays monthly)	4/15/22		76,925			—		76,925
MXN	428,165	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.14% (pays monthly)	4/18/22		58,259			—		58,259
MXN	493,526	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.03% (pays monthly)	4/26/22		32,831			—		32,831
MXN	2,151,774	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.00% (pays monthly)	4/26/22		101,954			—		101,954
NZD	16,900	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)	1/9/28		(2,082,562	)		—		(2,082,562	)
NZD	39,000	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)	1/9/28		(4,807,128	)		—		(4,807,128	)
NZD	13,700	Receives	3-month NZD Bank Bill (pays quarterly)	2.50% (pays semi-annually)	2/22/29		(1,327,750	)		—		(1,327,750	)
NZD	37,070	Receives	3-month NZD Bank Bill (pays quarterly)	1.03% (pays semi-annually)	4/15/30		(555,295	)		—		(555,295	)
SGD	19,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)	10/23/23		859,179			—		859,179
SGD	9,469	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)	8/14/24		235,922			—		235,922
SGD	10,653	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)	8/14/24		270,461			—		270,461
SGD	10,889	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)	8/14/24		270,442			—		270,442
SGD	14,570	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.08% (pays semi-annually)	3/31/25		193,331			—		193,331
SGD	24,900	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.06% (pays semi-annually)	3/31/25		312,998			—		312,998
SGD	72,840	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.07% (pays semi-annually)	3/31/25		948,706			—		948,706
USD	3,700	Receives	3-month USD-LIBOR (pays quarterly)	0.52% (pays semi-annually)	3/19/23		(15,711	)		—		(15,711	)
USD	4,525	Receives	3-month USD-LIBOR (pays quarterly)	0.48% (pays semi-annually)	3/31/23		(10,419	)		—		(10,419	)

38 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
USD	4,530	Receives	3-month USD-LIBOR (pays quarterly)	0.48% (pays semi-annually)	3/31/23	$	(10,228	)	$	—	$	(10,228	)
USD	665	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)	4/1/23		(1,185	)		—		(1,185	)
USD	1,010	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)	4/1/23		(1,709	)		—		(1,709	)
USD	5,400	Receives	3-month USD-LIBOR (pays quarterly)	0.47% (pays semi-annually)	4/1/23		(9,784	)		—		(9,784	)
USD	2,325	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)	4/2/23		(3,950	)		—		(3,950	)
USD	374	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)	4/3/23		(640	)		—		(640	)
USD	2,300	Receives	3-month USD-LIBOR (pays quarterly)	0.47% (pays semi-annually)	4/3/23		(4,175	)		—		(4,175	)
USD	1,688	Receives	3-month USD-LIBOR (pays quarterly)	2.22% (pays semi-annually)	3/28/24		(120,725	)		—		(120,725	)
USD	5,290	Receives	3-month USD-LIBOR (pays quarterly)	2.37% (pays semi-annually)	4/3/24		(409,453	)		—		(409,453	)
USD	186	Receives	3-month USD-LIBOR (pays quarterly)	1.75% (pays semi-annually)	7/5/24		(11,196	)		—		(11,196	)
USD	885	Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)	7/11/24		(56,989	)		—		(56,989	)
USD	350	Receives	3-month USD-LIBOR (pays quarterly)	1.80% (pays semi-annually)	7/22/24		(22,197	)		—		(22,197	)
USD	750	Receives	3-month USD-LIBOR (pays quarterly)	1.40% (pays semi-annually)	8/23/24		(31,960	)		—		(31,960	)
USD	1,500	Receives	3-month USD-LIBOR (pays quarterly)	1.64% (pays semi-annually)	11/7/24		(89,591	)		—		(89,591	)
USD	836	Receives	3-month USD-LIBOR (pays quarterly)	1.55% (pays semi-annually)	11/27/24		(46,453	)		—		(46,453	)
USD	3,880	Receives	3-month USD-LIBOR (pays quarterly)	1.59% (pays semi-annually)	1/23/25		(228,582	)		—		(228,582	)
USD	4,760	Receives	3-month USD-LIBOR (pays quarterly)	1.60% (pays semi-annually)	1/23/25		(282,598	)		—		(282,598	)
USD	775	Receives	3-month USD-LIBOR (pays quarterly)	1.49% (pays semi-annually)	1/28/25		(42,056	)		—		(42,056	)
USD	2,344	Receives	3-month USD-LIBOR (pays quarterly)	1.46% (pays semi-annually)	1/30/25		(124,859	)		—		(124,859	)
USD	4,650	Receives	3-month USD-LIBOR (pays quarterly)	1.41% (pays semi-annually)	2/3/25		(217,291	)		—		(217,291	)
USD	780	Receives	3-month USD-LIBOR (pays quarterly)	1.44% (pays semi-annually)	2/18/25		(38,576	)		—		(38,576	)
USD	1,500	Receives	3-month USD-LIBOR (pays quarterly)	1.16% (pays semi-annually)	2/28/25		(52,049	)		—		(52,049	)
USD	740	Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)	3/5/25		(13,910	)		—		(13,910	)
USD	14,720	Pays	3-month USD-LIBOR (pays quarterly)	0.71% (pays semi-annually)	3/20/25		197,598			—		197,598

39 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)			Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	2,750		Receives	3-month USD-LIBOR (pays quarterly)	0.61% (pays semi-annually)	3/24/25	$	(22,944	)	$	—		$	(22,944	)
USD	2,700		Receives	3-month USD-LIBOR (pays quarterly)	0.56% (pays semi-annually)	3/25/25		(15,616	)		—			(15,616	)
USD	3,300		Receives	3-month USD-LIBOR (pays quarterly)	0.60% (pays semi-annually)	3/30/25		(23,820	)		—			(23,820	)
USD	3,000		Receives	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)	4/15/25		(19,744	)		—			(19,744	)
USD	1,940		Receives	3-month USD-LIBOR (pays quarterly)	0.43% (pays semi-annually)	4/30/25		(392	)		—			(392	)
USD	33,064		Receives	3-month USD-LIBOR (pays quarterly)	1.74% (pays semi-annually)	12/16/26		(2,802,728	)		—			(2,802,728	)
USD	32,860		Pays	3-month USD-LIBOR (pays quarterly)	0.84% (pays semi-annually)	3/20/27		684,547			—			684,547
USD	3,277		Receives	3-month USD-LIBOR (pays quarterly)	0.76% (pays semi-annually)	3/27/30		(31,024	)		—			(31,024	)
USD	2,373		Receives	3-month USD-LIBOR (pays quarterly)	0.76% (pays semi-annually)	3/30/30		(20,622	)		—			(20,622	)
USD	1,886		Receives	3-month USD-LIBOR (pays quarterly)	0.80% (pays semi-annually)	4/15/30		(25,027	)		—			(25,027	)
USD	7,530		Receives	3-month USD-LIBOR (pays quarterly)	0.63% (pays semi-annually)	4/27/30		19,331			—			19,331
USD	3,850		Receives	3-month USD-LIBOR (pays quarterly)	0.68% (pays semi-annually)	4/29/30		(9,000	)		—			(9,000	)
USD	0	(1)	Receives	3-month USD-LIBOR (pays quarterly)	2.50% (pays semi-annually)	6/15/46		(57	)		12			(45	)
USD	8,500		Receives	3-month USD-LIBOR (pays quarterly)	2.75% (pays semi-annually)	9/21/46		(3,882,115	)		1,446,693			(2,435,422	)
USD	8,500		Pays	3-month USD-LIBOR (pays quarterly)	2.75% (pays semi-annually)	9/21/46		3,882,180			(1,597,238	)		2,284,942
USD	1,062		Receives	3-month USD-LIBOR (pays quarterly)	1.71% (pays semi-annually)	8/27/49		(242,228	)		—			(242,228	)
USD	1,226		Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	8/27/49		(276,077	)		—			(276,077	)
USD	1,700		Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)	8/28/49		(357,195	)		—			(357,195	)
USD	600		Receives	3-month USD-LIBOR (pays quarterly)	1.54% (pays semi-annually)	8/30/49		(109,297	)		—			(109,297	)
USD	300		Receives	3-month USD-LIBOR (pays quarterly)	1.58% (pays semi-annually)	9/3/49		(58,012	)		—			(58,012	)
USD	3,590		Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)	9/9/49		(763,578	)		—			(763,578	)
USD	2,390		Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	9/12/49		(539,833	)		—			(539,833	)
USD	550		Receives	3-month USD-LIBOR (pays quarterly)	1.81% (pays semi-annually)	9/13/49		(140,042	)		—			(140,042	)

40 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
USD	700	Receives	3-month USD-LIBOR (pays quarterly)	1.82% (pays semi-annually)	9/20/49	$	(180,911	)	$	—	$	(180,911	)
USD	1,085	Receives	3-month USD-LIBOR (pays quarterly)	1.97% (pays semi-annually)	11/15/49		(328,177	)		—		(328,177	)
USD	4,700	Receives	3-month USD-LIBOR (pays quarterly)	1.91% (pays semi-annually)	11/18/49		(1,342,394	)		—		(1,342,394	)
USD	100	Receives	3-month USD-LIBOR (pays quarterly)	1.81% (pays semi-annually)	11/22/49		(26,060	)		—		(26,060	)
USD	1,500	Receives	3-month USD-LIBOR (pays quarterly)	1.83% (pays semi-annually)	11/22/49		(398,142	)		—		(398,142	)
USD	100	Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)	11/25/49		(26,916	)		—		(26,916	)
USD	450	Receives	3-month USD-LIBOR (pays quarterly)	1.85% (pays semi-annually)	11/25/49		(121,181	)		—		(121,181	)
USD	3,150	Receives	3-month USD-LIBOR (pays quarterly)	1.85% (pays semi-annually)	11/25/49		(848,264	)		—		(848,264	)
USD	100	Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)	11/26/49		(26,684	)		—		(26,684	)
USD	568	Receives	3-month USD-LIBOR (pays quarterly)	1.81% (pays semi-annually)	12/6/49		(146,042	)		—		(146,042	)
USD	4,060	Receives	3-month USD-LIBOR (pays quarterly)	1.82% (pays semi-annually)	12/6/49		(1,049,092	)		—		(1,049,092	)
USD	770	Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)	12/11/49		(227,541	)		—		(227,541	)
USD	770	Receives	3-month USD-LIBOR (pays quarterly)	1.93% (pays semi-annually)	12/12/49		(226,673	)		—		(226,673	)
USD	1,063	Receives	3-month USD-LIBOR (pays quarterly)	1.90% (pays semi-annually)	1/8/50		(301,398	)		—		(301,398	)
USD	466	Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)	1/9/50		(137,029	)		—		(137,029	)
USD	2,805	Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)	3/11/50		(165,606	)		—		(165,606	)
USD	2,805	Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)	3/11/50		(197,500	)		—		(197,500	)
USD	4,680	Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)	3/20/50		150,756			—		150,756
USD	3,430	Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)	4/29/50		11,300			—		11,300
Total						$	(13,248,740	)	$	68,292	$	(13,180,448	)

⁽¹⁾  Notional amount is less than USD 500.

41 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
Goldman Sachs International	RUB	2,864,900	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.51% (pays annually)	4/16/25	$	1,060,819
								$1,060,819

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)
Markit CDX Investment Grade Index (CDX.NA.IG.34.V1)	$	69,675	1.00% (pays quarterly)(1)	6/20/25	0.87%	$	525,187		$	969,678	$	1,494,865
South Africa		3,290	1.00% (pays quarterly)(1)	6/20/21	3.19		(77,698	)		112,354		34,656
Turkey		16,540	1.00% (pays quarterly)(1)	6/20/21	5.62		(828,268	)		952,507		124,239
Total	$	89,505				$	(380,779	)	$	2,034,539	$	1,653,760

Centrally Cleared Credit Default Swaps — Buy Protection
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value	Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Brazil	$	54,309	1.00% (pays quarterly)(1)	6/20/25	$5,278,880	$	(5,849,180	)	$	(570,300	)
Malaysia		98,728	1.00% (pays quarterly)(1)	6/20/25	258,961		(694,202	)		(435,241	)
Markit CDX Emerging Markets Index (CDX.EM.31.V1)		3,000	1.00% (pays quarterly)(1)	6/20/24	285,184		(72,708	)		212,476
Qatar		119,079	1.00% (pays quarterly)(1)	12/20/22	(233,831)		3,347			(230,484	)
Qatar		12,396	1.00% (pays quarterly)(1)	12/20/23	24,437		83,266			107,703
Qatar		8,250	1.00% (pays quarterly)(1)	6/20/25	91,405		(318,656	)		(227,251	)
Russia		73,003	1.00% (pays quarterly)(1)	6/20/25	2,326,656		(6,483,333	)		(4,156,677	)
Saudi Arabia		42,800	1.00% (pays quarterly)(1)	6/20/25	1,394,423		(2,479,200	)		(1,084,777	)
South Africa		32,140	1.00% (pays quarterly)(1)	9/20/22	1,910,669		232,580			2,143,249

42 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Credit Default Swaps — Buy Protection (continued)
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value	Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Turkey	$	79,208	1.00% (pays quarterly)(1)	6/20/25	$16,129,393	$	(16,532,742	)	$	(403,349	)
Total					$27,466,177	$	(32,110,828	)	$	(4,644,651	)

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)
Greece		Bank of America, N.A.	$	38,714	1.00% (pays quarterly)(1)	6/20/25		2.54	%	$	(2,792,725	)	$	2,079,517	$	(713,208	)
Greece		Citibank, N.A.		15,486	1.00% (pays quarterly)(1)	6/20/25		2.54			(1,117,119	)		838,704		(278,415	)
Total			$	54,200						$	(3,909,844	)	$	2,918,221	$	(991,623	)

Credit Default Swaps — Buy Protection
Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Croatia	Citibank, N.A.	$	167	1.00% (pays quarterly)(1)	6/20/20	$	(402	)	$	(330)		$	(732	)
Croatia	Citibank, N.A.		1,000	1.00% (pays quarterly)(1)	6/20/20		(2,401	)		(2,022	)		(4,423	)
Croatia	Goldman Sachs International		1,700	1.00% (pays quarterly)(1)	6/20/20		(4,081	)		(3,450	)		(7,531	)
Dubai	Bank of America, N.A.		1,543	1.00% (pays quarterly)(1)	12/20/24		121,455			(20,345	)		101,110
Dubai	Barclays Bank PLC		5,061	1.00% (pays quarterly)(1)	12/20/24		398,368			(78,021	)		320,347
Dubai	Barclays Bank PLC		6,748	1.00% (pays quarterly)(1)	12/20/24		531,329			(104,117	)		427,212
Egypt	Citibank, N.A.		50	1.00% (pays quarterly)(1)	6/20/20		184			(80	)		104
Egypt	Citibank, N.A.		4,550	1.00% (pays quarterly)(1)	6/20/20		16,773			(6,907	)		9,866
Egypt	Goldman Sachs International		4,550	1.00% (pays quarterly)(1)	6/20/20		16,773			(3,134	)		13,639
Egypt	Goldman Sachs International		4,600	1.00% (pays quarterly)(1)	6/20/20		16,957			(3,168	)		13,789
Egypt	Goldman Sachs International		5,100	1.00% (pays quarterly)(1)	6/20/20		18,800			(3,513	)		15,287

43 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Buy Protection (continued)
Reference Entity	Counterparty		Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Oman		Bank of America, N.A.	$	20,851	1.00% (pays quarterly)(1)	6/20/22	$	2,279,042		$	(444,936	)	$	1,834,106
Oman		Bank of America, N.A.		16,680	1.00% (pays quarterly)(1)	12/20/22		2,332,437			(473,985	)		1,858,452
Qatar		Goldman Sachs International		10	1.00% (pays quarterly)(1)	12/20/20		(39	)		(16	)		(55	)
Qatar		Goldman Sachs International		1,660	1.00% (pays quarterly)(1)	12/20/20		(6,493	)		(5,004	)		(11,497	)
Qatar		Goldman Sachs International		9,740	1.00% (pays quarterly)(1)	12/20/20		(38,100	)		(19,972	)		(58,072	)
Qatar		Goldman Sachs International		3,700	1.00% (pays quarterly)(1)	12/20/23		7,294			(4,599	)		2,695
Qatar		Goldman Sachs International		3,090	1.00% (pays quarterly)(1)	9/20/24		18,680			1,161			19,841
Qatar		Nomura International PLC		9,620	1.00% (pays quarterly)(1)	9/20/24		58,156			14,472			72,628
South Africa		Bank of America, N.A.		16,100	1.00% (pays quarterly)(1)	9/20/22		957,118			(288,005	)		669,113
South Africa		Bank of America, N.A.		19,900	1.00% (pays quarterly)(1)	9/20/22		1,183,022			(469,103	)		713,919
South Africa		Bank of America, N.A.		20,830	1.00% (pays quarterly)(1)	9/20/22		1,238,309			(390,264	)		848,045
South Africa		Bank of America, N.A.		29,280	1.00% (pays quarterly)(1)	9/20/22		1,740,647			(495,341	)		1,245,306
South Africa		Goldman Sachs International		10,690	1.00% (pays quarterly)(1)	9/20/22		635,503			(243,754	)		391,749
South Africa		Goldman Sachs International		8,022	1.00% (pays quarterly)(1)	12/20/22		537,429			(205,457	)		331,972
South Africa		Goldman Sachs International		16,600	1.00% (pays quarterly)(1)	12/20/28		3,922,403			(1,985,621	)		1,936,782
South Africa		HSBC Bank USA, N.A.		7,300	1.00% (pays quarterly)(1)	12/20/22		489,059			(179,545	)		309,514
South Africa		HSBC Bank USA, N.A.		23,540	1.00% (pays quarterly)(1)	6/20/29		5,814,058			(2,718,599	)		3,095,459
South Africa		Nomura International PLC		7,068	1.00% (pays quarterly)(1)	12/20/22		473,516			(178,155	)		295,361
Ukraine		Barclays Bank PLC		35,369	5.00% (pays quarterly)(1)	6/20/25		2,262,801			(5,974,891	)		(3,712,090	)
Ukraine		JPMorgan Chase Bank, N.A.		20,000	5.00% (pays quarterly)(1)	12/20/24		1,180,298			745,395			1,925,693
Total							$	26,198,895		$	(13,541,306	)	$	12,657,589

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At April 30, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $143,705,000.

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

44 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

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

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

Total Return Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Receives	Portfolio Pays	Termination Date	Value/Unrealized Appreciation (Depreciation)
Citibank, N.A.	USD	43,700	Excess Return on Bloomberg Commodity 4 Month Forward Index (pays upon termination)	Excess Return on Bloomberg Commodity Index + 0.24% (pays upon termination)	5/28/20	$	1,595,110
Citibank, N.A.	USD	37,300	Excess Return on Bloomberg Commodity 5 Month Forward Index (pays upon termination)	Excess Return on Bloomberg Commodity Index + 0.25% (pays upon termination)	5/28/20		1,381,557
Citibank, N.A.	USD	34,000	Excess Return on Bloomberg Commodity 6 Month Forward Index (pays upon termination)	Excess Return on Bloomberg Commodity Index + 0.26% (pays upon termination)	5/28/20		1,330,662
JPMorgan Chase Bank, N.A.	CNY	28,934	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 10.00% on $4,086,187 (pays quarterly)	7/17/20		43,624
UBS AG	CNY	30,292	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 9.00% on $4,350,255 (pays quarterly)	5/12/20		28,204
						$	4,379,157

Abbreviations:

CMT	–	Constant Maturity Treasury
COF	–	Cost of Funds 11th District
EURIBOR	–	Euro Interbank Offered Rate
GDP	–	Gross Domestic Product
LIBOR	–	London Interbank Offered Rate

45 See Notes to Consolidated Financial Statements.

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April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Currency Abbreviations:

AED	–	United Arab Emirates Dirham
AUD	–	Australian Dollar
BHD	–	Bahraini Dinar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CLP	–	Chilean Peso
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
COP	–	Colombian Peso
CRC	–	Costa Rican Colon
EGP	–	Egyptian Pound
EUR	–	Euro
GBP	–	British Pound Sterling
GEL	–	Georgian Lari
GHS	–	Ghanaian Cedi
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
ISK	–	Icelandic Krona
JPY	–	Japanese Yen

KRW	–	South Korean Won
MXN	–	Mexican Peso
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
OMR	–	Omani Rial
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RON	–	Romanian Leu
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SAR	–	Saudi Riyal
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TRY	–	New Turkish Lira
TWD	–	New Taiwan Dollar
UAH	–	Ukrainian Hryvnia
UGX	–	Ugandan Shilling
USD	–	United States Dollar
ZAR	–	South African Rand

46 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $2,397,835,376)	$	2,236,019,161
Affiliated investment, at value (identified cost, $694,864,525)		694,904,361
Cash		147,670,250
Deposits for derivatives collateral —
Futures contracts		1,325,695
Centrally cleared derivatives		98,123,047
OTC derivatives		16,927,000
Foreign currency, at value (identified cost, $18,479,111)		18,583,734
Interest and dividends receivable		36,822,686
Dividends receivable from affiliated investment		330,321
Receivable for investments sold		18,469,756
Receivable for open forward foreign currency exchange contracts		36,720,832
Receivable for open swap contracts		21,891,965
Upfront payments on open non-centrally cleared swap contracts		14,302,334
Receivable for closed swap contracts		4,213,146
Total assets	$	3,346,304,288
Liabilities
Cash collateral due to brokers	$	16,927,000
Payable for investments purchased		167,201,483
Payable for securities sold short, at value (proceeds, $12,025,557)		8,902,974
Payable for variation margin on open futures contracts		562,782
Payable for variation margin on open centrally cleared derivatives		966,739
Payable for open forward foreign currency exchange contracts		14,578,436
Payable for open swap contracts		4,786,023
Upfront receipts on open non-centrally cleared swap contracts		3,679,249
Payable to affiliates:
Investment adviser fee		1,439,944
Trustees’ fees		9,223
Accrued foreign capital gains taxes		38,531
Accrued expenses		3,892,819
Total liabilities	$	222,985,203
Net Assets applicable to investors’ interest in Portfolio	$	3,123,319,085

47 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest (net of foreign taxes, $3,484,334)	$	91,785,373
Dividends (net of foreign taxes, $66,525)		626,697
Dividends from affiliated investment		4,819,611
Total investment income	$	97,231,681
Expenses
Investment adviser fee	$	9,506,395
Trustees’ fees and expenses		54,250
Custodian fee		1,844,031
Legal and accounting services		81,499
Interest expense and fees		55,169
Dividend expense on securities sold short		115,820
Miscellaneous		51,620
Total expenses	$	11,708,784
Net investment income	$	85,522,897
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $655,494)	$	(57,900,291	)
Investment transactions — affiliated investment		2,068
Futures contracts		16,313,896
Swap contracts		6,284,553
Foreign currency transactions		(4,796,889	)
Forward foreign currency exchange contracts		27,917,847
Net realized loss	$	(12,178,816	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $114,324)	$	(225,662,732	)
Investments — affiliated investment		(18,628	)
Securities sold short		3,122,583
Futures contracts		(3,760,987	)
Swap contracts		47,786,260
Foreign currency		1,170,703
Forward foreign currency exchange contracts		61,666,857
Net change in unrealized appreciation (depreciation)	$	(115,695,944	)
Net realized and unrealized loss	$	(127,874,760	)
Net decrease in net assets from operations	$	(42,351,863	)

48 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	85,522,897		$	214,359,937
Net realized loss		(12,178,816	)		(116,195,606	)
Net change in unrealized appreciation (depreciation)		(115,695,944	)		141,778,557
Net increase (decrease) in net assets from operations	$	(42,351,863	)	$	239,942,888
Capital transactions —
Contributions	$	73,987,161		$	146,704,921
Withdrawals		(468,042,996	)		(1,691,439,864	)
Net decrease in net assets from capital transactions	$	(394,055,835	)	$	(1,544,734,943	)
Net decrease in net assets	$	(436,407,698	)	$	(1,304,792,055	)
Net Assets
At beginning of period	$	3,559,726,783		$	4,864,518,838
At end of period	$	3,123,319,085		$	3,559,726,783

49 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Consolidated Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)(2)		0.68	%(3)		0.65	%		0.70	%		0.64	%		0.64	%		0.67	%
Net investment income		4.99	%(3)		5.41	%		4.64	%		4.14	%		4.54	%		4.37	%
Portfolio Turnover		41	%(4)		61	%		78	%		74	%		65	%		66	%
Total Return		(1.11	)%(4)		6.56	%		(2.60	)%		3.93	%		5.06	%(5)		1.99	%
Net assets, end of period (000’s omitted)	$	3,123,319		$	3,559,727		$	4,864,519		$	5,484,065		$	5,412,097		$	4,751,608

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

⁽⁵⁾  During the year ended October 31, 2016, the investment adviser reimbursed the Portfolio for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement had no effect on total return for the year ended October 31, 2016.

50 See Notes to Consolidated Financial Statements.

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Macro Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Global Macro Absolute Return Fund held an interest of 99.9%, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2020 were $35,845,687 or 1.1% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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

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

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

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

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. Swaps and options on interest rate swaps (“swaptions”) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.

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

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Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

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

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

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

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

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

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

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

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

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

K  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

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

M  Inflation Swaps — Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the

53

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

N  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O  Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 8. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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

Q  Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

R  Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the

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Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

S  Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

T  Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

U  Interim Consolidated Financial Statements — The interim consolidated financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion, 0.520% from $2 billion but less than $3 billion, and 0.490% of average daily net assets of $3 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $9,506,395 or 0.55% (annualized) of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	889,332,644	$	1,122,906,967
U.S. Government and Agency Securities		38,771,077		31,067,820
	$	928,103,721	$	1,153,974,787

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Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts and the Portfolio’s investment in the Subsidiary, at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,296,241,058
Gross unrealized appreciation	$	110,369,558
Gross unrealized depreciation		(390,934,308	)
Net unrealized depreciation	$	(280,564,750	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Consolidated Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

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

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

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

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, inflation swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $18,539,796. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $286,986 at April 30, 2020.

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

56

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity		Credit			Equity Price			Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	—	$	—		$	—		$	37		$	—		$	37
Not applicable		—		28,225,195	*		854,723	*		49,797,245	*		43,404,954	*		122,282,117
Receivable for open forward foreign currency exchange contracts		—		—			—			36,720,832			—			36,720,832
Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		4,307,329		26,250,411			71,828			—			1,060,819			31,690,387
Total Asset Derivatives	$	4,307,329	$	54,475,606		$	926,551		$	86,518,114		$	44,465,773		$	190,693,373
Derivatives not subject to master netting or similar agreements	$	—	$	28,225,195		$	854,723		$	49,797,245		$	43,404,954		$	122,282,117
Total Asset Derivatives subject to master netting or similar agreements	$	4,307,329	$	26,250,411		$	71,828		$	36,720,869		$	1,060,819		$	68,411,256
Not applicable	$	—	$	(1,139,797	)*	$	(135,935	)*	$	(20,521,465	)*	$	(55,818,405	)*	$	(77,615,602	)
Payable for open forward foreign currency exchange contracts		—		—			—			(14,578,436	)		—			(14,578,436	)
Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		—		(3,961,360	)		—			—			—			(3,961,360	)
Total Liability Derivatives	$	—	$	(5,101,157	)	$	(135,935	)	$	(35,099,901	)	$	(55,818,405	)	$	(96,155,398	)
Derivatives not subject to master netting or similar agreements	$	—	$	(1,139,797	)	$	(135,935	)	$	(20,521,465	)	$	(55,818,405	)	$	(77,615,602	)
Total Liability Derivatives subject to master netting or similar agreements	$	—	$	(3,961,360	)	$	—		$	(14,578,436	)	$	—		$	(18,539,796	)

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

57

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)			Total Cash Collateral Received
Bank of America, N.A.	$	12,647,427		$	(2,892,674	)	$	(8,330,831	)	$	—		$	1,423,922		$	—
Barclays Bank PLC		929,697			—			—			(929,697	)		—			3,891,000
BNP Paribas		2,293,585			(2,286,482	)		—			(7,103	)		—			610,000
Citibank, N.A.		6,064,715			(1,663,507	)		—			(3,965,000	)		436,208			3,965,000
Credit Agricole Corporate and Investment Bank		589,649			(458,361	)		—			(131,288	)		—			171,000
Goldman Sachs International		10,420,680			(581,094	)		(8,986,472	)		(853,114	)		—			930,000
HSBC Bank USA, N.A.		6,852,786			(39,729	)		(6,813,057	)		—			—			—
JPMorgan Chase Bank, N.A.		1,628,769			(556,869	)		—			(1,071,900	)		—			1,650,000
Morgan Stanley & Co. International PLC		576,608			—			(527,066	)		—			49,542			—
Nomura International PLC		531,672			—			—			(530,000	)		1,672			530,000
Societe Generale		1,454,968			—			(1,180,030	)		(190,000	)		84,938			190,000
Standard Chartered Bank		24,109,314			(9,502,781	)		—			(4,990,000	)		9,616,533			4,990,000
UBS AG		311,386			(311,386	)		—			—			—			—
	$	68,411,256		$	(18,292,883	)	$	(25,837,456	)	$	(12,668,102	)	$	11,612,815		$	16,927,000
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)			Cash Collateral Pledged(a)			Net Amount of Derivative Liabilities(c)			Total Cash Collateral Pledged
Bank of America, N.A.	$	(2,892,674	)	$	2,892,674		$	—		$	—		$	—		$	—
BNP Paribas		(2,286,482	)		2,286,482			—			—			—			—
Citibank, N.A.		(1,663,507	)		1,663,507			—			—			—			—
Credit Agricole Corporate and Investment Bank		(458,361	)		458,361			—			—			—			—
Deutsche Bank AG		(49,278	)		—			—			—			(49,278	)		—
Goldman Sachs International		(581,094	)		581,094			—			—			—			—
HSBC Bank USA, N.A.		(39,729	)		39,729			—			—			—			—
ICBC Standard Bank plc		(130,765	)		—			—			—			(130,765	)		—
JPMorgan Chase Bank, N.A.		(556,869	)		556,869			—			—			—			—
Standard Chartered Bank		(9,502,781	)		9,502,781			—			—			—			—
UBS AG		(378,256	)		311,386			66,870			—			—			—
	$	(18,539,796	)	$	18,292,883		$	66,870		$	—		$	(180,043	)	$	—
Total — Deposits for derivatives collateral — OTC derivatives																$	16,927,000

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

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

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

58

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Consolidated Statement of Operations Caption	Commodity		Credit		Equity Price			Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Investment transactions	$	—	$	—	$	(3,445,231	)	$	—		$	2,555,819		$	(889,412	)
Futures contracts		17,682,506		—		(929,188	)		—			(439,422	)		16,313,896
Swap contracts		7,430,340		31,669,342		2,160,719			—			(34,975,848	)		6,284,553
Forward foreign currency exchange contracts		—		—		—			27,917,847			—			27,917,847
Total	$	25,112,846	$	31,669,342	$	(2,213,700	)	$	27,917,847		$	(32,859,451	)	$	49,626,884
Change in unrealized appreciation (depreciation) —
Investments	$	—	$	—	$	2,586,006		$	(169,408	)	$	(3,052,461	)	$	(635,863	)
Futures contracts		90,836		—		(691,850	)		—			(3,159,973	)		(3,760,987	)
Swap contracts		3,640,824		15,121,080		(152,064	)		—			29,176,420			47,786,260
Forward foreign currency exchange contracts		—		—		—			61,666,857			—			61,666,857
Total	$	3,731,660	$	15,121,080	$	1,742,092		$	61,497,449		$	22,963,986		$	105,056,267

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, 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*		Non-deliverable Bond Forward Contracts		Interest Rate Swaptions Purchased		Swap Contracts
	$54,410,000	$	221,037,000	$	4,413,234,000	$	2,467,000	$	60,905,000	$	3,026,699,000

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

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately $36,740,000 and 205 contracts, respectively.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

59

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $694,904,361, which represents 22.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	559,146,895	$	1,140,773,760	$	(1,004,999,734	)	$	2,068	$	(18,628	)	$	694,904,361	$	4,819,611		694,904,361

8  Fair Value Measurements

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

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

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

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

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

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Foreign Government Bonds	$	—	$	1,559,960,087		$	—	$	1,559,960,087
Foreign Corporate Bonds		—		76,972,953			7,718,817		84,691,770
Senior Floating-Rate Loans		—		—			1,140,625		1,140,625
Sovereign Loans		—		83,273,936			—		83,273,936
Asset-Backed Securities		—		26,245,437			—		26,245,437
Collateralized Mortgage Obligations		—		80,738,694			—		80,738,694
Mortgage Pass-Throughs		—		87,111,759			—		87,111,759
U.S. Treasury Obligations		—		1,591,523			—		1,591,523
U.S. Government Guaranteed Small Business Administration Loans		—		23,219,066			—		23,219,066
Common Stocks		—		65,447,422	**		—		65,447,422
Short-Term Investments —
Foreign Government Securities		—		17,266,742			—		17,266,742
U.S. Treasury Obligations		—		204,862,173			—		204,862,173
Repurchase Agreements		—		469,890			—		469,890
Other		—		694,904,361			—		694,904,361
Purchased Currency Options		—		37			—		37
Total Investments	$	—	$	2,922,064,080		$	8,859,442	$	2,930,923,522

60

Global Macro Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

Asset Description	Level 1			Level 2			Level 3*		Total
Forward Foreign Currency Exchange Contracts	$	—		$	86,518,077		$	—	$	86,518,077
Futures Contracts		595,018			854,723			—		1,449,741
Swap Contracts		—			102,725,518			—		102,725,518
Total	$	595,018		$	3,112,162,398		$	8,859,442	$	3,121,616,858
Liability Description
Securities Sold Short	$	—		$	(8,902,974	)	$	—	$	(8,902,974	)
Forward Foreign Currency Exchange Contracts		—			(35,099,901	)		—		(35,099,901	)
Futures Contracts		(2,445,389	)		—			—		(2,445,389	)
Swap Contracts		—			(58,610,108	)		—		(58,610,108	)
Total	$	(2,445,389	)	$	(102,612,983	)	$	—	$	(105,058,372	)

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

9  Risks and Uncertainties

Risks Associated with Foreign Investments

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

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

61

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

62

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Macro Absolute Return Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Global Macro Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

63

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. The Board considered each Adviser’s expertise with respect to global markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Board considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to manage the Fund’s general market exposures, either by investing in specific securities or through the use of certain derivatives.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for a one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board noted that the Portfolio has established a wholly-owned subsidiary to accommodate the Portfolio’s commodity-related investments. The subsidiary is managed by BMR pursuant to a separate investment advisory agreement that is subject to annual approval by the Board. The subsidiary’s fee rates are the same as those charged to the Portfolio, and the Portfolio will not pay any additional management fees with respect to its assets invested in the subsidiary. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

64

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

65

Eaton Vance

Global Macro Absolute Return Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Global Macro Absolute Return Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Macro Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Global Macro Absolute Return Fund and Global Macro Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

66

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

67

This Page Intentionally Left Blank

Investment Adviser of Global Macro Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Macro Absolute Return Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7757    4.30.20

Eaton Vance

Global Macro Absolute Return Advantage Fund

Semiannual Report

April 30, 2020

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

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

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

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

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

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

Semiannual Report April 30, 2020

Eaton Vance

Global Macro Absolute Return Advantage Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	60
Officers and Trustees	64
Important Notices	65

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Since Inception
Class A at NAV		08/31/2010		08/31/2010			–0.85	%		5.75	%		2.04	%		2.47	%
Class A with 4.75% Maximum Sales Charge		—		—			–5.55			0.72			1.05			1.96
Class C at NAV		08/31/2010		08/31/2010			–1.24			5.00			1.33			1.77
Class C with 1% Maximum Sales Charge		—		—			–2.20			4.00			1.33			1.77
Class I at NAV		08/31/2010		08/31/2010			–0.76			6.08			2.36			2.79
Class R at NAV		12/01/2010		08/31/2010			–0.90			5.57			1.87			2.29
Class R6 at NAV		05/31/2017		08/31/2010			–0.66			6.07			2.43			2.82
ICE BofA 3-Month U.S. Treasury Bill Index		—		—			0.85	%		2.07	%		1.19	%		0.65	%
% Total Annual Operating Expense Ratios3			Class A			Class C			Class I			Class R			Class R6
Gross				1.75	%		2.47	%		1.47	%		1.97	%		1.44	%
Net				1.57			2.29			1.29			1.79			1.26

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

Global Macro Absolute Return Advantage Fund

April 30, 2020

Fund Profile⁴

Asset Allocation (% of net assets)⁵

* Net of securities sold short.

Foreign Currency Exposures by Country (% of net assets)⁶

Ukraine	18.4	%
Serbia	12.2
Iceland	6.4
Japan	2.5
Georgia	2.5
Switzerland	2.3
Australia	2.1
United Kingdom	1.2
Norway	1.0
Other	4.2	*
Ghana	–1.2
China	–1.2
Hungary	–3.1
Bahrain	–3.5
Poland	–4.0
South Korea	–4.1
Turkey	–5.6
Saudi Arabia	–7.2
Oman	–9.8
Euro	–15.3
United Arab Emirates	–19.4
Total Long	53.4
Total Short	–75.0
Total Net	–21.6

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

3

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

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

⁶  Currency exposures include all foreign exchange denominated assets, currency derivatives and commodities (including commodity derivatives). Total exposures may exceed 100% due to implicit leverage created by derivatives.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

4

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	991.50	$	7.18	**		1.45	%
Class C	$	1,000.00	$	987.60	$	10.62	**		2.15	%
Class I	$	1,000.00	$	992.40	$	5.70	**		1.15	%
Class R	$	1,000.00	$	991.00	$	8.17	**		1.65	%
Class R6	$	1,000.00	$	993.40	$	5.55	**		1.12	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,017.70	$	7.27	**		1.45	%
Class C	$	1,000.00	$	1,014.20	$	10.77	**		2.15	%
Class I	$	1,000.00	$	1,019.10	$	5.77	**		1.15	%
Class R	$	1,000.00	$	1,016.70	$	8.27	**		1.65	%
Class R6	$	1,000.00	$	1,019.30	$	5.62	**		1.12	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

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

5

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Global Macro Absolute Return Advantage Portfolio, at value (identified cost, $2,791,905,109)	$	2,636,304,191
Receivable for Fund shares sold		3,181,614
Receivable from affiliate		222,031
Total assets	$	2,639,707,836
Liabilities
Payable for Fund shares redeemed	$	9,593,906
Payable to affiliates:
Distribution and service fees		195,436
Trustees’ fees		42
Accrued expenses		841,317
Total liabilities	$	10,630,701
Net Assets	$	2,629,077,135
Sources of Net Assets
Paid-in capital	$	2,961,409,655
Accumulated loss		(332,332,520	)
Total	$	2,629,077,135
Class A Shares
Net Assets	$	711,363,582
Shares Outstanding		72,900,883
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.76
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.25
Class C Shares
Net Assets	$	24,762,700
Shares Outstanding		2,604,302
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.51
Class I Shares
Net Assets	$	1,594,427,177
Shares Outstanding		161,272,087
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.89
Class R Shares
Net Assets	$	1,154,434
Shares Outstanding		119,571
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.65
Class R6 Shares
Net Assets	$	297,369,242
Shares Outstanding		30,034,286
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.90

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

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

6 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income allocated from Portfolio (net of foreign taxes, $1,018,768)	$	106,483,018
Dividends allocated from Portfolio (net of foreign taxes, $118,145)		1,715,068
Expenses, excluding interest and dividend expense, allocated from Portfolio		(14,992,018	)
Interest and dividend expense allocated from Portfolio		(1,475,004	)
Total investment income from Portfolio	$	91,731,064
Expenses
Distribution and service fees
Class A	$	1,170,252
Class C		142,058
Class R		3,533
Trustees’ fees and expenses		250
Custodian fee		29,920
Transfer and dividend disbursing agent fees		1,688,846
Legal and accounting services		41,108
Printing and postage		164,680
Registration fees		95,425
Miscellaneous		17,663
Total expenses	$	3,353,735
Deduct —
Allocation of expenses to affiliate	$	1,660,844
Total expense reductions	$	1,660,844
Net expenses	$	1,692,891
Net investment income	$	90,038,173
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $1,120,506)	$	(61,266,454	)
Futures contracts		19,919,099
Swap contracts		27,883,884
Foreign currency transactions		(4,885,742	)
Forward foreign currency exchange contracts		23,899,519
Net realized gain	$	5,550,306
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $167,121)	$	(277,418,959	)
Securities sold short		5,422,252
Futures contracts		(898,610	)
Swap contracts		84,100,211
Foreign currency		(181,517	)
Forward foreign currency exchange contracts		65,208,592
Net change in unrealized appreciation (depreciation)	$	(123,768,031	)
Net realized and unrealized loss	$	(118,217,725	)
Net decrease in net assets from operations	$	(28,179,552	)

7 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	90,038,173		$	194,161,985
Net realized gain (loss)		5,550,306			(203,856,598	)
Net change in unrealized appreciation (depreciation)		(123,768,031	)		254,759,551
Net increase (decrease) in net assets from operations	$	(28,179,552	)	$	245,064,938
Distributions to shareholders —
Class A	$	(31,695,427	)	$	—
Class C		(875,479	)		—
Class I		(74,463,466	)		(1,875,599	)
Class R		(57,122	)		—
Class R6		(16,669,348	)		(199,027	)
Total distributions to shareholders	$	(123,760,842	)	$	(2,074,626	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	50,148,455		$	772,266,484
Class C		709,539			2,011,286
Class I		231,421,319			935,580,747
Class R		67,513			212,310
Class R6		287,502,535			48,550,507
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		31,462,714			—
Class C		792,763			—
Class I		45,258,310			1,351,903
Class R		57,122			—
Class R6		14,201,255			105,370
Cost of shares redeemed
Class A		(120,533,459	)		(153,262,927	)
Class C		(4,682,672	)		(33,401,222	)
Class I		(674,848,524	)		(2,777,491,833	)
Class R		(472,054	)		(566,059	)
Class R6		(116,637,006	)		(90,474,011	)
Net asset value of shares converted
Class A		947,027			714,839
Class C		(947,027	)		(714,839	)
Net decrease in net assets from Fund share transactions	$	(255,552,190	)	$	(1,295,117,445	)
Net decrease in net assets	$	(407,492,584	)	$	(1,052,127,133	)
Net Assets
At beginning of period	$	3,036,569,719		$	4,088,696,852
At end of period	$	2,629,077,135		$	3,036,569,719

8 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.250		$	9.510		$	10.560		$	10.180		$	10.100		$	10.160
Income (Loss) From Operations
Net investment income(1)	$	0.299		$	0.564		$	0.479		$	0.416		$	0.462		$	0.515
Net realized and unrealized gain (loss)		(0.374	)		0.176			(1.239	)		0.111			0.237			(0.232	)
Total income (loss) from operations	$	(0.075	)	$	0.740		$	(0.760	)	$	0.527		$	0.699		$	0.283
Less Distributions
From net investment income	$	(0.415	)	$	—		$	(0.290	)	$	(0.147	)	$	(0.619	)	$	(0.343	)
Total distributions	$	(0.415	)	$	—		$	(0.290	)	$	(0.147	)	$	(0.619	)	$	(0.343	)
Net asset value — End of period	$	9.760		$	10.250		$	9.510		$	10.560		$	10.180		$	10.100
Total Return(2)		(0.85	)%(3)(4)		7.78	%(4)		(7.40	)%(4)		5.25	%		7.27	%(5)		2.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	711,364		$	789,497		$	122,402		$	123,985		$	307,915		$	427,589
Ratios (as a percentage of average daily net assets):(6)
Expenses(7)(8)		1.45	%(4)(9)		1.57	%(4)		1.45	%(4)		1.53	%		1.56	%		1.60	%
Net investment income		5.89	%(9)		5.70	%		4.73	%		4.07	%		4.69	%		5.09	%
Portfolio Turnover of the Portfolio		39	%(3)		71	%		75	%		76	%		97	%		75	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.18%, 0.18% and 0.10% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.10%, 0.22%, 0.07%, 0.04%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁹⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.930		$	9.270		$	10.330		$	9.970		$	9.900		$	9.930
Income (Loss) From Operations
Net investment income(1)	$	0.257		$	0.453		$	0.399		$	0.347		$	0.383		$	0.430
Net realized and unrealized gain (loss)		(0.373	)		0.207			(1.214	)		0.095			0.237			(0.223	)
Total income (loss) from operations	$	(0.116	)	$	0.660		$	(0.815	)	$	0.442		$	0.620		$	0.207
Less Distributions
From net investment income	$	(0.304	)	$	—		$	(0.245	)	$	(0.082	)	$	(0.550	)	$	(0.237	)
Total distributions	$	(0.304	)	$	—		$	(0.245	)	$	(0.082	)	$	(0.550	)	$	(0.237	)
Net asset value — End of period	$	9.510		$	9.930		$	9.270		$	10.330		$	9.970		$	9.900
Total Return(2)		(1.24	)%(3)(4)		7.12	%(4)		(8.08	)%(4)		4.58	%		6.45	%(5)		2.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	24,763		$	30,108		$	59,782		$	64,164		$	49,817		$	46,216
Ratios (as a percentage of average daily net assets):(6)
Expenses(7)(8)		2.15	%(4)(9)		2.29	%(4)		2.15	%(4)		2.24	%		2.26	%		2.30	%
Net investment income		5.21	%(9)		4.80	%		4.03	%		3.43	%		3.96	%		4.33	%
Portfolio Turnover of the Portfolio		39	%(3)		71	%		75	%		76	%		97	%		75	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.18%, 0.18% and 0.10% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.10%, 0.24%, 0.07%, 0.06%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁹⁾  Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.390		$	9.610		$	10.680		$	10.300		$	10.210		$	10.260
Income (Loss) From Operations
Net investment income(1)	$	0.320		$	0.570		$	0.514		$	0.462		$	0.491		$	0.548
Net realized and unrealized gain (loss)		(0.386	)		0.216			(1.250	)		0.098			0.247			(0.230	)
Total income (loss) from operations	$	(0.066	)	$	0.786		$	(0.736	)	$	0.560		$	0.738		$	0.318
Less Distributions
From net investment income	$	(0.434	)	$	(0.006	)	$	(0.334	)	$	(0.180	)	$	(0.648	)	$	(0.368	)
Total distributions	$	(0.434	)	$	(0.006	)	$	(0.334	)	$	(0.180	)	$	(0.648	)	$	(0.368	)
Net asset value — End of period	$	9.890		$	10.390		$	9.610		$	10.680		$	10.300		$	10.210
Total Return(2)		(0.76	)%(3)(4)		8.18	%(4)		(7.12	)%(4)		5.53	%		7.62	%(5)		3.21	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,594,427		$	2,075,104		$	3,731,477		$	3,379,555		$	1,407,915		$	999,152
Ratios (as a percentage of average daily net assets):(6)
Expenses(7)(8)		1.15	%(4)(9)		1.29	%(4)		1.15	%		1.24	%		1.26	%		1.30	%
Net investment income		6.22	%(9)		5.81	%		5.04	%		4.43	%		4.92	%		5.37	%
Portfolio Turnover of the Portfolio		39	%(3)		71	%		75	%		76	%		97	%		75	%

⁽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⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.18%, 0.18% and 0.10% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.10%, 0.24%, 0.07%, 0.06%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁹⁾  Annualized.

11 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class R
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.120		$	9.410		$	10.440		$	10.070		$	10.010		$	10.080
Income (Loss) From Operations
Net investment income(1)	$	0.289		$	0.515		$	0.451		$	0.398		$	0.435		$	0.481
Net realized and unrealized gain (loss)		(0.379	)		0.195			(1.217	)		0.104			0.237			(0.228	)
Total income (loss) from operations	$	(0.090	)	$	0.710		$	(0.766	)	$	0.502		$	0.672		$	0.253
Less Distributions
From net investment income	$	(0.380	)	$	—		$	(0.264	)	$	(0.132	)	$	(0.612	)	$	(0.323	)
Total distributions	$	(0.380	)	$	—		$	(0.264	)	$	(0.132	)	$	(0.612	)	$	(0.323	)
Net asset value — End of period	$	9.650		$	10.120		$	9.410		$	10.440		$	10.070		$	10.010
Total Return(2)		(0.90	)%(3)(4)		7.55	%(4)		(7.53	)%(4)		5.05	%		7.05	%(5)		2.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,154		$	1,566		$	1,801		$	2,294		$	5,279		$	5,087
Ratios (as a percentage of average daily net assets):(6)
Expenses(7)(8)		1.65	%(4)(9)		1.79	%(4)		1.65	%(4)		1.74	%		1.76	%		1.79	%
Net investment income		5.75	%(9)		5.35	%		4.50	%		3.91	%		4.46	%		4.80	%
Portfolio Turnover of the Portfolio		39	%(3)		71	%		75	%		76	%		97	%		75	%

⁽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⁾  Not annualized.

⁽⁴⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.18%, 0.18% and 0.10% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.10%, 0.24%, 0.07%, 0.05%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁹⁾  Annualized.

12 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,						Period Ended October 31, 2017(1)
				2019			2018
Net asset value — Beginning of period	$	10.410		$	9.640		$	10.690		$	10.530
Income (Loss) From Operations
Net investment income(2)	$	0.314		$	0.579		$	0.534		$	0.179
Net realized and unrealized gain (loss)		(0.379	)		0.207			(1.245	)		(0.019	)
Total income (loss) from operations	$	(0.065	)	$	0.786		$	(0.711	)	$	0.160
Less Distributions
From net investment income	$	(0.445	)	$	(0.016	)	$	(0.339	)	$	—
Total distributions	$	(0.445	)	$	(0.016	)	$	(0.339	)	$	—
Net asset value — End of period	$	9.900		$	10.410		$	9.640		$	10.690
Total Return(3)		(0.66	)%(4)(5)		8.07	%(5)		(6.88	)%(5)		1.52	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	297,369		$	140,294		$	173,234		$	7,959
Ratios (as a percentage of average daily net assets):(6)
Expenses(7)		1.12	%(5)(8)		1.26	%(5)		1.10	%(5)		1.20	%(8)
Net investment income		6.13	%(8)		5.86	%		5.30	%		3.97	%(8)
Portfolio Turnover of the Portfolio		39	%(4)		71	%		75	%		76	%(9)

⁽¹⁾  For the period from commencement of operations on May 31, 2017 to October 31, 2017.

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.18%, 0.18% and 0.10% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.10%, 0.24%, 0.08% and 0.11% for the six months ended April 30, 2020, the years ended October 31, 2019, 2018 and the period ended October 31, 2017, respectively.

⁽⁸⁾  Annualized.

⁽⁹⁾  For the Portfolio’s year ended October 31, 2017.

13 See Notes to Financial Statements.

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Global Macro Absolute Return Advantage Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Global Macro Absolute Return Advantage Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (91.0% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolio.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

14

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

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

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $194,809,742 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $117,378,692 are short-term and $77,431,050 are long-term.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Fund incurred no investment adviser and administration fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.35%, 2.05%, 1.05%, 1.55% and 1.02% of the Fund’s average daily net assets for Class A, Class C, Class I, Class R and Class R6, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $1,660,844 of the Fund’s operating expenses for the six months ended April 30, 2020. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Consolidated Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $271,445 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $1,932 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

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 0.30% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $1,170,252 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $106,544 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $1,766 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $35,514 and $1,767 for Class C and Class R shares, respectively.

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

15

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Effective December 2, 2019, Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $300 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $36,569,625 and $417,003,863, respectively.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		4,945,403			79,735,722
Issued to shareholders electing to receive payments of distributions in Fund shares		3,045,761			—
Redemptions		(12,188,187	)		(15,676,420	)
Converted from Class C shares		93,466			74,538
Net increase (decrease)		(4,103,557	)		64,133,840
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		71,973			217,557
Issued to shareholders electing to receive payments of distributions in Fund shares		78,569			—
Redemptions		(482,989	)		(3,554,914	)
Converted to Class A shares		(96,139	)		(76,622	)
Net decrease		(428,586	)		(3,413,979	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		22,514,943			96,016,735
Issued to shareholders electing to receive payments of distributions in Fund shares		4,326,798			142,606
Redemptions		(65,372,679	)		(284,625,500	)
Net decrease		(38,530,938	)		(188,466,159	)

16

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class R	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		7,040			22,204
Issued to shareholders electing to receive payments of distributions in Fund shares		5,584			—
Redemptions		(47,756	)		(58,927	)
Net decrease		(35,132	)		(36,723	)
Class R6	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		26,807,929			4,920,002
Issued to shareholders electing to receive payments of distributions in Fund shares		1,356,376			11,092
Redemptions		(11,612,688	)		(9,422,409	)
Net increase (decrease)		16,551,617			(4,491,315	)

17

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited)

Foreign Government Bonds — 59.7%
Security	Principal Amount (000’s omitted)		Value
Argentina — 0.9%
Republic of Argentina, 3.75% to 3/31/29, 12/31/38(1)	USD	17,333	$	5,548,276
Republic of Argentina, 6.25%, 11/9/47(2)	EUR	34,393		8,742,846
Republic of Argentina, 6.625%, 7/6/28	USD	5,652		1,427,130
Republic of Argentina, 6.875%, 1/11/48	USD	31,989		7,557,721
Republic of Argentina, 7.625%, 4/22/46	USD	13,732		3,433,137
Total Argentina			$	26,709,110
Bahrain — 0.5%
Kingdom of Bahrain, 6.125%, 7/5/22(2)	USD	8,753	$	8,818,289
Kingdom of Bahrain, 7.00%, 1/26/26(2)	USD	5,769		5,772,357
Total Bahrain			$	14,590,646
Barbados — 1.9%
Government of Barbados, 6.50%, 10/1/29(2)	USD	63,122	$	54,600,270
Total Barbados			$	54,600,270
Benin — 0.7%
Benin Government International Bond, 5.75%, 3/26/26(2)	EUR	21,263	$	19,443,794
Total Benin			$	19,443,794
Ecuador — 0.1%
Republic of Ecuador, 9.50%, 3/27/30(2)	USD	8,227	$	2,406,398
Republic of Ecuador, 9.625%, 6/2/27(2)	USD	2,550		736,338
Republic of Ecuador, 10.75%, 1/31/29(2)	USD	200		58,502
Total Ecuador			$	3,201,238
Egypt — 5.8%
Arab Republic of Egypt, 4.75%, 4/11/25(2)	EUR	13,698	$	13,221,312
Arab Republic of Egypt, 5.625%, 4/16/30(2)	EUR	1,525		1,381,141
Arab Republic of Egypt, 5.875%, 6/11/25(2)	USD	2,142		2,030,935
Arab Republic of Egypt, 6.375%, 4/11/31(2)	EUR	53,603		49,531,497
Arab Republic of Egypt, 7.50%, 1/31/27(2)	USD	27,798		27,150,223
Arab Republic of Egypt, 8.15%, 11/20/59(2)(3)	USD	20,128		17,680,033
Arab Republic of Egypt, 8.50%, 1/31/47(2)(3)	USD	12,617		11,334,482
Arab Republic of Egypt, 8.70%, 3/1/49(2)(3)	USD	50,594		45,626,023
Total Egypt			$	167,955,646
Georgia — 1.2%
Georgia Treasury Bond, 7.00%, 5/30/24	GEL	51,500	$	14,587,284
Georgia Treasury Bond, 7.25%, 1/17/21	GEL	8,852		2,728,574

Security	Principal Amount (000’s omitted)		Value
Georgia (continued)
Georgia Treasury Bond, 7.375%, 9/27/23	GEL	12,110	$	3,524,009
Georgia Treasury Bond, 8.125%, 1/25/23	GEL	6,262		1,906,950
Georgia Treasury Bond, 9.375%, 4/9/22	GEL	43,335		13,575,026
Total Georgia			$	36,321,843
Iceland — 1.9%
Republic of Iceland, 5.00%, 11/15/28	ISK	467,183	$	3,868,577
Republic of Iceland, 6.50%, 1/24/31	ISK	5,253,504		50,320,708
Total Iceland			$	54,189,285
Indonesia — 0.2%
Indonesia Government Bond, 7.50%, 4/15/40	IDR	79,640,000	$	5,078,221
Total Indonesia			$	5,078,221
Lebanon — 0.5%
Lebanese Republic, 6.25%, 11/4/24(2)(4)	USD	10,470	$	1,753,725
Lebanese Republic, 6.40%, 5/26/23(4)	USD	10,470		1,753,725
Lebanese Republic, 6.65%, 4/22/24(2)(4)	USD	29,480		4,679,950
Lebanese Republic, 6.65%, 2/26/30(2)(4)	USD	132		22,110
Lebanese Republic, 6.75%, 11/29/27(2)(4)	USD	1,056		176,880
Lebanese Republic, 6.85%, 5/25/29(4)	USD	13,921		2,296,965
Lebanese Republic, 7.00%, 12/3/24(4)	USD	4,878		817,065
Lebanese Republic, 7.00%, 3/20/28(2)(4)	USD	7,809		1,308,007
Lebanese Republic, 7.15%, 11/20/31(2)(4)	USD	5,401		904,667
Lebanese Republic, 8.20%, 5/17/33(4)	USD	4,223		707,353
Lebanese Republic, 8.25%, 5/17/34(4)	USD	3,507		587,423
Total Lebanon			$	15,007,870
New Zealand — 5.7%
New Zealand Government Bond, 2.50%, 9/20/35(2)(5)	NZD	96,285	$	77,419,821
New Zealand Government Bond, 2.50%, 9/20/40(2)(5)	NZD	108,028		89,522,774
Total New Zealand			$	166,942,595
Romania — 4.6%
Romanian Government International Bond, 3.375%, 1/28/50(2)	EUR	50,724	$	47,393,572
Romanian Government International Bond, 4.625%, 4/3/49(2)(3)	EUR	77,079		85,512,269
Total Romania			$	132,905,841
Serbia — 11.9%
Serbia Treasury Bond, 4.50%, 1/11/26	RSD	6,167,590	$	62,115,211
Serbia Treasury Bond, 5.75%, 7/21/23	RSD	8,677,260		89,504,094

18 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Serbia (continued)
Serbia Treasury Bond, 5.875%, 2/8/28	RSD	17,108,030	$	192,546,419
Total Serbia			$	344,165,724
Suriname — 0.3%
Republic of Suriname, 9.25%, 10/26/26(2)	USD	22,955	$	8,780,288
Total Suriname			$	8,780,288
Thailand — 1.6%
Thailand Government Bond, 1.25%, 3/12/28(2)(5)	THB	1,666,531	$	46,025,609
Total Thailand			$	46,025,609
Ukraine — 21.9%
Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40(2)(6)(7)	USD	89,534	$	66,614,818
Ukraine Government International Bond, 10.00%, 8/23/23	UAH	3,022,403		100,524,171
Ukraine Government International Bond, 11.67%, 11/22/23	UAH	1,447,084		50,259,816
Ukraine Government International Bond, 14.91%, 10/12/22	UAH	129,875		4,883,156
Ukraine Government International Bond, 15.70%, 1/20/21	UAH	463,594		17,269,757
Ukraine Government International Bond, 15.84%, 2/26/25(3)	UAH	8,733,741		344,460,688
Ukraine Government International Bond, 17.00%, 5/11/22	UAH	93,144		3,618,442
Ukraine Government International Bond, 18.00%, 3/24/21	UAH	1,224,932		46,531,068
Total Ukraine			$	634,161,916
Total Foreign Government Bonds (identified cost $1,818,609,570)			$	1,730,079,896
Foreign Corporate Bonds — 4.1%
Security	Principal Amount (000’s omitted)		Value
Georgia — 0.1%
Silknet JSC, 11.00%, 4/2/24(2)	USD	3,388	$	3,102,866
Total Georgia			$	3,102,866
Iceland — 2.7%
Almenna Leigufelagid EHF, 6.65%, 1/26/28(8)	ISK	4,540,000	$	35,919,387
Arion Banki HF, 6.00%, 4/12/24(2)	ISK	1,720,000		13,292,657

Security	Principal Amount (000’s omitted)		Value
Iceland (continued)
Heimavellir HF, 7.91%, 4/25/23(8)	ISK	1,963,167	$	14,615,010
Islandsbanki HF, 6.40%, 10/26/23	ISK	900,000		6,950,507
Landsbankinn HF, 5.00%, 11/23/23(2)	ISK	1,020,000		7,555,192
WOW Air HF, 0.00% (4)(9)	EUR	121		3,979
WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24(4)(10)	EUR	5,500		180,875
Total Iceland			$	78,517,607
Indonesia — 0.1%
Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(2)	IDR	27,880,000	$	1,804,514
Total Indonesia			$	1,804,514
Ireland — 0.7%
Aragvi Finance International DAC, 12.00%, 4/9/24(2)	USD	21,357	$	19,274,692
Total Ireland			$	19,274,692
Mexico — 0.0%(11)
Grupo Kaltex SA de CV, 8.875%, 4/11/22(2)	USD	1,779	$	1,071,047
Total Mexico			$	1,071,047
Mongolia — 0.1%
Trade and Development Bank of Mongolia, LLC, 9.375%, 5/19/20(2)	USD	3,258	$	3,251,891
Total Mongolia			$	3,251,891
Netherlands — 0.3%
Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25(2)	USD	9,093	$	7,835,820
Total Netherlands			$	7,835,820
United Kingdom — 0.1%
Ellaktor Value PLC, 6.375%, 12/15/24(2)	EUR	6,410	$	4,571,407
Total United Kingdom			$	4,571,407
Total Foreign Corporate Bonds (identified cost $145,009,025)			$	119,429,844

19 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Sovereign Loans — 4.8%
Borrower	Principal Amount (000’s omitted)			Value
Ethiopia — 0.1%
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 5.51%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021(10)(12)		$	3,233	$	3,116,704
Total Ethiopia				$	3,116,704
Kenya — 1.1%
Government of Kenya, Term Loan, 7.69%, (6 mo. USD LIBOR + 6.70%), Maturing October 24, 2024(10)		$	4,474	$	4,166,976
Government of Kenya, Term Loan, 8.37%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025(10)			29,835		26,847,591
Total Kenya				$	31,014,567
Tanzania — 3.6%
Government of the United Republic of Tanzania, Term Loan, 7.09%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(10)		$	73,350	$	69,266,679
Government of the United Republic of Tanzania, Term Loan, 7.12%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(10)			36,286		34,805,983
Total Tanzania				$	104,072,662
Total Sovereign Loans (identified cost $146,659,348)				$	138,203,933
Senior Floating-Rate Loans — 0.1%(13)
Borrower/Tranche Description	Principal Amount (000’s omitted)			Value
Argentina — 0.1%
Desarrolladora Energética S.A., Term Loan, 9.50%, Maturing 7/27/20(8)(14)		$	2,607	$	1,629,464
Total Argentina				$	1,629,464
Total Senior Floating-Rate Loans (identified cost $2,095,338)				$	1,629,464

Collateralized Mortgage Obligations — 2.6%
Security	Principal Amount (000’s omitted)			Value
Federal Home Loan Mortgage Corp.:
Interest Only:(15)
Series 362, Class C6, 3.50%, 12/15/47		$	26,585	$	2,447,126
Series 2770, Class SH, 6.286%, (7.10% - 1 mo. USD LIBOR), 3/15/34(16)			1,361		344,130
Series 4791, Class JI, 4.00%, 5/15/48			41,364		3,481,054
				$	6,272,310
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2016-DNA4, Class M3, 4.287%, (1 mo. USD LIBOR + 3.80%), 3/25/29(10)		$	5,674	$	5,589,583
Series 2017-DNA2, Class M2, 3.937%, (1 mo. USD LIBOR + 3.45%), 10/25/29(10)			3,608		3,490,433
Series 2019-DNA1, Class M2, 3.137%, (1 mo. USD LIBOR + 2.65%), 1/25/49(6)(10)			2,737		2,457,884
Series 2019-DNA2, Class M2, 2.937%, (1 mo. USD LIBOR + 2.45%), 3/25/49(6)(10)			7,668		6,765,460
Series 2019-DNA3, Class M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 7/25/49(6)(10)			578		500,341
Series 2019-DNA4, Class M2, 2.437%, (1 mo. USD LIBOR + 1.95%), 10/25/49(6)(10)			663		555,401
Series 2020-DNA1, Class M2, 2.187%, (1 mo. USD LIBOR + 1.70%), 1/25/50(6)(10)			20,046		15,459,953
Series 2020-DNA2, Class M1, 1.237%, (1 mo. USD LIBOR + 0.75%), 2/25/50(6)(10)			6,073		5,831,835
				$	40,650,890
Federal National Mortgage Association:
Interest Only:(15)
Series 424, Class C8, 3.50%, 2/25/48		$	37,460	$	3,053,419
Series 2010-67, Class BI, 5.50%, 6/25/25			8		287
Series 2010-109, Class PS, 6.113%, (6.60% - 1 mo. USD LIBOR), 10/25/40(16)			3,136		681,816
Series 2018-21, Class IO, 3.00%, 4/25/48			39,217		2,961,426
Series 2018-58, Class BI, 4.00%, 8/25/48			6,198		505,641
				$	7,202,589
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2017-C03, Class 1M2C, 3.487%, (1 mo. USD LIBOR + 3.00%), 10/25/29(10)		$	3,828	$	3,149,510
Series 2017-C07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(10)			2,618		2,436,568
Series 2018-C06, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 3/25/31(10)			1,570		1,427,439
Series 2018-R07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 4/25/31(6)(10)			761		711,363
Series 2019-R02, Class 1M2, 2.787%, (1 mo. USD LIBOR + 2.30%), 8/25/31(6)(10)			2,716		2,509,255

20 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)			Value
Federal National Mortgage Association Connecticut Avenue Securities: (continued)
Series 2019-R05, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 7/25/39(6)(10)		$	1,288	$	1,187,013
Series 2019-R07, Class 1M2, 2.587%, (1 mo. USD LIBOR + 2.10%), 10/25/39(6)(10)			2,924		2,558,308
Series 2020-R01, Class 1M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 1/25/40(6)(10)			10,374		7,933,833
				$	21,913,289
Total Collateralized Mortgage Obligations (identified cost $91,244,822)				$	76,039,078
U.S. Government Guaranteed Small Business Administration Loans (17)(18) — 1.1%
Security	Principal Amount (000’s omitted)			Value
1.63%, 11/20/42		$	1,235	$	72,897
1.88%, 10/30/42 to 12/28/42			10,759		689,480
2.13%, 1/25/43			1,701		121,716
2.38%, 11/30/42 to 3/1/43			6,158		545,334
2.38%, 11/15/32 to 4/10/43(19)			53,418		3,782,233
2.63%, 10/27/42 to 3/20/43			9,965		913,267
2.86%, 4/12/27 to 3/10/43(19)			105,003		9,708,091
2.88%, 10/27/42 to 2/13/43			10,469		1,093,513
3.06%, 2/2/27 to 12/17/43(19)			109,619		10,758,018
3.13%, 10/12/42 to 2/15/43			6,949		839,514
3.38%, 12/18/42			668		88,163
3.63%, 10/27/42 to 3/28/43			23,884		3,265,688
Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $39,564,852)				$	31,877,914
Common Stocks — 3.8%
Security		Shares		Value
Cyprus — 0.2%
Bank of Cyprus Holdings PLC(20)			8,424,416	$	6,076,552
Total Cyprus				$	6,076,552
Greece — 0.5%
Alpha Bank AE(20)			1,784,700	$	1,303,232
Eurobank Ergasias Services and Holdings S.A.(20)			3,832,200		1,547,941
Hellenic Telecommunications Organization S.A.			244,800		3,234,172
JUMBO S.A.			177,200		2,773,163
National Bank of Greece S.A.(20)			1,111,000		1,506,599

Security	Shares		Value
Greece (continued)
OPAP S.A.		308,145	$	2,760,150
Piraeus Bank S.A.(20)		1,025,200		1,368,356
Total Greece			$	14,493,613
Iceland — 1.7%
Arion Banki HF(6)(20)		30,204,830	$	11,706,450
Eik Fasteignafelag HF		96,765,425		4,465,601
Eimskipafelag Islands HF(20)		7,866,970		6,959,822
Hagar HF		30,229,195		9,621,155
Reginn HF(20)		41,170,338		4,748,364
Reitir Fasteignafelag HF		16,629,313		5,762,249
Siminn HF		161,055,638		6,491,755
Total Iceland			$	49,755,396
Serbia — 0.1%
Komercijalna Banka AD Beograd(20)		133,148	$	3,049,732
Total Serbia			$	3,049,732
Singapore — 0.4%
Yoma Strategic Holdings, Ltd.(20)		79,369,266	$	11,077,758
Total Singapore			$	11,077,758
Vietnam — 0.9%
Bank for Foreign Trade of Vietnam JSC		1,036,910	$	3,009,350
Bank for Investment and Development of Vietnam JSC		845,160		1,290,491
Binh Minh Plastics JSC		73,100		147,404
Coteccons Construction JSC		239,670		643,493
Ho Chi Minh City Infrastructure Investment JSC(20)		1,400,400		1,180,303
Hoa Phat Group JSC(20)		2,126,689		1,947,804
KIDO Group Corp.		55,900		41,281
Masan Group Corp.(20)		863,000		2,163,435
Mobile World Investment Corp.		372,000		1,294,477
PetroVietnam Nhon Trach 2 Power JSC		859,040		756,593
Refrigeration Electrical Engineering Corp.		703,160		901,275
SSI Securities Corp.		1,394,992		775,877
Viet Capital Securities JSC		806,139		608,108
Vietnam Dairy Products JSC		701,080		2,965,064
Vietnam Prosperity JSC Bank(20)		1,746,682		1,538,640
Vietnam Technological & Commercial Joint Stock Bank(20)		1,408,200		1,106,172
Vingroup JSC(20)		1,246,080		4,890,101
Total Vietnam			$	25,259,868
Total Common Stocks (identified cost $198,613,604)			$	109,712,919

21 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Warrants — 0.0%
Security	Shares			Value
Almenna Leigufelagid EHF, Exp. 1/25/22, Strike ISK 10.95(8)(20)			22,753,484	$	0
Total Warrants (identified cost $0)				$	0
Short-Term Investments — 16.4%
Foreign Government Securities — 1.1%
Security	Principal Amount (000’s omitted)			Value
Georgia — 1.1%
Bank of Georgia Promissory Note, 7.40%, 5/13/20	GEL		2,912	$	908,938
Bank of Georgia Promissory Note, 7.40%, 5/18/20	GEL		4,282		1,335,348
Bank of Georgia Promissory Note, 7.50%, 5/26/20	GEL		5,353		1,663,335
Bank of Georgia Promissory Note, 7.50%, 5/28/20	GEL		13,664		4,239,961
Bank of Georgia Promissory Note, 7.50%, 6/10/20	GEL		2,415		747,463
Bank of Georgia Promissory Note, 7.50%, 6/12/20	GEL		1,885		583,344
Bank of Georgia Promissory Note, 7.50%, 6/15/20	GEL		3,768		1,165,697
Bank of Georgia Promissory Note, 7.50%, 6/16/20	GEL		1,926		595,698
Bank of Georgia Promissory Note, 7.50%, 6/17/20	GEL		3,603		1,114,473
Bank of Georgia Promissory Note, 7.50%, 6/19/20	GEL		2,192		677,682
Bank of Georgia Promissory Note, 7.50%, 6/26/20	GEL		2,902		896,458
Bank of Georgia Promissory Note, 7.50%, 6/29/20	GEL		3,870		1,195,108
Georgia Treasury Bill, 0.00%, 5/7/20	GEL		3,664		1,139,604
Georgia Treasury Bill, 0.00%, 5/14/20	GEL		8,110		2,519,493
Georgia Treasury Bill, 0.00%, 6/4/20	GEL		5,441		1,682,763
Georgia Treasury Bill, 0.00%, 6/11/20	GEL		6,505		2,008,419
Georgia Treasury Bill, 0.00%, 7/2/20	GEL		1,224		376,197
Georgia Treasury Bill, 0.00%, 1/14/21	GEL		8,533		2,502,787
Georgia Treasury Bill, 0.00%, 2/11/21	GEL		21,479		6,256,154
Total Georgia				$	31,608,922
Total Foreign Government Securities (identified cost $36,079,424)				$	31,608,922
U.S. Treasury Obligations — 1.9%
Security	Principal Amount (000’s omitted)			Value
U.S. Treasury Bill, 0.00%, 5/21/20(21)		$	25,000	$	24,998,785
U.S. Treasury Bill, 0.00%, 6/11/20			30,000		29,996,840
Total U.S. Treasury Obligations (identified cost $54,995,861)				$	54,995,625

Other — 13.4%
Description	Units			Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(22)		388,810,983		$	388,810,983
Total Other (identified cost $388,680,363)				$	388,810,983
Total Short-Term Investments (identified cost $479,755,648)				$	475,415,530
Total Purchased Options — 0.0%(11) (identified cost $928,702)				$	55
Total Investments — 92.6% (identified cost $2,922,480,909)				$	2,682,388,633
Securities Sold Short — (0.6)%
Common Stocks — (0.6)%
Security	Shares			Value
Ashmore Group PLC		(3,562,400	)	$	(16,984,927	)
Total Common Stocks				$	(16,984,927	)
Total Securities Sold Short (proceeds $22,945,760)				$	(16,984,927	)
Other Assets, Less Liabilities — 8.0%				$	232,759,185
Net Assets — 100.0%				$	2,898,162,891

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

⁽¹⁾  Step coupon security. Interest rate represents the rate in effect at April 30, 2020.

⁽²⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $760,409,016 or 26.2% of the Portfolio’s net assets.

⁽³⁾  Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

⁽⁴⁾  Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁵⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁶⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration

22 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

(normally to qualified institutional buyers). At April 30, 2020, the aggregate value of these securities is $124,791,914 or 4.3% of the Portfolio’s net assets.

⁽⁷⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽⁸⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽⁹⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹⁰⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽¹¹⁾  Amount is less than 0.05%.

⁽¹²⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹³⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London

Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹⁴⁾  Fixed-rate loan.

⁽¹⁵⁾  Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽¹⁶⁾  Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at April 30, 2020.

⁽¹⁷⁾  Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹⁸⁾  Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro rata basis with all securities in the trust.

⁽¹⁹⁾  The stated interest rate represents the weighted average fixed interest rate at April 30, 2020 of all interest only securities comprising the certificate.

⁽²⁰⁾  Non-income producing security.

⁽²¹⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽²²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

Purchased Currency Options — 0.0%(11)
Description	Counterparty	Notional Amount		Exercise Price		Expiration Date		Value
Call BRL/Put USD	Standard Chartered Bank	USD	54,710,000	BRL	3.57		7/20/20	$	55
Total								$	55

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
BRL	82,604,106	USD	15,220,952		5/5/20	$	(30,510	)
BRL	32,446,906	USD	6,153,405		5/5/20		(186,597	)
BRL	50,157,200	USD	9,654,416		5/5/20		(430,782	)
USD	16,018,171	BRL	82,604,106		5/5/20		827,729
USD	9,242,160	BRL	50,157,200		5/5/20		18,525
USD	5,978,792	BRL	32,446,906		5/5/20		11,984
CLP	25,662,653,973	USD	32,735,900		5/7/20		(1,995,819	)
USD	32,972,702	CLP	25,662,653,973		5/7/20		2,232,621
EUR	102,063,802	USD	111,127,578		5/8/20		724,683
EUR	75,316,804	USD	81,826,466		5/8/20		713,618
EUR	15,093,000	USD	16,433,334		5/8/20		107,165
PHP	482,621,020	USD	9,465,941		5/8/20		105,355
USD	146,850,768	EUR	131,860,237		5/8/20		2,344,437

23 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	16,852,322	EUR	15,102,000		5/8/20	$	301,960
USD	10,621,018	EUR	9,517,894		5/8/20		190,308
USD	6,649,648	EUR	5,959,000		5/8/20		119,148
USD	11,587,240	EUR	10,642,163		5/8/20		(75,562	)
USD	11,803,310	EUR	10,840,610		5/8/20		(76,971	)
USD	54,169,756	EUR	49,751,568		5/8/20		(353,251	)
USD	65,948,804	EUR	60,569,894		5/8/20		(430,064	)
USD	19,621	PHP	1,000,400		5/8/20		(218	)
USD	54,723,017	KRW	65,000,000,000		5/12/20		1,343,895
USD	43,337,105	KRW	51,393,472,596		5/12/20		1,131,898
USD	42,383,634	AUD	67,210,000		5/15/20		(1,415,109	)
CAD	101,290,000	USD	76,557,375		5/20/20		(3,787,911	)
USD	75,820,976	CAD	101,290,000		5/20/20		3,051,512
USD	6,940	NZD	11,654		5/20/20		(208	)
USD	18,236,112	NZD	30,623,605		5/20/20		(547,677	)
USD	20,194,574	NZD	33,912,418		5/20/20		(606,494	)
USD	13,140,244	JPY	1,453,442,400		5/21/20		(405,882	)
INR	1,461,658,700	USD	20,267,739		5/22/20		(891,340	)
INR	1,930,710,000	USD	26,768,015		5/22/20		(1,173,662	)
USD	15,998,730	EUR	14,733,967		5/22/20		(152,588	)
USD	65,730,834	EUR	60,376,911		5/22/20		(454,106	)
USD	74,449,278	EUR	68,385,219		5/22/20		(514,338	)
USD	13,123,233	INR	1,011,210,700		5/22/20		(281,827	)
USD	14,940,282	INR	1,152,710,000		5/22/20		(340,556	)
USD	15,916,044	INR	1,228,448,000		5/22/20		(368,811	)
JPY	13,463,192,943	USD	121,588,719		5/26/20		3,896,821
USD	19,775,310	JPY	2,117,738,000		5/26/20		36,643
USD	3,195,440	JPY	347,110,135		5/26/20		(39,847	)
USD	55,187,547	JPY	6,110,769,175		5/26/20		(1,768,717	)
USD	96,356,153	ZAR	1,416,936,500		5/26/20		20,088,818
ZAR	2,476,713,600	USD	135,053,935		5/26/20		(1,743,553	)
USD	9,368,177	PHP	481,618,000		6/2/20		(161,508	)
USD	4,149	NZD	7,000		6/8/20		(144	)
USD	1,004,735	NZD	1,695,000		6/8/20		(34,817	)
USD	7,063,376	NZD	11,916,000		6/8/20		(244,765	)
AUD	31,883,346	USD	19,427,830		6/9/20		1,351,385
AUD	48,427,000	USD	32,103,576		6/9/20		(542,426	)
TWD	1,139,790,000	USD	38,338,042		6/9/20		220,167
TWD	890,015,000	USD	29,936,596		6/9/20		171,919
USD	68,240,208	TWD	2,029,805,000		6/9/20		(426,516	)
JPY	1,161,903,000	USD	10,801,567		6/10/20		30,349
JPY	6,401,925,692	USD	60,741,062		6/10/20		(1,058,694	)
AUD	64,442,294	USD	39,417,515		6/12/20		2,581,464
AUD	96,059,031	USD	62,892,921		6/12/20		(288,365	)

24 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
NZD	16,432,000	USD	10,332,534		6/12/20	$	(254,954	)
USD	15,972,228	AUD	26,282,000		6/12/20		(1,156,541	)
USD	29,849,569	AUD	48,800,000		6/12/20		(1,954,857	)
USD	12,470,502	NZD	19,832,047		6/12/20		307,708
GBP	7,200,000	USD	8,449,344		6/18/20		620,733
GBP	14,105,765	USD	17,286,192		6/18/20		483,304
CAD	15,750,000	USD	10,875,945		6/22/20		440,349
CAD	14,094,700	USD	9,727,621		6/22/20		399,349
CAD	7,629,500	USD	5,447,970		6/22/20		33,787
NZD	28,491,576	USD	17,067,879		6/29/20		403,900
NZD	34,654	USD	20,760		6/29/20		491
USD	16,522,007	NZD	27,580,347		6/29/20		(390,983	)
GBP	9,176,000	USD	11,052,676		6/30/20		507,287
EUR	10,642,163	USD	11,500,879		7/6/20		176,123
EUR	13,547,500	USD	14,893,715		7/6/20		(28,862	)
EUR	21,583,401	USD	23,728,143		7/6/20		(45,982	)
EUR	44,864,539	USD	49,483,343		7/6/20		(256,195	)
EUR	65,843,986	USD	73,320,571		7/6/20		(1,073,943	)
USD	235,773,603	EUR	211,731,492		7/6/20		3,453,430
USD	20,386,507	EUR	18,864,344		7/6/20		(312,197	)
USD	66,918,979	EUR	61,922,456		7/6/20		(1,024,791	)
USD	85,003,646	EUR	78,656,826		7/6/20		(1,301,737	)
USD	103,859,498	EUR	96,104,802		7/6/20		(1,590,494	)
USD	22,283,114	NZD	37,461,000		7/9/20		(687,463	)
USD	28,926,826	NZD	48,630,000		7/9/20		(892,430	)
USD	95,458,404	EUR	84,328,330		7/10/20		2,921,932
USD	91,824,106	EUR	81,117,776		7/10/20		2,810,688
USD	6,225,918	EUR	5,500,000		7/10/20		190,572
CHF	31,864,797	USD	33,038,660		7/15/20		40,643
CHF	31,911,097	USD	33,139,925		7/15/20		(12,557	)
NOK	611,769,100	USD	59,579,872		7/16/20		158,207
EUR	11,361,000	USD	12,394,965		7/17/20		73,772
EUR	10,840,610	USD	12,226,365		7/17/20		(328,758	)
NZD	19,307,000	USD	11,717,418		7/17/20		120,680
USD	87,146,903	EUR	77,269,538		7/17/20		2,343,317
USD	12,813,277	EUR	11,361,000		7/17/20		344,540
USD	25,443,294	EUR	22,964,298		7/17/20		239,897
USD	61,900,094	EUR	56,761,477		7/17/20		(395,824	)
USD	11,156,036	NZD	18,382,000		7/17/20		(114,898	)
USD	17,585,534	NZD	28,976,000		7/17/20		(181,117	)
IDR	282,129,145,557	USD	17,393,905		7/21/20		907,749
USD	11,305,498	IDR	156,660,286,557		7/21/20		1,142,981
USD	9,049,323	IDR	125,468,859,000		7/21/20		910,186
USD	22,156,989	KRW	27,290,763,039		7/29/20		(341,035	)

25 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	14,764,261	SGD	20,211,313		8/6/20	$	425,566
USD	34,272,935	ZAR	579,312,000		8/19/20		3,334,673
USD	14,760,477	ZAR	257,067,000		8/19/20		1,031,768
USD	30,846,442	ZAR	585,740,000		9/17/20		(353,567	)
ZAR	241,669,900	USD	12,726,904		9/17/20		145,878
						$	32,043,094

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	76,195,274	HUF	27,668,790,000	BNP Paribas		5/4/20	$	—	$	(2,519,224	)
EUR	3,566,674	HUF	1,273,980,000	JPMorgan Chase Bank, N.A.		5/4/20		—		(52,059	)
HUF	28,942,770,000	EUR	81,460,090	BNP Paribas		5/4/20		710,376		—
EUR	43,131,266	HUF	15,211,535,000	BNP Paribas		5/5/20		—		(24,817	)
EUR	37,895,990	HUF	13,380,695,000	BNP Paribas		5/5/20		—		(70,108	)
EUR	106,896,442	PLN	485,149,500	BNP Paribas		5/5/20		205,113		—
EUR	648,368	RON	3,140,000	Goldman Sachs International		5/5/20		—		(577	)
EUR	15,748,684	RON	76,263,000	JPMorgan Chase Bank, N.A.		5/5/20		—		(12,491	)
EUR	7,212,440	USD	7,855,862	Bank of America, N.A.		5/5/20		47,888		—
EUR	19,920,145	USD	21,815,905	Bank of America, N.A.		5/5/20		13,577		—
EUR	760,719	USD	827,780	Bank of America, N.A.		5/5/20		5,854		—
EUR	2,541,233	USD	2,783,077	Bank of America, N.A.		5/5/20		1,732		—
EUR	655,541	USD	717,927	Bank of America, N.A.		5/5/20		447		—
EUR	3,838,964	USD	4,241,652	Bank of America, N.A.		5/5/20		—		(34,725	)
EUR	14,733,967	USD	15,993,721	Goldman Sachs International		5/5/20		152,490		—
EUR	9,701,376	USD	10,538,586	UBS AG		5/5/20		92,663		—
EUR	6,745,682	USD	7,302,167	UBS AG		5/5/20		90,086		—
EUR	6,410,000	USD	6,963,170	UBS AG		5/5/20		61,226		—
EUR	3,190,010	USD	3,465,301	UBS AG		5/5/20		30,470		—
EUR	1,951,329	USD	2,119,724	UBS AG		5/5/20		18,638		—
HUF	82,472,000	EUR	233,797	Citibank, N.A.		5/5/20		185		—
HUF	22,838,980,000	EUR	64,702,824	Standard Chartered Bank		5/5/20		98,125		—
HUF	5,670,778,000	EUR	16,054,005	UBS AG		5/5/20		36,756		—
PLN	29,986,700	EUR	6,615,511	Standard Chartered Bank		5/5/20		—		(21,804	)
PLN	217,375,800	EUR	47,836,486	Standard Chartered Bank		5/5/20		—		(26,732	)
PLN	237,787,000	EUR	52,416,876	UBS AG		5/5/20		—		(126,367	)
RON	1,765,000	EUR	364,511	Citibank, N.A.		5/5/20		256		—
RON	77,638,000	EUR	16,034,295	Standard Chartered Bank		5/5/20		10,889		—
USD	2,137,033	EUR	1,951,329	Bank of America, N.A.		5/5/20		—		(1,330	)
USD	3,493,597	EUR	3,190,010	Bank of America, N.A.		5/5/20		—		(2,174	)
USD	7,020,027	EUR	6,410,000	Bank of America, N.A.		5/5/20		—		(4,369	)
USD	16,136,169	EUR	14,733,967	Bank of America, N.A.		5/5/20		—		(10,042	)

26 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	712,113	EUR	655,541	UBS AG		5/5/20	$	—	$	(6,261	)
USD	2,760,536	EUR	2,541,233	UBS AG		5/5/20		—		(24,273	)
USD	4,307,809	EUR	3,962,763	UBS AG		5/5/20		—		(34,783	)
USD	6,233,029	EUR	5,738,613	UBS AG		5/5/20		—		(55,628	)
USD	7,327,821	EUR	6,745,682	UBS AG		5/5/20		—		(64,432	)
USD	12,831,487	EUR	11,812,124	UBS AG		5/5/20		—		(112,824	)
USD	21,639,213	EUR	19,920,145	UBS AG		5/5/20		—		(190,269	)
USD	5,184,916	ZAR	94,170,000	Bank of America, N.A.		5/5/20		104,395		—
USD	6,625,561	ZAR	120,672,000	Credit Agricole Corporate and Investment Bank		5/5/20		115,243		—
USD	135,351,032	ZAR	2,476,713,600	Standard Chartered Bank		5/5/20		1,731,027		—
USD	6,758,658	ZAR	122,490,000	Standard Chartered Bank		5/5/20		150,258		—
ZAR	7,633,600	USD	422,540	Bank of America, N.A.		5/5/20		—		(10,703	)
ZAR	2,806,412,000	USD	155,137,851	Standard Chartered Bank		5/5/20		—		(3,730,444	)
USD	11,191,760	UAH	279,794,000	ICBC Standard Bank plc		5/6/20		824,021		—
EGP	675,953,000	USD	35,483,097	Goldman Sachs International		5/7/20		7,400,177		—
USD	42,286,706	EGP	675,953,000	HSBC Bank USA, N.A.		5/7/20		—		(596,568	)
USD	9,447,340	UYU	416,585,200	JPMorgan Chase Bank, N.A.		5/11/20		—		(368,335	)
UYU	416,585,200	USD	10,863,539	JPMorgan Chase Bank, N.A.		5/11/20		—		(1,047,863	)
USD	7,939,090	UAH	197,207,000	Bank of America, N.A.		5/12/20		651,023		—
USD	6,833,934	UAH	170,780,000	Morgan Stanley & Co. International PLC		5/12/20		522,514		—
EGP	243,480,000	USD	12,814,737	Société Générale		5/13/20		2,594,899		—
USD	3,999,436	EGP	63,871,000	Citibank, N.A.		5/13/20		—		(42,903	)
USD	2,321,237	EGP	37,163,000	Goldman Sachs International		5/13/20		—		(30,777	)
USD	3,678,002	UAH	101,237,000	Citibank, N.A.		5/13/20		—		(61,701	)
EUR	28,462,215	HUF	9,803,810,000	JPMorgan Chase Bank, N.A.		5/18/20		726,155		—
THB	357,755,000	USD	11,324,945	Standard Chartered Bank		5/18/20		—		(267,551	)
USD	6,884,401	UYU	309,385,000	HSBC Bank USA, N.A.		5/19/20		—		(390,359	)
UYU	309,385,000	USD	8,039,524	JPMorgan Chase Bank, N.A.		5/19/20		—		(764,764	)
AED	52,270,000	USD	14,217,326	Standard Chartered Bank		5/21/20		11,646		—
OMR	2,115,100	USD	5,475,987	Standard Chartered Bank		5/21/20		6,802		—
USD	14,186,457	AED	52,270,000	Standard Chartered Bank		5/21/20		—		(42,516	)
USD	5,361,470	OMR	2,115,100	Standard Chartered Bank		5/21/20		—		(121,319	)
USD	1,151,155	GHS	6,976,000	ICBC Standard Bank plc		5/22/20		—		(42,775	)
USD	2,325,083	GHS	14,090,000	ICBC Standard Bank plc		5/22/20		—		(86,396	)
USD	955,482	GHS	5,795,000	JPMorgan Chase Bank, N.A.		5/22/20		—		(36,322	)
USD	2,365,318	GHS	14,322,000	JPMorgan Chase Bank, N.A.		5/22/20		—		(85,867	)
EUR	26,856,475	HUF	9,584,120,000	Credit Agricole Corporate and Investment Bank		5/26/20		—		(342,987	)
EUR	27,973,856	NOK	319,949,000	BNP Paribas		5/26/20		—		(565,716	)
USD	2,886,957	GHS	17,596,000	ICBC Standard Bank plc		5/26/20		—		(119,472	)
USD	7,941,674	ZAR	122,490,000	Standard Chartered Bank		5/27/20		1,349,268		—
ZAR	122,490,000	USD	6,742,846	Standard Chartered Bank		5/27/20		—		(150,440	)
NZD	9,160,000	USD	5,332,402	Morgan Stanley & Co. International PLC		5/29/20		285,814		—
TRY	21,000,000	USD	3,223,693	Standard Chartered Bank		5/29/20		—		(234,849	)
TRY	126,280,000	USD	19,350,558	Standard Chartered Bank		5/29/20		—		(1,377,639	)
TRY	122,290,000	USD	18,823,982	Standard Chartered Bank		5/29/20		—		(1,418,943	)

27 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	939,314	GHS	5,778,000	JPMorgan Chase Bank, N.A.		5/29/20	$	—	$	(46,656	)
USD	474,328	GHS	2,910,000	Standard Chartered Bank		5/29/20		—		(22,241	)
USD	27,239,782	TRY	172,974,000	Standard Chartered Bank		5/29/20		2,621,095		—
USD	27,239,961	TRY	173,259,500	Standard Chartered Bank		5/29/20		2,580,640		—
USD	27,239,726	TRY	173,355,000	Standard Chartered Bank		5/29/20		2,566,813		—
USD	27,239,732	TRY	173,464,000	Standard Chartered Bank		5/29/20		2,551,306		—
USD	27,239,575	TRY	173,463,000	Standard Chartered Bank		5/29/20		2,551,291		—
USD	508,922	TRY	3,239,618	Standard Chartered Bank		5/29/20		47,840		—
USD	2,120,051	TRY	14,940,000	Standard Chartered Bank		5/29/20		—		(6,298	)
EUR	19,920,145	USD	21,651,504	UBS AG		6/2/20		189,631		—
EUR	11,812,124	USD	12,838,775	UBS AG		6/2/20		112,446		—
EUR	6,745,682	USD	7,331,983	UBS AG		6/2/20		64,216		—
EUR	2,541,233	USD	2,762,104	UBS AG		6/2/20		24,191		—
EUR	655,541	USD	712,517	UBS AG		6/2/20		6,240		—
USD	2,120,928	EUR	1,951,329	UBS AG		6/2/20		—		(18,576	)
USD	3,467,270	EUR	3,190,010	UBS AG		6/2/20		—		(30,367	)
USD	6,967,125	EUR	6,410,000	UBS AG		6/2/20		—		(61,020	)
USD	10,544,572	EUR	9,701,376	UBS AG		6/2/20		—		(92,353	)
USD	2,624,832	UAH	74,414,000	Goldman Sachs International		6/2/20		—		(99,902	)
USD	1,187,363	GHS	7,329,000	JPMorgan Chase Bank, N.A.		6/3/20		—		(60,636	)
USD	3,873,532	GHS	24,074,000	Standard Chartered Bank		6/4/20		—		(224,119	)
USD	1,455,044	GHS	9,014,000	JPMorgan Chase Bank, N.A.		6/8/20		—		(76,637	)
USD	2,449,735	GHS	15,023,000	Standard Chartered Bank		6/8/20		—		(103,010	)
USD	6,996,941	THB	219,599,000	Standard Chartered Bank		6/8/20		209,768		—
USD	4,186,357	UAH	117,218,000	Goldman Sachs International		6/9/20		—		(91,634	)
EGP	264,600,000	USD	15,659,585	Morgan Stanley & Co. International PLC		6/15/20		867,363		—
UGX	6,767,004,000	USD	1,675,416	Standard Chartered Bank		6/15/20		86,886		—
USD	2,395,126	GHS	14,742,000	Standard Chartered Bank		6/15/20		—		(102,458	)
USD	9,595,836	UAH	269,643,000	Bank of America, N.A.		6/15/20		—		(216,195	)
USD	1,773,324	UGX	6,767,004,000	Standard Chartered Bank		6/15/20		11,022		—
EUR	56,272,469	PLN	249,939,800	BNP Paribas		6/17/20		1,492,717		—
EUR	54,630,821	PLN	243,544,200	Goldman Sachs International		6/17/20		1,233,280		—
PLN	485,149,500	EUR	106,769,993	BNP Paribas		6/17/20		—		(200,957	)
UGX	32,737,140,000	USD	8,093,236	Standard Chartered Bank		6/17/20		428,824		—
USD	3,905,111	EGP	64,942,000	Bank of America, N.A.		6/17/20		—		(147,907	)
USD	5,953,022	EGP	99,981,000	BNP Paribas		6/17/20		—		(286,775	)
USD	1,411,048	GHS	8,685,000	JPMorgan Chase Bank, N.A.		6/17/20		—		(59,118	)
USD	8,538,639	UGX	32,737,140,000	Standard Chartered Bank		6/17/20		16,579		—
EUR	24,796,158	HUF	8,518,720,000	Citibank, N.A.		6/18/20		730,233		—
EUR	1,473,002	HUF	507,670,000	Citibank, N.A.		6/18/20		38,345		—
EUR	639,668	RON	3,140,000	Goldman Sachs International		6/18/20		—		(5,255	)
EUR	15,521,115	RON	76,263,000	JPMorgan Chase Bank, N.A.		6/18/20		—		(143,942	)
RON	3,140,000	EUR	644,359	Goldman Sachs International		6/18/20		109		—
RON	76,263,000	EUR	15,646,902	JPMorgan Chase Bank, N.A.		6/18/20		5,978		—
USD	1,406,478	GHS	8,685,000	Standard Chartered Bank		6/19/20		—		(62,447	)

28 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	1,969,572	GHS	11,975,000	JPMorgan Chase Bank, N.A.		6/22/20	$	—	$	(53,241	)
GBP	18,687,000	USD	21,856,689	Citibank, N.A.		6/23/20		1,684,494		—
USD	14,391,734	THB	467,879,000	Standard Chartered Bank		6/24/20		—		(69,431	)
EUR	26,656,074	PLN	123,311,000	Goldman Sachs International		6/25/20		—		(472,274	)
EUR	3,001,137	PLN	13,856,027	Citibank, N.A.		6/26/20		—		(46,539	)
EUR	23,658,858	PLN	109,452,973	Citibank, N.A.		6/26/20		—		(420,321	)
UGX	7,547,290,000	USD	1,883,526	Citibank, N.A.		6/26/20		77,510		—
USD	1,780,578	GHS	11,020,000	JPMorgan Chase Bank, N.A.		6/26/20		—		(77,783	)
USD	1,973,148	UGX	7,547,290,000	Citibank, N.A.		6/26/20		12,112		—
USD	3,888,048	THB	128,951,000	Standard Chartered Bank		7/1/20		—		(97,603	)
UGX	26,676,410,000	USD	6,688,331	Standard Chartered Bank		7/2/20		234,492		—
USD	2,475,985	GHS	15,182,000	Citibank, N.A.		7/2/20		—		(77,788	)
USD	2,431,917	UGX	9,593,913,919	Standard Chartered Bank		7/2/20		—		(57,809	)
EUR	21,829,949	PLN	100,516,000	Goldman Sachs International		7/3/20		—		(269,533	)
EUR	5,324,289	PLN	24,220,000	JPMorgan Chase Bank, N.A.		7/3/20		5,512		—
EUR	22,685,179	PLN	104,404,000	JPMorgan Chase Bank, N.A.		7/3/20		—		(268,067	)
USD	5,786,529	CNH	41,170,000	Citibank, N.A.		7/8/20		—		(21,532	)
USD	8,105,771	CNH	57,645,000	Citibank, N.A.		7/8/20		—		(26,503	)
USD	11,868,218	CNH	84,440,000	Citibank, N.A.		7/8/20		—		(44,163	)
USD	16,539,879	CNH	117,625,000	Citibank, N.A.		7/8/20		—		(54,080	)
USD	7,210,981	CNH	51,285,000	Standard Chartered Bank		7/8/20		—		(24,055	)
USD	14,788,240	CNH	105,175,000	Standard Chartered Bank		7/8/20		—		(49,333	)
USD	6,605,372	UAH	188,121,000	Bank of America, N.A.		7/8/20		—		(165,784	)
UGX	21,047,320,000	USD	5,285,615	Standard Chartered Bank		7/10/20		163,862		—
USD	39,581,864	THB	1,301,660,001	Standard Chartered Bank		7/10/20		—		(650,749	)
USD	5,479,646	UGX	21,047,320,000	Standard Chartered Bank		7/10/20		30,168		—
USD	2,443,157	GHS	14,968,000	JPMorgan Chase Bank, N.A.		7/13/20		—		(62,627	)
USD	31,488,145	ZAR	483,554,000	Standard Chartered Bank		7/20/20		5,593,496		—
ZAR	257,067,000	USD	14,825,205	Standard Chartered Bank		7/20/20		—		(1,059,091	)
ZAR	226,487,000	USD	13,406,401	Standard Chartered Bank		7/20/20		—		(1,277,866	)
USD	1,802,629	CRC	1,028,400,000	Citibank, N.A.		7/21/20		—		(442	)
USD	1,802,771	CRC	1,041,100,000	Citibank, N.A.		7/22/20		—		(22,354	)
USD	29,095,311	EGP	477,745,000	HSBC Bank USA, N.A.		7/22/20		—		(300,101	)
BRL	56,983,400	USD	14,789,477	Standard Chartered Bank		7/23/20		—		(4,365,516	)
USD	14,784,636	BRL	56,983,400	Standard Chartered Bank		7/23/20		4,360,675		—
USD	6,520,345	CNH	46,359,650	Bank of America, N.A.		7/23/20		—		(17,611	)
USD	3,605,363	CRC	2,083,900,000	Citibank, N.A.		7/23/20		—		(47,440	)
SEK	121,917,790	USD	11,958,914	Goldman Sachs International		7/24/20		547,671		—
SEK	54,300,000	USD	5,353,292	Goldman Sachs International		7/24/20		216,917		—
EGP	149,310,000	USD	9,086,262	Citibank, N.A.		7/27/20		81,904		—
EGP	113,397,000	USD	6,870,464	Citibank, N.A.		7/29/20		86,820		—
EGP	76,533,000	USD	4,198,190	JPMorgan Chase Bank, N.A.		8/3/20		487,781		—
USD	3,004,522	CRC	1,727,600,000	Citibank, N.A.		8/3/20		—		(19,847	)
EUR	81,190,445	HUF	28,942,770,000	BNP Paribas		8/4/20		—		(725,991	)
HUF	13,380,695,000	EUR	37,784,698	BNP Paribas		8/4/20		62,157		—

29 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
HUF	15,211,535,000	EUR	43,003,237	BNP Paribas		8/4/20	$	17,331	$	—
USD	2,283,397	CRC	1,315,442,000	Citibank, N.A.		8/6/20		—		(18,579	)
UGX	4,905,440,000	USD	1,229,434	Citibank, N.A.		8/10/20		27,028		—
USD	1,264,941	UGX	4,905,440,000	Citibank, N.A.		8/10/20		8,480		—
USD	1,802,773	CRC	1,040,200,000	Citibank, N.A.		8/12/20		—		(16,003	)
UGX	6,873,248,000	USD	1,728,249	Standard Chartered Bank		8/14/20		30,438		—
USD	1,731,283	UGX	6,873,248,000	Standard Chartered Bank		8/14/20		—		(27,405	)
OMR	4,148,640	USD	10,651,194	BNP Paribas		8/17/20		—		(13,833	)
USD	10,529,543	OMR	4,148,640	BNP Paribas		8/17/20		—		(107,817	)
OMR	7,500,000	USD	19,223,868	BNP Paribas		8/27/20		—		(20,181	)
USD	23,557,985	OMR	9,293,625	BNP Paribas		8/27/20		—		(238,264	)
USD	5,125,170	ZAR	94,170,000	Bank of America, N.A.		9/3/20		102,794		—
USD	6,539,871	ZAR	120,672,000	Credit Agricole Corporate and Investment Bank		9/3/20		104,061		—
ZAR	94,170,000	USD	5,126,812	Bank of America, N.A.		9/3/20		—		(104,436	)
ZAR	120,672,000	USD	6,550,095	Credit Agricole Corporate and Investment Bank		9/3/20		—		(114,285	)
USD	10,005,258	CNH	71,070,350	Citibank, N.A.		10/21/20		4,282		—
EGP	193,874,000	USD	10,934,800	JPMorgan Chase Bank, N.A.		11/9/20		488,511		—
USD	28,571,429	OMR	11,800,000	BNP Paribas		12/21/20		—		(1,176,571	)
EGP	163,263,000	USD	9,348,010	Citibank, N.A.		12/24/20		108,143		—
EGP	786,746,000	USD	45,938,690	Goldman Sachs International		2/8/21		—		(1,154,795	)
USD	43,500,452	EGP	786,746,000	HSBC Bank USA, N.A.		2/8/21		—		(1,283,443	)
USD	21,734,832	TRY	151,656,000	Standard Chartered Bank		2/26/21		1,997,712		—
USD	17,388,063	TRY	121,031,800	Standard Chartered Bank		2/26/21		1,636,500		—
USD	17,388,173	TRY	121,062,200	Standard Chartered Bank		2/26/21		1,632,654		—
USD	10,867,504	TRY	76,002,500	Standard Chartered Bank		2/26/21		976,235		—
USD	3,517,498	TRY	25,530,000	Standard Chartered Bank		2/26/21		194,921		—
USD	10,102,502	TRY	76,610,000	Standard Chartered Bank		2/26/21		132,170		—
USD	41,519	TRY	289,500	Standard Chartered Bank		2/26/21		3,843		—
USD	2,947,190	EGP	51,399,000	Goldman Sachs International		3/8/21		55,074		—
USD	2,947,190	EGP	51,399,000	Goldman Sachs International		3/8/21		55,074		—
USD	1,387,729	EGP	24,202,000	Goldman Sachs International		3/8/21		25,932		—
USD	15,116,251	BHD	5,726,036	Standard Chartered Bank		3/11/21		—		(36,028	)
USD	12,596,983	SAR	47,604,000	Standard Chartered Bank		3/11/21		—		(36,888	)
USD	13,934,265	OMR	5,681,000	BNP Paribas		3/15/21		—		(222,821	)
USD	20,203,166	BHD	7,651,000	Standard Chartered Bank		3/16/21		—		(42,185	)
USD	70,240,195	AED	258,800,000	BNP Paribas		4/5/21		—		(47,724	)
AED	400,000,000	USD	108,663,171	BNP Paribas		4/8/21		—		(28,500	)
USD	40,013,843	AED	147,415,000	BNP Paribas		4/8/21		—		(22,107	)
USD	80,028,140	AED	294,751,643	BNP Paribas		4/8/21		—		(22,479	)
USD	70,473,173	AED	259,672,500	BNP Paribas		4/8/21		—		(50,419	)
USD	139,374,949	AED	513,540,937	BNP Paribas		4/12/21		—		(92,523	)
USD	146,852,095	AED	540,959,063	Morgan Stanley & Co. International PLC		4/12/21		—		(61,593	)
USD	1,921,019	OMR	754,000	BNP Paribas		8/19/21		80,423		—
USD	43,018,585	OMR	16,897,700	BNP Paribas		8/23/21		1,789,598		—
USD	26,816,272	OMR	10,530,750	BNP Paribas		8/26/21		1,131,516		—

30 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	6,079,569	OMR	2,390,000	Standard Chartered Bank		10/12/21	$	283,522	$	—
USD	18,442,153	OMR	7,245,000	Bank of America, N.A.		10/28/21		906,150		—
USD	35,659,705	OMR	14,000,000	Credit Agricole Corporate and Investment Bank		10/28/21		1,773,707		—
USD	47,974,561	OMR	18,858,800	Bank of America, N.A.		11/4/21		2,366,822		—
USD	40,155,317	AED	148,012,500	BNP Paribas		1/31/22		89,140		—
USD	43,217,150	AED	159,291,500	BNP Paribas		2/3/22		99,296		—
USD	42,719,148	AED	157,394,000	BNP Paribas		2/22/22		124,221		—
USD	38,900,204	OMR	15,280,000	Standard Chartered Bank		2/22/22		2,432,423		—
USD	19,404,125	OMR	7,620,000	Standard Chartered Bank		2/22/22		1,217,968		—
USD	12,633,111	BHD	4,816,500	Bank of America, N.A.		3/14/22		—		(6,870	)
USD	9,612,169	OMR	4,139,000	BNP Paribas		3/14/22		—		(242,593	)
USD	25,194,536	SAR	95,903,000	Standard Chartered Bank		3/14/22		—		(95,828	)
USD	60,660,554	SAR	230,838,000	Standard Chartered Bank		3/14/22		—		(213,214	)
USD	17,011,383	BHD	6,518,000	BNP Paribas		3/16/22		—		(93,000	)
USD	25,249,372	BHD	9,636,500	Standard Chartered Bank		3/16/22		—		(38,505	)
USD	12,624,854	BHD	4,866,250	Standard Chartered Bank		3/16/22		—		(145,045	)
USD	25,617,465	SAR	97,103,000	BNP Paribas		3/24/22		15,183		—
USD	38,426,649	SAR	145,637,000	HSBC Bank USA, N.A.		3/24/22		27,841		—
USD	45,976,495	SAR	174,090,000	Standard Chartered Bank		3/28/22		78,987		—
							$	70,150,377	$	(34,110,409	)

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		118			Long		6/19/20	$	17,124,160		$	(259,010	)
SPI 200 Index		158			Long		6/18/20		14,084,497			956,667
TOPIX Index		116			Long		6/11/20		15,597,917			656,897
Interest Rate Futures
Euro-Bobl		(239	)		Short		6/8/20		(35,606,399	)		54,618
Euro-Bund		(67	)		Short		6/8/20		(12,806,986	)		18,266
Euro-Buxl		(120	)		Short		6/8/20		(28,825,227	)		985,034
											$	2,412,472

31 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Inflation Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
EUR	56,810	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	0.62% (pays upon termination)		3/15/28	$	400,846
EUR	11,623	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.57% (pays upon termination)		8/15/32		(1,733,954	)
EUR	11,653	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.59% (pays upon termination)		8/15/32		(1,777,414	)
EUR	11,378	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.60% (pays upon termination)		8/15/32		(1,773,641	)
EUR	11,446	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.64% (pays upon termination)		10/15/32		(1,860,655	)
EUR	15,315	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.74% (pays upon termination)		2/15/33		(2,844,425	)
EUR	11,623	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.77% (pays upon termination)		8/15/42		3,427,605
EUR	11,653	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.78% (pays upon termination)		8/15/42		3,451,468
EUR	11,378	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.79% (pays upon termination)		8/15/42		3,455,749
EUR	11,446	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.85% (pays upon termination)		10/15/42		3,725,911
EUR	15,315	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.93% (pays upon termination)		2/15/43		5,604,560
EUR	3,065	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.90% (pays upon termination)		8/4/47		1,298,095
EUR	3,065	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.89% (pays upon termination)		8/7/47		1,279,662
EUR	8,521	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.95% (pays upon termination)		12/15/47		3,906,260
EUR	4,350	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.10% (pays upon termination)		3/12/50		(17,510	)
USD	43,660	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	1.00% (pays upon termination)		3/12/27		(202,411	)
USD	36,500	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.17% (pays upon termination)		10/26/27		(3,203,006	)

32 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Inflation Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
USD	14,000	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.23% (pays upon termination)		1/17/28	$	(1,409,592	)
USD	14,682	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.35% (pays upon termination)		2/6/28		(1,644,792	)
USD	27,996	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.41% (pays upon termination)		2/6/33		4,535,949
USD	27,996	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.42% (pays upon termination)		2/6/43		(7,897,213	)
USD	4,128	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.16% (pays upon termination)		8/4/47		(918,785	)
USD	4,128	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)		8/7/47		(894,880	)
USD	5,209	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.13% (pays upon termination)		8/22/47		(1,089,331	)
USD	5,178	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)		8/25/47		(1,115,672	)
USD	5,163	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)		9/1/47		(1,119,122	)
USD	4,498	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.22% (pays upon termination)		10/5/47		(1,118,232	)
USD	14,130	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.26% (pays upon termination)		12/7/47		(3,869,261	)
USD	5,824	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.42% (pays upon termination)		6/8/48		(2,093,380	)
								$	(5,497,171	)

CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted
HICP	–	Harmonised Indices of Consumer Prices

Inflation Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
Bank of America, N.A.	$	87,363	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	1.97% (pays upon termination)		6/23/27	$	(5,808,992	)
									$	(5,808,992	)

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted

33 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
CAD	84,020	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.80% (pays semi-annually)		6/11/24	$	(2,636,486	)	$	—		$	(2,636,486	)
CAD	41,620	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.71% (pays semi-annually)		2/19/25		(1,322,988	)		—			(1,322,988	)
CAD	36,300	Receives	3-month Canadian Bankers Acceptances (pays quarterly)	1.70% (pays semi-annually)		2/19/25		(1,145,807	)		—			(1,145,807	)
CNY	767,800	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		6,137,527			—			6,137,527
CNY	307,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		2,464,890			—			2,464,890
CNY	192,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)		4/30/24		1,537,418			—			1,537,418
CNY	278,145	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		1,901,145			—			1,901,145
CNY	273,585	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		1,865,982			—			1,865,982
CNY	182,390	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		1,238,661			—			1,238,661
CNY	136,793	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		932,995			—			932,995
CNY	136,792	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)		6/6/24		931,390			—			931,390
CNY	91,195	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.87% (pays quarterly)		6/10/24		605,046			—			605,046
CNY	407,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)		6/12/24		2,865,355			—			2,865,355
CNY	316,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)		6/12/24		2,227,835			—			2,227,835
CNY	173,700	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.95% (pays quarterly)		6/12/24		1,229,676			—			1,229,676
CNY	135,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.96% (pays quarterly)		6/12/24		963,590			—			963,590
CNY	85,900	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.95% (pays quarterly)		6/12/24		608,113			—			608,113
CNY	278,395	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.22% (pays quarterly)		6/19/24		2,410,692			—			2,410,692
CNY	79,505	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.22% (pays quarterly)		6/19/24		688,454			—			688,454
CNY	297,720	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)		8/12/24		1,670,385			—			1,670,385
CNY	169,543	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.67% (pays quarterly)		8/12/24		959,086			—			959,086
EUR	4,200	Receives	6-month EURIBOR (pays semi-annually)	(0.30)% (pays annually)		7/23/24		(2,190	)		—			(2,190	)
EUR	10,675	Receives	6-month EURIBOR (pays semi-annually)	(0.53)% (pays annually)		8/22/24		123,161			(4	)		123,157
EUR	1,300	Receives	6-month EURIBOR (pays semi-annually)	(0.52)% (pays annually)		8/30/24		14,541			(25	)		14,516

34 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
EUR	9,681	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)		7/23/29	$	(308,933	)	$	36,413		$	(272,520	)
EUR	5,493	Receives	6-month EURIBOR (pays semi-annually)	0.11% (pays annually)		7/23/29		(180,597	)		57,912			(122,685	)
EUR	10,400	Receives	6-month EURIBOR (pays semi-annually)	(0.08)% (pays annually)		8/6/29		(120,410	)		(16	)		(120,426	)
EUR	9,853	Receives	6-month EURIBOR (pays semi-annually)	(0.05)% (pays annually)		8/6/29		(144,812	)		(16	)		(144,828	)
EUR	5,660	Receives	6-month EURIBOR (pays semi-annually)	(0.16)% (pays annually)		9/12/29		17,343			8			17,351
EUR	3,520	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)		2/12/50		(504,500	)		(1	)		(504,501	)
EUR	3,472	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)		2/13/50		(512,654	)		—			(512,654	)
EUR	2,975	Receives	6-month EURIBOR (pays semi-annually)	0.38% (pays annually)		2/13/50		(432,881	)		47			(432,834	)
EUR	867	Receives	6-month EURIBOR (pays semi-annually)	0.38% (pays annually)		2/13/50		(127,012	)		—			(127,012	)
EUR	1,487	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)		2/14/50		(222,385	)		—			(222,385	)
EUR	6,319	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)		2/17/50		(902,219	)		(2	)		(902,221	)
EUR	5,470	Receives	6-month EURIBOR (pays semi-annually)	0.35% (pays annually)		2/18/50		(752,141	)		(2	)		(752,143	)
EUR	6,548	Receives	6-month EURIBOR (pays semi-annually)	0.32% (pays annually)		2/21/50		(826,048	)		62			(825,986	)
EUR	30,400	Receives	6-month EURIBOR (pays semi-annually)	0.26% (pays annually)		2/25/50		(3,256,564	)		8			(3,256,556	)
EUR	4,758	Receives	6-month EURIBOR (pays semi-annually)	0.21% (pays annually)		2/26/50		(429,498	)		(57	)		(429,555	)
GBP	46,520	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)		2/28/29		(5,228,132	)		—			(5,228,132	)
GBP	41,298	Receives	6-month GBP LIBOR (pays semi-annually)	1.49% (pays semi-annually)		2/28/29		(4,638,964	)		—			(4,638,964	)
MXN	1,231,075	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.35% (pays monthly)		4/13/22		359,394			—			359,394
MXN	595,685	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.38% (pays monthly)		4/13/22		188,177			—			188,177
MXN	1,861,506	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.29% (pays monthly)		4/14/22		469,305			—			469,305
MXN	595,682	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.25% (pays monthly)		4/14/22		129,576			—			129,576
MXN	595,681	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.20% (pays monthly)		4/15/22		107,022			—			107,022
MXN	388,189	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.16% (pays monthly)		4/15/22		57,222			—			57,222
MXN	595,682	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.14% (pays monthly)		4/18/22		81,053			—			81,053

35 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
MXN	2,943,326	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.00% (pays monthly)		4/26/22	$	139,458		$	—	$	139,458
MXN	675,074	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	5.03% (pays monthly)		4/26/22		44,908			—		44,908
NZD	20,093	Pays	3-month NZD Bank Bill (pays quarterly)	4.96% (pays semi-annually)		4/29/24		2,294,172			—		2,294,172
NZD	11,875	Pays	3-month NZD Bank Bill (pays quarterly)	3.77% (pays semi-annually)		3/5/25		1,228,618			—		1,228,618
NZD	11,470	Pays	3-month NZD Bank Bill (pays quarterly)	4.05% (pays semi-annually)		6/16/25		1,418,033			—		1,418,033
NZD	94,000	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)		1/9/28		(11,586,412	)		—		(11,586,412	)
NZD	41,300	Receives	3-month NZD Bank Bill (pays quarterly)	3.13% (pays semi-annually)		1/9/28		(5,089,249	)		—		(5,089,249	)
NZD	29,700	Receives	3-month NZD Bank Bill (pays quarterly)	2.50% (pays semi-annually)		2/22/29		(2,878,407	)		—		(2,878,407	)
NZD	23,960	Receives	3-month NZD Bank Bill (pays quarterly)	2.49% (pays semi-annually)		2/22/29		(2,312,386	)		—		(2,312,386	)
NZD	46,280	Receives	3-month NZD Bank Bill (pays quarterly)	1.03% (pays semi-annually)		4/15/30		(693,257	)		—		(693,257	)
SGD	52,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		2,351,437			—		2,351,437
SGD	35,480	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		1,604,404			—		1,604,404
SGD	35,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)		10/23/23		1,582,698			—		1,582,698
SGD	26,430	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)		8/14/24		671,013			—		671,013
SGD	23,493	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)		8/14/24		585,332			—		585,332
SGD	44,090	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.07% (pays semi-annually)		3/31/25		574,251			—		574,251
SGD	15,065	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.06% (pays semi-annually)		3/31/25		189,370			—		189,370
SGD	8,815	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.08% (pays semi-annually)		3/31/25		116,967			—		116,967
USD	2,481	Receives	3-month USD-LIBOR (pays quarterly)	2.22% (pays semi-annually)		3/28/24		(177,439	)		—		(177,439	)
USD	9,830	Receives	3-month USD-LIBOR (pays quarterly)	2.37% (pays semi-annually)		4/3/24		(760,856	)		—		(760,856	)

36 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
USD	228	Receives	3-month USD-LIBOR (pays quarterly)	1.75% (pays semi-annually)		7/5/24	$	(13,724	)	$	—	$	(13,724	)
USD	1,635	Receives	3-month USD-LIBOR (pays quarterly)	1.84% (pays semi-annually)		7/11/24		(105,286	)		—		(105,286	)
USD	650	Receives	3-month USD-LIBOR (pays quarterly)	1.80% (pays semi-annually)		7/22/24		(41,223	)		—		(41,223	)
USD	818	Receives	3-month USD-LIBOR (pays quarterly)	1.79% (pays semi-annually)		7/23/24		(51,424	)		—		(51,424	)
USD	1,420	Receives	3-month USD-LIBOR (pays quarterly)	1.40% (pays semi-annually)		8/23/24		(60,510	)		—		(60,510	)
USD	2,200	Receives	3-month USD-LIBOR (pays quarterly)	1.64% (pays semi-annually)		11/7/24		(131,400	)		—		(131,400	)
USD	1,446	Receives	3-month USD-LIBOR (pays quarterly)	1.55% (pays semi-annually)		11/27/24		(80,348	)		—		(80,348	)
USD	9,000	Receives	3-month USD-LIBOR (pays quarterly)	1.60% (pays semi-annually)		1/23/25		(534,323	)		—		(534,323	)
USD	5,590	Receives	3-month USD-LIBOR (pays quarterly)	1.59% (pays semi-annually)		1/23/25		(329,323	)		—		(329,323	)
USD	1,100	Receives	3-month USD-LIBOR (pays quarterly)	1.49% (pays semi-annually)		1/28/25		(59,692	)		—		(59,692	)
USD	2,978	Receives	3-month USD-LIBOR (pays quarterly)	1.46% (pays semi-annually)		1/30/25		(158,631	)		—		(158,631	)
USD	7,400	Receives	3-month USD-LIBOR (pays quarterly)	1.41% (pays semi-annually)		2/3/25		(345,797	)		—		(345,797	)
USD	742	Receives	3-month USD-LIBOR (pays quarterly)	1.44% (pays semi-annually)		2/18/25		(36,697	)		—		(36,697	)
USD	2,100	Receives	3-month USD-LIBOR (pays quarterly)	1.16% (pays semi-annually)		2/28/25		(72,868	)		—		(72,868	)
USD	700	Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)		3/5/25		(13,158	)		—		(13,158	)
USD	20,810	Pays	3-month USD-LIBOR (pays quarterly)	0.71% (pays semi-annually)		3/20/25		279,348			—		279,348
USD	21,932	Receives	3-month USD-LIBOR (pays quarterly)	0.51% (pays semi-annually)		4/17/25		(73,540	)		—		(73,540	)
USD	5,118	Receives	3-month USD-LIBOR (pays quarterly)	0.48% (pays semi-annually)		4/20/25		(8,539	)		—		(8,539	)
USD	6,240	Receives	3-month USD-LIBOR (pays quarterly)	0.46% (pays semi-annually)		4/23/25		(6,992	)		—		(6,992	)
USD	59,173	Receives	3-month USD-LIBOR (pays quarterly)	1.74% (pays semi-annually)		12/16/26		(5,015,903	)		—		(5,015,903	)
USD	59,130	Pays	3-month USD-LIBOR (pays quarterly)	0.84% (pays semi-annually)		3/20/27		1,231,810			—		1,231,810
USD	1,702	Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		8/27/49		(383,264	)		—		(383,264	)
USD	1,474	Receives	3-month USD-LIBOR (pays quarterly)	1.71% (pays semi-annually)		8/27/49		(336,199	)		—		(336,199	)
USD	2,320	Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)		8/28/49		(487,466	)		—		(487,466	)

37 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
USD	684	Receives	3-month USD-LIBOR (pays quarterly)	1.54% (pays semi-annually)		8/30/49	$	(124,599	)	$	—	$	(124,599	)
USD	300	Receives	3-month USD-LIBOR (pays quarterly)	1.58% (pays semi-annually)		9/3/49		(58,012	)		—		(58,012	)
USD	4,718	Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)		9/9/49		(1,003,499	)		—		(1,003,499	)
USD	3,189	Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		9/12/49		(720,304	)		—		(720,304	)
USD	930	Receives	3-month USD-LIBOR (pays quarterly)	1.81% (pays semi-annually)		9/13/49		(236,799	)		—		(236,799	)
USD	1,000	Receives	3-month USD-LIBOR (pays quarterly)	1.82% (pays semi-annually)		9/20/49		(258,445	)		—		(258,445	)
USD	2,190	Receives	3-month USD-LIBOR (pays quarterly)	1.97% (pays semi-annually)		11/15/49		(662,404	)		—		(662,404	)
USD	3,153	Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)		12/11/49		(931,737	)		—		(931,737	)
USD	1,561	Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)		1/9/50		(462,443	)		—		(462,443	)
USD	1,462	Receives	3-month USD-LIBOR (pays quarterly)	1.94% (pays semi-annually)		1/9/50		(429,895	)		—		(429,895	)
USD	6,415	Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)		3/11/50		(378,776	)		—		(378,776	)
USD	6,415	Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)		3/11/50		(451,727	)		—		(451,727	)
USD	9,720	Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)		3/20/50		313,108			—		313,108
ZAR	762,167	Pays	3-month ZAR JIBAR (pays quarterly)	6.90% (pays quarterly)		1/10/25		1,902,986			—		1,902,986
ZAR	640,223	Pays	3-month ZAR JIBAR (pays quarterly)	6.88% (pays quarterly)		1/10/25		1,572,257			—		1,572,257
ZAR	915,781	Pays	3-month ZAR JIBAR (pays quarterly)	6.65% (pays quarterly)		2/14/25		1,735,787			—		1,735,787
ZAR	319,040	Pays	3-month ZAR JIBAR (pays quarterly)	6.64% (pays quarterly)		2/14/25		600,865			—		600,865
ZAR	196,239	Pays	3-month ZAR JIBAR (pays quarterly)	6.64% (pays quarterly)		2/14/25		369,587			—		369,587
ZAR	361,665	Pays	3-month ZAR JIBAR (pays quarterly)	7.13% (pays quarterly)		3/25/25		1,056,586			—		1,056,586
ZAR	718,000	Pays	3-month ZAR JIBAR (pays quarterly)	7.06% (pays quarterly)		3/30/25		1,967,675			—		1,967,675
Total							$	(4,642,470	)	$	94,327	$	(4,548,143	)

38 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/ Unrealized Appreciation (Depreciation)
Bank of America, N.A.	THB	87,100	Pays	6-month THB Fixing Rate (pays semi-annually)	2.18% (pays semi-annually)	2/22/29	$	278,990
Citibank, N.A.	THB	725,400	Pays	6-month THB Fixing Rate (pays semi-annually)	2.18% (pays semi-annually)	2/22/29		2,328,584
Goldman Sachs International	RUB	4,115,770	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.26% (pays annually)	3/30/25		3,281,030
Goldman Sachs International	RUB	1,459,230	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	7.36% (pays annually)	3/31/25		1,249,698
Goldman Sachs International	RUB	2,278,000	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.51% (pays annually)	4/16/25		843,501
Goldman Sachs International	THB	938,900	Pays	6-month THB Fixing Rate (pays semi-annually)	2.19% (pays semi-annually)	2/22/29		3,027,027
							$	11,008,830

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)
Markit CDX Investment Grade Index (CDX.NA.IG.34.V1)	$	125,429	1.00% (pays quarterly)(1)	6/20/25		0.87	%	$	945,442		$	1,745,616	$	2,691,058
South Africa		6,050	1.00% (pays quarterly)(1)	6/20/21		3.19			(142,879	)		206,608		63,729
Turkey		30,370	1.00% (pays quarterly)(1)	6/20/21		5.62			(1,520,828	)		1,748,919		228,091
Total	$	161,849						$	(718,265	)	$	3,701,143	$	2,982,878

39 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Credit Default Swaps — Buy Protection
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Brazil	$	75,623	1.00% (pays quarterly)(1)		6/20/25	$	7,350,631		$	(8,144,750	)	$	(794,119	)
Malaysia		178,733	1.00% (pays quarterly)(1)		6/20/25		468,809			(1,256,838	)		(788,029	)
Markit CDX Emerging Markets Index (CDX.EM.31.V1)		1,000	1.00% (pays quarterly)(1)		6/20/24		95,061			(24,236	)		70,825
Qatar		52,166	1.00% (pays quarterly)(1)		12/20/22		(102,438	)		(10,031	)		(112,469	)
Qatar		57,454	1.00% (pays quarterly)(1)		12/20/27		1,864,621			(1,838,634	)		25,987
Qatar		23,815	1.00% (pays quarterly)(1)		12/20/27		772,900			(808,665	)		(35,765	)
Qatar		23,816	1.00% (pays quarterly)(1)		12/20/27		772,932			(808,796	)		(35,864	)
Russia		138,897	1.00% (pays quarterly)(1)		6/20/25		4,426,744			(12,335,218	)		(7,908,474	)
Saudi Arabia		64,300	1.00% (pays quarterly)(1)		6/20/25		2,094,755			(3,832,914	)		(1,738,159	)
South Africa		76,950	1.00% (pays quarterly)(1)		6/20/21		1,817,277			(1,706,479	)		110,798
South Africa		10,560	1.00% (pays quarterly)(1)		9/20/22		627,774			76,417			704,191
South Africa		41,600	1.00% (pays quarterly)(1)		12/20/27		8,885,150			(4,377,757	)		4,507,393
Turkey		145,479	1.00% (pays quarterly)(1)		6/20/25		29,624,380			(30,365,498	)		(741,118	)
Total						$	58,698,596		$	(65,433,399	)	$	(6,734,803	)

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)
Greece		Bank of America, N.A.	$	54,714	1.00% (pays quarterly)(1)	6/20/25		2.54	%	$	(3,946,922	)	$	2,938,955	$	(1,007,967	)
Greece		Citibank, N.A.		21,886	1.00% (pays quarterly)(1)	6/20/25		2.54			(1,578,798	)		1,185,320		(393,478	)
Total			$	76,600						$	(5,525,720	)	$	4,124,275	$	(1,401,445	)

40 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Buy Protection
Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Croatia	Citibank, N.A.	$	156	1.00% (pays quarterly)(1)	6/20/20	$	(374	)	$	(308	)	$	(682	)
Croatia	Citibank, N.A.		1,210	1.00% (pays quarterly)(1)	6/20/20		(2,905	)		(2,447	)		(5,352	)
Croatia	Goldman Sachs International		2,100	1.00% (pays quarterly)(1)	6/20/20		(5,041	)		(4,261	)		(9,302	)
Dubai	Bank of America, N.A.		2,919	1.00% (pays quarterly)(1)	12/20/24		229,764			(38,488	)		191,276
Dubai	Barclays Bank PLC		9,571	1.00% (pays quarterly)(1)	12/20/24		753,365			(147,547	)		605,818
Dubai	Barclays Bank PLC		12,762	1.00% (pays quarterly)(1)	12/20/24		1,004,540			(196,910	)		807,630
Egypt	JPMorgan Chase Bank, N.A.		9,097	1.00% (pays quarterly)(1)	12/20/24		1,892,743			(922,653	)		970,090
Egypt	Barclays Bank PLC		9,744	1.00% (pays quarterly)(1)	12/20/24		2,027,359			(889,483	)		1,137,876
Oman	Bank of America, N.A.		17,964	1.00% (pays quarterly)(1)	6/20/22		1,963,489			(383,331	)		1,580,158
Oman	Bank of America, N.A.		14,372	1.00% (pays quarterly)(1)	12/20/22		2,009,699			(408,400	)		1,601,299
Oman	Bank of America, N.A.		23,000	1.00% (pays quarterly)(1)	6/20/26		7,096,336			(3,150,363	)		3,945,973
Qatar	Goldman Sachs International		1,360	1.00% (pays quarterly)(1)	12/20/20		(5,320	)		(4,099	)		(9,419	)
Qatar	Goldman Sachs International		7,960	1.00% (pays quarterly)(1)	12/20/20		(31,137	)		(16,322	)		(47,459	)
Qatar	Goldman Sachs International		1,730	1.00% (pays quarterly)(1)	9/20/24		10,458			650			11,108
Qatar	Nomura International PLC		5,380	1.00% (pays quarterly)(1)	9/20/24		32,524			8,093			40,617
South Africa	Bank of America, N.A.		5,000	1.00% (pays quarterly)(1)	9/20/22		297,242			(89,442	)		207,800
South Africa	Bank of America, N.A.		7,500	1.00% (pays quarterly)(1)	9/20/22		445,863			(176,797	)		269,066
South Africa	Bank of America, N.A.		14,640	1.00% (pays quarterly)(1)	9/20/22		870,324			(247,670	)		622,654
South Africa	BNP Paribas		2,940	1.00% (pays quarterly)(1)	12/20/25		466,450			(277,903	)		188,547
South Africa	BNP Paribas		15,990	1.00% (pays quarterly)(1)	12/20/25		2,536,915			(1,680,425	)		856,490
South Africa	Goldman Sachs International		3,070	1.00% (pays quarterly)(1)	9/20/22		182,506			(70,002	)		112,504
South Africa	Goldman Sachs International		15,000	1.00% (pays quarterly)(1)	9/20/22		891,725			(353,125	)		538,600
South Africa	HSBC Bank USA, N.A.		7,120	1.00% (pays quarterly)(1)	12/20/22		477,000			(166,180	)		310,820

41 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Buy Protection (continued)
Reference Entity	Counterparty		Notional Amount (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
South Africa		HSBC Bank USA, N.A.	$	58,700	1.00% (pays quarterly)(1)	6/20/29	$	14,498,098	$	(6,779,174	)	$	7,718,924
Ukraine		Barclays Bank PLC		145,588	5.00% (pays quarterly)(1)	6/20/25		9,314,245		(24,594,126	)		(15,279,881	)
Ukraine		JPMorgan Chase Bank, N.A.		4,575	5.00% (pays quarterly)(1)	12/20/24		269,992		—			269,992
Ukraine		JPMorgan Chase Bank, N.A.		4,560	5.00% (pays quarterly)(1)	12/20/24		269,115		17,525			286,640
Total							$	47,494,975	$	(40,573,188	)	$	6,921,787

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At April 30, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $238,449,000.

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

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

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

Total Return Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Receives	Portfolio Pays	Termination Date	Value/Unrealized Appreciation (Depreciation)
Citibank, N.A.	USD	59,700	Excess Return on Bloomberg Commodity 4 Month Forward Index (pays upon termination)	Excess Return on Bloomberg Commodity Index + 0.24% (pays upon termination)	5/28/20	$	2,179,132
Citibank, N.A.	USD	50,900	Excess Return on Bloomberg Commodity 5 Month Forward Index (pays upon termination)	Excess Return on Bloomberg Commodity Index + 0.25% (pays upon termination)	5/28/20		1,885,287
Citibank, N.A.	USD	46,500	Excess Return on Bloomberg Commodity 6 Month Forward Index (pays upon termination)	Excess Return on Bloomberg Commodity Index + 0.26% (pays upon termination)	5/28/20		1,819,877
JPMorgan Chase Bank, N.A.	CNY	41,571	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 10.00% on $5,870,850 (pays quarterly)	7/17/20		62,677
UBS AG	CNY	71,722	Total Return on Shenzhen Stock Exchange Composite Index (pays quarterly)	3-month USD-LIBOR minus 9.00% on $10,300,158 (pays quarterly)	5/12/20		66,778
						$	6,013,751

42 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Abbreviations:

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

Currency Abbreviations:

AED	–	United Arab Emirates Dirham
AUD	–	Australian Dollar
BHD	–	Bahraini Dinar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CLP	–	Chilean Peso
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
CRC	–	Costa Rican Colon
EGP	–	Egyptian Pound
EUR	–	Euro
GBP	–	British Pound Sterling
GEL	–	Georgian Lari
GHS	–	Ghanaian Cedi
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
ISK	–	Icelandic Krona
JPY	–	Japanese Yen
KRW	–	South Korean Won

MXN	–	Mexican Peso
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
OMR	–	Omani Rial
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RON	–	Romanian Leu
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SAR	–	Saudi Riyal
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TRY	–	New Turkish Lira
TWD	–	New Taiwan Dollar
UAH	–	Ukrainian Hryvnia
UGX	–	Ugandan Shilling
USD	–	United States Dollar
UYU	–	Uruguayan Peso
ZAR	–	South African Rand

43 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $2,533,800,546)	$	2,293,577,650
Affiliated investment, at value (identified cost, $388,680,363)		388,810,983
Cash		63,733,690
Deposits for derivatives collateral —
Futures contracts		2,321,562
Centrally cleared derivatives		147,161,803
OTC derivatives		37,664,256
Foreign currency, at value (identified cost, $16,546,864)		16,015,626
Interest and dividends receivable		46,225,410
Dividends receivable from affiliated investment		167,240
Receivable for investments sold		11,507,114
Receivable for open forward foreign currency exchange contracts		70,150,377
Receivable for open swap contracts		39,296,463
Upfront payments on open non-centrally cleared swap contracts		40,599,456
Receivable for closed swap contracts		5,569,763
Receivable from affiliate		336,746
Total assets	$	3,163,138,139
Liabilities
Cash collateral due to brokers	$	37,664,256
Payable for reverse repurchase agreements, including accrued interest of $61,349		119,950,052
Payable for investments purchased		12,940,611
Payable for securities sold short, at value (proceeds, $22,945,760)		16,984,927
Payable for variation margin on open financial futures contracts		900,903
Payable for variation margin on open centrally cleared derivatives		8,913,298
Payable for open forward foreign currency exchange contracts		34,110,409
Payable for open swap contracts		22,562,532
Upfront receipts on open non-centrally cleared swap contracts		4,150,543
Payable to affiliates:
Investment adviser fee		2,225,640
Trustees’ fees		9,218
Accrued foreign capital gains taxes		61,841
Accrued expenses		4,501,018
Total liabilities	$	264,975,248
Net Assets applicable to investors’ interest in Portfolio	$	2,898,162,891

44 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income (net of foreign taxes, $1,117,743)	$	116,798,655
Dividends (net of foreign taxes, $129,138)		1,040,219
Dividends from affiliated investment		839,060
Total investment income	$	118,677,934
Expenses
Investment adviser fee	$	15,129,545
Trustees’ fees and expenses		54,250
Custodian fee		2,211,954
Legal and accounting services		86,333
Interest expense and fees		1,397,456
Dividend expense on securities sold short		220,960
Miscellaneous		48,683
Total expenses	$	19,149,181
Deduct —
Allocation of expenses to affiliate	$	1,085,562
Total expense reductions	$	1,085,562
Net expenses	$	18,063,619
Net investment income	$	100,614,315
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $1,230,054)	$	(67,172,273	)
Investment transactions — affiliated investment		(70,482	)
Futures contracts		21,842,942
Swap contracts		30,581,491
Foreign currency transactions		(5,357,967	)
Forward foreign currency exchange contracts		26,304,411
Net realized gain	$	6,128,122
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $183,480)	$	(304,383,926	)
Investments — affiliated investment		113,386
Securities sold short		5,960,833
Futures contracts		(989,288	)
Swap contracts		92,061,627
Foreign currency		(203,472	)
Forward foreign currency exchange contracts		71,451,891
Net change in unrealized appreciation (depreciation)	$	(135,988,949	)
Net realized and unrealized loss	$	(129,860,827	)
Net decrease in net assets from operations	$	(29,246,512	)

45 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	100,614,315		$	214,642,982
Net realized gain (loss)		6,128,122			(223,067,269	)
Net change in unrealized appreciation (depreciation)		(135,988,949	)		277,785,510
Net increase (decrease) in net assets from operations	$	(29,246,512	)	$	269,361,223
Capital transactions —
Contributions	$	43,469,908		$	370,424,184
Withdrawals		(447,338,468	)		(1,825,445,711	)
Net decrease in net assets from capital transactions	$	(403,868,560	)	$	(1,455,021,527	)
Net decrease in net assets	$	(433,115,072	)	$	(1,185,660,304	)
Net Assets
At beginning of period	$	3,331,277,963		$	4,516,938,267
At end of period	$	2,898,162,891		$	3,331,277,963

46 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Consolidated Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)(2)		1.12	%(3)(4)		1.26	%(4)		1.11	%(4)		1.13	%		1.10	%		1.14	%
Net investment income		6.22	%(3)		5.86	%		5.09	%		4.54	%		5.09	%		5.53	%
Portfolio Turnover		39	%(5)		71	%		75	%		76	%		97	%		75	%
Total Return		(0.66	)%(5)		8.22	%(4)		(7.08	)%(4)		5.65	%		7.79	%(6)		3.36	%
Net assets, end of period (000’s omitted)	$	2,898,163		$	3,331,278		$	4,516,938		$	4,067,979		$	2,260,213		$	1,879,008

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.10%, 0.24%, 0.07%, 0.06%, 0.03% and 0.03% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽³⁾  Annualized.

⁽⁴⁾  The investment adviser reimbursed certain operating expenses (equal to 0.07%, 0.05% and 0.03% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  During the year ended October 31, 2016, the investment adviser reimbursed the Portfolio for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement had no effect on total return for the year ended October 31, 2016.

47 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Macro Absolute Return Advantage Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 91.0%, 8.4% and 0.6%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMAP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2020 were $44,994,798 or 1.6% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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

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

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

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

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps and options on interest rate swaps (“swaptions”) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.

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

48

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

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

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

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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

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

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

49

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

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

K  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

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

M  Inflation Swaps — Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

50

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

N  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O  Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 9. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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

Q  Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

R  Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the

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Notes to Consolidated Financial Statements (Unaudited) — continued

transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

S  Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

T  Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

U  Interim Consolidated Financial Statements — The interim consolidated financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 1.00% of its respective average daily net assets up to $500 million, 0.95% from $500 million but less than $1 billion, 0.925% from $1 billion but less than $2.5 billion, 0.90% from $2.5 billion but less than $5 billion, and 0.88% of average daily net assets of $5 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $15,129,545 or 0.94% (annualized) of the Portfolio’s consolidated average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $1,085,562 of the Portfolio’s operating expenses for the six months ended April 30, 2020. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	887,443,225	$	1,056,370,983
U.S. Government and Agency Securities		60,381,632		7,306,209
	$	947,824,857	$	1,063,677,192

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Notes to Consolidated Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts and the Portfolio’s investment in the Subsidiary, at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,007,843,975
Gross unrealized appreciation	$	139,488,233
Gross unrealized depreciation		(366,500,664	)
Net unrealized depreciation	$	(227,012,431	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Consolidated Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

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

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $45,489,898. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $811,961 at April 30, 2020.

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

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Notes to Consolidated Financial Statements (Unaudited) — continued

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity		Credit			Equity Price			Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	—	$	—		$	—		$	55		$	—		$	55
Not applicable		—		59,746,476	*		1,613,564	*		65,571,914	*		88,759,727	*		215,691,681
Receivable for open forward foreign currency exchange contracts		—		—			—			70,150,377			—			70,150,377
Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		5,884,296		47,539,752			129,455			—			11,008,830			64,562,333
Total Asset Derivatives	$	5,884,296	$	107,286,228		$	1,743,019		$	135,722,346		$	99,768,557		$	350,404,446
Derivatives not subject to master netting or similar agreements	$	—	$	59,746,476		$	1,613,564		$	65,571,914		$	88,759,727		$	215,691,681
Total Asset Derivatives subject to master netting or similar agreements	$	5,884,296	$	47,539,752		$	129,455		$	70,150,432		$	11,008,830		$	134,712,765
Not applicable	$	—	$	(1,766,145	)*	$	(259,010	)*	$	(33,528,820	)*	$	(97,841,450	)*	$	(133,395,425	)
Payable for open forward foreign currency exchange contracts		—		—			—			(34,110,409	)		—			(34,110,409	)
Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts		—		(5,570,497	)		—			—			(5,808,992	)		(11,379,489	)
Total Liability Derivatives	$	—	$	(7,336,642	)	$	(259,010	)	$	(67,639,229	)	$	(103,650,442	)	$	(178,885,323	)
Derivatives not subject to master netting or similar agreements	$	—	$	(1,766,145	)	$	(259,010	)	$	(33,528,820	)	$	(97,841,450	)	$	(133,395,425	)
Total Liability Derivatives subject to master netting or similar agreements	$	—	$	(5,570,497	)	$	—		$	(34,110,409	)	$	(5,808,992	)	$	(45,489,898	)

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

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Notes to Consolidated Financial Statements (Unaudited) — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)		Total Cash Collateral Received
Bank of America, N.A.	$	17,392,389		$	(10,478,060	)	$	(6,914,329	)	$	—		$	—	$	—
Barclays Bank PLC		13,099,509			—			—			(13,099,509	)		—		18,020,096
BNP Paribas		8,820,436			(6,772,420	)		—			(2,048,016	)		—		3,814,000
Citibank, N.A.		11,072,672			(2,502,272	)		(353,496	)		(7,698,928	)		517,976		7,698,928
Credit Agricole Corporate and Investment Bank		1,993,011			(457,272	)		—			(1,535,739	)		—		1,941,013
Goldman Sachs International		19,172,669			(2,166,245	)		(17,006,424	)		—			—		—
HSBC Bank USA, N.A.		15,002,939			(2,570,471	)		(12,432,468	)		—			—		—
ICBC Standard Bank plc		824,021			(248,643	)		—			(575,378	)		—		690,000
JPMorgan Chase Bank, N.A.		4,208,464			(3,216,408	)		—			(992,056	)		—		1,500,219
Morgan Stanley & Co. International PLC		1,675,691			(61,593	)		(1,593,438	)		—			20,660		—
Nomura International PLC		32,524			—			—			(32,524	)		—		70,000
Société Générale		2,594,899			—			(1,976,011	)		(540,000	)		78,888		540,000
Standard Chartered Bank		38,030,200			(16,199,361	)		—			(3,390,000	)		18,440,839		3,390,000
The Toronto-Dominion Bank		—			—			—			—			—		—
UBS AG		793,341			(793,341	)		—			—			—		—
	$	134,712,765		$	(45,466,086	)	$	(40,276,166	)	$	(29,912,150	)	$	19,058,363	$	37,664,256
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)			Cash Collateral Pledged(a)			Net Amount of Derivative Liabilities(c)		Total Cash Collateral Pledged
Bank of America, N.A.	$	(10,478,060	)	$	10,478,060		$	—		$	—		$	—	$	—
BNP Paribas		(6,772,420	)		6,772,420			—			—			—		—
Citibank, N.A.		(2,502,272	)		2,502,272			—			—			—		—
Credit Agricole Corporate and Investment Bank		(457,272	)		457,272			—			—			—		—
Goldman Sachs International		(2,166,245	)		2,166,245			—			—			—		—
HSBC Bank USA, N.A.		(2,570,471	)		2,570,471			—			—			—		—
ICBC Standard Bank plc		(248,643	)		248,643			—			—			—		—
JPMorgan Chase Bank, N.A.		(3,216,408	)		3,216,408			—			—			—		—
Morgan Stanley & Co. International PLC		(61,593	)		61,593			—			—			—		—
Standard Chartered Bank		(16,199,361	)		16,199,361			—			—			—		—
UBS AG		(817,153	)		793,341			23,812			—			—		—
	$	(45,489,898	)	$	45,466,086		$	23,812		$	—		$	—	$	—
Total — Deposits for derivatives collateral — OTC derivatives															$	37,664,256

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

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

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

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Notes to Consolidated Financial Statements (Unaudited) — continued

Information with respect to reverse repurchase agreements at April 30, 2020 is included at Note 7.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Consolidated Statement of Operations Caption	Commodity		Credit		Equity Price			Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Investment transactions	$	—	$	—	$	(6,535,555	)	$	—		$	4,842,052		$	(1,693,503	)
Futures contracts		24,425,567		—		(1,903,090	)		—			(679,535	)		21,842,942
Swap contracts		10,258,684		79,017,018		5,563,220			(5,378,560	)		(58,878,871	)		30,581,491
Forward foreign currency exchange contracts		—		—		—			26,304,411			—			26,304,411
Total	$	34,684,251	$	79,017,018	$	(2,875,425	)	$	20,925,851		$	(54,716,354	)	$	77,035,341
Change in unrealized appreciation (depreciation) —
Investments	$	—	$	—	$	4,906,018		$	(252,268	)	$	(5,711,069	)	$	(1,057,319	)
Futures contracts		135,830		—		(1,301,913	)		—			176,795			(989,288	)
Swap contracts		4,953,020		20,536,116		(433,983	)		6,200,435			60,806,039			92,061,627
Forward foreign currency exchange contracts		—		—		—			71,451,891			—			71,451,891
Total	$	5,088,850	$	20,536,116	$	3,170,122		$	77,400,058		$	55,271,765		$	161,466,911

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, 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		Interest Rate Swaptions Purchased
	$93,090,000	$	107,665,000	$	7,340,314,000	$	5,288,561,000	$	105,062,000

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

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately $54,710,000 and 389 contracts, respectively.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporarily purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

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7  Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of April 30, 2020 were as follows:

Counterparty	Trade Date		Maturity Date			Interest Rate Paid			Principal Amount		Value Including Accrued Interest
Barclays Bank PLC		4/24/2020		On Demand	(1)		2.50	%	$	9,177,742	$	9,180,291
Barclays Bank PLC		4/24/2020		On Demand	(1)		2.50	%		7,849,984		7,852,165
Barclays Bank PLC		4/29/2020		On Demand	(1)		2.50	%		21,740,772		21,742,282
JPMorgan Chase Bank, N.A.		4/2/2020		On Demand	(1)		1.50	%		6,495,289		6,502,867
JPMorgan Chase Bank, N.A.		4/7/2020		On Demand	(1)		2.00	%		18,576,310		18,599,014
JPMorgan Chase Bank, N.A.		4/7/2020		On Demand	(1)		2.50	%		10,858,965		10,875,555
Nomura International PLC		4/24/2020		On Demand	(1)		1.55	%		24,753,434		24,757,697
Nomura International PLC		4/24/2020		On Demand	(1)		1.75	%		12,929,007		12,931,521
Nomura International PLC		4/24/2020		On Demand	(1)		1.75	%		7,507,200		7,508,660
Total									$	119,888,703	$	119,950,052

⁽¹⁾   Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

At April 30, 2020, the remaining contractual maturity of all open reverse repurchase agreements was overnight and continuous. The type of securities pledged as collateral for all open reverse repurchase agreements was sovereign debt.

For the six months ended April 30, 2020, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $112,466,000 and 2.11%, respectively. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at April 30, 2020. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2020.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

The following table presents the Portfolio’s reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Portfolio as of April 30, 2020.

Counterparty	Reverse Repurchase Agreements*			Assets Available for Offset		Securities Collateral Pledged(a)		Net Amount(b)
Barclays Bank PLC	$	(38,774,738	)	$	—	$	38,774,738	$	—
JPMorgan Chase Bank, N.A.		(35,977,436	)		—		35,977,436		—
Nomura International PLC		(45,197,878	)		—		45,197,878		—
	$	(119,950,052	)	$	—	$	119,950,052	$	—

* Including accrued interest.

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

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

57

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

8  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $388,810,983, which represents 13.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	172,862,422	$	1,404,130,424	$	(1,188,224,767	)	$	(70,482	)	$	113,386	$	388,810,983	$	839,060		388,810,983

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 April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Foreign Government Bonds	$	—	$	1,730,079,896		$	—	$	1,730,079,896
Foreign Corporate Bonds		—		68,895,447			50,534,397		119,429,844
Sovereign Loans		—		138,203,933			—		138,203,933
Senior Floating-Rate Loans		—		—			1,629,464		1,629,464
Collateralized Mortgage Obligations		—		76,039,078			—		76,039,078
U.S. Government Guaranteed Small Business Administration Loans		—		31,877,914			—		31,877,914
Common Stocks		—		109,712,919	**		—		109,712,919
Warrants		—		—			0		0
Short-Term Investments
Foreign Government Securities		—		31,608,922			—		31,608,922
U.S. Treasury Obligations		—		54,995,625			—		54,995,625
Other		—		388,810,983			—		388,810,983
Purchased Currency Options		—		55			—		55
Total Investments	$	—	$	2,630,224,772		$	52,163,861	$	2,682,388,633
Forward Foreign Currency Exchange Contracts	$	—	$	135,722,291		$	—	$	135,722,291
Futures Contracts		1,057,918		1,613,564			—		2,671,482
Swap Contracts		—		212,010,618			—		212,010,618
Total	$	1,057,918	$	2,979,571,245		$	52,163,861	$	3,032,793,024

58

Global Macro Absolute Return Advantage Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

Liability Description	Level 1			Level 2			Level 3*		Total
Securities Sold Short	$	—		$	(16,984,927	)	$	—	$	(16,984,927	)
Forward Foreign Currency Exchange Contracts		—			(67,639,229	)		—		(67,639,229	)
Futures Contracts		(259,010	)		—			—		(259,010	)
Swap Contracts		—			(110,987,084	)		—		(110,987,084	)
Total	$	(259,010	)	$	(195,611,240	)	$	—	$	(195,870,250	)

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

10 Risks and Uncertainties

Risks Associated with Foreign Investments

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

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

59

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process – Eaton Vance Funds

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

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Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Global Macro Absolute Return Advantage Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Global Macro Absolute Return Advantage Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund and the investment advisory agreement for the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolio by the applicable Adviser.

61

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. The Board considered each Adviser’s expertise with respect to global markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for a one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board noted that the Portfolio has established a wholly-owned subsidiary to accommodate the Portfolio’s commodity-related investments. The subsidiary is managed by BMR pursuant to a separate investment advisory agreement that is subject to annual approval by the Board. The subsidiary’s fee rates are the same as those charged to the Portfolio, and the Portfolio will not pay any additional management fees with respect to its assets invested in the subsidiary. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

62

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

63

Eaton Vance

Global Macro Absolute Return Advantage Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Global Macro Absolute Return Advantage Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Macro Absolute Return Advantage Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Global Macro Absolute Return Advantage Fund and Global Macro Absolute Return Advantage Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

*Interested Trustee

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

64

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

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Investment Adviser of Global Macro Absolute Return Advantage Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Global Macro Absolute Return Advantage Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7772    4.30.20

Eaton Vance

Global Small-Cap Equity Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Global Small-Cap Equity Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	22
Officers and Trustees	26
Important Notices	27

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Performance^1,2

Portfolio Managers Aidan M. Farrell of Eaton Vance Global Advisors Limited; Michael D. McLean, CFA and J. Griffith Noble, CFA, each of Eaton Vance Management

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		03/04/2002		03/04/2002		-11.22	%		-8.42			3.64			7.18
Class A with 5.75% Maximum Sales Charge		—		—		-16.34			-13.68			2.42			6.55
Class C at NAV		03/04/2002		03/04/2002		-11.58			-9.18			2.86			6.38
Class C with 1% Maximum Sales Charge		—		—		-12.43			-10.06			2.86			6.38
Class I at NAV		10/01/2009		03/04/2002		-11.16			-8.20			3.91			7.45
MSCI World Small Cap Index		—		—		-15.26	%		-14.62			2.43			6.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.93	%		2.68	%		1.68	%
Net									1.35			2.10			1.10

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

Global Small-Cap Equity Fund

April 30, 2020

Fund Profile

Common Stock Sector Allocation (% of net assets)

Country Allocation (% of net assets)

Top 10 Holdings (% of net assets)⁴

RealPage, Inc.	1.7	%
ACI Worldwide, Inc.	1.6
Valvoline, Inc.	1.5
Haemonetics Corp.	1.2
CMS Energy Corp.	1.2
Black Knight, Inc.	1.2
Mueller Water Products, Inc., Class A	1.2
NIC, Inc.	1.1
Rexford Industrial Realty, Inc.	1.1
Nomad Foods, Ltd.	1.1
Total	12.9	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Endnotes and Additional Disclosures

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

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Prior to August 7, 2015, the Fund’s investment adviser employed an investment objective and strategy of seeking to achieve long-term after-tax returns by investing in value stocks of small-cap companies. From August 7, 2015 until March 1, 2018, the Fund’s investment adviser employed an investment objective and strategy of seeking long-term, after-tax returns by investing in stocks of global small-cap companies. Effective March 1, 2018, the Fund changed its investment objective and strategy to no longer seek after-tax returns. Performance prior to March 1, 2018 reflects the Fund’s performance under its former investment objectives and policies.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	887.80	$	6.34	**		1.35	%
Class C	$	1,000.00	$	884.20	$	9.84	**		2.10	%
Class I	$	1,000.00	$	888.40	$	5.16	**		1.10	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.20	$	6.77	**		1.35	%
Class C	$	1,000.00	$	1,014.40	$	10.52	**		2.10	%
Class I	$	1,000.00	$	1,019.40	$	5.52	**		1.10	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019.

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

5

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks— 99.5%
Security	Shares		Value
Australia — 3.2%
Bapcor, Ltd.		59,881	$	190,671
Bravura Solutions, Ltd.		65,208		203,622
carsales.com, Ltd.		15,171		138,781
Northern Star Resources, Ltd.		11,667		94,212
OZ Minerals, Ltd.		6,460		37,237
Regis Resources, Ltd.		28,412		81,240
Steadfast Group, Ltd.		37,621		74,290
Westgold Resources, Ltd.(1)		56,684		74,467
			$	894,520
Austria — 0.8%
BAWAG Group AG(1)(2)		6,501	$	220,954
			$	220,954
Canada — 2.8%
Boyd Group Services, Inc.		1,003	$	141,124
Canadian Apartment Properties REIT		3,949		135,894
Keyera Corp.		4,047		60,039
Kirkland Lake Gold, Ltd.		2,348		97,061
Lundin Mining Corp.		6,164		30,201
Pan American Silver Corp.		3,851		81,892
Seven Generations Energy, Ltd., Class A(1)		17,414		36,030
TMX Group, Ltd.		2,435		210,953
			$	793,194
China — 0.9%
China Meidong Auto Holdings, Ltd.		139,266	$	250,597
			$	250,597
Denmark — 0.4%
Topdanmark A/S		2,924	$	118,034
			$	118,034
France — 0.8%
Nexity SA		3,288	$	100,855
Rubis SCA		2,640		118,279
			$	219,134
Germany — 1.5%
AIXTRON SE(1)		12,638	$	117,454
Bechtle AG		1,049		151,704
LEG Immobilien AG		1,313		150,739

Security	Shares		Value
Germany (continued)
Salzgitter AG		1,044	$	13,948
			$	433,845
Ireland — 0.5%
Kingspan Group PLC		2,869	$	146,191
			$	146,191
Italy — 3.9%
Amplifon SpA		4,924	$	112,717
Banca Farmafactoring SpA(1)(2)		36,069		186,246
DiaSorin SpA		1,585		270,277
FinecoBank Banca Fineco SpA		12,839		143,047
Interpump Group SpA		6,049		176,499
MARR SpA		6,813		89,760
Moncler SpA		3,094		116,356
			$	1,094,902
Japan — 12.6%
Chiba Bank, Ltd. (The)		18,000	$	83,520
FP Corp.		1,863		140,535
Fukuoka Financial Group, Inc.		5,849		83,562
Invesco Office J REIT, Inc.		929		123,186
Itochu Techno-Solutions Corp.		6,350		194,021
J. Front Retailing Co., Ltd.		13,896		113,364
Japan Hotel REIT Investment Corp.		416		138,072
Kewpie Corp.		5,597		111,146
Kose Corp.		1,195		149,390
Kuraray Co., Ltd.		14,713		147,182
Kyoritsu Maintenance Co., Ltd.		3,954		95,390
Lion Corp.		5,511		115,854
Makita Corp.		5,956		193,942
Mitsui Fudosan Logistics Park, Inc.		38		149,459
Miura Co., Ltd.		4,578		188,896
Morinaga & Co., Ltd.		2,800		115,066
Nabtesco Corp.		6,423		183,796
Nohmi Bosai, Ltd.		10,113		203,549
Nomura Co., Ltd.		13,662		103,494
OSG Corp.		5,320		69,118
Penta-Ocean Construction Co., Ltd.		40,009		202,121
Sankyu, Inc.		3,504		134,651
Ship Healthcare Holdings, Inc.		4,322		195,470
Sumco Corp.		10,225		145,574
Yamaha Corp.		3,610		145,719
			$	3,526,077

6 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Luxembourg — 0.2%
APERAM SA		1,837	$	47,598
			$	47,598
Netherlands — 1.5%
Aalberts NV		6,052	$	170,422
IMCD NV		2,913		257,230
			$	427,652
New Zealand — 0.4%
Fisher & Paykel Healthcare Corp., Ltd.		6,874	$	114,842
			$	114,842
Norway — 0.9%
Entra ASA(2)		15,878	$	199,917
TGS NOPEC Geophysical Co. ASA		3,363		51,502
			$	251,419
Singapore — 0.5%
Frasers Logistics & Industrial Trust		184,900	$	138,384
			$	138,384
Sweden — 1.6%
AddTech AB, Class B		6,384	$	173,074
Boliden AB		2,893		58,316
Indutrade AB(1)		6,393		205,528
			$	436,918
Switzerland — 0.7%
Galenica AG(1)(2)		2,611	$	186,975
			$	186,975
United Kingdom — 10.2%
Abcam PLC		13,825	$	221,307
Avast PLC(2)		26,318		151,591
Cairn Energy PLC(1)		34,408		48,479
Cranswick PLC		4,339		202,951
Dechra Pharmaceuticals PLC		7,266		252,916
Diploma PLC		7,870		170,580
DS Smith PLC		45,414		178,066
First Derivatives PLC		3,520		114,624
Games Workshop Group PLC		2,331		176,421
Grainger PLC		36,004		120,963
Halma PLC		7,962		209,324
Judges Scientific PLC		2,321		144,934

Security	Shares		Value
United Kingdom (continued)
Melrose Industries PLC		142,131	$	177,650
Nomad Foods, Ltd.(1)		15,254		314,385
St. James’s Place PLC		21,300		226,806
WH Smith PLC		8,381		132,291
			$	2,843,288
United States — 56.1%
ACI Worldwide, Inc.(1)		16,642	$	455,991
Addus HomeCare Corp.(1)		2,790		226,046
Alliant Energy Corp.		5,776		280,425
Altair Engineering, Inc., Class A(1)		9,509		313,702
Amedisys, Inc.(1)		985		181,398
AMETEK, Inc.		3,470		291,029
Applied Industrial Technologies, Inc.		5,060		265,093
Autoliv, Inc.		1,714		102,874
Balchem Corp.		1,806		161,167
Ball Corp.		2,634		172,764
Black Knight, Inc.(1)		4,774		336,901
Catalent, Inc.(1)		2,821		195,072
CBIZ, Inc.(1)		10,270		243,913
CDK Global, Inc.		5,125		201,310
Chemed Corp.		512		213,284
Choice Hotels International, Inc.		695		52,160
City Holding Co.		1,176		79,486
CMS Energy Corp.		5,955		339,971
Cohen & Steers, Inc.		1,934		111,669
Columbia Sportswear Co.		928		67,642
Commerce Bancshares, Inc.		2,912		178,185
Community Bank System, Inc.		3,427		214,153
Cooper Cos., Inc. (The)		469		134,462
CubeSmart		10,241		258,073
Dana, Inc.		8,079		92,909
Deckers Outdoor Corp.(1)		361		53,702
Diamondback Energy, Inc.		2,732		118,951
Diodes, Inc.(1)		1,332		67,785
Dorman Products, Inc.(1)		2,381		150,194
EastGroup Properties, Inc.		2,907		308,142
Emergent BioSolutions, Inc.(1)		3,112		230,132
Envestnet, Inc.(1)		3,874		242,203
Envista Holdings Corp.(1)		6,528		127,100
Equity LifeStyle Properties, Inc.		1,403		84,615
Essex Property Trust, Inc.		885		216,029
Euronet Worldwide, Inc.(1)		3,207		294,274
F5 Networks, Inc.(1)		596		82,999
First American Financial Corp.		1,768		81,540
First Citizens BancShares, Inc., Class A		551		210,482
First Republic Bank		1,130		117,848

7 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United States (continued)
Five Below, Inc.(1)		911	$	82,136
Flowers Foods, Inc.		6,631		147,739
Haemonetics Corp.(1)		3,072		349,532
Healthcare Realty Trust, Inc.		9,047		265,891
Hexcel Corp.		8,355		288,999
Horace Mann Educators Corp.		4,247		149,325
ICU Medical, Inc.(1)		1,282		281,155
Independent Bank Corp.		1,179		85,937
Jazz Pharmaceuticals PLC(1)		1,409		155,342
K12, Inc.(1)		6,364		144,526
Kansas City Southern		1,372		179,115
Kirby Corp.(1)		3,353		179,117
Lancaster Colony Corp.		584		78,624
Landstar System, Inc.		2,008		207,447
LHC Group, Inc.(1)		1,382		179,646
Ligand Pharmaceuticals, Inc.(1)		1,397		137,702
Lithia Motors, Inc., Class A		396		43,782
Mercury Systems, Inc.(1)		3,414		304,392
Middleby Corp.(1)		1,157		64,364
Mueller Water Products, Inc., Class A		34,235		324,890
National Retail Properties, Inc.		5,806		189,508
National Vision Holdings, Inc.(1)		3,314		87,821
NewMarket Corp.		527		216,829
NIC, Inc.		13,173		319,182
ONE Gas, Inc.		2,915		232,355
PDC Energy, Inc.(1)		3,587		46,595
Performance Food Group Co.(1)		3,594		105,484
R1 RCM, Inc.(1)		9,400		97,008
RBC Bearings, Inc.(1)		471		59,666
RealPage, Inc.(1)		7,251		467,617
Rexford Industrial Realty, Inc.		7,725		314,562
RLI Corp.		2,660		193,728
Selective Insurance Group, Inc.		2,929		146,831
ServiceMaster Global Holdings, Inc.(1)		8,785		299,129
Silicon Laboratories, Inc.(1)		1,676		162,941
Stock Yards Bancorp, Inc.		5,058		167,116
Tandem Diabetes Care, Inc.(1)		1,018		81,216
Teleflex, Inc.		697		233,774
Tradeweb Markets, Inc., Class A		4,782		249,429
Trex Co., Inc.(1)		1,069		101,790
UniFirst Corp.		230		38,675
Valvoline, Inc.		24,384		419,161
Visteon Corp.(1)		1,675		101,003
Woodward, Inc.		2,834		171,627
			$	15,708,383
Total Common Stocks (identified cost $25,841,745)			$	27,852,907

Exchange-Traded Funds— 0.8%
Security	Shares		Value
Equity Funds — 0.8%
iShares MSCI EAFE Small-Cap ETF		1,974	$	96,963
iShares Russell 2000 ETF		994		129,528
Total Exchange-Traded Funds (identified cost $271,982)			$	226,491
Short-Term Investments— 0.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(3)		124,079	$	124,079
Total Short-Term Investments (identified cost $124,067)			$	124,079
Total Investments — 100.7% (identified cost $26,237,794)			$	28,203,477
Other Assets, Less Liabilities — (0.7)%			$	(201,062	)
Net Assets — 100.0%			$	28,002,415

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

⁽¹⁾ Non-income producing security.

⁽²⁾ Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $945,683 or 3.4% of the Fund’s net assets.

⁽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 April 30, 2020.

8 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Industrials		19.9	%	$	5,559,367
Information Technology		15.9			4,436,368
Health Care		14.9			4,177,373
Financials		11.9			3,333,141
Real Estate		10.3			2,894,289
Consumer Discretionary		8.9			2,498,687
Materials		7.3			2,051,876
Consumer Staples		5.1			1,430,399
Utilities		3.5			971,030
Energy		1.3			361,596
Exchange-Traded Funds		0.8			226,491
Communication Services		0.5			138,781
Short-Term Investments		0.4			124,079
Total Investments		100.7	%	$	28,203,477

9 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $26,113,727)	$	28,079,398
Affiliated investment, at value (identified cost, $124,067)		124,079
Foreign currency, at value (identified cost, $25)		25
Dividends receivable		47,963
Dividends receivable from affiliated investment		59
Receivable for investments sold		109,661
Receivable for Fund shares sold		1,238
Tax reclaims receivable		19,666
Receivable from affiliate		13,426
Total assets	$	28,395,515
Liabilities
Payable for investments purchased	$	128,128
Payable for Fund shares redeemed		169,756
Payable to affiliates:
Investment adviser fee		16,315
Administration fee		3,263
Distribution and service fees		5,609
Trustees’ fees		198
Accrued expenses		69,831
Total liabilities	$	393,100
Net Assets	$	28,002,415
Sources of Net Assets
Paid-in capital	$	26,736,100
Distributable earnings		1,266,315
Total	$	28,002,415
Class A Shares
Net Assets	$	19,796,823
Shares Outstanding		1,642,512
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.05
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	12.79
Class C Shares
Net Assets	$	2,302,226
Shares Outstanding		255,503
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.01
Class I Shares
Net Assets	$	5,903,366
Shares Outstanding		471,961
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.51

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

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

10 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends (net of foreign taxes, $6,952)	$	222,619
Dividends from affiliated investment		1,545
Total investment income	$	224,164
Expenses
Investment adviser fee	$	128,733
Administration fee		25,747
Distribution and service fees
Class A		28,529
Class C		14,764
Trustees’ fees and expenses		1,193
Custodian fee		22,262
Transfer and dividend disbursing agent fees		27,078
Legal and accounting services		22,548
Printing and postage		7,811
Registration fees		32,885
Miscellaneous		5,363
Total expenses	$	316,913
Deduct —
Allocation of expenses to affiliate	$	84,422
Total expense reductions	$	84,422
Net expenses	$	232,491
Net investment loss	$	(8,327	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(293,606	)
Investment transactions — affiliated investment		117
Foreign currency transactions		(2,786	)
Net realized loss	$	(296,275	)
Change in unrealized appreciation (depreciation) —
Investments	$	(3,965,872	)
Investments — affiliated investment		12
Foreign currency		(316	)
Net change in unrealized appreciation (depreciation)	$	(3,966,176	)
Net realized and unrealized loss	$	(4,262,451	)
Net decrease in net assets from operations	$	(4,270,778	)

11 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income (loss)	$	(8,327	)	$	110,163
Net realized gain (loss)		(296,275	)		1,355,884
Net change in unrealized appreciation (depreciation)		(3,966,176	)		2,675,453
Net increase (decrease) in net assets from operations	$	(4,270,778	)	$	4,141,500
Distributions to shareholders —
Class A	$	(841,717	)	$	(1,822,708	)
Class C		(128,085	)		(861,771	)
Class I		(337,724	)		(741,356	)
Total distributions to shareholders	$	(1,307,526	)	$	(3,425,835	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	539,073		$	1,890,773
Class C		68,610			235,182
Class I		1,050,534			2,332,595
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		781,960			1,707,909
Class C		110,862			811,148
Class I		333,341			741,356
Cost of shares redeemed
Class A		(2,425,636	)		(5,758,181	)
Class C		(300,322	)		(3,335,717	)
Class I		(3,189,530	)		(3,135,663	)
Net asset value of shares converted
Class A		310,567			2,954,243
Class C		(310,567	)		(2,954,243	)
Net decrease in net assets from Fund share transactions	$	(3,031,108	)	$	(4,510,598	)
Net decrease in net assets	$	(8,609,412	)	$	(3,794,933	)
Net Assets
At beginning of period	$	36,611,827		$	40,406,760
At end of period	$	28,002,415		$	36,611,827

12 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	14.050		$	13.770		$	14.010		$	11.150		$	16.530		$	18.810
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.003	)	$	0.045		$	0.001		$	0.002		$	0.102		$	(0.047	)
Net realized and unrealized gain (loss)		(1.499	)		1.384			0.128			2.858			(0.164	)		(0.770	)
Total income (loss) from operations	$	(1.502	)	$	1.429		$	0.129		$	2.860		$	(0.062	)	$	(0.817	)
Less Distributions
From net investment income	$	(0.071	)	$	(0.030	)	$	(0.072	)	$	—		$	—		$	—
From net realized gain		(0.427	)		(1.119	)		(0.297	)		—			(5.318	)		(1.463	)
Total distributions	$	(0.498	)	$	(1.149	)	$	(0.369	)	$	—		$	(5.318	)	$	(1.463	)
Net asset value — End of period	$	12.050		$	14.050		$	13.770		$	14.010		$	11.150		$	16.530
Total Return(2)(3)		(11.22	)%(4)		12.20	%		0.84	%		25.65	%		(0.46	)%		(4.62	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,797		$	24,111		$	22,341		$	13,815		$	13,847		$	23,632
Ratios (as a percentage of average daily net assets):(5)
Expenses(2)(7)		1.35	%(6)		1.35	%		1.36	%		1.40	%		1.41	%		1.45	%
Net investment income (loss)		(0.04	)%(6)		0.34	%		0.01	%		0.02	%		0.92	%		(0.27	)%
Portfolio Turnover of the Portfolio(8)		—			—			11	%(4)		59	%		92	%		124	%
Portfolio Turnover of the Fund		31	%(4)		50	%		41	%(4)(9)		—			—			—

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾ The investment adviser of the Portfolio and/or the administrator of the Fund reimbursed certain operating expenses (equal to 0.49%, 0.58%, 0.62%, 0.80%, 0.77% and 0.31% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾ Annualized.

⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁸⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁹⁾ For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period.

13 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.590		$	10.690		$	10.970		$	8.790		$	14.230		$	16.520
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.041	)	$	(0.046	)	$	(0.087	)	$	(0.072	)	$	0.014		$	(0.153	)
Net realized and unrealized gain (loss)		(1.112	)		1.030			0.104			2.252			(0.136	)		(0.674	)
Total income (loss) from operations	$	(1.153	)	$	0.984		$	0.017		$	2.180		$	(0.122	)	$	(0.827	)
Less Distributions
From net realized gain	$	(0.427	)	$	(1.084	)	$	(0.297	)	$	—		$	(5.318	)	$	(1.463	)
Total distributions	$	(0.427	)	$	(1.084	)	$	(0.297	)	$	—		$	(5.318	)	$	(1.463	)
Net asset value — End of period	$	9.010		$	10.590		$	10.690		$	10.970		$	8.790		$	14.230
Total Return(2)(3)		(11.58	)%(4)		11.32	%		0.06	%		24.80	%		(1.24	)%		(5.38	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,302		$	3,227		$	8,988		$	4,965		$	4,717		$	8,442
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		2.10	%(7)		2.10	%		2.11	%		2.15	%		2.16	%		2.20	%
Net investment income (loss)		(0.80	)%(7)		(0.45	)%		(0.76	)%		(0.72	)%		0.16	%		(1.02	)%
Portfolio Turnover of the Portfolio(8)		—			—			11	%(4)		59	%		92	%		124	%
Portfolio Turnover of the Fund		31	%(4)		50	%		41	%(4)(9)		—			—			—

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾ The investment adviser of the Portfolio and/or the administrator of the Fund reimbursed certain operating expenses (equal to 0.49%, 0.58%, 0.62%, 0.80%, 0.77% and 0.31% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾ Annualized.

⁽⁸⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁹⁾ For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period.

14 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	14.580		$	14.240		$	14.480		$	11.490		$	16.840		$	19.100
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.014		$	0.079		$	0.040		$	0.036		$	0.108		$	(0.005	)
Net realized and unrealized gain (loss)		(1.550	)		1.442			0.123			2.954			(0.140	)		(0.792	)
Total income (loss) from operations	$	(1.536	)	$	1.521		$	0.163		$	2.990		$	(0.032	)	$	(0.797	)
Less Distributions
From net investment income	$	(0.107	)	$	(0.062	)	$	(0.106	)	$	—		$	—		$	—
From net realized gain		(0.427	)		(1.119	)		(0.297	)		—			(5.318	)		(1.463	)
Total distributions	$	(0.534	)	$	(1.181	)	$	(0.403	)	$	—		$	(5.318	)	$	(1.463	)
Net asset value — End of period	$	12.510		$	14.580		$	14.240		$	14.480		$	11.490		$	16.840
Total Return(2)(3)		(11.16	)%(4)		12.51	%		1.05	%		26.02	%		(0.19	)%		(4.43	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,903		$	9,273		$	9,078		$	5,259		$	3,138		$	3,552
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		1.10	%(7)		1.10	%		1.11	%		1.15	%		1.16	%		1.20	%
Net investment income (loss)		0.20	%(7)		0.57	%		0.27	%		0.27	%		0.94	%		(0.03	)%
Portfolio Turnover of the Portfolio(8)		—			—			11	%(4)		59	%		92	%		124	%
Portfolio Turnover of the Fund		31	%(4)		50	%		41	%(4)(9)		—			—			—

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾ The investment adviser of the Portfolio and/or the administrator of the Fund reimbursed certain operating expenses (equal to 0.49%, 0.58%, 0.62%, 0.80%, 0.77% and 0.31% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾ Annualized.

⁽⁸⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁹⁾ For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period.

15 See Notes to Financial Statements.

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Global Small-Cap Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

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

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

D  Federal Taxes — The 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

16

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

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

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

I  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

The cost and unrealized appreciation (depreciation) of investments of the Fund at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	26,524,451
Gross unrealized appreciation	$	4,675,083
Gross unrealized depreciation		(2,996,057	)
Net unrealized appreciation	$	1,679,026

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced.

For the six months ended April 30, 2020, the investment adviser fee amounted to $128,733 or 0.75% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. EVAIL uses the portfolio management, research and other resources of its affiliate, Eaton Vance Global Advisors Limited (EVGA), in rendering investment advisory services to the Fund. EVGA has entered into a

17

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Memorandum of Understanding with EVAIL pursuant to which EVGA is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $25,747. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (related to ordinary operating expenses only) exceed 1.35%, 2.10% and 1.10% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $84,422 of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $6,235 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 $340 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $28,529 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $11,073 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 six months ended April 30, 2020 amounted to $3,691 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $10,469,660 and $14,713,444, respectively, for the six months ended April 30, 2020.

18

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		40,498			141,581
Issued to shareholders electing to receive payments of distributions in Fund shares		53,817			147,999
Redemptions		(194,689	)		(429,622	)
Converted from Class C shares		26,649			233,929
Net increase (decrease)		(73,725	)		93,887
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		6,675			24,009
Issued to shareholders electing to receive payments of distributions in Fund shares		10,180			92,597
Redemptions		(30,426	)		(344,074	)
Converted to Class A shares		(35,590	)		(308,635	)
Net decrease		(49,161	)		(536,103	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		78,458			166,593
Issued to shareholders electing to receive payments of distributions in Fund shares		22,120			62,038
Redemptions		(264,731	)		(229,898	)
Net decrease		(164,153	)		(1,267	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

19

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

9  Investments in Affiliated Funds

At April 30, 2020, the value of the Fund’s investment in affiliated funds was $124,079, which represents 0.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	71,542	$	4,525,547	$	(4,473,139	)	$	117	$	12	$	124,079	$	1,545		124,079

10  Fair Value Measurements

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

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

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

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

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

At April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	—	$	4,924,420		$	—	$	4,924,420
Developed Europe		314,385		6,112,525			—		6,426,910
North America		16,501,577		—			—		16,501,577
Total Common Stocks	$	16,815,962	$	11,036,945	*	$	—	$	27,852,907
Exchange-Traded Funds	$	226,491	$	—		$	—	$	226,491
Short-Term Investments		—		124,079			—		124,079
Total Investments	$	17,042,453	$	11,161,024		$	—	$	28,203,477

* 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.

11  Risks and Uncertainties

Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers

20

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

(particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

21

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

22

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Global Small-Cap Equity Fund (the “Fund”) and Boston Management and Research (the “Adviser”), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment

23

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. The Board also considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board noted that, effective March 1, 2018, the Fund changed its name, investment objective and investment strategies, which, among other changes, no longer required the Fund to employ tax-management techniques or seek after-tax returns. Although the Board considered information comparing the Fund’s investment performance to that of comparable funds identified by an independent data provider, as well as an appropriate benchmark index, the Board determined, in light of the recent changes to the Fund, to continue to monitor and evaluate the effectiveness of such changes over time.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

24

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

25

Eaton Vance

Global Small-Cap Equity Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

26

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

27

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad St.

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7721    4.30.20

Eaton Vance

Government Opportunities Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Government Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	26
Officers and Trustees	30
Important Notices	31

Eaton Vance

Government Opportunities Fund

April 30, 2020

Performance^1,2

Portfolio Managers Andrew Szczurowski, CFA and Alexander Payne, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		08/24/1984		08/24/1984		2.87	%		3.61	%		1.44	%		1.68	%
Class A with 2.25% Maximum Sales Charge		—		—		0.55			1.29			0.96			1.46
Class C at NAV		11/01/1993		08/24/1984		2.49			2.83			0.71			0.93
Class C with 1% Maximum Sales Charge		—		—		1.49			1.83			0.71			0.93
Class I at NAV		04/03/2009		08/24/1984		3.17			3.87			1.72			1.95
Class R at NAV		08/12/2005		08/24/1984		2.92			3.35			1.21			1.45
Bloomberg Barclays U.S. Intermediate		—		—		5.18	%		9.18	%		2.84	%		2.74	%
Government Bond Index
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I			Class R
Gross						1.26	%		2.01	%		1.01	%		1.51	%
Net						1.12			1.87			0.87			1.37

Fund Profile

Asset Allocation (% of total investments)⁴

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

Government Opportunities Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays U.S. Intermediate Government Bond Index is an unmanaged index of U.S. government bonds with maturities from one year up to (but not including) 10 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Other represents any investment type less than 1% of total investments.

Fund profile subject to change due to active management.

3

Eaton Vance

Government Opportunities Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,028.70	$	5.90	**		1.17	%
Class C	$	1,000.00	$	1,024.90	$	9.67	**		1.92	%
Class I	$	1,000.00	$	1,031.70	$	4.65	**		0.92	%
Class R	$	1,000.00	$	1,029.20	$	7.11	**		1.41	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.00	$	5.87	**		1.17	%
Class C	$	1,000.00	$	1,015.30	$	9.62	**		1.92	%
Class I	$	1,000.00	$	1,020.30	$	4.62	**		0.92	%
Class R	$	1,000.00	$	1,017.90	$	7.07	**		1.41	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019.

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

4

Eaton Vance

Government Opportunities Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Collateralized Mortgage Obligations — 74.0%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 30, Class I, 7.50%, 4/25/24	$	29	$	31,476
Series 1822, Class Z, 6.90%, 3/15/26		206		230,141
Series 1829, Class ZB, 6.50%, 3/15/26		47		50,663
Series 1896, Class Z, 6.00%, 9/15/26		90		98,351
Series 2075, Class PH, 6.50%, 8/15/28		49		56,437
Series 2091, Class ZC, 6.00%, 11/15/28		165		183,410
Series 2102, Class Z, 6.00%, 12/15/28		44		50,019
Series 2115, Class K, 6.00%, 1/15/29		386		428,966
Series 2142, Class Z, 6.50%, 4/15/29		109		125,092
Series 4039, Class ME, 2.00%, 12/15/40		416		421,854
Series 4107, Class SA, 1.991%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42(1)		1,795		1,691,182
Series 4107, Class SB, 1.991%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42(1)		892		840,733
Series 4107, Class SC, 1.991%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42(1)		2,140		2,016,079
Series 4107, Class SD, 1.991%, (2.57% - 1 mo. USD LIBOR x 0.57), 9/15/42(1)		1,598		1,505,922
Series 4204, Class AF, 2.016%, (1 mo. USD LIBOR + 1.00%), 5/15/43(2)		2,855		2,818,925
Series 4212, Class NS, 4.423%, (5.40% - 1 mo. USD LIBOR x 1.20), 6/15/43(1)		1,991		2,017,164
Series 4250, Class ZA, 4.50%, 9/15/43		625		639,179
Series 4259, Class UE, 2.50%, 5/15/43		1,915		1,983,649
Series 4337, Class YT, 3.50%, 4/15/49		4,615		4,692,465
Series 4385, Class SC, 6.962%, (9.33% - 1 mo. USD LIBOR x 2.33), 9/15/44(1)		95		96,658
Series 4407, Class LN, 6.952%, (9.32% - 1 mo. USD LIBOR x 2.33), 12/15/43(1)		90		92,098
Series 4584, Class PM, 3.00%, 5/15/46		1,597		1,638,727
Series 4602, Class ZM, 3.00%, 11/15/45		239		240,736
Series 4631, Class KQ, 3.968%, (6.00% - 1 mo. USD LIBOR x 2.00), 10/15/46(1)		573		582,908
Series 4637, Class SK, 3.292%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44(1)		410		413,408
Series 4639, Class KF, 2.316%, (1 mo. USD LIBOR + 1.30%), 12/15/44(2)(3)		5,775		5,779,535
Series 4754, Class FJ, 2.016%, (1 mo. USD LIBOR + 1.00%), 4/15/44(2)(3)		6,837		6,766,170
Series 4767, Class FK, 2.016%, (1 mo. USD LIBOR + 1.00%), 3/15/48(2)		317		316,361
Series 4767, Class KF, 2.016%, (1 mo. USD LIBOR + 1.00%), 3/15/48(2)		393		392,595
Series 4768, Class JF, 2.016%, (1 mo. USD LIBOR + 1.00%), 2/15/48(2)		169		168,956
Series 4776, Class C, 4.50%, 3/15/43		2,129		2,164,373

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.: (continued)
Series 4845, Class EA, 4.50%, 6/15/43	$	933	$	943,331
Series 4846, Class EA, 4.50%, 8/15/43		687		696,138
Series 4858, Class LA, 4.50%, 8/15/43		718		723,833
Series 4859, Class GA, 4.50%, 10/15/43		1,679		1,699,599
Series 4908, Class ZB, 4.00%, 8/25/49		1,178		1,180,745
Series 4922, Class Z, 3.50%, 10/25/49		1,329		1,333,927
Series 4922, Class ZA, 3.50%, 8/25/49		1,411		1,415,350
Series 4922, Class ZN, 3.50%, 4/25/49		656		655,863
Series 4924, Class AZ, 3.50%, 10/25/49		1,605		1,619,582
Series 4924, Class BZ, 3.50%, 10/25/49		2,688		2,694,209
Series 4924, Class KZ, 3.50%, 10/25/49		448		451,062
Series 4924, Class LZ, 3.50%, 10/25/49		659		660,500
Series 4924, Class MZ, 3.50%, 10/25/49		871		873,325
Series 4924, Class PZ, 3.50%, 10/25/49		918		927,149
Series 4925, Class ZY, 4.00%, 10/25/49		1,035		1,036,856
Series 4926, Class ZQ, 3.50%, 9/25/49		777		780,313
Series 4927, Class ZQ, 3.50%, 9/25/49		2,341		2,352,724
Series 4938, Class KZ, 2.50%, 12/25/49		596		606,426
Series 4940, Class ZC, 3.50%, 1/25/50		983		984,692
Series 4941, Class ZD, 3.50%, 9/25/49		322		322,383
Series 4941, Class ZU, 3.50%, 8/25/49		1,539		1,544,133
Series 4943, Class JZ, 3.00%, 9/25/49		819		816,643
Series 4954, Class ZL, 3.50%, 2/25/50		2,392		2,403,178
Series 4960, Class ZA, 3.50%, 10/25/49		1,622		1,625,244
Series 4967, Class D, 2.50%, 5/25/50		2,000		1,991,056
Interest Only:(4)
Series 362, Class C12, 4.00%, 12/15/47		5,334		725,852
Series 4676, Class DI, 4.00%, 7/15/44		3,902		130,187
Series 4693, Class EI, 3.50%, 8/15/42		6,729		177,064
Series 4700, Class WI, 3.50%, 1/15/44		2,953		70,478
Series 4749, Class IL, 4.00%, 12/15/47		3,317		315,535
Series 4756, Class KI, 4.00%, 1/15/48		3,756		348,976
Series 4767, Class IM, 4.00%, 5/15/45		3,094		114,552
Series 4768, Class IO, 4.00%, 3/15/48		2,686		257,984
Series 4772, Class PI, 4.00%, 1/15/48		3,981		382,470
Series 4791, Class JI, 4.00%, 5/15/48		6,926		582,843
Principal Only:(5)
Series 246, Class PO, 0.00%, 5/15/37		2,530		2,480,332
Series 3435, Class PO, 0.00%, 4/15/38		2,396		2,264,294
			$	76,723,060
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2016-DNA2, Class M3, 5.137%, (1 mo. USD LIBOR + 4.65%), 10/25/28(2)	$	1,444	$	1,449,651
Series 2016-DNA3, Class M3, 5.487%, (1 mo. USD LIBOR + 5.00%), 12/25/28(2)		871		879,903

5 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)			Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes: (continued)
Series 2016-DNA4, Class M3, 4.287%, (1 mo. USD LIBOR + 3.80%), 3/25/29(2)	$	113		$	111,535
Series 2018-DNA1, Class M2, 2.287%, (1 mo. USD LIBOR + 1.80%), 7/25/30(2)		400			355,931
Series 2019-DNA2, Class M2, 2.937%, (1 mo. USD LIBOR + 2.45%), 3/25/49(2)(6)		1,644			1,450,449
Series 2019-DNA3, Class M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 7/25/49(2)(6)		538			465,433
Series 2020-DNA1, Class M2, 2.187%, (1 mo. USD LIBOR + 1.70%), 1/25/50(2)(6)		491			379,033
Series 2020-DNA2, Class M1, 1.237%, (1 mo. USD LIBOR + 0.75%), 2/25/50(2)(6)		4,500			4,320,984
Series 2020-DNA2, Class M2, 2.337%, (1 mo. USD LIBOR + 1.85%), 2/25/50(2)(6)		100			75,880
				$	9,488,799
Federal National Mortgage Association:
Series G-8, Class E, 9.00%, 4/25/21	$	2		$	1,574
Series G92-44, Class ZQ, 8.00%, 7/25/22		0	(7)		393
Series 1993-16, Class Z, 7.50%, 2/25/23		33			35,587
Series 1993-39, Class Z, 7.50%, 4/25/23		98			105,365
Series 1993-45, Class Z, 7.00%, 4/25/23		98			103,613
Series 1993-149, Class M, 7.00%, 8/25/23		45			48,248
Series 1993-178, Class PK, 6.50%, 9/25/23		99			105,977
Series 1994-40, Class Z, 6.50%, 3/25/24		118			127,079
Series 1994-42, Class K, 6.50%, 4/25/24		477			515,038
Series 1994-82, Class Z, 8.00%, 5/25/24		147			161,771
Series 2000-49, Class A, 8.00%, 3/18/27		171			194,082
Series 2001-81, Class HE, 6.50%, 1/25/32		379			439,059
Series 2002-1, Class G, 7.00%, 7/25/23		55			59,078
Series 2005-37, Class SU, 27.251%, (29.2% - 1 mo. USD LIBOR x 4.00), 3/25/35(1)		2			2,470
Series 2012-35, Class GE, 3.00%, 5/25/40		1,280			1,301,911
Series 2012-134, Class ZT, 2.00%, 12/25/42		2,818			2,730,643
Series 2013-6, Class TY, 1.50%, 2/25/43		795			749,600
Series 2013-52, Class MD, 1.25%, 6/25/43		2,263			2,224,435
Series 2013-58, Class KS, 5.194%, (5.93% - 1 mo. USD LIBOR x 1.50), 6/25/43(1)		5,041			5,079,309
Series 2013-58, Class SC, 5.269%, (6.00% - 1 mo. USD LIBOR x 1.50), 6/25/43(1)		2,293			2,380,496
Series 2013-122, Class ES, 1.487%, (1 mo. USD LIBOR + 1.00%), 7/25/43(2)		1,792			1,842,614
Series 2016-60, Class ZJ, 3.00%, 9/25/46		159			160,273
Series 2016-89, Class ZH, 3.00%, 12/25/46		1,779			1,809,056
Series 2017-75, Class Z, 3.00%, 9/25/57		2,806			2,809,145
Series 2017-76, Class Z, 3.00%, 10/25/57		525			521,602
Series 2017-110, Class Z, 3.00%, 2/25/57		224			222,143

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association: (continued)
Series 2018-14, Class TF, 1.985%, (1 mo. USD LIBOR + 1.00%), 3/25/48(2)	$	251	$	251,067
Series 2018-18, Class QD, 4.50%, 5/25/45		2,674		2,791,766
Series 2019-1, Class FH, 1.985%, (1 mo. USD LIBOR + 1.00%), 2/25/49(2)		2,382		2,379,306
Series 2019-44, Class MZ, 3.00%, 3/25/49		422		433,149
Series 2019-44, Class ZP, 4.00%, 8/25/49		1,179		1,180,489
Series 2019-57, Class LZ, 3.50%, 10/25/49		815		820,052
Series 2019-57, Class UZ, 3.50%, 10/25/49		1,474		1,478,852
Series 2019-57, Class Z, 3.50%, 10/25/49		722		723,797
Series 2019-61, Class DZ, 3.50%, 11/25/49		666		667,603
Series 2019-63, Class Z, 3.50%, 10/25/49		434		433,738
Series 2019-67, Class EZ, 3.00%, 11/25/49		1,088		1,091,754
Series 2019-71, Class AZ, 3.50%, 11/25/49		886		888,662
Series 2019-71, Class DZ, 3.50%, 11/25/49		1,266		1,270,904
Series 2019-81, Class CZ, 3.50%, 1/25/50		938		936,149
Series 2019-81, Class ZL, 3.50%, 1/25/50		1,808		1,811,260
Series 2020-1, Class ZC, 3.50%, 2/25/50		3,463		3,475,478
Series 2020-9, Class ZC, 3.50%, 2/25/50		2,932		2,967,376
Series 2020-10, Class LZ, 3.50%, 3/25/50		742		742,686
Series 2020-11, Class AZ, 3.00%, 3/25/50		2,515		2,503,317
Series 2020-11, Class ZA, 3.50%, 3/25/50		3,511		3,511,970
Series 2020-11, Class ZQ, 3.00%, 3/25/50		642		637,098
Series 2020-17, Class CZ, 3.50%, 3/25/50		1,498		1,502,054
Series 2020-23, Class CZ, 3.00%, 2/25/50		4,837		4,874,310
Series 2020-23, Class ZC, 3.00%, 2/25/50		3,931		3,961,675
Series 2020-25, Class Z, 3.00%, 4/25/50		986		994,007
Series 2020-32, Class ZA, 3.50%, 5/25/50		5,000		5,041,152
Interest Only:(4)
Series 2017-66, Class TI, 0.05%, (6.05% - 1 mo. USD LIBOR, 0.05% cap), 10/25/42(1)		36,623		86,503
Series 2018-21, Class IO, 3.00%, 4/25/48		11,669		881,206
Series 2019-1, Class SA, 4.913%, (5.40% - 1 mo. USD LIBOR), 2/25/49(1)		9,493		1,278,880
Principal Only:(5)
Series 379, Class 1, 0.00%, 5/25/37		1,775		1,708,012
Series 2014-17, Class PO, 0.00%, 4/25/44		2,279		2,072,371
			$	77,127,204
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2017-C03, Class 1M2C, 3.487%, (1 mo. USD LIBOR + 3.00%), 10/25/29(2)	$	97	$	79,533
Series 2017-C07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(2)		68		63,192
Series 2017-C07, Class 1M2C, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(2)		1,491		1,213,014
Series 2018-C01, Class 1M2, 2.737%, (1 mo. USD LIBOR + 2.25%), 7/25/30(2)		1,250		1,109,007

6 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association Connecticut Avenue Securities: (continued)
Series 2018-C06, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 3/25/31(2)	$	41	$	37,180
Series 2018-R07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 4/25/31(2)(6)		15		14,133
Series 2019-R02, Class 1M2, 2.787%, (1 mo. USD LIBOR + 2.30%), 8/25/31(2)(6)		69		63,365
Series 2019-R07, Class 1M2, 2.587%, (1 mo. USD LIBOR + 2.10%), 10/25/39(2)(6)		717		627,414
Series 2020-R01, Class 1M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 1/25/40(2)(6)		3,782		2,892,770
			$	6,099,608
Government National Mortgage Association:
Series 2011-156, Class GA, 2.00%, 12/16/41	$	593	$	599,624
Series 2015-62, Class PQ, 3.00%, 5/20/45		972		981,048
Series 2016-101, Class ZU, 3.00%, 7/20/46		110		110,373
Series 2017-137, Class AF, 1.218%, (1 mo. USD LIBOR + 0.50%), 9/20/47(2)(3)		3,466		3,453,808
Series 2019-82, Class DZ, 4.00%, 6/20/49		555		555,857
Series 2019-97, Class ZC, 3.50%, 8/20/49		3,021		3,023,482
Series 2019-99, Class ZN, 3.50%, 10/20/47		421		421,305
Series 2019-108, Class KZ, 3.50%, 8/20/49		1,522		1,532,200
Series 2019-110, Class Z, 3.50%, 9/20/49		3,465		3,475,817
Series 2019-110, Class ZD, 3.50%, 9/20/49		4,036		4,042,161
Series 2019-111, Class DZ, 3.50%, 4/20/48		349		349,293
Series 2019-111, Class LZ, 3.50%, 9/20/49		931		930,665
Series 2019-123, Class PZ, 3.50%, 10/20/49		1,826		1,833,063
Series 2019-125, Class AZ, 3.50%, 10/20/49		868		868,373
Series 2019-125, Class BZ, 3.50%, 10/20/49		1,893		1,896,955
Series 2019-126, Class ZA, 3.50%, 10/20/49		939		941,287
Series 2019-132, Class LZ, 3.50%, 10/20/49		1,454		1,453,163
Series 2019-133, Class Z, 3.50%, 10/20/49		1,342		1,343,759
Series 2019-142, Class AZ, 3.50%, 11/20/49		2,713		2,709,719
Series 2019-143, Class KZ, 3.50%, 11/20/49		2,295		2,299,159
Series 2019-148, Class Z, 3.00%, 3/20/49		1,598		1,596,365
Series 2019-148, Class ZN, 4.00%, 11/20/49		1,200		1,199,595
Series 2019-151, Class EZ, 3.50%, 12/20/49		989		989,355
Series 2019-151, Class ZC, 3.50%, 12/20/49		1,294		1,295,320
Series 2019-152, Class BZ, 4.00%, 12/20/49		1,386		1,388,267
Series 2019-152, Class HZ, 3.50%, 12/20/49		161		160,637
Series 2019-152, Class NU, 3.50%, 12/20/49		1,500		1,504,599
Series 2020-1, Class CZ, 4.50%, 1/20/50		193		192,913
Series 2020-9, Class EZ, 3.50%, 1/20/50		2,993		3,001,571
Series 2020-15, Class EZ, 3.50%, 2/20/50		1,006		1,008,317
Series 2020-15, Class PZ, 3.50%, 2/20/50		1,926		1,936,783
Series 2020-16, Class UZ, 3.50%, 2/20/50		2,012		2,021,626
Series 2020-16, Class ZM, 3.50%, 2/20/50		1,006		1,006,791

Security	Principal Amount (000’s omitted)		Value
Government National Mortgage Association: (continued)
Series 2020-17, Class CZ, 3.00%, 2/20/50	$	918	$	918,444
Series 2020-17, Class EZ, 3.50%, 2/20/50		3,459		3,475,946
Series 2020-17, Class ZC, 3.50%, 2/20/50		1,986		1,991,967
Series 2020-21, Class GZ, 3.50%, 2/20/50		1,006		1,011,945
Series 2020-21, Class LZ, 3.50%, 2/20/50		1,908		1,916,094
Series 2020-30, Class MZ, 3.00%, 3/20/50		1,996		2,003,839
Series 2020-31, Class ZH, 3.00%, 3/20/50		2,005		2,006,632
Series 2020-32, Class KS, 3.50%, 3/20/50		2,000		2,012,699
Series 2020-33, Class PZ, 3.00%, 3/20/50		3,008		3,024,418
Series 2020-34, Class DZ, 3.00%, 3/20/50		1,001		1,004,499
Series 2020-47, Class ZD, 3.00%, 4/20/50		1,500		1,510,547
Series 2020-47, Class ZL, 3.50%, 4/20/50		2,000		2,019,412
Series 2020-51, Class ZC, 3.00%, 4/20/50		1,000		1,004,095
Series 2020-55, Class NZ, 3.00%, 4/20/50		1,500		1,513,926
Series 2020-61, Class AZ, 3.00%, 5/1/50(8)		1,499		1,503,805
Interest Only:(4)
Series 2013-66, Class IE, 0.05%, (6.75% - 1 mo. USD LIBOR, 0.05% cap), 7/20/42(1)		13,249		38,059
Series 2014-94, Class IC, 0.10%, (6.40% - 1 mo. USD LIBOR, 0.10% cap), 9/20/35(1)		20,923		91,783
Series 2014-100, Class VI, 0.15%, (6.60% - 1 mo. USD LIBOR, 0.15% cap), 5/20/40(1)		9,476		59,551
Series 2014-139, Class BI, 0.25%, (6.65% - 1 mo. USD LIBOR, 0.25% cap), 11/20/37(1)		9,740		85,485
Series 2018-127, Class SG, 5.532%, (6.25% - 1 mo. USD LIBOR), 9/20/48(1)		10,775		1,501,569
Series 2019-27, Class SA, 5.332%, (6.05% - 1 mo. USD LIBOR), 2/20/49(1)		10,819		1,567,196
Series 2019-38, Class SQ, 5.332%, (6.05% - 1 mo. USD LIBOR), 3/20/49(1)		8,017		1,327,834
Series 2019-43, Class BS, 5.332%, (6.05% - 1 mo. USD LIBOR), 4/20/49(1)		13,286		1,920,023
Series 2020-32, Class KI, 3.50%, 3/20/50		9,892		1,121,284
			$	84,754,302
Total Collateralized Mortgage Obligations (identified cost $260,699,513)			$	254,192,973
Mortgage Pass-Throughs — 33.9%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
2.843%, (COF + 1.25%), with maturity at 2034(9)	$	575	$	580,391
2.845%, (COF + 1.25%), with maturity at 2035(9)		2,058		2,074,970
3.00%, with maturity at 2050		4,928		5,224,301
3.50%, with maturity at 2050		3,956		4,220,021

7 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)			Value
Federal Home Loan Mortgage Corp.: (continued)
4.143%, (1 yr. CMT + 2.23%), with maturity at 2036(9)	$	1,143		$	1,198,850
4.183%, (1 yr. CMT + 2.25%), with maturity at 2038(9)		1,015			1,055,472
4.50%, with various maturities to 2048		4,816			5,196,818
5.50%, with maturity at 2032		101			111,805
6.00%, with maturity at 2033		128			149,869
6.50%, with various maturities to 2028		742			781,716
6.87%, with maturity at 2024		18			19,045
7.00%, with various maturities to 2025		622			652,056
7.09%, with maturity at 2023		81			82,392
7.25%, with maturity at 2022		42			42,748
7.31%, with maturity at 2027		9			9,943
7.50%, with various maturities to 2024		127			132,650
7.78%, with maturity at 2022		3			3,305
8.00%, with various maturities to 2026		93			96,161
8.15%, with maturity at 2021		0	(7)		475
8.50%, with various maturities to 2025		29			29,805
9.00%, with various maturities to 2027		18			19,097
9.50%, with various maturities to 2026		27			28,117
10.50%, with maturity at 2020		1			1,506
				$	21,711,513
Federal National Mortgage Association:
2.234%, (COF + 1.25%), with maturity at 2025(9)	$	233		$	232,277
2.239%, (COF + 1.25%), with various maturities to 2044(9)		840			836,574
2.255%, (COF + 1.25%), with maturity at 2035(9)		409			407,677
2.286%, (COF + 1.25%), with various maturities to 2033(9)		776			772,788
2.955%, (COF + 1.25%), with maturity at 2036(9)		325			324,458
3.00%, with maturity at 2050		9,917			10,471,975
3.317%, (COF + 1.25%), with maturity at 2036(9)		251			252,584
3.396%, (COF + 1.25%), with maturity at 2034(9)		1,039			1,057,911
3.413%, (COF + 2.38%), with maturity at 2027(9)		256			257,414
3.445%, (COF + 1.25%), with maturity at 2035(9)		922			936,229
3.50%, with various maturities to 2050		4,967			5,301,109
3.50%, 30-Year, TBA(14)		25,000			26,427,719
3.755%, (COF + 1.79%), with maturity at 2036(9)		4,751			4,858,403
3.789%, (COF + 1.25%), with maturity at 2034(9)		901			916,756
3.912%, (COF + 1.73%), with maturity at 2035(9)		1,140			1,169,895
4.03%, (1 yr. CMT + 2.12%), with maturity at 2040(9)		387			401,340
4.005%, (COF + 1.25%), with maturity at 2036(9)		70			71,675
4.442%, (COF + 1.87%), with maturity at 2034(9)		1,626			1,673,573
4.50%, with various maturities to 2049		22,420			24,184,480
5.00%, with maturity at 2027		84			91,027
5.50%, with maturity at 2030		149			162,498
6.00%, with various maturities to 2032		441			492,243

Security	Principal Amount (000’s omitted)			Value
Federal National Mortgage Association: (continued)
6.419%, with maturity at 2025(10)	$	44		$	47,647
6.445%, (COF + 1.79%), with maturity at 2021(9)		3			2,927
7.00%, with various maturities to 2024		365			384,784
7.50%, with maturity at 2026		23			24,422
7.875%, with maturity at 2021		23			23,669
8.039%, with maturity at 2030(10)		3			3,334
8.25%, with maturity at 2025		26			27,767
8.50%, with maturity at 2037		238			268,285
8.512%, with maturity at 2021(10)		1			1,315
9.00%, with various maturities to 2026		31			34,042
9.50%, with various maturities to 2030		20			22,285
9.501%, with maturity at 2025(10)		0	(7)		198
9.504%, with maturity at 2025(10)		0	(7)		20
9.521%, with maturity at 2021(10)		1			965
9.946%, with maturity at 2023(10)		1			1,287
10.00%, with maturity at 2021(10)		0	(7)		40
11.00%, with maturity at 2021(10)		0	(7)		13
				$	82,143,605
Government National Mortgage Association:
3.125%, (1 yr. CMT + 1.50%), with various maturities to 2027(9)	$	178		$	183,409
3.50%, with maturity at 2050		1,609			1,730,094
4.00%, with various maturities to 2049		4,824			5,148,216
4.50%, with various maturities to 2049		5,138			5,568,241
7.50%, with maturity at 2025		145			154,293
9.50%, with various maturities to 2025		19			20,446
				$	12,804,699
Total Mortgage Pass-Throughs (identified cost $115,155,917)				$	116,659,817
U.S. Government Guaranteed Small Business Administration Loans — 1.4%(11)(12)
Security	Principal Amount (000’s omitted)			Value
0.16%, 7/15/37 to 5/15/42	$	584		$	2,906
0.23%, 4/15/37 to 12/15/37		1,632			9,505
0.41%, 6/15/42 to 7/15/42		227			3,306
0.48%, 3/15/37 to 12/15/37		2,997			37,122
0.66%, 5/15/42 to 7/15/42		215			5,031
0.73%, 3/15/37 to 10/15/42		2,243			45,836
0.81%, 10/15/37		159			3,452
0.91%, 5/15/42		659			21,343
0.98%, 9/15/37 to 11/15/37		3,316			88,056

8 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
1.23%, 8/15/37 to 12/15/37	$	2,545	$	84,830
1.61%, 5/15/42		3,164		177,577
1.86%, 9/15/42 to 1/15/43		10,137		705,692
1.89%, 11/15/42		1,512		108,729
2.11%, 10/15/42 to 12/15/42		4,028		307,042
2.36%, 9/15/42 to 1/15/43		12,176		1,096,913
2.61%, 12/15/42 to 1/15/43		6,279		634,765
2.86%, 11/15/42 to 2/15/43		11,496		1,274,435
3.11%, 12/15/42		2,956		357,247
Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $6,405,349)			$	4,963,787
Asset-Backed Securities — 2.9%
Security	Principal Amount (000’s omitted)		Value
Invitation Homes Trust:
Series 2018-SFR3, Class E, 2.751%, (1 mo. USD LIBOR + 2.00%), 7/17/37(2)(6)	$	3,000	$	2,766,652
NRZ Excess Spread-Collateralized Notes:
Series 2018-PLS1, Class D, 4.374%, 1/25/23(6)		3,461		3,345,387
PNMAC GMSR Issuer Trust:
Series 2018-GT1, Class A, 3.337%, (1 mo. USD LIBOR + 2.85%), 2/25/23(2)(6)		4,000		3,357,886
Series 2018-GT2, Class A, 3.137%, (1 mo. USD LIBOR + 2.65%), 8/25/25(2)(6)		430		357,340
Total Asset-Backed Securities (identified cost $11,018,637)			$	9,827,265
Short-Term Investments — 0.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(13)		902,791	$	902,791
Total Short-Term Investments (identified cost $902,701)			$	902,791
Total Investments — 112.5% (identified cost $394,182,117)			$	386,546,633
Other Assets, Less Liabilities — (12.5)%			$	(42,865,328	)
Net Assets — 100.0%			$	343,681,305

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

⁽¹⁾  Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at April 30, 2020.

⁽²⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽³⁾  Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

⁽⁴⁾  Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽⁵⁾  Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁶⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $20,116,726 or 5.9% of the Fund’s net assets.

⁽⁷⁾  Principal amount is less than $500.

⁽⁸⁾  When-issued security/forward commitment security.

⁽⁹⁾  Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at April 30, 2020.

⁽¹⁰⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽¹¹⁾  Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹²⁾  Securities comprise a trust that is wholly-owned by the Fund and may only be sold on a pro rata basis with all securities in the trust.

⁽¹³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

⁽¹⁴⁾ TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement.

9 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/Unrealized Appreciation
Interest Rate Futures
U.S. 10-Year Treasury Note		150		Long		6/19/20	$	20,859,375	$	907,861
									$	907,861

Abbreviations:

CMT	–	Constant Maturity Treasury
COF	–	Cost of Funds 11th District
LIBOR	–	London Interbank Offered Rate
TBA	–	To Be Announced

Currency Abbreviations:

USD – United States Dollar

10 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $393,279,416)	$	385,643,842
Affiliated investments, at value (identified cost, $902,701)		902,791
Deposits for derivatives collateral — financial futures contracts		300,000
Interest receivable		1,504,409
Dividends receivable from affiliated investment		1,676
Receivable for investments sold		207,308
Receivable for Fund shares sold		1,930,319
Receivable for variation margin on open financial futures contracts		14,092
Receivable from affiliate		9,832
Total assets	$	390,514,269
Liabilities
Payable for reverse repurchase agreements, including accrued interest of $134	$	12,061,134
Payable for investments purchased		4,466,085
Payable for when-issued securities/forward purchase commitments		28,000,553
Payable for Fund shares redeemed		1,720,241
Distributions payable		82,296
Due to custodian		273
Payable to affiliates:
Investment adviser fee		182,042
Distribution and service fees		70,559
Trustees’ fees		1,345
Accrued expenses		248,436
Total liabilities	$	46,832,964
Net Assets	$	343,681,305
Sources of Net Assets
Paid-in capital	$	403,777,376
Accumulated loss		(60,096,071	)
Total	$	343,681,305
Class A Shares
Net Assets	$	144,422,671
Shares Outstanding		23,476,208
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	6.15
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	6.29
Class C Shares
Net Assets	$	29,105,254
Shares Outstanding		4,738,072
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	6.14
Class I Shares
Net Assets	$	127,842,786
Shares Outstanding		20,796,125
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	6.15
Class R Shares
Net Assets	$	42,310,594
Shares Outstanding		6,905,368
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	6.13

On sales of $100,000 or more, the offering price of Class A shares is reduced.

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

11 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest	$	4,691,062
Dividends from affiliated investment		28,504
Total investment income	$	4,719,566
Expenses
Investment adviser fee	$	1,035,310
Distribution and service fees
Class A		173,915
Class C		145,071
Class R		78,400
Trustees’ fees and expenses		7,793
Custodian fee		36,006
Transfer and dividend disbursing agent fees		186,616
Legal and accounting services		48,426
Printing and postage		20,197
Registration fees		51,878
Interest expense and fees		106,364
Miscellaneous		6,821
Total expenses	$	1,896,797
Deduct —
Allocation of expenses to affiliate	$	40,885
Total expense reductions	$	40,885
Net expenses	$	1,855,912
Net investment income	$	2,863,654
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	5,394,476
Investment transactions — affiliated investment		(2,440	)
Written options		(2,338,681	)
Financial futures contracts		4,947,323
Net realized gain	$	8,000,678
Change in unrealized appreciation (depreciation) —
Investments	$	(2,323,445	)
Investments — affiliated investment		90
Financial futures contracts		997,660
Net change in unrealized appreciation (depreciation)	$	(1,325,695	)
Net realized and unrealized gain	$	6,674,983
Net increase in net assets from operations	$	9,538,637

12 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	2,863,654		$	7,051,558
Net realized gain (loss)		8,000,678			(881,214	)
Net change in unrealized appreciation (depreciation)		(1,325,695	)		1,965,585
Net increase in net assets from operations	$	9,538,637		$	8,135,929
Distributions to shareholders —
Class A	$	(2,131,735	)	$	(4,391,682	)
Class B		—			(6,359	)
Class C		(335,843	)		(923,656	)
Class I		(1,971,118	)		(4,037,723	)
Class R		(436,441	)		(815,123	)
Total distributions to shareholders	$	(4,875,137	)	$	(10,174,543	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	16,266,061		$	16,905,244
Class B		—			1,122
Class C		8,413,573			14,409,884
Class I		73,695,928			80,127,941
Class R		20,021,486			11,548,352
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,882,807			3,810,918
Class B		—			6,183
Class C		304,100			847,531
Class I		1,488,071			2,962,358
Class R		420,594			764,373
Cost of shares redeemed
Class A		(18,069,664	)		(34,978,122	)
Class B		—			(119,454	)
Class C		(6,507,894	)		(11,406,776	)
Class I		(67,681,348	)		(60,235,429	)
Class R		(7,263,828	)		(9,845,947	)
Net asset value of shares converted(1)
Class A		3,386,385			20,973,249
Class B		—			(377,371	)
Class C		(3,386,385	)		(20,595,878	)
Net increase in net assets from Fund share transactions	$	22,969,886		$	14,798,178
Net increase in net assets	$	27,633,386		$	12,759,564
Net Assets
At beginning of period	$	316,047,919		$	303,288,355
At end of period	$	343,681,305		$	316,047,919

⁽¹⁾   Includes the conversion of Class B to Class A shares at the close of business on August 15, 2019 upon the termination of Class B.

13 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	6.070		$	6.100		$	6.280		$	6.430		$	6.630		$	6.840
Income (Loss) From Operations
Net investment income(1)	$	0.054		$	0.134		$	0.142		$	0.109		$	0.105		$	0.115
Net realized and unrealized gain (loss)		0.119			0.029			(0.116	)		(0.040	)		(0.091	)		(0.067	)
Total income from operations	$	0.173		$	0.163		$	0.026		$	0.069		$	0.014		$	0.048
Less Distributions
From net investment income	$	(0.093	)	$	(0.193	)	$	(0.206	)	$	(0.219	)	$	(0.214	)	$	(0.258	)
Total distributions	$	(0.093	)	$	(0.193	)	$	(0.206	)	$	(0.219	)	$	(0.214	)	$	(0.258	)
Net asset value — End of period	$	6.150		$	6.070		$	6.100		$	6.280		$	6.430		$	6.630
Total Return(2)		2.87	%(3)(4)		2.71	%		0.42	%		1.08	%		0.21	%		0.71	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	144,423		$	138,956		$	133,062		$	157,117		$	299,052		$	332,297
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.17	%(4)(6)(7)		1.26	%(6)		1.19	%(8)		1.19	%(8)		1.19	%(8)		1.18	%(8)
Net investment income		1.80	%(7)		2.21	%		2.30	%(8)		1.72	%(8)		1.61	%(8)		1.71	%(8)
Portfolio Turnover of the Portfolio		—			—			62	%(9)		12	%(9)		15	%(9)		33	%(9)
Portfolio Turnover of the Fund		72	%(3)		90	%		1	%(10)		—			—			—

  ⁽¹⁾  Computed using average shares outstanding.

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

  ⁽³⁾ Not annualized.

  ⁽⁴⁾ The investment adviser reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the six months ended April 30, 2020). Absent this reimbursement, total return would be lower.

  ⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁶⁾ Includes interest expense, including on reverse repurchase agreements, of 0.07% and 0.07% for the six months ended April 30, 2020 and for the year ended October 31, 2019, respectively.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁹⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Government Obligations Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on October 5, 2018 and which had the same investment objective and policies as the Fund during such period.

14 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	6.060		$	6.090		$	6.270		$	6.420		$	6.620		$	6.830
Income (Loss) From Operations
Net investment income(1)	$	0.032		$	0.090		$	0.096		$	0.062		$	0.057		$	0.065
Net realized and unrealized gain (loss)		0.118			0.027			(0.117	)		(0.041	)		(0.092	)		(0.067	)
Total income (loss) from operations	$	0.150		$	0.117		$	(0.021	)	$	0.021		$	(0.035	)	$	(0.002	)
Less Distributions
From net investment income	$	(0.070	)	$	(0.147	)	$	(0.159	)	$	(0.171	)	$	(0.165	)	$	(0.208	)
Total distributions	$	(0.070	)	$	(0.147	)	$	(0.159	)	$	(0.171	)	$	(0.165	)	$	(0.208	)
Net asset value — End of period	$	6.140		$	6.060		$	6.090		$	6.270		$	6.420		$	6.620
Total Return(2)		2.49	%(3)(4)		1.95	%		(0.33	)%		0.32	%		(0.54	)%		(0.04	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,105		$	29,940		$	46,902		$	62,647		$	97,657		$	116,220
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.92	%(4)(6)(7)		1.99	%(6)		1.94	%(8)		1.94	%(8)		1.95	%(8)		1.93	%(8)
Net investment income		1.05	%(7)		1.47	%		1.55	%(8)		0.97	%(8)		0.87	%(8)		0.96	%(8)
Portfolio Turnover of the Portfolio		—			—			62	%(9)		12	%(9)		15	%(9)		33	%(9)
Portfolio Turnover of the Fund		72	%(3)		90	%		1	%(10)		—			—			—

  ⁽¹⁾  Computed using average shares outstanding.

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

  ⁽³⁾ Not annualized.

  ⁽⁴⁾ The investment adviser reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the six months ended April 30, 2020). Absent this reimbursement, total return would be lower.

  ⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁶⁾ Includes interest expense, including on reverse repurchase agreements, of 0.07% and 0.07% for the six months ended April 30, 2020 and for the year ended October 31, 2019, respectively.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁹⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Government Obligations Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on October 5, 2018 and which had the same investment objective and policies as the Fund during such period.

15 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	6.060		$	6.100		$	6.280		$	6.430		$	6.620		$	6.830
Income (Loss) From Operations
Net investment income(1)	$	0.062		$	0.149		$	0.157		$	0.125		$	0.121		$	0.131
Net realized and unrealized gain (loss)		0.128			0.019			(0.116	)		(0.041	)		(0.081	)		(0.066	)
Total income from operations	$	0.190		$	0.168		$	0.041		$	0.084		$	0.040		$	0.065
Less Distributions
From net investment income	$	(0.100	)	$	(0.208	)	$	(0.221	)	$	(0.234	)	$	(0.230	)	$	(0.275	)
Total distributions	$	(0.100	)	$	(0.208	)	$	(0.221	)	$	(0.234	)	$	(0.230	)	$	(0.275	)
Net asset value — End of period	$	6.150		$	6.060		$	6.100		$	6.280		$	6.430		$	6.620
Total Return(2)		3.17	%(3)(4)		2.80	%		0.67	%		1.32	%		0.61	%		0.96	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	127,843		$	118,479		$	96,457		$	99,404		$	93,592		$	81,968
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.92	%(4)(6)(7)		1.01	%(6)		0.94	%(8)		0.94	%(8)		0.94	%(8)		0.93	%(8)
Net investment income		2.05	%(7)		2.44	%		2.54	%(8)		1.97	%(8)		1.86	%(8)		1.94	%(8)
Portfolio Turnover of the Portfolio		—			—			62	%(9)		12	%(9)		15	%(9)		33	%(9)
Portfolio Turnover of the Fund		72	%(3)		90	%		1	%(10)		—			—			—

  ⁽¹⁾  Computed using average shares outstanding.

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

  ⁽³⁾ Not annualized.

  ⁽⁴⁾ The investment adviser reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the six months ended April 30, 2020). Absent this reimbursement, total return would be lower.

  ⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁶⁾ Includes interest expense, including on reverse repurchase agreements, of 0.07% and 0.07% for the six months ended April 30, 2020 and for the year ended October 31, 2019, respectively.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁹⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Government Obligations Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on October 5, 2018 and which had the same investment objective and policies as the Fund during such period.

16 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Financial Highlights — continued

	Class R
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	6.040		$	6.080		$	6.260		$	6.410		$	6.600		$	6.810
Income (Loss) From Operations
Net investment income(1)	$	0.046		$	0.118		$	0.126		$	0.092		$	0.088		$	0.097
Net realized and unrealized gain (loss)		0.129			0.019			(0.117	)		(0.041	)		(0.081	)		(0.066	)
Total income from operations	$	0.175		$	0.137		$	0.009		$	0.051		$	0.007		$	0.031
Less Distributions
From net investment income	$	(0.085	)	$	(0.177	)	$	(0.189	)	$	(0.201	)	$	(0.197	)	$	(0.241	)
Total distributions	$	(0.085	)	$	(0.177	)	$	(0.189	)	$	(0.201	)	$	(0.197	)	$	(0.241	)
Net asset value — End of period	$	6.130		$	6.040		$	6.080		$	6.260		$	6.410		$	6.600
Total Return(2)		2.92	%(3)(4)		2.46	%		(0.00	)%(5)		0.81	%		0.10	%		0.45	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	42,311		$	28,673		$	26,376		$	28,593		$	30,908		$	24,170
Ratios (as a percentage of average daily net assets):
Expenses(6)		1.41	%(4)(7)(8)		1.51	%(7)		1.44	%(9)		1.44	%(9)		1.44	%(9)		1.43	%(9)
Net investment income		1.53	%(8)		1.95	%		2.04	%(9)		1.46	%(9)		1.36	%(9)		1.45	%(9)
Portfolio Turnover of the Portfolio		—			—			62	%(10)		12	%(10)		15	%(10)		33	%(10)
Portfolio Turnover of the Fund		72	%(3)		90	%		1	%(11)		—			—			—

  ⁽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⁾ Not annualized.

  ⁽⁴⁾ The investment adviser reimbursed certain operating expenses (equal to 0.03% of average daily net assets for the six months ended April 30, 2020). Absent this reimbursement, total return would be lower.

  ⁽⁵⁾ Less than (0.005)%.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁷⁾ Includes interest expense, including on reverse repurchase agreements, of 0.07% and 0.07% for the six months ended April 30, 2020 and for the year ended October 31, 2019, respectively.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from October 8, 2018 through October 31, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to Government Obligations Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on October 5, 2018 and which had the same investment objective and policies as the Fund during such period.

17 See Notes to Financial Statements.

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Government Opportunities Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to provide a high current return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

18

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

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

J  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Fund’s policies on investment valuations discussed above. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Fund had purchased expires on the stipulated expiration date, the Fund will realize a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option on a security, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

L  Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a

19

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

M  Stripped Mortgage-Backed Securities — The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

N  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $58,681,031 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $1,723,300 are short-term and $56,957,731 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	395,632,656
Gross unrealized appreciation	$	5,532,323
Gross unrealized depreciation		(13,710,485	)
Net unrealized depreciation	$	(8,178,162	)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory and fee reduction agreements between the Fund and BMR, the fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million, 0.625% from $500 million but less than $1 billion, 0.600% from $1 billion but less than $1.5 billion, 0.5625% from $1.5 billion but less than $2 billion, 0.5000% from $2 billion but less than $2.5 billion and 0.4375% of average daily net assets of $2.5 billion or more, and is payable monthly. For the six months ended April 30, 2020, the Fund’s investment adviser fee amounted to $1,035,310 or 0.65% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

20

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Effective March 1, 2020, EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.05%, 1.80%, 0.80% and 1.30% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $40,885 of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $25,040 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 $910 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $173,915 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $108,803 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $39,200 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $36,268 and $39,200 for Class C and Class R shares, respectively.

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

5  Contingent Deferred Sales Charges

Effective December 2, 2019, Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). A CDSC of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received less than $100 and approximately $1,500 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and TBA transactions, for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	1,176,491	$	4,951,526
U.S. Government and Agency Securities		283,898,866		249,034,585
	$	285,075,357	$	253,986,111

21

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		2,674,046			2,781,963
Issued to shareholders electing to receive payments of distributions in Fund shares		309,591			625,805
Redemptions		(2,973,625	)		(5,742,114	)
Converted from Class B shares		—			62,077
Converted from Class C shares		558,013			3,376,341
Net increase		568,025			1,104,072
Class B	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019(1)
Sales		—			184
Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,014
Redemptions		—			(19,571	)
Converted to Class A shares		—			(62,091	)
Net decrease		—			(80,464	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,374,690			2,369,867
Issued to shareholders electing to receive payments of distributions in Fund shares		50,094			139,341
Redemptions		(1,070,673	)		(1,881,781	)
Converted to Class A shares		(558,549	)		(3,381,466	)
Net decrease		(204,438	)		(2,754,039	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		12,080,279			13,150,798
Issued to shareholders electing to receive payments of distributions in Fund shares		244,693			486,853
Redemptions		(11,071,370	)		(9,907,425	)
Net increase		1,253,602			3,730,226

22

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class R	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		3,289,372			1,903,538
Issued to shareholders electing to receive payments of distributions in Fund shares		69,377			126,038
Redemptions		(1,199,210	)		(1,623,059	)
Net increase		2,159,539			406,517

⁽¹⁾   At the close of business on August 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and options on futures contracts to enhance total return, to change the overall duration of the Fund and to hedge against fluctuations in securities prices due to changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Futures contracts	$	907,861	(1)	$	—
Total	$	907,861		$	—

⁽¹⁾   Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Purchased options	$	4,081,586	(1)	$	—
Written options	$	(2,338,681	)(2)	$	—
Futures contracts	$	4,947,323	(3)	$	997,660	(4)

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Investment transactions.

⁽²⁾  Statement of Operations location: Net realized gain (loss) – Written options.

⁽³⁾  Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽⁴⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

23

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The average notional cost of futures contracts outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

Futures Contracts — Long		Futures Contracts — Short
	$28,789,000	$	4,494,000

The average number of purchased options contracts and written options contracts outstanding during the six months ended April 30, 2020, which is indicative of the volume of these derivative types, were 98 and 71 contracts, respectively.

9  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 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. 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 interest rate (excluding fees) for the six months ended April 30, 2020 were $1,511,538 and 2.50%, respectively.

10  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At April 30, 2020, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $273. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at April 30, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 13) at April 30, 2020. The Fund’s average overdraft advances during the six months ended April 30, 2020 were not significant.

11  Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of April 30, 2020 were as follows:

Counterparty	Trade Date		Maturity Date		Interest Rate			Principal Amount		Value Including Accrued Interest		U.S. Government Agency Securities Pledged as Collateral
MUFG Securities Americas, Inc.		4/29/20		5/7/20		0.40	%	$	12,061,000	$	12,061,134	$	12,977,430

At April 30, 2020, the remaining contractual maturity of all reverse repurchase agreements was less than 30 days.

For the six months ended April 30, 2020, the average borrowings under settled reverse repurchase agreements and the average annual interest rate were $10,574,519 and 1.64%, respectively. The reverse repurchase agreements entered into by the Fund are subject to Master Repurchase Agreements (MRA), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. At April 30, 2020, the market value of securities pledged for the benefit of counterparties for reverse repurchase agreements exceeded the amount of borrowings for the counterparty. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at April 30, 2020. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 13) at April 30, 2020.

24

Eaton Vance

Government Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

12  Investments in Affiliated Funds

At April 30, 2020, the value of the Fund’s investment in affiliated funds was $902,791, which represents 0.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	9,556	$	171,393,149	$	(170,497,564	)	$	(2,440	)	$	90	$	902,791	$	28,504		902,791

13  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 April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Collateralized Mortgage Obligations	$	—	$	254,192,973	$	—	$	254,192,973
Mortgage Pass-Throughs		—		116,659,817		—		116,659,817
U.S. Government Guaranteed Small Business Administration Loans		—		4,963,787		—		4,963,787
Asset-Backed Securities		—		9,827,265		—		9,827,265
Short-Term Investments		—		902,791		—		902,791
Total Investments	$	—	$	386,546,633	$	—	$	386,546,633
Futures Contracts	$	907,861	$	—	$	—	$	907,861
Total	$	907,861	$	386,546,633	$	—	$	387,454,494

14  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

25

Eaton Vance

Government Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

26

Eaton Vance

Government Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process — Eaton Vance Government Opportunities Fund

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Government Opportunities Fund and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board specifically noted the Adviser’s experience in investing in collateralized mortgage obligations and mortgage-backed securities, including seasoned mortgage-backed securities, as well as the Adviser’s process for determining the extent to which the Fund will invest in

27

Eaton Vance

Government Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

seasoned mortgage-backed securities instead of other government securities. The Board also noted the Adviser’s experience in investing in instruments other than government securities, including privately issued residential and commercial mortgage-backed securities, mortgage-related loans, asset-backed securities, non-US mortgage-related instruments and other income instruments. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution and other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time

28

Eaton Vance

Government Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

29

Eaton Vance

Government Opportunities Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

30

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

31

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7692     4.30.20

Eaton Vance

High Income Opportunities Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

High Income Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	36
Officers and Trustees	40
Important Notices	41

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Performance^1,2

Portfolio Managers Kelley G. Baccei, Stephen C. Concannon, CFA and Jeffrey D. Mueller

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		03/11/2004		08/19/1986		–7.67	%		–5.12	%		2.41	%		5.53	%
Class A with 4.75% Maximum Sales Charge		—		—		–12.07			–9.64			1.42			5.03
Class C at NAV		06/08/1994		08/19/1986		–7.80			–5.62			1.69			4.77
Class C with 1% Maximum Sales Charge		—		—		–8.70			–6.52			1.69			4.77
Class I at NAV		10/01/2009		08/19/1986		–7.53			–4.87			2.72			5.82
ICE BofA U.S. High Yield Index		—		—		–7.68	%		–5.26	%		3.19	%		5.65	%
ICE BofA U.S. High Yield Constrained Index		—		—		–7.69			–5.27			3.19			5.64
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.91	%		1.67	%		0.66	%

Fund Profile⁴

Credit Quality (% of bonds, loans and commercial mortgage-backed securities)⁵

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  ICE BofA U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE BofA U.S. High Yield Constrained Index is an unmanaged index of below- investment grade U.S. corporate bonds, with issuer exposure capped at 2%. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

⁴  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. For purposes of ratings restrictions, the average of Moody’s, S&P and Fitch is used. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

3

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	923.30	$	4.40		0.92	%
Class C	$	1,000.00	$	922.00	$	7.98		1.67	%
Class I	$	1,000.00	$	924.70	$	3.21		0.67	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.30	$	4.62		0.92	%
Class C	$	1,000.00	$	1,016.60	$	8.37		1.67	%
Class I	$	1,000.00	$	1,021.50	$	3.37		0.67	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

4

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in High Income Opportunities Portfolio, at value (identified cost, $781,164,188)	$	733,713,460
Receivable for Fund shares sold		1,835,006
Total assets	$	735,548,466
Liabilities
Payable for Fund shares redeemed	$	3,888,916
Distributions payable		386,245
Payable to affiliates:
Distribution and service fees		79,976
Trustees’ fees		42
Accrued expenses		283,183
Total liabilities	$	4,638,362
Net Assets	$	730,910,104
Sources of Net Assets
Paid-in capital	$	814,586,084
Accumulated loss		(83,675,980	)
Total	$	730,910,104
Class A Shares
Net Assets	$	222,541,444
Shares Outstanding		56,278,989
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	3.95
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	4.15
Class C Shares
Net Assets	$	43,004,066
Shares Outstanding		10,872,139
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	3.96
Class I Shares
Net Assets	$	465,364,594
Shares Outstanding		117,538,761
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	3.96

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

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

5 See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income allocated from Portfolio	$	23,734,417
Dividends allocated from Portfolio (net of foreign taxes, $81)		249,974
Expenses allocated from Portfolio		(2,119,711	)
Total investment income from Portfolio	$	21,864,680
Expenses
Distribution and service fees
Class A	$	316,398
Class C		252,531
Trustees’ fees and expenses		250
Custodian fee		28,652
Transfer and dividend disbursing agent fees		502,748
Legal and accounting services		23,400
Printing and postage		70,620
Registration fees		48,706
Miscellaneous		8,012
Total expenses	$	1,251,317
Net investment income	$	20,613,363
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(15,959,315	)
Securities sold short		5,061
Foreign currency transactions		(26,032	)
Forward foreign currency exchange contracts		1,108,500
Net realized loss	$	(14,871,786	)
Change in unrealized appreciation (depreciation) —
Investments	$	(70,923,520	)
Securities sold short		(9,017	)
Foreign currency		(3,924	)
Forward foreign currency exchange contracts		(200,509	)
Net change in unrealized appreciation (depreciation)	$	(71,136,970	)
Net realized and unrealized loss	$	(86,008,756	)
Net decrease in net assets from operations	$	(65,395,393	)

6 See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	20,613,363		$	49,427,978
Net realized loss		(14,871,786	)		(13,177,709	)
Net change in unrealized appreciation (depreciation)		(71,136,970	)		28,977,443
Net increase (decrease) in net assets from operations	$	(65,395,393	)	$	65,227,712
Distributions to shareholders —
Class A	$	(7,062,422	)	$	(15,346,891	)
Class B		—			(40,883	)
Class C		(1,209,537	)		(3,115,735	)
Class I		(15,266,030	)		(33,212,248	)
Total distributions to shareholders	$	(23,537,989	)	$	(51,715,757	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	21,024,577		$	48,746,646
Class B		—			863
Class C		3,510,472			6,567,210
Class I		114,803,260			182,195,169
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,833,653			12,587,804
Class B		—			37,158
Class C		1,062,606			2,753,565
Class I		14,131,575			30,729,634
Cost of shares redeemed
Class A		(49,614,749	)		(113,508,177	)
Class B		—			(166,838	)
Class C		(9,588,326	)		(21,529,861	)
Class I		(156,203,174	)		(285,736,940	)
Net asset value of shares converted(1)
Class A		1,885,237			29,880,153
Class B		—			(1,501,049	)
Class C		(1,885,237	)		(28,379,104	)
Net decrease in net assets from Fund share transactions	$	(55,040,106	)	$	(137,323,767	)
Net decrease in net assets	$	(143,973,488	)	$	(123,811,812	)
Net Assets
At beginning of period	$	874,883,592		$	998,695,404
At end of period	$	730,910,104		$	874,883,592

⁽¹⁾   Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.

7 See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	4.400		$	4.330		$	4.560		$	4.460		$	4.400		$	4.650
Income (Loss) From Operations
Net investment income(1)	$	0.104		$	0.227		$	0.233		$	0.239		$	0.228		$	0.237
Net realized and unrealized gain (loss)		(0.435	)		0.081			(0.225	)		0.099			0.082			(0.217	)
Total income (loss) from operations	$	(0.331	)	$	0.308		$	0.008		$	0.338		$	0.310		$	0.020
Less Distributions
From net investment income	$	(0.119	)	$	(0.238	)	$	(0.238	)	$	(0.238	)	$	(0.250	)	$	(0.257	)
Tax return of capital		—			—			—			—			—			(0.013	)
Total distributions	$	(0.119	)	$	(0.238	)	$	(0.238	)	$	(0.238	)	$	(0.250	)	$	(0.270	)
Net asset value — End of period	$	3.950		$	4.400		$	4.330		$	4.560		$	4.460		$	4.400
Total Return(2)		(7.67	)%(3)		7.31	%		0.17	%		7.73	%		7.35	%		0.43	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	222,541		$	269,795		$	287,457		$	375,201		$	506,430		$	338,952
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.92	%(6)		0.91	%		0.87	%		0.85	%		0.86	%		0.90	%
Net investment income		4.87	%(6)		5.22	%		5.24	%		5.28	%		5.23	%		5.22	%
Portfolio Turnover of the Portfolio		31	%(3)		32	%		39	%		42	%		39	%		38	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

8 See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	4.400		$	4.330		$	4.560		$	4.460		$	4.400		$	4.650
Income (Loss) From Operations
Net investment income(1)	$	0.088		$	0.195		$	0.200		$	0.205		$	0.195		$	0.204
Net realized and unrealized gain (loss)		(0.426	)		0.080			(0.225	)		0.099			0.081			(0.219	)
Total income (loss) from operations	$	(0.338	)	$	0.275		$	(0.025	)	$	0.304		$	0.276		$	(0.015	)
Less Distributions
From net investment income	$	(0.102	)	$	(0.205	)	$	(0.205	)	$	(0.204	)	$	(0.216	)	$	(0.223	)
Tax return of capital		—			—			—			—			—			(0.012	)
Total distributions	$	(0.102	)	$	(0.205	)	$	(0.205	)	$	(0.204	)	$	(0.216	)	$	(0.235	)
Net asset value — End of period	$	3.960		$	4.400		$	4.330		$	4.560		$	4.460		$	4.400
Total Return(2)		(7.80	)%(3)		6.49	%		(0.58	)%		6.94	%		6.54	%		(0.34	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	43,004		$	55,246		$	95,312		$	120,884		$	136,908		$	111,949
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.67	%(6)		1.67	%		1.63	%		1.60	%		1.61	%		1.65	%
Net investment income		4.12	%(6)		4.50	%		4.49	%		4.52	%		4.50	%		4.49	%
Portfolio Turnover of the Portfolio		31	%(3)		32	%		39	%		42	%		39	%		38	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

9 See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	4.410		$	4.340		$	4.570		$	4.470		$	4.410		$	4.660
Income (Loss) From Operations
Net investment income(1)	$	0.109		$	0.238		$	0.245		$	0.250		$	0.238		$	0.245
Net realized and unrealized gain (loss)		(0.435	)		0.081			(0.226	)		0.099			0.083			(0.213	)
Total income (loss) from operations	$	(0.326	)	$	0.319		$	0.019		$	0.349		$	0.321		$	0.032
Less Distributions
From net investment income	$	(0.124	)	$	(0.249	)	$	(0.249	)	$	(0.249	)	$	(0.261	)	$	(0.268	)
Tax return of capital		—			—			—			—			—			(0.014	)
Total distributions	$	(0.124	)	$	(0.249	)	$	(0.249	)	$	(0.249	)	$	(0.261	)	$	(0.282	)
Net asset value — End of period	$	3.960		$	4.410		$	4.340		$	4.570		$	4.470		$	4.410
Total Return(2)		(7.53	)%(3)		7.57	%		0.42	%		7.98	%		7.62	%		0.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	465,365		$	549,842		$	614,306		$	825,887		$	839,724		$	322,095
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.67	%(6)		0.66	%		0.62	%		0.59	%		0.61	%		0.65	%
Net investment income		5.13	%(6)		5.47	%		5.49	%		5.51	%		5.45	%		5.42	%
Portfolio Turnover of the Portfolio		31	%(3)		32	%		39	%		42	%		39	%		38	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾ Annualized.

10 See Notes to Financial Statements.

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance High Income Opportunities Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’ paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in High Income Opportunities Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objectives and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (83.1% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain

11

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $24,662,501 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $6,307,651 are short-term and $18,354,850 are long-term.

3  Transactions with Affiliates

Eaton Vance Management (EVM) serves as the administrator of the Fund, but receives no compensation. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $37,018 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $6,852 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $316,398 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund paid pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $189,398 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $63,133 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. Class C shares are subject to a 1% CDSC if redeemed within 12 months of purchase. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $2,000 and $2,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $37,515,050 and $116,437,631, respectively.

12

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		4,933,148			11,204,031
Issued to shareholders electing to receive payments of distributions in Fund shares		1,379,977			2,890,924
Redemptions		(11,785,767	)		(26,093,012	)
Converted from Class B shares		—			343,869
Converted from Class C shares		461,330			6,599,765
Net decrease		(5,011,312	)		(5,054,423	)
Class B	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,  2019(1)
Sales		—			200
Issued to shareholders electing to receive payments of distributions in Fund shares		—			8,593
Redemptions		—			(38,971	)
Converted to Class A shares		—			(343,316	)
Net decrease		—			(373,494	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		848,268			1,505,234
Issued to shareholders electing to receive payments of distributions in Fund shares		251,078			634,701
Redemptions		(2,313,893	)		(4,988,204	)
Converted to Class A shares		(461,200	)		(6,598,446	)
Net decrease		(1,675,747	)		(9,446,715	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		27,968,405			41,865,771
Issued to shareholders electing to receive payments of distributions in Fund shares		3,338,179			7,052,357
Redemptions		(38,511,356	)		(65,771,874	)
Net decrease		(7,204,772	)		(16,853,746	)

⁽¹⁾  At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

13

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

8  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

14

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 86.0%
Security	Principal Amount* (000’s omitted)		Value
Aerospace — 2.5%
Boeing Co. (The), 5.805%, 5/1/50(1)		1,162	$	1,162,000
Boeing Co. (The), 5.93%, 5/1/60(1)		1,162		1,162,000
Bombardier, Inc., 6.00%, 10/15/22(2)		3,852		2,913,075
Bombardier, Inc., 6.125%, 1/15/23(2)		1,016		731,723
Bombardier, Inc., 7.875%, 4/15/27(2)		2,143		1,401,093
F-Brasile SpA/F-Brasile US, LLC, 7.375%, 8/15/26(2)		943		650,670
Moog, Inc., 4.25%, 12/15/27(2)		1,596		1,506,225
Science Applications International Corp., 4.875%, 4/1/28(2)		597		587,454
Spirit AeroSystems, Inc., 7.50%, 4/15/25(2)		1,166		1,154,340
TransDigm UK Holdings PLC, 6.875%, 5/15/26		1,585		1,370,391
TransDigm, Inc., 5.50%, 11/15/27(2)		3,504		2,977,174
TransDigm, Inc., 6.25%, 3/15/26(2)		4,436		4,362,584
TransDigm, Inc., 6.50%, 5/15/25		440		396,088
TransDigm, Inc., 7.50%, 3/15/27		1,705		1,559,990
			$	21,934,807
Air Transportation — 0.4%
Delta Air Lines, Inc., 7.00%, 5/1/25(2)		1,492	$	1,530,744
Southwest Airlines Co., 4.75%, 5/4/23(1)		895		889,351
Southwest Airlines Co., 5.25%, 5/4/25(1)		745		742,910
			$	3,163,005
Automotive & Auto Parts — 2.9%
Ford Motor Co., 8.50%, 4/21/23		3,716	$	3,692,775
Ford Motor Co., 9.00%, 4/22/25		4,459		4,358,672
Ford Motor Co., 9.625%, 4/22/30		1,866		1,838,010
Ford Motor Credit Co., LLC, 2.645%, (3 mo. USD LIBOR + 1.27%), 3/28/22(3)		383		338,566
Ford Motor Credit Co., LLC, 2.927%, (3 mo. USD LIBOR + 1.24%), 2/15/23(3)		539		455,661
Ford Motor Credit Co., LLC, 3.087%, 1/9/23		538		483,528
Ford Motor Credit Co., LLC, 3.336%, 3/18/21		321		309,759
Ford Motor Credit Co., LLC, 3.339%, 3/28/22		859		798,964
Ford Motor Credit Co., LLC, 3.815%, 11/2/27		918		726,368
Ford Motor Credit Co., LLC, 4.25%, 9/20/22		778		722,801
Ford Motor Credit Co., LLC, 4.375%, 8/6/23		507		463,905
Ford Motor Credit Co., LLC, 5.584%, 3/18/24		403		381,843
Ford Motor Credit Co., LLC, 5.596%, 1/7/22		526		515,480
Navistar International Corp., 6.625%, 11/1/25(2)		2,385		2,058,016
Navistar International Corp., 9.50%, 5/1/25(2)		1,493		1,571,382
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26(4)	EUR	2,308		2,358,498

Security	Principal Amount* (000’s omitted)		Value
Automotive & Auto Parts (continued)
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27(2)		5,557	$	4,735,398
			$	25,809,626
Banking & Thrifts — 1.3%
CIT Group, Inc., 5.00%, 8/1/23		2,150	$	2,115,493
CIT Group, Inc., 6.125%, 3/9/28		1,420		1,465,582
JPMorgan Chase & Co., 4.60% to 2/1/25(5)(6)		2,800		2,515,100
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(5)(6)		4,805		5,161,891
			$	11,258,066
Broadcasting — 3.4%
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(2)		4,869	$	3,723,324
iHeartCommunications, Inc., 6.375%, 5/1/26		171		161,998
iHeartCommunications, Inc., 8.375%, 5/1/27		2,601		2,184,319
Netflix, Inc., 4.875%, 4/15/28		640		684,627
Netflix, Inc., 4.875%, 6/15/30(2)		2,212		2,379,117
Netflix, Inc., 5.875%, 2/15/25		2,155		2,387,826
Netflix, Inc., 5.875%, 11/15/28		4,030		4,576,065
Nexstar Broadcasting, Inc., 5.625%, 7/15/27(2)		2,357		2,261,895
Scripps Escrow, Inc., 5.875%, 7/15/27(2)		1,917		1,628,779
Sinclair Television Group, Inc., 5.50%, 3/1/30(2)		1,765		1,473,157
Sirius XM Radio, Inc., 4.625%, 7/15/24(2)		2,963		3,036,482
Sirius XM Radio, Inc., 5.00%, 8/1/27(2)		2,980		3,061,652
TEGNA, Inc., 4.625%, 3/15/28(2)		1,012		911,761
TEGNA, Inc., 5.00%, 9/15/29(2)		1,777		1,594,125
			$	30,065,127
Building Materials — 1.7%
Builders FirstSource, Inc., 5.00%, 3/1/30(2)		855	$	737,694
Builders FirstSource, Inc., 6.75%, 6/1/27(2)		1,452		1,505,869
Core & Main Holdings, L.P., 8.625%, (8.625% Cash or 9.375% PIK), 9/15/24(2)(7)		2,082		1,993,099
Hillman Group, Inc. (The), 6.375%, 7/15/22(2)		1,488		1,133,930
Masonite International Corp., 5.375%, 2/1/28(2)		1,059		1,013,622
Standard Industries, Inc., 2.25%, 11/21/26(2)	EUR	3,990		3,766,258
Standard Industries, Inc., 5.50%, 2/15/23(2)		1,063		1,060,342
Standard Industries, Inc., 6.00%, 10/15/25(2)		3,880		4,020,650
			$	15,231,464
Cable & Satellite TV — 5.3%
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(2)		5,232	$	5,282,750

15 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Cable & Satellite TV (continued)
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32(2)		1,270	$	1,267,635
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(2)		3,055		3,130,306
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28(2)		1,895		1,960,662
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 5/1/25(2)		3,855		3,973,107
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(2)		1,113		1,179,402
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 2/15/26(2)		2,725		2,853,756
CSC Holdings, LLC, 5.25%, 6/1/24		385		402,363
CSC Holdings, LLC, 5.375%, 7/15/23(2)		970		985,956
CSC Holdings, LLC, 5.50%, 5/15/26(2)		4,205		4,376,564
CSC Holdings, LLC, 5.75%, 1/15/30(2)		6,001		6,258,068
CSC Holdings, LLC, 5.875%, 9/15/22		1,410		1,474,437
CSC Holdings, LLC, 6.50%, 2/1/29(2)		1,001		1,098,197
CSC Holdings, LLC, 7.50%, 4/1/28(2)		1,273		1,406,331
CSC Holdings, LLC, 10.875%, 10/15/25(2)		3,862		4,192,780
DISH DBS Corp., 5.875%, 11/15/24		420		406,157
DISH DBS Corp., 7.75%, 7/1/26		1,526		1,510,206
Virgin Media Secured Finance PLC, 5.50%, 8/15/26(2)		1,446		1,500,876
Ziggo B.V., 4.875%, 1/15/30(2)		886		880,773
Ziggo B.V., 5.50%, 1/15/27(2)		2,440		2,493,314
			$	46,633,640
Capital Goods — 0.4%
BWX Technologies, Inc., 5.375%, 7/15/26(2)		2,875	$	2,956,506
Colfax Corp., 6.00%, 2/15/24(2)		880		897,776
			$	3,854,282
Chemicals — 1.0%
Compass Minerals International, Inc., 6.75%, 12/1/27(2)		1,716	$	1,706,820
GCP Applied Technologies, Inc., 5.50%, 4/15/26(2)		739		716,534
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(2)		3,407		3,226,770
SPCM S.A., 4.875%, 9/15/25(2)		1,185		1,204,256
Valvoline, Inc., 4.25%, 2/15/30(2)		1,326		1,295,767
Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25(2)		927		645,424
			$	8,795,571
Consumer Products — 0.6%
Energizer Holdings, Inc., 6.375%, 7/15/26(2)		377	$	389,592

Security	Principal Amount* (000’s omitted)		Value
Consumer Products (continued)
Prestige Brands, Inc., 5.125%, 1/15/28(2)		605	$	615,739
Spectrum Brands, Inc., 5.00%, 10/1/29(2)		712		685,015
Spectrum Brands, Inc., 5.75%, 7/15/25		3,275		3,287,281
			$	4,977,627
Containers — 1.9%
ARD Finance S.A., 5.00%, (5.00% Cash or 5.75% PIK), 6/30/27(4)(7)	EUR	5,629	$	5,606,306
ARD Finance S.A., 6.50%, (6.50% Cash or 7.25% PIK), 6/30/27(2)(7)		410		382,469
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 9/15/22(2)		830		839,587
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		1,415		1,427,947
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		1,695		1,753,647
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23(2)		260		262,652
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24(2)		2,078		2,095,455
Silgan Holdings, Inc., 2.25%, 6/1/28(4)	EUR	1,503		1,601,768
Trivium Packaging Finance B.V., 5.50%, 8/15/26(2)		1,429		1,471,441
Trivium Packaging Finance B.V., 8.50%, 8/15/27(2)		1,574		1,652,149
			$	17,093,421
Diversified Financial Services — 2.2%
AG Issuer, LLC, 6.25%, 3/1/28(2)		1,871	$	1,664,105
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(2)		1,198		1,126,120
DAE Funding, LLC, 4.50%, 8/1/22(2)		2,430		2,177,888
DAE Funding, LLC, 5.00%, 8/1/24(2)		3,046		2,714,747
HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25(2)		1,134		1,136,835
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27		2,726		2,606,765
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22		2,576		2,613,223
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26		2,993		2,955,049
MSCI, Inc., 3.625%, 9/1/30(2)		867		881,912
MSCI, Inc., 5.75%, 8/15/25(2)		1,275		1,339,834
			$	19,216,478
Diversified Media — 0.7%
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(2)		2,273	$	2,146,280

16 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Diversified Media (continued)
Terrier Media Buyer, Inc., 8.875%, 12/15/27(2)		4,963	$	4,125,494
			$	6,271,774
Energy — 9.3%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27(2)		2,542	$	1,897,095
Apache Corp., 3.25%, 4/15/22		459		413,424
Apache Corp., 3.625%, 2/1/21		139		132,074
Apache Corp., 4.25%, 1/15/30		1,336		1,032,137
Apache Corp., 4.375%, 10/15/28		770		613,109
Apache Corp., 4.75%, 4/15/43		226		154,932
Apache Corp., 5.25%, 2/1/42		189		130,353
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(2)		1,272		955,590
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26(2)		4,113		2,414,742
Berry Petroleum Co., LLC, 7.00%, 2/15/26(2)		1,610		784,231
Buckeye Partners, L.P., 4.50%, 3/1/28(2)		1,537		1,392,906
Centennial Resource Production, LLC, 5.375%, 1/15/26(2)		1,460		448,366
Centennial Resource Production, LLC, 6.875%, 4/1/27(2)		3,731		1,140,940
Cheniere Energy Partners, L.P., 4.50%, 10/1/29(2)		2,876		2,666,483
Cheniere Energy Partners, L.P., 5.25%, 10/1/25		600		576,480
Cheniere Energy Partners, L.P., 5.625%, 10/1/26		2,670		2,564,001
Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27(2)		1,957		1,284,379
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(2)		6,527		5,328,382
CVR Energy, Inc., 5.75%, 2/15/28(2)		2,152		1,832,988
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26(2)		2,250		2,004,300
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28(2)		3,005		2,628,323
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(5)(6)		1,630		1,143,844
EnLink Midstream, LLC, 5.375%, 6/1/29		1,207		755,341
EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26(2)(9)		1,689		202,680
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(2)		4,036		694,596
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(2)		1,512		248,664
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(2)		5,592		3,802,560
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28(2)		3,720		1,951,512
Laredo Petroleum, Inc., 9.50%, 1/15/25		694		297,136
Laredo Petroleum, Inc., 10.125%, 1/15/28		1,045		432,243

Security	Principal Amount* (000’s omitted)		Value
Energy (continued)
Matador Resources Co., 5.875%, 9/15/26		4,065	$	2,017,053
MEG Energy Corp., 7.125%, 2/1/27(2)		1,728		1,203,120
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(2)		4,310		1,474,451
Nabors Industries, Ltd., 7.25%, 1/15/26(2)		1,037		400,541
Nabors Industries, Ltd., 7.50%, 1/15/28(2)		1,118		454,187
Neptune Energy Bondco PLC, 6.625%, 5/15/25(2)		5,811		3,900,634
Nine Energy Service, Inc., 8.75%, 11/1/23(2)		1,057		210,766
Occidental Petroleum Corp., 2.60%, 4/15/22		412		364,620
Occidental Petroleum Corp., 2.70%, 8/15/22		497		434,875
Occidental Petroleum Corp., 2.90%, 8/15/24		147		112,411
Occidental Petroleum Corp., 3.125%, 2/15/22		24		21,965
Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22(3)		384		299,766
Occidental Petroleum Corp., 3.45%, 7/15/24		370		260,850
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25(2)		2,315		2,054,099
Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25(2)		2,625		2,372,212
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27(2)		2,055		1,766,581
PBF Holding Co., LLC/PBF Finance Corp., 6.00%, 2/15/28(2)		3,049		2,189,639
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		3,547		2,740,767
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(5)(6)		4,120		2,768,949
Precision Drilling Corp., 6.50%, 12/15/21		86		66,005
Precision Drilling Corp., 7.125%, 1/15/26(2)		1,095		445,775
Precision Drilling Corp., 7.75%, 12/15/23		407		182,051
Seven Generations Energy, Ltd., 5.375%, 9/30/25(2)		3,860		3,102,475
Seven Generations Energy, Ltd., 6.875%, 6/30/23(2)		1,890		1,722,357
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25(2)		4,056		1,277,640
SM Energy Co., 5.00%, 1/15/24		98		31,625
SM Energy Co., 5.625%, 6/1/25		2,741		787,489
SM Energy Co., 6.625%, 1/15/27		1,108		298,274
SM Energy Co., 6.75%, 9/15/26		3,773		1,054,931
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		2,105		1,878,081
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27		1,087		985,094
Tervita Corp., 7.625%, 12/1/21(2)		2,135		1,421,163
Transocean Guardian, Ltd., 5.875%, 1/15/24(2)		1,883		1,468,681
Transocean Poseidon, Ltd., 6.875%, 2/1/27(2)		556		444,800
Transocean, Inc., 7.50%, 1/15/26(2)		1,247		486,330
Western Midstream Operating, L.P., 4.05%, 2/1/30		1,278		1,172,565
Western Midstream Operating, L.P., 4.50%, 3/1/28		224		198,520
			$	81,995,153

17 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Entertainment & Film — 0.7%
AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		723	$	166,290
AMC Entertainment Holdings, Inc., 6.125%, 5/15/27		3,500		848,750
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(2)		1,966		1,749,740
Cinemark USA, Inc., 4.875%, 6/1/23		1,945		1,645,956
Live Nation Entertainment, Inc., 4.75%, 10/15/27(2)		1,759		1,512,107
			$	5,922,843
Environmental — 1.3%
Clean Harbors, Inc., 4.875%, 7/15/27(2)		1,029	$	1,071,164
Clean Harbors, Inc., 5.125%, 7/15/29(2)		617		632,178
Covanta Holding Corp., 5.875%, 3/1/24		2,230		2,207,254
Covanta Holding Corp., 5.875%, 7/1/25		2,225		2,168,930
GFL Environmental, Inc., 7.00%, 6/1/26(2)		1,671		1,751,542
GFL Environmental, Inc., 8.50%, 5/1/27(2)		3,025		3,314,916
Waste Pro USA, Inc., 5.50%, 2/15/26(2)		359		357,492
			$	11,503,476
Food & Drug Retail — 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30(2)		1,744	$	1,778,880
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(2)		1,807		1,896,175
Murphy Oil USA, Inc., 4.75%, 9/15/29		1,277		1,320,865
Murphy Oil USA, Inc., 5.625%, 5/1/27		1,190		1,233,614
			$	6,229,534
Food, Beverage & Tobacco — 1.9%
Central Garden & Pet Co., 5.125%, 2/1/28		1,851	$	1,882,652
Central Garden & Pet Co., 6.125%, 11/15/23		970		986,781
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(2)		2,898		2,947,701
Kraft Heinz Foods Co., 4.375%, 6/1/46		5,079		4,846,042
Performance Food Group, Inc., 5.50%, 10/15/27(2)		1,612		1,541,588
Performance Food Group, Inc., 6.875%, 5/1/25(2)		890		910,025
Post Holdings, Inc., 5.00%, 8/15/26(2)		1,507		1,508,356
US Foods, Inc., 5.875%, 6/15/24(2)		2,481		2,376,054
			$	16,999,199
Gaming — 3.3%
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(2)		3,679	$	2,912,113
Eldorado Resorts, Inc., 6.00%, 4/1/25		1,756		1,694,891
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(2)		3,355		2,842,692

Security	Principal Amount* (000’s omitted)		Value
Gaming (continued)
Golden Nugget, Inc., 6.75%, 10/15/24(2)		2,736	$	2,151,180
Golden Nugget, Inc., 8.75%, 10/1/25(2)		586		331,823
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24		2,890		2,948,985
MGM Resorts International, 7.75%, 3/15/22		2,585		2,640,939
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26(2)		3,323		3,431,496
VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27(2)		1,859		1,737,607
VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30(2)		1,859		1,700,427
VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26(2)		2,822		2,650,394
VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29(2)		2,688		2,495,539
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(2)		1,628		1,396,051
			$	28,934,137
Healthcare — 12.0%
Bausch Health Americas, Inc., 8.50%, 1/31/27(2)		5,152	$	5,703,522
Bausch Health Americas, Inc., 9.25%, 4/1/26(2)		1,420		1,569,100
Bausch Health Cos., Inc., 5.25%, 1/30/30(2)		3,537		3,519,315
Bausch Health Cos., Inc., 5.75%, 8/15/27(2)		760		804,992
Bausch Health Cos., Inc., 5.875%, 5/15/23(2)		127		126,244
Bausch Health Cos., Inc., 6.50%, 3/15/22(2)		2,855		2,918,667
Bausch Health Cos., Inc., 7.00%, 3/15/24(2)		2,626		2,738,629
Bausch Health Cos., Inc., 7.25%, 5/30/29(2)		1,015		1,087,857
Bausch Health Cos., Inc., 9.00%, 12/15/25(2)		3,615		3,960,233
Catalent Pharma Solutions, Inc., 2.375%, 3/1/28(4)	EUR	1,895		1,943,045
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(2)		2,340		2,391,714
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(2)		689		705,984
Centene Corp., 3.375%, 2/15/30(2)		2,564		2,594,383
Centene Corp., 4.25%, 12/15/27(2)		1,716		1,803,344
Centene Corp., 4.625%, 12/15/29(2)		3,002		3,301,149
Centene Corp., 4.75%, 1/15/25		5,365		5,518,171
Centene Corp., 5.375%, 6/1/26(2)		5,880		6,257,555
Centene Corp., 5.375%, 8/15/26(2)		3,622		3,891,839
Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc., 5.75%, 3/1/25(2)		799		786,152
Charles River Laboratories International, Inc., 4.25%, 5/1/28(2)		853		864,430
Charles River Laboratories International, Inc., 5.50%, 4/1/26(2)		1,175		1,215,185
Encompass Health Corp., 4.50%, 2/1/28		900		905,895
Encompass Health Corp., 4.75%, 2/1/30		1,070		1,075,115

18 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Healthcare (continued)
Grifols S.A., 2.25%, 11/15/27(4)	EUR	2,430	$	2,609,656
HCA, Inc., 3.50%, 9/1/30		2,596		2,480,726
HCA, Inc., 5.00%, 3/15/24		1,435		1,569,177
HCA, Inc., 5.25%, 6/15/26		2,196		2,451,826
HCA, Inc., 5.375%, 9/1/26		3,410		3,712,808
HCA, Inc., 5.625%, 9/1/28		2,205		2,453,459
HCA, Inc., 5.875%, 2/15/26		5,010		5,586,150
HCA, Inc., 5.875%, 2/1/29		2,038		2,341,560
Hologic, Inc., 4.375%, 10/15/25(2)		1,405		1,418,769
IQVIA, Inc., 5.00%, 5/15/27(2)		1,076		1,111,497
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23(2)		3,998		4,072,963
LifePoint Health, Inc., 6.75%, 4/15/25(2)		1,143		1,180,605
MPH Acquisition Holdings, LLC, 7.125%, 6/1/24(2)		9,388		8,425,448
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(2)		4,068		4,378,388
Team Health Holdings, Inc., 6.375%, 2/1/25(2)		1,394		776,597
Teleflex, Inc., 4.625%, 11/15/27		2,310		2,378,492
Tenet Healthcare Corp., 4.625%, 9/1/24(2)		476		468,860
Tenet Healthcare Corp., 5.125%, 11/1/27(2)		2,855		2,828,306
			$	105,927,807
Homebuilders & Real Estate — 2.6%
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(2)		2,962	$	2,383,522
Consus Real Estate AG, 9.625%, 5/15/24(4)	EUR	2,663		2,698,372
Ellaktor Value PLC, 6.375%, 12/15/24(4)	EUR	3,038		2,166,604
ESH Hospitality, Inc., 4.625%, 10/1/27(2)		2,403		2,180,723
ESH Hospitality, Inc., 5.25%, 5/1/25(2)		1,260		1,190,952
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(2)		1,749		1,703,089
M/I Homes, Inc., 4.95%, 2/1/28(2)		772		680,325
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		1,838		1,722,757
Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28(2)		2,382		2,068,648
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(2)		1,071		976,859
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(2)		1,493		1,382,219
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24		119		116,311
Vivion Investments S.a.r.l., 3.50%, 11/1/25(4)	EUR	400		394,922
Vivion Investments S.a.r.l., 3.00%, 8/8/24(4)	EUR	3,700		3,615,201
			$	23,280,504

Security	Principal Amount* (000’s omitted)		Value
Hotels — 0.3%
Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24		1,430	$	1,398,433
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(2)		1,147		1,167,072
			$	2,565,505
Insurance — 1.5%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(2)		5,118	$	5,129,515
AmWINS Group, Inc., 7.75%, 7/1/26(2)		1,299		1,347,193
GTCR AP Finance, Inc., 8.00%, 5/15/27(2)		883		831,874
Hub International, Ltd., 7.00%, 5/1/26(2)		3,723		3,696,008
USI, Inc., 6.875%, 5/1/25(2)		1,774		1,789,523
			$	12,794,113
Leisure — 1.3%
Carnival Corp., 11.50%, 4/1/23(2)		2,440	$	2,555,135
Merlin Entertainments, Ltd., 5.75%, 6/15/26(2)		2,177		2,072,722
NCL Corp, Ltd., 3.625%, 12/15/24(2)		1,755		1,138,556
Vail Resorts, Inc., 6.25%, 5/15/25(1)(2)		288		298,800
Viking Cruises, Ltd., 5.875%, 9/15/27(2)		6,132		4,202,443
Viking Cruises, Ltd., 6.25%, 5/15/25(2)		1,820		1,228,136
			$	11,495,792
Metals & Mining — 2.7%
Arconic Corp., 6.125%, 2/15/28(2)		2,096	$	2,007,549
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(2)		2,950		2,587,740
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(2)		701		695,743
Constellium SE, 5.875%, 2/15/26(2)		1,392		1,341,610
Eldorado Gold Corp., 9.50%, 6/1/24(2)		992		1,058,762
First Quantum Minerals, Ltd., 6.875%, 3/1/26(2)		1,198		1,056,217
First Quantum Minerals, Ltd., 7.50%, 4/1/25(2)		2,736		2,428,747
Freeport-McMoRan, Inc., 4.55%, 11/14/24		1,685		1,695,868
Freeport-McMoRan, Inc., 5.45%, 3/15/43		2,526		2,341,223
Howmet Aerospace, Inc., 6.875%, 5/1/25		2,637		2,699,428
New Gold, Inc., 6.375%, 5/15/25(2)		1,869		1,807,884
Novelis Corp., 4.75%, 1/30/30(2)		2,115		1,892,290
Novelis Corp., 5.875%, 9/30/26(2)		2,118		2,069,921
			$	23,682,982
Paper — 0.3%
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(2)		2,611	$	2,751,341
			$	2,751,341

19 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Railroad — 0.9%
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(2)		7,710	$	7,515,708
			$	7,515,708
Restaurant — 0.4%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(2)		860	$	864,205
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.375%, 1/15/28(2)		1,721		1,672,124
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25(2)		581		614,407
Yum! Brands, Inc., 7.75%, 4/1/25(2)		476		520,090
			$	3,670,826
Services — 2.0%
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(2)		601	$	620,713
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(2)		1,870		1,899,546
Booz Allen Hamilton, Inc., 5.125%, 5/1/25(2)		735		733,015
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7. 125%, 7/31/26(2)		2,936		2,818,560
IAA, Inc., 5.50%, 6/15/27(2)		423		424,036
Korn Ferry, 4.625%, 12/15/27(2)		599		565,756
Maxim Crane Works Holdings Capital, LLC, 10.125%, 8/1/24(2)		35		33,187
Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23(2)		3,000		3,036,900
Sabre GLBL, Inc., 9.25%, 4/15/25(2)		760		806,550
ServiceMaster Co., LLC (The), 7.45%, 8/15/27		5,185		5,595,393
TMS International Holding Corp., 7.25%, 8/15/25(2)		1,249		941,184
Univar Solutions USA, Inc., 5.125%, 12/1/27(2)		611		609,259
			$	18,084,099
Steel — 1.2%
Allegheny Ludlum, LLC, 6.95%, 12/15/25		1,821	$	1,652,193
Allegheny Technologies, Inc., 5.875%, 12/1/27		2,632		2,191,140
Allegheny Technologies, Inc., 7.875%, 8/15/23		3,655		3,370,239
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(2)		4,211		3,610,091
			$	10,823,663
Super Retail — 1.6%
Asbury Automotive Group, Inc., 4.50%, 3/1/28(2)		228	$	192,877
Asbury Automotive Group, Inc., 4.75%, 3/1/30(2)		319		269,268
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(2)		1,576		1,607,520

Security	Principal Amount* (000’s omitted)		Value
Super Retail (continued)
L Brands, Inc., 6.75%, 7/1/36		381	$	276,796
L Brands, Inc., 6.875%, 11/1/35		2,242		1,660,986
L Brands, Inc., 7.60%, 7/15/37		426		255,004
Nordstrom, Inc., 8.75%, 5/15/25(2)		620		665,844
PVH Corp., 7.75%, 11/15/23		3,385		3,660,891
Sonic Automotive, Inc., 6.125%, 3/15/27		4,675		4,053,692
William Carter Co. (The), 5.625%, 3/15/27(2)		1,510		1,539,535
			$	14,182,413
Technology — 4.1%
Alliance Data Systems Corp., 4.75%, 12/15/24(2)		1,804	$	1,346,235
CDK Global, Inc., 5.25%, 5/15/29(2)		984		1,006,779
Dell International, LLC/EMC Corp., 5.85%, 7/15/25(2)		790		863,174
Dell International, LLC/EMC Corp., 6.10%, 7/15/27(2)		1,588		1,740,473
Dell International, LLC/EMC Corp., 6.20%, 7/15/30(2)		794		881,459
Dell International, LLC/EMC Corp., 7.125%, 6/15/24(2)		4,834		5,024,218
EIG Investors Corp., 10.875%, 2/1/24		4,750		4,119,675
Entegris, Inc., 4.375%, 4/15/28(2)		1,481		1,490,256
Entegris, Inc., 4.625%, 2/10/26(2)		1,137		1,145,073
Expedia Group, Inc., 6.25%, 5/1/25(1)(2)		748		763,990
Expedia Group, Inc., 7.00%, 5/1/25(1)(2)		373		380,331
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27(2)		2,305		2,379,106
MTS Systems Corp., 5.75%, 8/15/27(2)		667		623,378
Open Text Corp., 3.875%, 2/15/28(2)		1,693		1,658,611
Open Text Holdings, Inc., 4.125%, 2/15/30(2)		1,481		1,447,529
Presidio Holdings, Inc., 4.875%, 2/1/27(2)		591		580,835
Presidio Holdings, Inc., 8.25%, 2/1/28(2)		1,677		1,665,345
PTC, Inc., 3.625%, 2/15/25(2)		840		832,230
PTC, Inc., 4.00%, 2/15/28(2)		845		833,381
Riverbed Technology, Inc., 8.875%, 3/1/23(2)		4,024		2,474,760
Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26(2)		3,286		3,408,075
SS&C Technologies, Inc., 5.50%, 9/30/27(2)		961		989,542
Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 2/1/23(2)		562		550,114
			$	36,204,569
Telecommunications — 8.8%
Altice Financing S.A., 2.25%, 1/15/25(4)	EUR	2,933	$	3,019,190
Altice Financing S.A., 7.50%, 5/15/26(2)		1,705		1,789,653
Altice Finco S.A., 4.75%, 1/15/28(4)	EUR	1,369		1,286,467
Altice France Holding S.A., 6.00%, 2/15/28(2)		1,430		1,315,600
Altice France Holding S.A., 10.50%, 5/15/27(2)		1,614		1,747,316
Altice France S.A., 5.50%, 1/15/28(2)		1,478		1,499,505

20 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
Altice France S.A., 7.375%, 5/1/26(2)		3,518	$	3,692,669
Altice France S.A., 8.125%, 2/1/27(2)		4,715		5,127,091
CenturyLink, Inc., 6.75%, 12/1/23		1,804		1,893,839
CenturyLink, Inc., 7.50%, 4/1/24		359		391,382
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(2)		4,539		4,349,043
Digicel, Ltd., 6.00%, 4/15/21(2)		3,580		2,183,836
Frontier California, Inc., 6.75%, 5/15/27(9)		895		816,151
Hughes Satellite Systems Corp., 5.25%, 8/1/26		2,793		2,966,445
Intelsat Jackson Holdings S.A., 5.50%, 8/1/23(9)		785		430,435
Intelsat Jackson Holdings S.A., 8.50%, 10/15/24(2)(9)		2,586		1,513,327
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(2)		1,337		1,383,327
Level 3 Financing, Inc., 5.25%, 3/15/26		2,180		2,244,637
Level 3 Financing, Inc., 5.375%, 1/15/24		2,215		2,247,782
SBA Communications Corp., 4.00%, 10/1/22		2,295		2,321,507
SBA Communications Corp., 4.875%, 9/1/24		1,385		1,443,225
Sprint Capital Corp., 6.875%, 11/15/28		1,260		1,523,340
Sprint Corp., 7.125%, 6/15/24		2,270		2,559,879
Sprint Corp., 7.25%, 9/15/21		2,545		2,680,649
Sprint Corp., 7.625%, 2/15/25		3,285		3,815,035
Sprint Corp., 7.625%, 3/1/26		2,179		2,585,928
Sprint Corp., 7.875%, 9/15/23		5,496		6,210,480
T-Mobile USA, Inc., 4.75%, 2/1/28		1,095		1,154,864
T-Mobile USA, Inc., 6.375%, 3/1/25		1,225		1,263,526
T-Mobile USA, Inc., 6.50%, 1/15/26		6,587		6,979,915
Telecom Italia Capital S.A., 6.00%, 9/30/34		882		918,779
Telecom Italia SpA, 5.303%, 5/30/24(2)		1,080		1,129,939
ViaSat, Inc., 5.625%, 4/15/27(2)		1,494		1,478,537
Zayo Group Holdings, Inc., 6.125%, 3/1/28(2)		1,782		1,687,946
			$	77,651,244
Transport Excluding Air & Rail — 0.5%
XPO Logistics, Inc., 6.125%, 9/1/23(2)		1,310	$	1,333,187
XPO Logistics, Inc., 6.50%, 6/15/22(2)		3,203		3,230,065
			$	4,563,252
Utility — 4.3%
AES Corp. (The), 4.00%, 3/15/21		1,293	$	1,297,073
AES Corp. (The), 5.125%, 9/1/27		968		1,013,641
AES Corp. (The), 5.50%, 4/15/25		263		271,219
AES Corp. (The), 6.00%, 5/15/26		5,810		6,102,533
Calpine Corp., 4.50%, 2/15/28(2)		1,810		1,760,678
Calpine Corp., 5.125%, 3/15/28(2)		2,554		2,506,112

Security	Principal Amount* (000’s omitted)			Value
Utility (continued)
Calpine Corp., 5.75%, 1/15/25			3,006	$	3,009,637
Drax Finco PLC, 6.625%, 11/1/25(2)			1,493		1,530,624
Ferrellgas, L.P./Ferrellgas Finance Corp., 10.00%, 4/15/25(2)			1,906		2,023,981
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(2)			1,485		1,514,997
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(2)			1,602		1,653,344
NRG Energy, Inc., 5.25%, 6/15/29(2)			1,247		1,341,647
NRG Energy, Inc., 7.25%, 5/15/26			2,324		2,509,107
TerraForm Power Operating, LLC, 4.25%, 1/31/23(2)			1,410		1,453,358
TerraForm Power Operating, LLC, 5.00%, 1/31/28(2)			2,981		3,141,050
Vistra Energy Corp., 8.125%, 1/30/26(2)			3,735		3,935,756
Vistra Operations Co., LLC, 4.30%, 7/15/29(2)			373		371,433
Vistra Operations Co., LLC, 5.00%, 7/31/27(2)			2,344		2,401,545
				$	37,837,735
Total Corporate Bonds & Notes (identified cost $828,861,446)				$	758,920,783
Senior Floating-Rate Loans — 5.8%(10)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Building Materials — 0.1%
Hillman Group, Inc. (The), Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing 5/31/25		$	1,196	$	1,024,676
				$	1,024,676
Capital Goods — 0.1%
Welbilt, Inc., Term Loan, Maturing 10/23/25(11)		$	1,321	$	1,083,317
				$	1,083,317
Food, Beverage & Tobacco — 0.5%
BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24		$	921	$	912,553
HLF Financing S.a.r.l., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25			3,713		3,502,712
				$	4,415,265
Gaming — 1.1%
Golden Nugget, LLC, Term Loan, Maturing 10/4/23(11)		$	337	$	347,110
Lago Resort & Casino, LLC, Term Loan, 10.57%, (6 mo. USD LIBOR + 9.50%), Maturing 3/7/22			949		830,557

21 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Gaming (continued)
Peninsula Pacific Entertainment, LLC, Term Loan, 8.32%, (6 mo. USD LIBOR + 7.25%), Maturing 11/13/24	$	2,057	$	1,799,875
Playtika Holding Corp., Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing 12/10/24		5,381		5,340,531
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25		1,529		1,338,041
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25(12)		111		96,959
			$	9,753,073
Healthcare — 0.5%
Envision Healthcare Corporation, Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 10/10/25	$	1,785	$	1,254,067
National Mentor Holdings, Inc., Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing 3/9/26(13)		1,292		1,233,756
National Mentor Holdings, Inc., Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing 3/9/26		59		56,032
RegionalCare Hospital Partners Holdings, Inc., Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 11/17/25		2,089		1,942,411
			$	4,486,266
Insurance — 1.7%
Asurion, LLC, Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	12,510	$	12,066,933
Sedgwick Claims Management Services, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing 12/31/25		3,383		3,126,054
			$	15,192,987
Metals & Mining — 0.2%
GrafTech Finance, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 2/12/25	$	2,268	$	2,064,107
			$	2,064,107
Services — 0.3%
AlixPartners, LLP, Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 4/4/24	$	2,355	$	2,280,485
			$	2,280,485

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Steel — 0.3%
Big River Steel, LLC, Term Loan, 6.45%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	2,642	$	2,369,218
			$	2,369,218
Super Retail — 0.4%
PetSmart, Inc., Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 3/11/22	$	3,798	$	3,695,314
			$	3,695,314
Technology — 0.4%
EIG Investors Corp., Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	3,293	$	3,054,602
			$	3,054,602
Telecommunications — 0.2%
Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24(14)	$	1,640	$	1,645,330
			$	1,645,330
Total Senior Floating-Rate Loans (identified cost $53,894,148)			$	51,064,640
Convertible Bonds — 0.4%
Security	Principal Amount (000’s omitted)		Value
Air Transportation — 0.4%
Air Transport Services Group, Inc., 1.125%, 10/15/24	$	1,568	$	1,422,035
Southwest Airlines Co., 1.25%, 5/1/25(1)		2,000		2,217,324
Total Convertible Bonds (identified cost $3,408,482)			$	3,639,359
Commercial Mortgage-Backed Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value
Commercial Mortgage-Backed Securities — 0.2%
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.719%, 11/5/32(2)(15)	$	3,190	$	2,228,040
Total Commercial Mortgage-Backed Securities (identified cost $3,021,651)			$	2,228,040

22 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Common Stocks — 1.5%
Security	Shares		Value
Broadcasting — 0.1%
iHeartMedia, Inc., Class A(16)(17)		45,215	$	317,409
			$	317,409
Consumer Products — 0.0%(8)
HF Holdings, Inc.(16)(18)(19)		13,600	$	80,935
			$	80,935
Diversified Media — 0.0%(8)
Clear Channel Outdoor Holdings, Inc.(16)(17)		241,531	$	233,029
			$	233,029
Energy — 0.2%
Ascent CNR Corp., Class A(16)(18)(19)		6,273,462	$	1,549,545
Nine Point Energy Holdings, Inc.(16)(18)(19)		31,737		0
			$	1,549,545
Environmental — 0.1%
GFL Environmental, Inc.		65,500	$	1,133,150
			$	1,133,150
Gaming — 0.2%
Caesars Entertainment Corp.(16)		153,567	$	1,483,457
New Cotai Participation Corp., Class B(16)(18)(19)		7		0
			$	1,483,457
Healthcare — 0.5%
Acadia Healthcare Co., Inc.(16)		80,000	$	1,920,800
Bausch Health Cos., Inc.(16)		110,000		1,993,200
Elanco Animal Health, Inc.(16)		30,000		741,300
			$	4,655,300
Utility — 0.4%
NextEra Energy Partners, L.P.		30,000	$	1,508,700
Vistra Energy Corp.		100,000		1,954,000
			$	3,462,700
Total Common Stocks (identified cost $17,079,509)			$	12,915,525

Convertible Preferred Stocks — 0.1%
Security	Shares		Value
Energy — 0.0%
Nine Point Energy Holdings, Inc., Series A, 12.00%(7)(16)(18)(19)		591	$	0
			$	0
Environmental — 0.1%
GFL Environmental, Inc., 6.00%		17,467	$	856,058
			$	856,058
Total Convertible Preferred Stocks (identified cost $1,467,504)			$	856,058
Miscellaneous — 1.2%
Security	Shares		Value
Cable & Satellite TV — 0.0%
ACC Claims Holdings, LLC(18)		8,415,190	$	0
			$	0
Gaming — 1.2%
PGP Investors, LLC, Membership Interests(16)(18)(19)		30,326	$	10,917,183
			$	10,917,183
Total Miscellaneous (identified cost $2,419,333)			$	10,917,183
Short-Term Investments — 3.0%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(20)		26,551,797	$	26,551,797
Total Short-Term Investments (identified cost $26,549,670)			$	26,551,797
Total Investments — 98.2% (identified cost $936,701,743)			$	867,093,385
Less Unfunded Loan Commitments — (0.0)%(8)			$	(110,811	)
Net Investments — 98.2% (identified cost $936,590,932)			$	866,982,574
Other Assets, Less Liabilities — 1.8%			$	15,923,305
Net Assets — 100.0%			$	882,905,879

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

23 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

* In U.S. dollars unless otherwise indicated.

⁽¹⁾ When-issued security.

⁽²⁾ Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $497,342,426 or 56.3% of the Portfolio’s net assets.

⁽³⁾ Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽⁴⁾ Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $27,300,029 or 3.1% of the Portfolio’s net assets.

⁽⁵⁾ Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁶⁾ Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁷⁾ Represents a payment-in-kind security which may pay interest/dividends in additional principal/shares at the issuer’s discretion.

⁽⁸⁾ Amount is less than 0.05% or (0.05)%, as applicable.

⁽⁹⁾ Issuer is in default with respect to interest and/or principal payments.

⁽¹⁰⁾ Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹¹⁾ This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽¹²⁾ Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $96,959.

⁽¹³⁾ The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹⁴⁾ Fixed-rate loan.

⁽¹⁵⁾ Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽¹⁶⁾ Non-income producing security.

⁽¹⁷⁾ Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁸⁾ For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽¹⁹⁾ Restricted security (see Note 5).

⁽²⁰⁾ 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 April 30, 2020.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	12,160,938	EUR	11,199,000	Bank of America, N.A.		7/31/20	$	—	$	(133,767	)
USD	12,160,591	EUR	11,199,000	Goldman Sachs International		7/31/20		—		(134,114	)
USD	6,898,998	EUR	6,353,353	State Street Bank and Trust Company		7/31/20		—		(75,964	)
							$	—	$	(343,845	)

Abbreviations:

LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
USD	–	United States Dollar

24 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $910,041,262)	$	840,430,777
Affiliated investment, at value (identified cost, $26,549,670)		26,551,797
Cash		228,580
Deposits for derivatives collateral - forward foreign currency exchange contracts		400,000
Interest receivable		13,585,867
Dividends receivable from affiliated investment		9,652
Receivable for investments sold		19,025,656
Tax reclaims receivable		66
Total assets	$	900,232,395
Liabilities
Cash collateral due to brokers	$	400,000
Payable for investments purchased		8,460,214
Payable for when-issued securities		7,367,678
Payable for open forward foreign currency exchange contracts		343,845
Payable to affiliates:
Investment adviser fee		344,352
Trustees’ fees		4,512
Accrued expenses		405,915
Total liabilities	$	17,326,516
Net Assets applicable to investors’ interest in Portfolio	$	882,905,879

25 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income	$	29,181,560
Dividends from affiliated investment		221,636
Dividends (net of foreign taxes, $98)		87,194
Total investment income	$	29,490,390
Expenses
Investment adviser fee	$	2,341,403
Trustees’ fees and expenses		26,678
Custodian fee		138,514
Legal and accounting services		54,414
Miscellaneous		46,909
Total expenses	$	2,607,918
Net investment income	$	26,882,472
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(19,246,625	)
Securities sold short		6,099
Investment transactions — affiliated investment		13,072
Foreign currency transactions		(33,413	)
Forward foreign currency exchange contracts		1,350,846
Net realized loss	$	(17,910,021	)
Change in unrealized appreciation (depreciation) —
Investments	$	(89,128,696	)
Investments — affiliated investment		(1,494	)
Securities sold short		(11,200	)
Foreign currency		(2,058	)
Forward foreign currency exchange contracts		(244,929	)
Net change in unrealized appreciation (depreciation)	$	(89,388,377	)
Net realized and unrealized loss	$	(107,298,398	)
Net decrease in net assets from operations	$	(80,415,926	)

26 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	26,882,472		$	66,438,899
Net realized loss		(17,910,021	)		(17,220,384	)
Net change in unrealized appreciation (depreciation)		(89,388,377	)		34,522,869
Net increase (decrease) in net assets from operations	$	(80,415,926	)	$	83,741,384
Capital transactions —
Contributions	$	46,652,664		$	55,460,769
Withdrawals		(172,330,078	)		(423,305,095	)
Net decrease in net assets from capital transactions	$	(125,677,414	)	$	(367,844,326	)
Net decrease in net assets	$	(206,093,340	)	$	(284,102,942	)
Net Assets
At beginning of period	$	1,088,999,219		$	1,373,102,161
At end of period	$	882,905,879		$	1,088,999,219

27 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.51	%(2)		0.50	%		0.48	%		0.48	%		0.48	%		0.52	%
Net investment income		5.27	%(2)		5.61	%		5.61	%		5.61	%		5.61	%		5.58	%
Portfolio Turnover		31	%(3)		32	%		39	%		42	%		39	%		38	%
Total Return		(7.46	)%(3)		7.74	%		0.59	%		8.13	%		7.74	%		0.82	%
Net assets, end of period (000’s omitted)	$	882,906		$	1,088,999		$	1,373,102		$	1,764,899		$	1,876,636		$	1,288,137

⁽¹⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾ Annualized.

⁽³⁾ Not annualized.

28 See Notes to Financial Statements.

High Income Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

High Income Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Portfolio also seeks growth of capital as a secondary investment objective. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance High Income Opportunities Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 83.1% and 16.9%, respectively, in the Portfolio.

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

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

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

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

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

29

High Income Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

J  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will

30

High Income Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

L  Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any interest, which accrues during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest payable on securities sold short is recorded as an expense.

M  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.30% of the Portfolio’s average daily net assets up to $500 million, 0.275% from $500 million up to $1 billion, 0.25% from $1 billion up to $1.5 billion, 0.225% from $1.5 billion up to $2 billion and at reduced rates on daily net assets of $2 billion or more; plus 3.00% of the Portfolio’s daily gross income (i.e., income other than gains from the sale of securities) when daily net assets are less than $500 million, 2.75% when daily net assets are $500 million but less than $1 billion, 2.50% when daily net assets are $1 billion but less than $1.5 billion, 2.25% when daily net assets are $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $2,341,403 or 0.46% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd., an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, securities sold short and principal repayments on Senior Loans, aggregated $300,403,977 and $391,834,986, respectively, for the six months ended April 30, 2020.

31

High Income Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	933,637,220
Gross unrealized appreciation	$	25,863,250
Gross unrealized depreciation		(92,861,741	)
Net unrealized depreciation	$	(66,998,491	)

5  Restricted Securities

At April 30, 2020, the Portfolio owned the following securities (representing 1.4% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of Acquisition		Shares		Cost		Value
Common Stocks
Ascent CNR Corp., Class A		4/25/16, 11/16/16		6,273,462	$	0	$	1,549,545
HF Holdings, Inc.		10/27/09		13,600		730,450		80,935
New Cotai Participation Corp., Class B		4/12/13		7		216,125		0
Nine Point Energy Holdings, Inc.		7/15/14, 10/21/14		31,737		1,460,742		0
Total Common Stocks					$	2,407,317	$	1,630,480
Convertible Preferred Stocks
Nine Point Energy Holdings, Inc., Series A, 12.00%		5/26/17		591	$	591,000	$	0
Total Convertible Preferred Stocks					$	591,000	$	0
Miscellaneous
PGP Investors, LLC, Membership Interests		10/23/12, 2/18/15, 4/23/18		30,326	$	2,419,333	$	10,917,183
Total Miscellaneous					$	2,419,333	$	10,917,183
Total Restricted Securities					$	5,417,650	$	12,547,663

6  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

32

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Notes to Financial Statements (Unaudited) — continued

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $343,845. At April 30, 2020, there were no assets pledged by the Portfolio for such liability.

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

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative
Forward foreign currency exchange contracts	$	—	$	(343,845	)(1)
Total Derivatives subject to master netting or similar agreements	$	—	$	(343,845	)

⁽¹⁾ Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio’s derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Portfolio for such liabilities as of April 30, 2020.

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)
Bank of America, N.A.	$	(133,767	)	$	—	$	—	$	—	$	(133,767	)
Goldman Sachs International		(134,114	)		—		—		—		(134,114	)
State Street Bank and Trust Company		(75,964	)		—		—		—		(75,964	)
	$	(343,845	)	$	—	$	—	$	—	$	(343,845	)

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

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

33

High Income Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Forward foreign currency exchange contracts	$	1,350,846	$	(244,929	)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $47,395,000.

7  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

8  Credit Risk

The Portfolio primarily invests in lower rated and comparable quality unrated high yield securities. These investments have different risks than investments in debt securities rated investment grade. Risk of loss upon default by the borrower is significantly greater with respect to such debt than with other debt securities because these securities are generally unsecured and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers.

9  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $26,551,797, which represents 3.0% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	33,802,709	$	225,879,766	$	(233,142,256	)	$	13,072	$	(1,494	)	$	26,551,797	$	221,636		26,551,797

10  Fair Value Measurements

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

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

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

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

34

High Income Opportunities Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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 April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Corporate Bonds & Notes	$	—	$	758,920,783		$	—	$	758,920,783
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		50,953,829			—		50,953,829
Convertible Bonds		—		3,639,359			—		3,639,359
Commercial Mortgage-Backed Securities		—		2,228,040			—		2,228,040
Common Stocks		11,285,045		—			1,630,480		12,915,525
Convertible Preferred Stocks		856,058		—			0		856,058
Miscellaneous		—		—			10,917,183		10,917,183
Short-Term Investments		—		26,551,797			—		26,551,797
Total Investments	$	12,141,103	$	842,293,808		$	12,547,663	$	866,982,574
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(343,845	)	$	—	$	(343,845	)
Total	$	—	$	(343,845	)	$	—	$	(343,845	)

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

11  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

35

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

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

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

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

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

36

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

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

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between High Income Opportunities Portfolio (the “Portfolio”), the portfolio in which Eaton Vance High Income Opportunities Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of Eaton Vance Management, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management,

37

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

investment research, and similar services to the Portfolio, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. The Board also considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in high-yield debt. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in global high yield debt and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Portfolio and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

38

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

39

Eaton Vance

High Income Opportunities Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance High Income Opportunities Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of High Income Opportunities Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance High Income Opportunities Fund and High Income Opportunities Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

40

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

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Investment Adviser of High Income Opportunities Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser of High Income Opportunities Portfolio

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Administrator of Eaton Vance High Income Opportunities Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7713    4.30.20

Eaton Vance

Multi-Asset Credit Fund

Semiannual Report

April 30, 2020

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

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

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report April 30, 2020

Eaton Vance

Multi-Asset Credit Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	36
Officers and Trustees	40
Important Notices	41

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Performance^1,2

Portfolio Managers Justin H. Bourgette, CFA, John Redding and Kelley G. Baccei of Eaton Vance Management; Jeffrey D. Mueller of Eaton Vance Advisers International Ltd.

% Average Annual Total Returns	Class  Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		10/31/2011		10/31/2011		–8.24	%		–5.93	%		1.95	%		2.80	%
Class A with 4.75% Maximum Sales Charge		—		—		–12.63			–10.43			0.98			2.21
Class C at NAV		10/31/2011		10/31/2011		–8.58			–6.59			1.31			2.09
Class C with 1% Maximum Sales Charge		—		—		–9.47			–7.49			1.31			2.09
Class I at NAV		10/31/2011		10/31/2011		–8.10			–5.67			2.34			3.13
Class R6 at NAV		09/03/2019		10/31/2011		–8.10			–5.65			2.34			3.13
S&P/LSTA Leveraged Loan Index		—		—		–7.14	%		–6.61	%		1.85	%		3.36	%
ICE BofA Developed Markets High Yield ex-Subordinated Financials Index – Hedged USD		—		—		–7.42			–4.88			3.40			5.56
Blended Index		—		—		–7.28			–5.74			2.64			4.47
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I			Class R6
						0.96	%		1.71	%		0.71	%		0.66	%

Fund Profile

Asset Allocation (% of total investments)⁴

Credit Quality (% total investments, excluding common stocks and short-term investments)⁵

* Amount is less than 0.05%.

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

Multi-Asset Credit Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® is a registered trademark of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofA Developed Markets High Yield ex-Subordinated Financials Index – Hedged USD is an unmanaged index of global developed market below investment grade corporate bonds, USD hedged. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 50% S&P/LSTA Leveraged Loan Index and 50% ICE BofA Developed Markets High Yield ex-Subordinated Financials Index – Hedged USD, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

Effective September 15, 2018, the Fund changed its investment strategy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in credit-related investments. Prior to September 15, 2018, the Fund was a “fund-of-funds” and invested primarily among other investment companies managed by Eaton Vance and its affiliates that invested in various asset classes.

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

⁴  Other represents any investment type less than 1% of total investments.

⁵  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

3

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

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

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

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

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	917.60	$	4.72	**		0.99	%
Class C	$	1,000.00	$	914.20	$	8.28	**		1.74	%
Class I	$	1,000.00	$	919.00	$	3.53	**		0.74	%
Class R6	$	1,000.00	$	919.00	$	3.29	**		0.69	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.90	$	4.97	**		0.99	%
Class C	$	1,000.00	$	1,016.20	$	8.72	**		1.74	%
Class I	$	1,000.00	$	1,021.20	$	3.72	**		0.74	%
Class R6	$	1,000.00	$	1,021.40	$	3.47	**		0.69	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019.

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

4

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 37.9%
Security	Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 0.9%
Boeing Co. (The), 5.805%, 5/1/50		192	$	192,000
Boeing Co. (The), 5.93%, 5/1/60		192		192,000
Bombardier, Inc., 6.125%, 1/15/23(1)		434		312,567
Bombardier, Inc., 7.875%, 4/15/27(1)		528		345,206
F-Brasile SpA/F-Brasile US, LLC, 7.375%, 8/15/26(1)		288		198,720
Howmet Aerospace, Inc., 6.875%, 5/1/25		397		406,399
Moog, Inc., 4.25%, 12/15/27(1)		95		89,656
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)		166		164,340
TransDigm, Inc., 5.50%, 11/15/27(1)		1,017		864,094
TransDigm, Inc., 7.50%, 3/15/27		541		494,988
			$	3,259,970
Air Transport — 0.1%
Southwest Airlines Co., 4.75%, 5/4/23		147	$	146,072
Southwest Airlines Co., 5.25%, 5/4/25(1)		123		122,655
			$	268,727
Automotive — 0.7%
Ford Motor Co., 8.50%, 4/21/23		294	$	292,162
Ford Motor Co., 9.625%, 4/22/30		280		275,800
Navistar International Corp., 9.50%, 5/1/25(1)		225		236,813
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27(1)		2,245		1,913,077
			$	2,717,852
Banks and Thrifts — 0.4%
Banco Mercantil del Norte S.A., 5.75% to 10/4/26, 10/4/31(2)(3)		1,520	$	1,391,408
			$	1,391,408
Beverage and Tobacco — 0.2%
Kraft Heinz Foods Co., 4.375%, 6/1/46		651	$	621,141
			$	621,141
Brokerage/Securities Dealers/Investment Houses — 0.1%
Alliance Data Systems Corp., 4.75%, 12/15/24(1)		459	$	342,529
			$	342,529
Building and Development — 2.4%
AT Securities B.V., 5.25% to 7/21/23(2)(3)(4)		1,750	$	1,654,047

Security		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(1)			1,010	$	812,747
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 4.875%, 2/15/30(1)			109		89,854
Builders FirstSource, Inc., 5.00%, 3/1/30(1)			110		94,908
Builders FirstSource, Inc., 6.75%, 6/1/27(1)			112		116,155
Core & Main Holdings, L.P., 8.625% (8.625% cash or 9.375% PIK), 9/15/24(1)(5)			998		955,385
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(1)			1,069		1,040,939
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(1)			706		653,933
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)			1,210		922,081
Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23(1)			1,000		1,012,300
Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28(1)			304		264,009
Standard Industries, Inc., 4.75%, 1/15/28(1)			1,000		984,000
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(1)			24		22,219
				$	8,622,577
Business Equipment and Services — 1.0%
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(1)			77	$	79,526
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(1)			628		637,922
EIG Investors Corp., 10.875%, 2/1/24			1,230		1,066,779
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			1,736		1,873,404
				$	3,657,631
Cable and Satellite Television — 2.7%
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(1)			350	$	353,395
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32(1)			165		164,693
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(1)			2,123		2,175,332
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28(1)			400		413,860
CSC Holdings, LLC, 5.375%, 7/15/23(1)			600		609,870
CSC Holdings, LLC, 5.75%, 1/15/30(1)			2,139		2,230,630
DISH DBS Corp., 5.00%, 3/15/23			250		239,688
DISH DBS Corp., 5.875%, 7/15/22			90		91,233
DISH DBS Corp., 7.75%, 7/1/26			282		279,081
TEGNA, Inc., 4.625%, 3/15/28(1)			144		129,737
Virgin Media Secured Finance PLC, 5.00%, 4/15/27(2)	GBP		905		1,146,971
Virgin Media Secured Finance PLC, 6.00% to 1/15/21, 1/15/25(2)(6)	GBP		1,000		1,355,675

5 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Cable and Satellite Television (continued)
Ziggo B.V., 4.875%, 1/15/30(1)			200	$	198,820
Ziggo B.V., 5.50%, 1/15/27(1)			484		494,575
				$	9,883,560
Chemicals and Plastics — 0.1%
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(1)			78	$	73,874
Valvoline, Inc., 4.25%, 2/15/30(1)			169		165,147
				$	239,021
Clothing/Textiles — 0.0%(7)
PrestigeBidCo GmbH, 6.25%, 12/15/23(2)	EUR		100	$	108,429
				$	108,429
Commercial Services — 1.3%
Ellaktor Value PLC, 6.375%, 12/15/24(2)	EUR		3,945	$	2,813,448
Intertrust Group B.V., 3.375%, 11/15/25(2)	EUR		500		549,856
Verisure Holding AB, 3.50%, 5/15/23(2)	EUR		300		327,588
Verisure Holding AB, 5.00%, (3 mo. EURIBOR + 5.00%), 4/15/25(2)(8)	EUR		1,000		1,115,027
Verisure Midholding AB, 5.75%, 12/1/23(2)	EUR		100		106,180
				$	4,912,099
Computers — 0.1%
Presidio Holdings, Inc., 4.875%, 2/1/27(1)			82	$	80,590
Presidio Holdings, Inc., 8.25%, 2/1/28(1)			112		111,221
				$	191,811
Distribution & Wholesale — 0.5%
Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(2)(8)	EUR		1,282	$	1,154,489
Parts Europe S.A., 5.50%, (3 mo. EURIBOR + 5.50%), 5/1/22(2)(8)	EUR		100		90,955
Performance Food Group, Inc., 6.875%, 5/1/25(1)			434		443,765
				$	1,689,209
Diversified Financial Services — 2.0%
AG Issuer, LLC, 6.25%, 3/1/28(1)			237	$	210,792
Cabot Financial Luxembourg S.A., 7.50%, 10/1/23(2)	GBP		1,390		1,646,223
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(2)			260		249,600
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(1)			1,514		1,453,440

Security		Principal Amount* (000’s omitted)		Value
Diversified Financial Services (continued)
Lincoln Financing S.a.r.l., 3.625%, 4/1/24(2)	EUR		1,467	$	1,378,667
Vivion Investments S.a.r.l., 3.00%, 8/8/24(2)	EUR		2,300		2,247,287
Vivion Investments S.a.r.l., 3.50%, 11/1/25(2)	EUR		100		98,730
				$	7,284,739
Drugs — 1.5%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)			33	$	36,533
Bausch Health Companies, Inc., 5.00%, 1/30/28(1)			230		221,329
Bausch Health Companies, Inc., 5.25%, 1/30/30(1)			345		343,275
Bausch Health Companies, Inc., 6.125%, 4/15/25(1)			500		507,912
Bausch Health Companies, Inc., 7.00%, 1/15/28(1)			1,862		1,940,483
Bausch Health Companies, Inc., 7.25%, 5/30/29(1)			12		12,861
Bausch Health Companies, Inc., 9.00%, 12/15/25(1)			131		143,511
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(1)			400		408,840
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1)			575		589,174
Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(2)	EUR		1,127		1,205,048
				$	5,408,966
Ecological Services and Equipment — 0.4%
GFL Environmental, Inc., 4.25%, 6/1/25(1)			313	$	315,348
GFL Environmental, Inc., 7.00%, 6/1/26(1)			105		110,061
GFL Environmental, Inc., 8.50%, 5/1/27(1)			1,080		1,183,507
				$	1,608,916
Electric Utilities — 0.4%
Drax Finco PLC, 6.625%, 11/1/25(1)			1,450	$	1,486,540
				$	1,486,540
Electronics/Electrical — 0.7%
Dell, Inc., 7.10%, 4/15/28			850	$	945,285
Energizer Holdings, Inc., 6.375%, 7/15/26(1)			53		54,770
Entegris, Inc., 4.375%, 4/15/28(1)			236		237,475
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27(1)			460		474,789
Infor (US), Inc., 6.50%, 5/15/22			600		603,210
Open Text Corp., 3.875%, 2/15/28(1)			215		210,633
Open Text Holdings, Inc., 4.125%, 2/15/30(1)			188		183,751
				$	2,709,913
Energy — 0.2%
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(1)			723	$	761,861
				$	761,861

6 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Entertainment — 1.1%
CPUK Finance, Ltd., 4.25%, 2/28/47(2)	GBP		750	$	844,841
CPUK Finance, Ltd., 4.875%, 2/28/47(2)	GBP		1,000		1,106,955
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)			167		143,560
Pinewood Finance Co., Ltd., 3.25%, 9/30/25(2)	GBP		1,600		2,010,470
Vail Resorts, Inc., 6.25%, 5/15/25(1)			47		48,762
				$	4,154,588
Financial Intermediaries — 0.6%
Ford Motor Credit Co., LLC, 3.087%, 1/9/23			400	$	359,500
Ford Motor Credit Co., LLC, 3.096%, 5/4/23			305		270,688
Ford Motor Credit Co., LLC, 3.815%, 11/2/27			200		158,250
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27			355		339,472
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			197		194,502
JPMorgan Chase & Co., 4.60% to 2/1/25(3)(4)			386		346,725
MSCI, Inc., 3.625%, 9/1/30(1)			526		535,047
				$	2,204,184
Food Products — 0.5%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(1)			1,946	$	1,979,374
				$	1,979,374
Food Service — 0.2%
1011778 BC ULC/New Red Finance, Inc., 5.75%, 4/15/25(1)			684	$	723,330
Yum! Brands, Inc., 7.75%, 4/1/25(1)			65		71,021
				$	794,351
Food/Drug Retailers — 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30(1)			950	$	969,000
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.75%, 3/15/25			528		545,055
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(1)			609		639,054
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 7.50%, 3/15/26(1)			300		329,160
				$	2,482,269
Health Care — 2.0%
Centene Corp., 3.375%, 2/15/30(1)			327	$	330,875
Centene Corp., 4.25%, 12/15/27(1)			54		56,749

Security		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Centene Corp., 4.625%, 12/15/29(1)			1,035	$	1,138,138
Centene Corp., 4.75%, 5/15/22			500		507,225
Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)			113		111,183
Encompass Health Corp., 4.50%, 2/1/28			522		525,419
Grifols S.A., 2.25%, 11/15/27(2)	EUR		840		902,103
HCA, Inc., 3.50%, 9/1/30			331		316,302
HCA, Inc., 5.875%, 2/1/29			1,019		1,170,780
HCA, Inc., 7.69%, 6/15/25			200		229,460
IQVIA, Inc., 3.50%, 10/15/24(2)	EUR		1,000		1,112,073
LifePoint Health, Inc., 4.375%, 2/15/27(1)			191		180,734
LifePoint Health, Inc., 6.75%, 4/15/25(1)			165		170,428
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(1)			551		593,041
				$	7,344,510
Homebuilders/Real Estate — 0.0%(7)
M/I Homes, Inc., 4.95%, 2/1/28(1)			110	$	96,937
				$	96,937
Insurance — 0.9%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1)			298	$	298,671
AmWINS Group, Inc., 7.75%, 7/1/26(1)			222		230,236
Galaxy Finco, Ltd., 9.25%, 7/31/27(2)	GBP		1,100		1,281,541
GTCR AP Finance, Inc., 8.00%, 5/15/27(1)			126		118,705
Hub International, Ltd., 7.00%, 5/1/26(1)			1,375		1,365,031
				$	3,294,184
Internet Software & Services — 0.9%
Expedia Group, Inc., 6.25%, 5/1/25(1)(9)			119	$	121,544
Expedia Group, Inc., 7.00%, 5/1/25(1)(9)			60		61,179
Netflix, Inc., 3.00%, 6/15/25(2)	EUR		855		952,341
Netflix, Inc., 3.625%, 6/15/30(2)	EUR		1,100		1,220,658
Netflix, Inc., 4.875%, 4/15/28			50		53,486
Netflix, Inc., 5.375%, 11/15/29(1)			811		894,452
Riverbed Technology, Inc., 8.875%, 3/1/23(1)			85		52,275
Science Applications International Corp., 4.875%, 4/1/28(1)			77		75,769
				$	3,431,704
Leisure Goods/Activities/Movies — 0.5%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(1)			295	$	262,550
Carnival Corp., 11.50%, 4/1/23(1)			351		367,562

7 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Leisure Goods/Activities/Movies (continued)
Mattel, Inc., 3.15%, 3/15/23		80	$	74,284
NCL Corp, Ltd., 3.625%, 12/15/24(1)		226		146,618
Sabre GLBL, Inc., 9.25%, 4/15/25(1)		109		115,676
Viking Cruises, Ltd., 5.875%, 9/15/27(1)		1,238		848,439
			$	1,815,129
Lodging and Casinos — 1.4%
ESH Hospitality, Inc., 4.625%, 10/1/27(1)		29	$	26,318
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(1)		1,062		899,833
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)		172		175,010
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		345		323,368
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26(1)		543		560,729
VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27(1)		256		239,283
VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30(1)		256		234,163
VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26(1)		90		84,527
VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29(1)		2,657		2,466,759
			$	5,009,990
Media — 0.1%
Scripps Escrow, Inc., 5.875%, 7/15/27(1)		556	$	472,405
			$	472,405
Metals/Mining — 0.3%
Arconic Corp., 6.125%, 2/15/28(1)		409	$	391,740
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(1)		295		258,774
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(1)		100		99,250
Compass Minerals International, Inc., 6.75%, 12/1/27(1)		504		501,304
			$	1,251,068
Nonferrous Metals/Minerals — 0.3%
Eldorado Gold Corp., 9.50%, 6/1/24(1)		772	$	823,956
First Quantum Minerals, Ltd., 6.875%, 3/1/26(1)		233		205,424
First Quantum Minerals, Ltd., 7.50%, 4/1/25(1)		200		177,540
			$	1,206,920
Oil and Gas — 1.9%
Apache Corp., 3.25%, 4/15/22		76	$	68,454
Apache Corp., 3.625%, 2/1/21		24		22,804
Apache Corp., 4.25%, 1/15/30		220		169,963
Apache Corp., 4.375%, 10/15/28		122		97,142
Apache Corp., 4.75%, 4/15/43		38		26,051

Security		Principal Amount* (000’s omitted)		Value
Oil and Gas (continued)
Apache Corp., 5.25%, 2/1/42			32	$	22,070
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(1)			213		160,016
Buckeye Partners, L.P., 4.50%, 3/1/28(1)			197		178,531
Centennial Resource Production, LLC, 6.875%, 4/1/27(1)			530		162,074
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(1)			606		494,714
CVR Energy, Inc., 5.75%, 2/15/28(1)			297		252,973
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(1)			1,500		258,150
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(1)			1,163		790,840
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28(1)			687		360,400
Laredo Petroleum, Inc., 9.50%, 1/15/25			96		41,102
Laredo Petroleum, Inc., 10.125%, 1/15/28			145		59,976
MEG Energy Corp., 7.125%, 2/1/27(1)			239		166,404
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(1)			50		17,105
Nabors Industries, Ltd., 7.25%, 1/15/26(1)			149		57,551
Nabors Industries, Ltd., 7.50%, 1/15/28(1)			161		65,406
Neptune Energy Bondco PLC, 6.625%, 5/15/25(2)			250		167,813
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1)			2,028		1,361,295
Occidental Petroleum Corp., 2.60%, 8/13/21			385		361,900
Occidental Petroleum Corp., 2.60%, 4/15/22			446		394,710
Occidental Petroleum Corp., 2.70%, 8/15/22			77		67,375
Occidental Petroleum Corp., 2.90%, 8/15/24			25		19,118
Occidental Petroleum Corp., 3.125%, 2/15/22			4		3,661
Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22(8)			55		42,935
Occidental Petroleum Corp., 3.45%, 7/15/24			61		43,005
PBF Holding Co., LLC/PBF Finance Corp., 6.00%, 2/15/28(1)			222		159,429
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25			352		271,991
Precision Drilling Corp., 6.50%, 12/15/21			134		102,812
Precision Drilling Corp., 7.125%, 1/15/26(1)			200		81,420
Precision Drilling Corp., 7.75%, 12/15/23			27		12,077
SM Energy Co., 5.00%, 1/15/24			659		212,659
SM Energy Co., 5.625%, 6/1/25			57		16,376
Transocean, Inc., 7.25%, 11/1/25(1)			350		140,875
				$	6,931,177
Packaging & Containers — 1.4%
ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27(2)(5)	EUR		618	$	615,508
ARD Finance S.A., 6.50%, (6.50% cash or 7.25% PIK), 6/30/27(1)(5)			1,168		1,089,569

8 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Packaging & Containers (continued)
Silgan Holdings, Inc., 2.25%, 6/1/28(2)	EUR		1,000	$	1,065,714
Trivium Packaging Finance B.V., 3.75%, 8/15/26(2)	EUR		2,210		2,391,223
				$	5,162,014
Pipelines — 0.2%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27(1)			377	$	281,355
EnLink Midstream, LLC, 5.375%, 6/1/29			236		147,689
Western Midstream Operating, L.P., 4.05%, 2/1/30			212		194,510
Western Midstream Operating, L.P., 4.50%, 3/1/28			38		33,677
				$	657,231
Radio and Television — 1.0%
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1)			871	$	666,054
iHeartCommunications, Inc., 8.375%, 5/1/27			326		273,923
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)			450		476,820
Terrier Media Buyer, Inc., 8.875%, 12/15/27(1)			2,619		2,177,044
				$	3,593,841
Real Estate Investment Trusts (REITs) — 0.4%
Consus Real Estate AG, 9.625%, 5/15/24(2)	EUR		1,350	$	1,367,932
HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25(1)			161		161,402
				$	1,529,334
Retail — 0.5%
Ferrellgas, L.P./Ferrellgas Finance Corp., 10.00%, 4/15/25(1)			274	$	290,961
Newmark Group, Inc., 6.125%, 11/15/23			1,400		1,292,391
Nordstrom, Inc., 8.75%, 5/15/25(1)			89		95,581
				$	1,678,933
Retailers (Except Food and Drug) — 0.2%
Asbury Automotive Group, Inc., 4.50%, 3/1/28(1)			29	$	24,532
Asbury Automotive Group, Inc., 4.75%, 3/1/30(1)			41		34,608
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(1)			224		228,480
L Brands, Inc., 6.75%, 7/1/36			46		33,419
L Brands, Inc., 6.875%, 11/1/35			288		213,365
L Brands, Inc., 7.60%, 7/15/37			55		32,923
				$	567,327

Security		Principal Amount* (000’s omitted)		Value
Software and Services — 0.1%
PTC, Inc., 3.625%, 2/15/25(1)			107	$	106,010
PTC, Inc., 4.00%, 2/15/28(1)			107		105,529
				$	211,539
Steel — 0.7%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			328	$	297,594
Allegheny Technologies, Inc., 5.875%, 12/1/27			1,250		1,040,625
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(1)			1,315		1,127,350
				$	2,465,569
Surface Transport — 0.5%
Anglian Water Osprey Financing PLC, 4.00%, 3/8/26(2)	GBP		1,200	$	1,477,151
XPO Logistics, Inc., 6.25%, 5/1/25(1)			251		254,765
				$	1,731,916
Technology — 0.3%
Dell International, LLC/EMC Corp., 5.85%, 7/15/25(1)			114	$	124,559
Dell International, LLC/EMC Corp., 6.10%, 7/15/27(1)			229		250,988
Dell International, LLC/EMC Corp., 6.20%, 7/15/30(1)			114		126,557
Dell International, LLC/EMC Corp., 7.125%, 6/15/24(1)			647		672,459
				$	1,174,563
Telecommunications — 4.3%
Altice Financing S.A., 2.25%, 1/15/25(2)	EUR		423	$	435,430
Altice Finco S.A., 4.75%, 1/15/28(2)	EUR		1,175		1,104,163
Altice France Holding S.A., 6.00%, 2/15/28(1)			200		184,000
Altice France Holding S.A., 8.00%, 5/15/27(1)	EUR		1,250		1,396,577
Altice France S.A., 5.875%, 2/1/27(2)	EUR		1,000		1,142,971
Altice France S.A., 8.125%, 2/1/27(1)			1,000		1,087,400
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(1)			973		932,280
Intelsat Jackson Holdings S.A., 8.50%, 10/15/24(1)			449		262,755
Sprint Capital Corp., 6.875%, 11/15/28			417		504,153
Sprint Communications, Inc., 6.00%, 11/15/22			290		307,997
Sprint Corp., 7.625%, 2/15/25			405		470,347
Sprint Corp., 7.625%, 3/1/26			1,815		2,153,951
Sprint Corp., 7.875%, 9/15/23			805		909,650
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(2)	EUR		1,280		1,251,408
T-Mobile USA, Inc., 6.50%, 1/15/26			750		794,737
TalkTalk Telecom Group PLC, 3.875%, 2/20/25(2)	GBP		1,695		2,094,824
Telecom Italia SpA, 3.00%, 9/30/25(2)	EUR		535		595,924
Zayo Group Holdings, Inc., 6.125%, 3/1/28(1)			228		215,966
				$	15,844,533

9 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Transportation — 0.5%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1)			166	$	156,040
Getlink SE, 3.625%, 10/1/23(2)	EUR		300		323,191
JSL Europe S.A., 7.75%, 7/26/24(1)			1,441		1,329,322
				$	1,808,553
Utilities — 0.7%
Calpine Corp., 4.50%, 2/15/28(1)			468	$	455,247
Calpine Corp., 5.125%, 3/15/28(1)			704		690,800
Calpine Corp., 5.75%, 1/15/25			544		544,658
Vistra Operations Co., LLC, 4.30%, 7/15/29(1)			914		910,159
Vistra Operations Co., LLC, 5.00%, 7/31/27(1)			29		29,712
				$	2,630,576
Total Corporate Bonds & Notes (identified cost $151,061,112)				$	138,691,618
Senior Floating-Rate Loans— 38.8%(10)
Borrower/ Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.2%
Dynasty Acquisition Co., Inc., Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing 4/6/26			715	$	632,529
Dynasty Acquisition Co., Inc., Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing 4/6/26			384		340,070
TransDigm, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing 12/9/25			3,734		3,284,084
				$	4,256,683
Automotive — 0.0%(7)
Dayco Products, LLC, Term Loan, 5.86%, (3 mo. USD LIBOR + 4.25%), Maturing 5/19/23			98	$	73,674
Garrett LX III S.a.r.l., Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing 9/27/25	EUR		61		59,884
				$	133,558
Building and Development — 1.3%
Core & Main L.P., Term Loan, 3.99%, (USD LIBOR + 2.75%), Maturing 8/1/24(11)			1,390	$	1,319,537
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 8/21/25			2,290		2,132,309
Quikrete Holdings, Inc., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 2/1/27			200		186,907

Borrower/ Tranche Description		Principal Amount* (000’s omitted)		Value
Building and Development (continued)
Werner FinCo L.P., Term Loan, 4.44%, (1 mo. USD LIBOR + 4.00%), Maturing 7/24/24			1,195	$	1,033,602
WireCo WorldGroup, Inc., Term Loan, 6.07%, (6 mo. USD LIBOR + 5.00%), Maturing 9/30/23			98		73,880
				$	4,746,235
Business Equipment and Services — 4.3%
AlixPartners, LLP, Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing 4/4/24			2,237	$	2,166,845
Allied Universal Holdco, LLC, Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing 7/10/26			2,693		2,527,327
Hillman Group, Inc. (The), Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing 5/31/25			14		11,875
IG Investment Holdings, LLC, Term Loan, 5.45%, (3 mo. USD LIBOR + 4.00%), Maturing 5/23/25			98		82,100
Iron Mountain, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 1/2/26			2,064		1,945,760
Kronos Incorporated, Term Loan, 4.76%, (3 mo. USD LIBOR + 3.00%), Maturing 11/1/23			1,843		1,784,486
KUEHG Corp., Term Loan, 5.20%, (3 mo. USD LIBOR + 3.75%), Maturing 2/21/25			297		243,363
Pike Corporation, Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing 7/24/26			196		189,863
Pre-Paid Legal Services, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing 5/1/25			194		178,528
Presidio, Inc., Term Loan, 4.27%, (3 mo. USD LIBOR + 3.50%), Maturing 1/22/27			2,500		2,380,207
Sabre GLBL, Inc., Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing 2/22/24			1,000		921,771
Spin Holdco, Inc., Term Loan, 4.25%, (1 mo. USD LIBOR + 3.25%, Floor 1.00%), Maturing 11/14/22			2,790		2,577,544
Trans Union, LLC, Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 11/16/26			997		957,945
				$	15,967,614
Cable and Satellite Television — 2.2%
Altice France S.A., Term Loan, 4.81%, (1 mo. USD LIBOR + 4.00%), Maturing 8/14/26			2,980	$	2,782,020
Telenet Financing USD, LLC, Term Loan, 2.81%, (1 mo. USD LIBOR + 2.00%), Maturing 4/30/28			1,525		1,457,137
Telenet International Finance S.a.r.l., Term Loan, 2.25%, (6 mo. EURIBOR + 2.25%), Maturing 4/30/29	EUR		100		107,511
Virgin Media Bristol, LLC, Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing 1/31/28			3,800		3,603,893
				$	7,950,561

10 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/ Tranche Description		Principal Amount* (000’s omitted)		Value
Chemicals and Plastics — 0.9%
Axalta Coating Systems US Holdings, Inc., Term Loan, 3.20%, (3 mo. USD LIBOR + 1.75%), Maturing 6/1/24			994	$	970,888
Ferro Corporation, Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing 2/14/24			100		96,559
Ferro Corporation, Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing 2/14/24			98		94,504
H.B. Fuller Company, Term Loan, 2.72%, (1 mo. USD LIBOR + 2.00%), Maturing 10/20/24			219		211,066
Messer Industries GmbH, Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing 3/1/26	EUR		75		79,723
PQ Corporation, Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing 2/7/27			82		78,523
Starfruit Finco B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing 10/1/25	EUR		75		80,923
Starfruit Finco B.V., Term Loan, 3.86%, (1 mo. USD LIBOR + 3.00%), Maturing 10/1/25			199		181,808
Tronox Finance, LLC, Term Loan, 3.59%, (USD LIBOR + 2.75%), Maturing 9/23/24(11)			85		80,148
Univar, Inc., Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing 7/1/24			1,512		1,466,518
				$	3,340,660
Containers and Glass Products — 0.6%
Reynolds Group Holdings, Inc., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 2/5/23			2,287	$	2,189,725
				$	2,189,725
Cosmetics/Toiletries — 0.7%
Kronos Acquisition Holdings, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 5/15/23			2,700	$	2,436,750
				$	2,436,750
Drugs — 1.6%
Bausch Health Companies, Inc., Term Loan, 3.72%, (1 mo. USD LIBOR + 3.00%), Maturing 6/2/25			3,255	$	3,154,357
Elanco Animal Health Incorporated, Term Loan, Maturing 2/4/27(12)			206		199,199
Horizon Therapeutics USA, Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%), Maturing 5/22/26			51		50,123
Jaguar Holding Company II, Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 8/18/22			2,384		2,344,895
				$	5,748,574

Borrower/ Tranche Description	Principal Amount* (000’s omitted)		Value
Ecological Services and Equipment — 0.3%
GFL Environmental, Inc., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%), Maturing 5/30/25		1,234	$	1,215,053
			$	1,215,053
Electronics/Electrical — 7.3%
Almonde, Inc., Term Loan, Maturing 6/13/24(12)		1,000	$	873,333
Applied Systems, Inc., Term Loan, 4.70%, (3 mo. USD LIBOR + 3.25%), Maturing 9/19/24		2,835		2,726,390
Avast Software B.V., Term Loan, 3.70%, (3 mo. USD LIBOR + 2.25%), Maturing 9/29/23		37		36,415
Banff Merger Sub, Inc., Term Loan, 4.65%, (1 mo. USD LIBOR + 4.25%), Maturing 10/2/25		2,784		2,419,817
Electro Rent Corporation, Term Loan, 6.02%, (USD LIBOR + 5.00%), Maturing 1/31/24(11)		1,995		1,849,804
Epicor Software Corporation, Term Loan, 3.66%, (1 mo. USD LIBOR + 3.25%), Maturing 6/1/22		2,737		2,653,937
Go Daddy Operating Company, LLC, Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 2/15/24		148		143,870
Hyland Software, Inc., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), Maturing 7/1/24		2,829		2,728,547
Infor (US), Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 2/1/22		3,186		3,141,649
Informatica, LLC, Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing 2/25/27		2,375		2,241,406
MA FinanceCo., LLC, Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 6/21/24		51		47,422
MACOM Technology Solutions Holdings, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing 5/17/24		98		88,409
Seattle Spinco, Inc., Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 6/21/24		344		320,255
SolarWinds Holdings, Inc., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 2/5/24		1,694		1,650,530
Tibco Software, Inc., Term Loan, 4.16%, (1 mo. USD LIBOR + 3.75%), Maturing 6/30/26		2,345		2,211,591
Uber Technologies, Inc., Term Loan, 3.90%, (1 mo. USD LIBOR + 3.50%), Maturing 7/13/23		247		234,356
Uber Technologies, Inc., Term Loan, 5.00%, (1 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 4/4/25		990		939,604
Ultimate Software Group, Inc. (The), Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 5/4/26		2,495		2,392,075
Western Digital Corporation, Term Loan, 2.77%, (1 mo. USD LIBOR + 1.75%), Maturing 4/29/23		139		134,728
			$	26,834,138
Financial Intermediaries — 0.5%
BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24		239	$	236,392

11 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/ Tranche Description		Principal Amount* (000’s omitted)		Value
Financial Intermediaries (continued)
Evergood 4 ApS, Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing 2/6/25	EUR		75	$	78,203
Nets Holding A/S, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing 2/6/25	EUR		1,000		1,030,783
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25			416		363,882
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25(13)			30		26,368
				$	1,735,628
Food Products — 2.2%
CHG PPC Parent, LLC, Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing 3/31/25	EUR		100	$	103,284
HLF Financing S.a.r.l., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25			2,637		2,487,117
JBS USA Lux S.A., Term Loan, 3.07%, (6 mo. USD LIBOR + 2.00%), Maturing 5/1/26			2,904		2,818,200
Nomad Foods Europe Midco Limited, Term Loan, 3.06%, (1 mo. USD LIBOR + 2.25%), Maturing 5/15/24			2,650		2,568,844
				$	7,977,445
Food Service — 0.6%
1011778 B.C. Unlimited Liability Company, Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 11/19/26			2,419	$	2,286,905
				$	2,286,905
Health Care — 1.9%
ADMI Corp., Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing 4/30/25			98	$	84,589
Avantor Inc., Term Loan, 3.25%, (1 mo. USD LIBOR + 2.25%, Floor 1.00%), Maturing 11/21/24			2,490		2,459,012
Change Healthcare Holdings, LLC, Term Loan, 3.50%, (3 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing 3/1/24			2,477		2,396,854
CHG Healthcare Services, Inc., Term Loan, 4.07%, (6 mo. USD LIBOR + 3.00%), Maturing 6/7/23			98		93,387
MPH Acquisition Holdings, LLC, Term Loan, 4.20%, (3 mo. USD LIBOR + 2.75%), Maturing 6/7/23			1,193		1,101,712
National Mentor Holdings, Inc., Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing 3/9/26(11)			142		136,053
National Mentor Holdings, Inc., Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing 3/9/26			6		6,179
Ortho-Clinical Diagnostics S.A., Term Loan, 4.27%, (1 mo. USD LIBOR + 3.25%), Maturing 6/30/25			392		351,194

Borrower/ Tranche Description	Principal Amount* (000’s omitted)		Value
Health Care (continued)
RegionalCare Hospital Partners Holdings, Inc., Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 11/17/25		125	$	116,480
U.S. Anesthesia Partners, Inc., Term Loan, 4.00%, (6 mo. USD LIBOR + 3.00%, Floor 1.00%), Maturing 6/23/24		78		67,411
			$	6,812,871
Industrial Equipment — 2.4%
Apex Tool Group, LLC, Term Loan, 6.50%, (1 mo. USD LIBOR + 5.25%, Floor 1.25%), Maturing 8/1/24		2,077	$	1,676,314
DexKo Global, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 7/24/24		1,095		946,451
EWT Holdings III Corp., Term Loan, 3.45%, (2 mo. USD LIBOR + 2.75%), Maturing 12/20/24		1,369		1,327,623
Filtration Group Corporation, Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing 3/29/25		1,686		1,616,027
Gardner Denver, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 3/1/27		195		184,941
Gates Global, LLC, Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 4/1/24		98		91,299
Ingersoll-Rand Services Company, Term Loan, Maturing 3/1/27(12)		1,000		949,531
LTI Holdings, Inc., Term Loan, Maturing 9/6/25(12)		500		405,000
Robertshaw US Holding Corp., Term Loan, 4.25%, (USD LIBOR + 3.25%), Maturing 2/28/25(11)		1,941		1,433,675
Welbilt, Inc., Term Loan, Maturing 10/23/25(12)		181		148,396
			$	8,779,257
Insurance — 2.6%
AmWINS Group, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 1/25/24		1,836	$	1,784,279
Asurion, LLC, Term Loan, 4.00%, (1 mo. USD LIBOR + 3.00%), Maturing 8/4/22		280		270,580
Asurion, LLC, Term Loan, Maturing 11/3/23(12)		500		479,750
Asurion, LLC, Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25		3,000		2,893,749
Hub International Limited, Term Loan, 4.02%, (3 mo. USD LIBOR + 3.00%), Maturing 4/25/25		2,730		2,590,712
USI, Inc., Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing 5/16/24		1,494		1,406,510
			$	9,425,580
Leisure Goods/Activities/Movies — 1.9%
Crown Finance US, Inc., Term Loan, 3.32%, (6 mo. USD LIBOR + 2.25%), Maturing 2/28/25		2,806	$	1,851,983

12 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/ Tranche Description		Principal Amount* (000’s omitted)		Value
Leisure Goods/Activities/Movies (continued)
Crown Finance US, Inc., Term Loan, 3.57%, (6 mo. USD LIBOR + 2.50%), Maturing 9/30/26			249	$	156,713
Delta 2 (LUX) S.a.r.l., Term Loan, 3.50%, (1 mo. USD LIBOR + 2.50%, Floor 1.00%), Maturing 2/1/24			2,250		2,066,485
Lindblad Expeditions, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing 3/27/25			20		15,229
Lindblad Expeditions, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing 3/27/25			79		60,915
Motion Finco S.a.r.l., Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing 11/13/26	EUR		1,200		1,183,518
Playtika Holding Corp., Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing 12/10/24			1,409		1,398,594
SRAM, LLC, Term Loan, 3.75%, (USD LIBOR + 2.75%), Maturing 3/15/24(11)			207		198,278
Vue International Bidco PLC, Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing 7/3/26	EUR		42		39,606
				$	6,971,321
Lodging and Casinos — 0.6%
CityCenter Holdings, LLC, Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing 4/18/24			147	$	131,033
Four Seasons Hotels Limited, Term Loan, 2.40%, (1 mo. USD LIBOR + 2.00%), Maturing 11/30/23			98		91,378
Golden Nugget, Inc., Term Loan, 3.46%, (USD LIBOR + 2.50%), Maturing 10/4/23(11)			2,421		1,984,137
				$	2,206,548
Oil and Gas — 1.2%
CITGO Petroleum Corporation, Term Loan, 5.50%, (1 mo. USD LIBOR + 4.50%, Floor 1.00%), Maturing 7/29/21			1,545	$	1,475,623
CITGO Petroleum Corporation, Term Loan, 6.00%, (6 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 3/28/24			1,738		1,564,300
PSC Industrial Holdings Corp., Term Loan, 4.98%, (6 mo. USD LIBOR + 3.75%), Maturing 10/11/24			197		160,946
Tallgrass HoldCo, Term Loan, 6.20%, (3 mo. USD LIBOR + 4.75%), Maturing 3/11/26			1,875		1,361,914
				$	4,562,783
Publishing — 0.5%
Getty Images, Inc., Term Loan, 4.94%, (1 mo. USD LIBOR + 4.50%), Maturing 2/19/26			2,167	$	1,826,087
				$	1,826,087

Borrower/ Tranche Description		Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) — 1.2%
BJ’s Wholesale Club, Inc., Term Loan, 3.08%, (1 mo. USD LIBOR + 2.25%), Maturing 2/3/24			2,227	$	2,174,543
Hoya Midco, LLC, Term Loan, 4.57%, (6 mo. USD LIBOR + 3.50%), Maturing 6/30/24			198		143,586
PetSmart, Inc., Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 3/11/22			2,000		1,946,000
				$	4,264,129
Steel — 0.6%
GrafTech Finance, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 2/12/25			2,109	$	1,919,163
Zekelman Industries, Inc., Term Loan, 2.82%, (1 mo. USD LIBOR + 2.25%), Maturing 1/24/27			500		475,000
				$	2,394,163
Telecommunications — 1.5%
CenturyLink, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing 3/15/27			2,771	$	2,631,342
eircom Finco S.a.r.l., Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing 5/15/26	EUR		76		81,751
Ziggo Financing Partnership, Term Loan, 3.31%, (1 mo. USD LIBOR + 2.50%), Maturing 4/30/28			2,850		2,680,188
				$	5,393,281
Utilities — 0.7%
Brookfield WEC Holdings, Inc., Term Loan, 3.40%, (1 mo. USD LIBOR + 3.00%), Maturing 8/1/25			298	$	283,451
Calpine Corporation, Term Loan, 2.66%, (1 mo. USD LIBOR + 2.25%), Maturing 1/15/24			2,378		2,308,190
				$	2,591,641
Total Senior Floating-Rate Loans (identified cost $150,768,402)				$	142,047,190
Asset-Backed Securities — 6.0%
Security		Principal Amount (000’s omitted)		Value
Allegany Park CLO, Ltd.
Series 2019-1A, Class E, 8.609%, (3 mo. USD LIBOR + 6.78%), 1/20/33(1)(8)		$	1,000	$	723,265
Ares LII CLO, Ltd.
Series 2019-52A, Class D, 5.048%, (3 mo. USD LIBOR + 3.95%), 4/22/31(1)(8)			1,750		1,525,578
Series 2019-52A, Class E, 7.648%, (3 mo. USD LIBOR + 6.55%), 4/22/31(1)(8)			250		185,559

13 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Bardot CLO, Ltd.
Series 2019-2A, Class E, 8.048%, (3 mo. USD LIBOR + 6.95%), 10/22/32(1)(8)	$	500	$	367,103
Benefit Street Partners CLO XIX, Ltd.
Series 2019-19A, Class D, 5.678%, (3 mo. USD LIBOR + 3.80%), 1/15/33(1)(8)		1,000		825,344
Series 2019-19A, Class E, 8.898%, (3 mo. USD LIBOR + 7.02%), 1/15/33(1)(8)		1,000		736,592
Benefit Street Partners CLO XVIII, Ltd.
Series 2019-18A, Class E, 8.119%, (3 mo. USD LIBOR + 6.90%), 10/15/32(1)(8)		500		366,619
BlueMountain CLO XXVI, Ltd.
Series 2019-26A, Class E, 8.835%, (3 mo. USD LIBOR + 7.70%), 10/20/32(1)(8)		500		390,416
BlueMountain CLO, Ltd.
Series 2018-1A, Class E, 6.710%, (3 mo. USD LIBOR + 5.95%), 7/30/30(1)(8)		250		140,538
Carlyle Global Market Strategies CLO, Ltd.
Series 2014-3RA, Class C, 3.941%, (3 mo. USD LIBOR + 2.95%), 7/27/31(1)(8)		2,725		2,155,331
Series 2014-4RA, Class C, 4.119%, (3 mo. USD LIBOR + 2.90%), 7/15/30(1)(8)		2,000		1,538,964
Series 2014-4RA, Class D, 6.869%, (3 mo. USD LIBOR + 5.65%), 7/15/30(1)(8)		250		138,727
Series 2015-5A, Class DR, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(8)		250		144,228
Coinstar Funding, LLC
Series 2017-1A, Class A2, 5.216%, 4/25/47(1)		63		61,679
Foundation Finance Trust
Series 2017-1A, Class A, 3.30%, 7/15/33(1)		34		34,402
Invitation Homes Trust
Series 2018-SFR2, Class E, 2.814%, (1 mo. USD LIBOR + 2.00%), 6/17/37(1)(8)		400		369,315
Series 2018-SFR3, Class E, 2.751%, (1 mo. USD LIBOR + 2.00%), 7/17/37(1)(8)		3,000		2,766,652
Kayne CLO 5, Ltd.
Series 2019-5A, Class E, 7.72%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(8)		500		366,993
Madison Park Funding XXXVI, Ltd.
Series 2019-36A, Class D, 5.692%, (3 mo. USD LIBOR + 3.75%), 1/15/33(1)(8)		1,000		865,106
Series 2019-36A, Class E, 9.192%, (3 mo. USD LIBOR + 7.25%), 1/15/33(1)(8)		1,000		770,805
Neuberger Berman CLO XXII, Ltd.
Series 2016-22A, Class ER, 7.195%, (3 mo. USD LIBOR + 6.06%), 10/17/30(1)(8)		250		175,750
NRZ Excess Spread-Collateralized Notes
Series 2018-PLS1, Class A, 3.193%, 1/25/23(1)		108		108,473

Security	Principal Amount (000’s omitted)		Value
Oaktree CLO, Ltd.
Series 2019-3A, Class D, 5.095%, (3 mo. USD LIBOR + 3.96%), 7/20/31(1)(8)	$	2,500	$	2,106,685
Series 2019-3A, Class E, 7.905%, (3 mo. USD LIBOR + 6.77%), 7/20/31(1)(8)		1,000		708,615
Palmer Square CLO, Ltd.
Series 2013-2A, Class DRR, 6.985%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(8)		250		175,102
Series 2019-1A, Class D, 8.935%, (3 mo. USD LIBOR + 7.00%), 11/14/32(1)(8)		500		388,923
Pnmac Gmsr Issuer Trust
Series 2018-GT2, Class A, 3.137%, (1 mo. USD LIBOR + 2.65%), 8/25/25(1)(8)		117		97,230
Regatta XII Funding, Ltd.
Series 2019-1A, Class E, 8.069%, (3 mo. USD LIBOR + 6.85%), 10/15/32(1)(8)		400		306,619
Regatta XIV Funding, Ltd.
Series 2018-3A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(8)		1,000		650,159
Regatta XV Funding, Ltd.
Series 2018-4A, Class D, 7.491%, (3 mo. USD LIBOR + 6.50%), 10/25/31(1)(8)		250		168,756
Southwick Park CLO, LLC
Series 2019-4A, Class D, 4.985%, (3 mo. USD LIBOR + 3.85%), 7/20/32(1)(8)		3,000		2,583,966
Voya CLO, Ltd.
Series 2016-3A, Class DR, 7.215%, (3 mo. USD LIBOR + 6.08%), 10/18/31(1)(8)		250		135,009
Total Asset-Backed Securities (identified cost $27,148,850)			$	22,078,503
Collateralized Mortgage Obligations— 4.3%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2019-DNA1, Class M2, 3.137%, (1 mo. USD LIBOR + 2.65%), 1/25/49(1)(8)	$	330	$	296,163
Series 2019-DNA2, Class M2, 2.937%, (1 mo. USD LIBOR + 2.45%), 3/25/49(1)(8)		2,408		2,124,736
Series 2019-DNA3, Class M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 7/25/49(1)(8)		152		131,097
Series 2019-DNA4, Class M2, 2.437%, (1 mo. USD LIBOR + 1.95%), 10/25/49(1)(8)		357		299,152
Series 2020-DNA1, Class M2, 2.187%, (1 mo. USD LIBOR + 1.70%), 1/25/50(1)(8)		330		254,382
Series 2020-DNA2, Class M1, 1.237%, (1 mo. USD LIBOR + 0.75%), 2/25/50(1)(8)		3,271		3,141,010

14 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2017-C07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(8)	$	1,333	$	1,240,618
Series 2018-C06, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 3/25/31(8)		846		768,649
Series 2018-R07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 4/25/31(1)(8)		332		310,281
Series 2019-R05, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 7/25/39(1)(8)		2,024		1,865,569
Series 2019-R07, Class 1M2, 2.587%, (1 mo. USD LIBOR + 2.10%), 10/25/39(1)(8)		2,566		2,244,766
Series 2020-R01, Class 1M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 1/25/40(1)(8)		1,734		1,326,171
Government National Mortgage Association:
Series 2019-111, Class DZ, 3.50%, 4/20/48		699		698,586
Series 2019-111, Class LZ, 3.50%, 9/20/49		929		928,471
Total Collateralized Mortgage Obligations (identified cost $15,624,956)			$	15,629,651
Commercial Mortgage-Backed Securities— 1.3%
Security	Principal Amount (000’s omitted)		Value
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(14)	$	600	$	419,067
Citigroup Commercial Mortgage Trust
Series 2017-MDRB, Class C, 3.314%, (1 mo. USD LIBOR + 2.50%), 7/15/30(1)(8)		100		94,097
COMM Mortgage Trust
Series 2015-CR22, Class D, 4.245%, 3/10/48(1)(14)		100		73,694
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class D, 5.599%, 8/15/46(1)(14)		150		136,491
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)		150		133,904
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(14)		1,785		1,116,182
Natixis Commercial Mortgage Securities Trust
Series 2018-FL1, Class C, 2.905%, (1 mo. USD LIBOR + 2.20%), 6/15/35(1)(8)		100		88,353
Wells Fargo Commercial Mortgage Trust
Series 2015-LC22, Class C, 4.688%, 9/15/58(14)		100		90,472
Series 2016-C35, Class D, 3.142%, 7/15/48(1)		1,700		1,118,006
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(1)		2,025		1,481,167
Total Commercial Mortgage-Backed Securities (identified cost $5,083,020)			$	4,751,433

Foreign Government Bonds — 2.0%
Security	Principal Amount (000’s omitted)		Value
Egypt — 0.8%
Arab Republic of Egypt, 6.875%, 4/30/40(2)	$	950	$	792,070
Arab Republic of Egypt, 7.053%, 1/15/32(2)		2,500		2,247,125
Total Egypt			$	3,039,195
Jordan — 0.5%
Jordan Government International Bond, 7.375%, 10/10/47(2)	$	2,100	$	1,955,606
Total Jordan			$	1,955,606
Ukraine — 0.7%
Ukraine Government International Bond, 9.75%, 11/1/28(2)	$	2,550	$	2,507,346
Total Ukraine			$	2,507,346
Total Foreign Government Bonds (identified cost $8,655,271)			$	7,502,147
Common Stocks— 0.0%(7)
Security	Shares		Value
Oil and Gas — 0.0%
Sable Permian Resources, LLC(15)(16)(17)		11,719,991	$	0
			$	0
Radio and Television — 0.0%(7)
Clear Channel Outdoor Holdings, Inc.(16)(17)		401	$	387
iHeartMedia, Inc., Class A(16)(17)		84		590
Total Common Stocks (identified cost $11,462,635)			$	977
Exchange-Traded Funds — 2.4%
Security	Shares		Value
Vanguard Short-Term Corporate Bond ETF		109,300	$	8,862,044
Total Exchange-Traded Funds (identified cost $8,539,184)			$	8,862,044

15 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Warrants— 0.0%(7)
Security	Shares		Value
iHeartMedia, Inc., Exp. 5/1/39(16)(17)		427	$	2,997
Sable Permian Resources, LLC, Exp. 5/2/22(15)(16)(17)		1,938,645		0
Total Warrants (identified cost $7,076)			$	2,997
Short-Term Investments — 10.9%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(18)		40,094,156	$	40,094,156
Total Short-Term Investments (identified cost $40,088,322)			$	40,094,156
Total Investments — 103.6% (identified cost $418,438,828)			$	379,660,716
Less Unfunded Loan Commitments — (0.0)%(7)			$	(30,135	)
Net Investments — 103.6% (identified cost $418,408,693)			$	379,630,581
Other Assets, Less Liabilities — (3.6)%			$	(13,271,860	)
Net Assets — 100.0%			$	366,358,721

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 pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $110,884,999 or 30.3% of the Fund’s net assets.

⁽²⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $49,606,009 or 13.5% of the Fund’s net assets.

⁽³⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁴⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁵⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁶⁾  Step coupon security. Interest rate represents the rate in effect at April 30, 2020.

⁽⁷⁾  Amount is less than 0.05% or (0.05)%, as applicable.

⁽⁸⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽⁹⁾  When-issued security.

⁽¹⁰⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽¹¹⁾  The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹²⁾  This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽¹³⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. At April 30, 2020, the total value of unfunded loan commitments is $26,368. See Note 1G for description.

⁽¹⁴⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽¹⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽¹⁶⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁷⁾  Non-income producing security.

⁽¹⁸⁾  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 April 30, 2020.

16 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	1,320,425	USD	1,413,996	Bank of America, N.A.		5/26/20	$	33,564	$	—
EUR	1,054,541	USD	1,212,459	Bank of America, N.A.		5/26/20		—		(56,383	)
USD	2,591,595	EUR	2,374,967	Bank of America, N.A.		5/26/20		—		(12,041	)
USD	1,903,335	EUR	1,706,528	State Street Bank and Trust Company		5/29/20		32,386		—
USD	107,198	EUR	98,099	State Street Bank and Trust Company		5/29/20		—		(353	)
USD	10,258,450	EUR	9,447,000	Bank of America, N.A.		7/31/20		—		(112,840	)
USD	10,258,157	EUR	9,447,000	Goldman Sachs International		7/31/20		—		(113,132	)
USD	927,102	EUR	855,000	State Street Bank and Trust Company		7/31/20		—		(11,551	)
USD	5,820,367	EUR	5,360,032	State Street Bank and Trust Company		7/31/20		—		(64,088	)
USD	6,091,936	GBP	4,896,000	Bank of America, N.A.		7/31/20		—		(76,746	)
USD	6,768,855	GBP	5,439,998	Citibank, N.A.		7/31/20		—		(85,233	)
							$	65,950	$	(532,367	)

Abbreviations:

EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

17 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $378,320,371)	$	339,536,425
Affiliated investment, at value (identified cost, $40,088,322)		40,094,156
Cash		828,969
Deposits for derivatives collateral — forward foreign currency exchange contracts		540,000
Foreign currency, at value (identified cost, $301,048)		301,059
Interest receivable		3,092,691
Dividends receivable from affiliated investment		17,261
Receivable for investments sold		3,675,880
Receivable for Fund shares sold		2,009,578
Receivable for open forward foreign currency exchange contracts		65,950
Tax reclaims receivable		36,381
Receivable from Affiliate		52,064
Total assets	$	390,250,414
Liabilities
Cash collateral due to brokers	$	540,000
Payable for investments purchased		20,106,670
Payable for when-issued securities		179,000
Payable for Fund shares redeemed		1,930,920
Payable for open forward foreign currency exchange contracts		532,367
Distributions payable		99,253
Payable to affiliates:
Investment adviser and administration fee		153,826
Distribution and service fees		46,295
Trustees’ fees		1,445
Other		17,354
Accrued expenses		284,563
Total liabilities	$	23,891,693
Net Assets	$	366,358,721
Sources of Net Assets
Paid-in capital	$	618,030,105
Accumulated loss		(251,671,384	)
Total	$	366,358,721

18 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited) — continued

Class A Shares
Net Assets	$	49,661,858
Shares Outstanding		5,154,405
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.63
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.11
Class C Shares
Net Assets	$	44,517,808
Shares Outstanding		4,616,299
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.64
Class I Shares
Net Assets	$	269,285,051
Shares Outstanding		27,878,133
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.66
Class R6 Shares
Net Assets	$	2,894,004
Shares Outstanding		299,647
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.66

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

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

19 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest income (net of foreign taxes, $2,123)	$	7,015,870
Dividends (net of foreign taxes, $10,891)		50,413
Dividends from affiliated investment		206,820
Total investment income	$	7,273,103
Expenses
Investment adviser and administration fee	$	746,506
Distribution and service fees
Class A		50,610
Class C		191,756
Trustees’ fees and expenses		8,400
Custodian fee		39,623
Transfer and dividend disbursing agent fees		66,379
Legal and accounting services		51,530
Printing and postage		77,048
Registration fees		41,695
Miscellaneous		25,334
Total expenses	$	1,298,881
Deduct —
Allocation of expenses to affiliates	$	55,470
Total expense reductions	$	55,470
Net expenses	$	1,243,411
Net investment income	$	6,029,692
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(3,863,647	)
Investment transactions — affiliated investment		1,069
Swap contracts		(244,361	)
Foreign currency transactions		(1,168	)
Forward foreign currency exchange contracts		1,334,377
Net realized loss	$	(2,773,730	)
Change in unrealized appreciation (depreciation) —
Investments	$	(31,538,031	)
Investments — affiliated investment		4,818
Foreign currency		(17,960	)
Forward foreign currency exchange contracts		(428,501	)
Net change in unrealized appreciation (depreciation)	$	(31,979,674	)
Net realized and unrealized loss	$	(34,753,404	)
Net decrease in net assets from operations	$	(28,723,712	)

20 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	6,029,692		$	1,768,358
Net realized gain (loss)		(2,773,730	)		424,181
Net change in unrealized appreciation (depreciation)		(31,979,674	)		233,457
Net increase (decrease) in net assets from operations	$	(28,723,712	)	$	2,425,996
Distributions to shareholders —
Class A	$	(964,024	)	$	(65,398	)
Class C		(764,523	)		(21,758	)
Class I		(4,822,670	)		(1,708,455	)
Class R6		(17,614	)		(72	)(1)
Total distributions to shareholders	$	(6,568,831	)	$	(1,795,683	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	9,982,563		$	3,328,992
Class C		1,921,687			952,100
Class I		161,442,681			59,281,817
Class R6		2,433,697			10,000	(1)
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		745,722			63,031
Class C		643,265			21,696
Class I		4,611,676			1,708,425
Class R6		17,534			72	(1)
Cost of shares redeemed
Class A		(8,589,723	)		(741,754	)
Class C		(8,502,986	)		(210,795	)
Class I		(75,499,677	)		(10,733,691	)
Class R6		(443,889	)		—
Net asset value of shares converted
Class A		758,999			195,807
Class C		(758,999	)		(195,807	)
Issued in connection with tax-free reorganization (see Note 12)
Class A		49,265,322			—
Class C		56,076,812			—
Class I		132,888,445			—
Class R6		968,404			—
Net increase in net assets from Fund share transactions	$	327,961,533		$	53,679,893
Net increase in net assets	$	292,668,990		$	54,310,206
Net Assets
At beginning of period	$	73,689,731		$	19,379,525
At end of period	$	366,358,721		$	73,689,731

⁽¹⁾   For the period from the commencement of operations, September 3, 2019, to October, 31, 2019.

21 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.760		$	10.620		$	10.830		$	10.030		$	9.870		$	10.090
Income (Loss) From Operations
Net investment income(1)	$	0.223		$	0.496		$	0.216		$	0.142		$	0.162		$	0.210
Net realized and unrealized gain (loss)		(1.093	)		0.148			(0.118	)		0.860			0.332			(0.133	)
Total income (loss) from operations	$	(0.870	)	$	0.644		$	0.098		$	1.002		$	0.494		$	0.077
Less Distributions
From net investment income	$	(0.260	)	$	(0.504	)	$	(0.308	)	$	(0.202	)	$	(0.163	)	$	(0.292	)
From net realized gain		—			—			—			—			(0.072	)		(0.005	)
Tax return of capital		—			—			—			—			(0.099	)		—
Total distributions	$	(0.260	)	$	(0.504	)	$	(0.308	)	$	(0.202	)	$	(0.334	)	$	(0.297	)
Net asset value — End of period	$	9.630		$	10.760		$	10.620		$	10.830		$	10.030		$	9.870
Total Return(2)(3)		(8.24	)%(4)		6.22	%		0.89	%		10.12	%		5.26	%		0.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	49,662		$	3,888		$	1,032		$	25,477		$	31,341		$	38,285
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		0.99	%(7)		1.00	%		1.08	%(8)(9)		1.08	%(8)(9)		1.17	%(8)(9)		1.23	%(8)(9)
Net investment income		4.35	%(7)		4.64	%		2.00	%		1.37	%		1.65	%		2.08	%
Portfolio Turnover		48	%(4)		96	%		113	%(10)		55	%(10)		49	%(10)		71	%(10)

  ⁽¹⁾ Computed using average shares outstanding.

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

  ⁽³⁾ The investment adviser and administrator (and sub-adviser, if applicable) reimbursed certain operating expenses (equal to 0.04%, 0.70%, 0.22%, 0.14%, 0.20% and 0.18% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁴⁾ Not annualized.

  ⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolios.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Excludes expenses incurred by the Fund as a result of its investments in Affiliated Investment Funds (equal to 0.26%, 0.27%, 0.18% and 0.13% of average daily net assets for the years ended October 31, 2018, 2017, 2016 and 2015, respectively).

  ⁽⁹⁾ Includes interest and dividend expense, including on securities sold short, of less than 0.005% for each of the years ended October 31, 2018, 2017 and 2016 and 0.01% for the year ended October 31, 2015.

⁽¹⁰⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

References to Portfolios herein are to Massachusetts business trusts managed by Eaton Vance Management or its affiliates in which the Fund invested a substantial portion of its investable assets during the year ended October 31, 2018 and fiscal years prior thereto.

22 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.770		$	10.620		$	10.790		$	9.990		$	9.830		$	10.070
Income (Loss) From Operations
Net investment income(1)	$	0.189		$	0.411		$	0.159		$	0.057		$	0.087		$	0.070
Net realized and unrealized gain (loss)		(1.098	)		0.154			(0.090	)		0.866			0.336			(0.075	)
Total income (loss) from operations	$	(0.909	)	$	0.565		$	0.069		$	0.923		$	0.423		$	(0.005	)
Less Distributions
From net investment income	$	(0.221	)	$	(0.415	)	$	(0.239	)	$	(0.123	)	$	(0.121	)	$	(0.230	)
From net realized gain		—			—			—			—			(0.072	)		(0.005	)
Tax return of capital		—			—			—			—			(0.070	)		—
Total distributions	$	(0.221	)	$	(0.415	)	$	(0.239	)	$	(0.123	)	$	(0.263	)	$	(0.235	)
Net asset value — End of period	$	9.640		$	10.770		$	10.620		$	10.790		$	9.990		$	9.830
Total Return(2)(3)		(8.58	)%(4)		5.43	%		0.63	%		9.33	%		4.42	%		(0.07	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	44,518		$	1,259		$	693		$	1,366		$	1,526		$	1,590
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		1.74	%(7)		1.75	%		1.82	%(8)(9)		1.83	%(8)(9)		1.92	%(8)(9)		1.97	%(8)(9)
Net investment income		3.66	%(7)		3.85	%		1.48	%		0.56	%		0.89	%		0.69	%
Portfolio Turnover		48	%(4)		96	%		113	%(10)		55	%(10)		49	%(10)		71	%(10)

  ⁽¹⁾ Computed using average shares outstanding.

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

  ⁽³⁾ The investment adviser and administrator (and sub-adviser, if applicable) reimbursed certain operating expenses (equal to 0.03%, 0.70%, 0.28%, 0.14%, 0.20% and 0.18% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁴⁾ Not annualized.

  ⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolios.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Excludes expenses incurred by the Fund as a result of its investments in Affiliated Investment Funds (equal to 0.26%, 0.27%, 0.18% and 0.14% of average daily net assets for the years ended October 31, 2018, 2017, 2016 and 2015, respectively).

  ⁽⁹⁾ Includes interest and dividend expense, including on securities sold short, of less than 0.005% for each of the years ended October 31, 2018, 2017 and 2016 and 0.01% for the year ended October 31, 2015.

⁽¹⁰⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

References to Portfolios herein are to Massachusetts business trusts managed by Eaton Vance Management or its affiliates in which the Fund invested a substantial portion of its investable assets during the year ended October 31, 2018 and fiscal years prior thereto.

23 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.790		$	10.650		$	10.820		$	10.020		$	9.860		$	10.080
Income (Loss) From Operations
Net investment income(1)	$	0.239		$	0.526		$	0.278		$	0.153		$	0.236		$	0.234
Net realized and unrealized gain (loss)		(1.096	)		0.146			(0.093	)		0.875			0.284			(0.131	)
Total income (loss) from operations	$	(0.857	)	$	0.672		$	0.185		$	1.028		$	0.520		$	0.103
Less Distributions
From net investment income	$	(0.273	)	$	(0.532	)	$	(0.355	)	$	(0.228	)	$	(0.179	)	$	(0.318	)
From net realized gain		—			—			—			—			(0.072	)		(0.005	)
Tax return of capital		—			—			—			—			(0.109	)		—
Total distributions	$	(0.273	)	$	(0.532	)	$	(0.355	)	$	(0.228	)	$	(0.360	)	$	(0.323	)
Net asset value — End of period	$	9.660		$	10.790		$	10.650		$	10.820		$	10.020		$	9.860
Total Return(2)(3)		(8.10	)%(4)		6.48	%		1.72	%		10.41	%		5.43	%		1.03	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	269,285		$	68,533		$	17,654		$	12,883		$	11,812		$	20,507
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		0.74	%(7)		0.75	%		0.81	%(8)(9)		0.83	%(8)(9)		0.92	%(8)(9)		0.98	%(8)(9)
Net investment income		4.63	%(7)		4.90	%		2.59	%		1.47	%		2.41	%		2.31	%
Portfolio Turnover		48	%(4)		96	%		113	%(10)		55	%(10)		49	%(10)		71	%(10)

  ⁽¹⁾ Computed using average shares outstanding.

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

  ⁽³⁾ The investment adviser and administrator (and sub-adviser, if applicable) reimbursed certain operating expenses (equal to 0.04%, 0.70%, 0.33%, 0.14%, 0.20% and 0.18% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁴⁾ Not annualized.

  ⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolios.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Excludes expenses incurred by the Fund as a result of its investments in Affiliated Investment Funds (equal to 0.26%, 0.27%, 0.18% and 0.13% of average daily net assets for the years ended October 31, 2018, 2017, 2016 and 2015, respectively).

  ⁽⁹⁾ Includes interest and dividend expense, including on securities sold short, of less than 0.005% for each of the years ended October 31, 2018, 2017 and 2016 and 0.01% for the year ended October 31, 2015.

⁽¹⁰⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

References to Portfolios herein are to Massachusetts business trusts managed by Eaton Vance Management or its affiliates in which the Fund invested a substantial portion of its investable assets during the year ended October 31, 2018 and fiscal years prior thereto.

24 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31,  2019(1)
Net asset value — Beginning of period	$	10.790		$	10.820
Income (Loss) From Operations
Net investment income(2)	$	0.239		$	0.059
Net realized and unrealized loss		(1.096	)		(0.011	)
Total income (loss) from operations	$	(0.857	)	$	0.048
Less Distributions
From net investment income	$	(0.273	)	$	(0.078	)
Total distributions	$	(0.273	)	$	(0.078	)
Net asset value — End of period	$	9.660		$	10.790
Total Return(3)(4)(5)		(8.10	)%		0.44	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,894		$	10
Ratios (as a percentage of average daily net assets):
Expenses(4)(6)		0.69	%		0.75	%
Net investment income(6)		4.67	%		3.40	%
Portfolio Turnover		48	%(5)		96	%(7)

⁽¹⁾  For the period from the commencement of operations, September 3, 2019, to October, 31, 2019.

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.03% and 0.68% of average daily net assets for the six months ended April 30, 2020 and the period ended October 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the year ended October 31, 2019.

25 See Notes to Financial Statements.

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Multi-Asset Credit Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek total return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

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

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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.

26

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

G  Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Fund had sufficient cash and/or securities to cover these commitments.

H  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

27

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  Credit Default Swaps — Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/ moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount equal to a certain percentage of the notional amount (initial margin), which is subject to adjustment. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

L  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains (if any) are made annually. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $3,058,243 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $3,058,243 are long-term.

In addition, in connection with the reorganization described below in Note 12, the Fund acquired deferred capital losses of $205,967,131. Utilization of these deferred capital losses may be limited in accordance with certain income tax regulations.

28

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund, at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	418,924,236
Gross unrealized appreciation	$	2,496,008
Gross unrealized depreciation		(42,256,080	)
Net unrealized depreciation	$	(39,760,072	)

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. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM effective December 16, 2019, the fee is computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator and receives an advisory fee (“Investable Assets”) up to $1 billion, and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. Prior to December 16, 2019, the fee on Investable Assets was computed at an annual rate of 0.615% of the Fund’s average daily net assets up to $500 million and at reduced rates on Investable Assets of $500 million and over. For the six months ended April 30, 2020, the investment adviser and administration fee paid by the Fund on Investable Assets amounted to $746,506 or 0.55% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses exceed 0.99%, 1.74%, 0.74% and 0.69% (1.00%, 1.75%, 0.75% and 0.69% prior to December 16, 2019) of the Fund’s average daily net assets for Class A, Class C, Class I, and Class R6, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM and EVAIL were allocated $55,470 in total of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $2,902 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 $7,895 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 5) and contingent deferred sales charges (see Note 6).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	241,251,613	$	114,433,074
U.S. Government and Agency Securities		14,184,818		5,959,389
	$	255,436,431	$	120,392,463

29

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $50,610 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $143,817 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 six months ended April 30, 2020 amounted to $47,939 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

6  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $3,000 and $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		944,024			308,976
Issued to shareholders electing to receive payments of distributions in Fund shares		72,840			5,904
Redemptions		(834,908	)		(69,352	)
Issued in connection with tax-free reorganization (see Note 12)		4,539,278			—
Converted from Class C shares		71,895			18,590
Net increase		4,793,129			264,118
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		192,712			87,931
Issued to shareholders electing to receive payments of distributions in Fund shares		62,725			2,034
Redemptions		(846,260	)		(19,810	)
Issued in connection with tax-free reorganization (see Note 12)		5,162,109			—
Converted to Class A shares		(71,827	)		(18,590	)
Net increase		4,499,459			51,565

30

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		16,448,375			5,531,971
Issued to shareholders electing to receive payments of distributions in Fund shares		448,471			159,376
Redemptions		(7,582,756	)		(997,550	)
Issued in connection with tax-free reorganization (see Note 12)		12,212,440			—
Net increase		21,526,530			4,693,797
Class R6	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019(1)
Sales		250,151			924
Issued to shareholders electing to receive payments of distributions in Fund shares		1,715			7
Redemptions		(42,156	)		—
Issued in connection with tax-free reorganization (see Note 12)		89,006			—
Net increase		298,716			931

⁽¹⁾   For the period from the commencement of operations, September 3, 2019, to October, 31, 2019.

At April 30, 2020, an Eaton Vance collective investment trust and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 26.3% of the value of the outstanding shares of the Fund.

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective and its use of derivatives, the Fund is subject to the following risks:

Credit Risk:  During the six months ended April 30, 2020, the Fund entered into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk:  The Fund engages in forward foreign currency exchange contracts to hedge against fluctuations in currency exchange rates.

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $532,367. At April 30, 2020, there were no assets pledged by the Fund for such liability.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative

31

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at April 30, 2020.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Forward foreign currency exchange contracts	$	65,950	(1)	$	(532,367	)(2)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Fund’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Bank of America, N.A.	$	33,564		$	(33,564	)	$	—	$	—	$	—
State Street Bank and Trust Company		32,386			(32,386	)		—		—		—
	$	65,950		$	(65,950	)	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Bank of America, N.A.	$	(258,010	)	$	33,564		$	—	$	—	$	(224,446	)
Citibank, N.A.		(85,233	)		—			—		—		(85,233	)
Goldman Sachs International		(113,132	)		—			—		—		(113,132	)
State Street Bank and Trust Company		(75,992	)		32,386			—		—		(43,606	)
	$	(532,367	)	$	65,950		$	—	$	—	$	(466,417	)

^(a)  In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

32

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — 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 six months ended April 30, 2020 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Credit	Credit default swaps	$	(244,361	)	$	—
Foreign exchange	Forward foreign currency exchange contracts		1,334,377			(428,501	)
Total		$	1,090,016		$	(428,501	)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Swap contracts and Forward foreign currency exchange contracts, respectively.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amounts of derivative contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Forward Foreign Currency Exchange Contracts*		Swap Contracts
	$37,826,000	$	3,571,000

* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

9  Line of Credit

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 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

10  Investments in Affiliated Funds

At April 30, 2020, the value of the Fund’s investment in affiliated funds was $40,094,156, which represents 10.9% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	8,204,172	$	401,448,867	$	(369,564,770	)	$	1,069	$	4,818	$	40,094,156	$	206,820		40,094,156

33

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

11  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Corporate Bonds & Notes	$	—	$	138,691,618		$	—	$	138,691,618
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		142,017,055			—		142,017,055
Asset-Backed Securities		—		22,078,503			—		22,078,503
Collateralized Mortgage Obligations		—		15,629,651			—		15,629,651
Commercial Mortgage-Backed Securities		—		4,751,433			—		4,751,433
Foreign Government Bonds		—		7,502,147			—		7,502,147
Common Stocks		977		—			0		977
Exchange-Traded Funds		8,862,044		—			—		8,862,044
Warrants		2,997		—			0		2,997
Short-Term Investments		—		40,094,156			—		40,094,156
Total Investments	$	8,866,018	$	370,764,563		$	0	$	379,630,581
Forward Foreign Currency Exchange Contracts	$	—	$	65,950		$	—	$	65,950
Total	$	8,866,018	$	370,830,513		$	0	$	379,696,531
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(532,367	)	$	—	$	(532,367	)
Total	$	—	$	(532,367	)	$	—	$	(532,367	)

* None of unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

12  Reorganization

At the close of business on December 13, 2019, the Fund acquired the net assets of Eaton Vance Multisector Income Fund (Multisector Income Fund) pursuant to an Agreement and Plan of Reorganization approved by shareholders of Multisector Income Fund. The purpose of the transaction was to combine two funds managed by EVM with substantially similar investment objectives and policies. The reorganization was accomplished by a tax-free exchange of 4,386,415 shares of Class A of the Fund (valued at $47,606,278) for the 4,547,826 shares of Class A of Multisector Income Fund, 5,162,109 shares of Class C of the Fund (valued at $56,076,812) for the 5,370,501 shares of Class C of Multisector Income Fund, 12,212,440 shares of Class I of the Fund (valued at $132,888,445) for the 12,694,327 shares of Class I of Multisector Income Fund, 152,863 shares of Class A of the Fund (valued at $1,659,044) for the 158,727 shares of Class R of Multisector Income Fund and 89,006 shares of Class R6 of the Fund (valued at $968,404) for the 92,471 shares of Class R6 of Multisector Income Fund, each outstanding on December 13, 2019.

The investment portfolio of Multisector Income Fund, with a fair value of $169,177,982 and identified cost of $176,544,264 and cash were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value;

34

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

however, the identified cost of the investments received from Multisector Income Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $95,039,766. The net assets of Multisector Income Fund at that date of $239,198,983, including $206,134,234 of accumulated net realized losses and $7,329,068 of unrealized depreciation, were combined with those of the Fund, resulting in combined net assets of $334,238,749.

Assuming the acquisition had been completed on November 1, 2019, the beginning of the Fund’s annual reporting period, the Fund’s pro forma results of operations for the six months ended April 30, 2020 are as follows:

Net investment income	$	6,992,757
Net realized and unrealized loss	$	(34,715,964	)
Net decrease in net assets from operations	$	(27,723,207	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of Multisector Income Fund that have been included in the Fund’s Statement of Operations since December 13, 2019.

13  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

35

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

36

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Multi-Asset Credit Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment

37

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

research, and similar services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement. The Board also considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors relevant to investing in credit-related investments, including fixed income, variable-rate, and floating-rate debt investments as well as derivatives that provide exposure to such investments. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by the Adviser and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period ended September 30, 2019. The Board also noted that the performance of the Fund was higher than its primary and secondary benchmark indexes and lower than its custom benchmark index for the same three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds. The Board also considered that the management fees paid by the Fund are for services that are in addition to, and are not duplicative of, services provided under the advisory contract(s) of the exchange traded funds in which the Fund may invest.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

38

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

39

Eaton Vance

Multi-Asset Credit Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

40

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

41

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7783    4.30.20

Parametric

Tax-Managed International Equity Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric, sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Semiannual Report April 30, 2020

Parametric

Tax-Managed International Equity Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	34
Officers and Trustees	38
Important Notices	39

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Performance^1,2

Portfolio Managers Thomas C. Seto, Paul W. Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		04/22/1998		04/22/1998		–13.09	%		–10.15	%		0.85	%		3.10	%
Class C at NAV		04/22/1998		04/22/1998		–13.41			–10.74			0.11			2.33
Class C with 1% Maximum Sales Charge		—		—		–14.26			–11.62			0.11			2.33
Institutional Class at NAV		09/02/2008		04/22/1998		–12.99			–9.88			1.10			3.37
MSCI EAFE Index		—		—		–14.21	%		–11.34	%		–0.17	%		3.55	%

% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Investor Class After Taxes on Distributions		04/22/1998		04/22/1998		–10.27	%		0.73	%		3.00	%
Investor Class After Taxes on Distributions and Sale of Fund Shares		—		—		–5.18			0.98			2.82
Class C After Taxes on Distributions		04/22/1998		04/22/1998		–11.57			0.11			2.30
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		–6.23			0.34			2.12
Institutional Class After Taxes on Distributions		09/02/2008		04/22/1998		–10.04			0.94			3.26
Institutional Class After Taxes on Distributions and Sale of Fund Shares		—		—		–4.96			1.20			3.09
% Total Annual Operating Expense Ratios3					Investor Class			Class C			Institutional Class
Gross						1.56	%		2.31	%		1.31	%
Net						1.05			1.80			0.80

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Nestle S.A.	1.1	%
CSL, Ltd.	1.1
Air Liquide SA	1.1
Sanofi	1.0
SAP SE	0.9
Unilever NV	0.9
Cie Financiere Richemont SA	0.8
Deutsche Telekom AG	0.8
AstraZeneca PLC	0.8
ASML Holding NV	0.8
Total	9.3	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	869.10	$	4.88	**		1.05	%
Class C	$	1,000.00	$	865.90	$	8.35	**		1.80	%
Institutional Class	$	1,000.00	$	870.10	$	3.72	**		0.80	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,019.60	$	5.27	**		1.05	%
Class C	$	1,000.00	$	1,015.90	$	9.02	**		1.80	%
Institutional Class	$	1,000.00	$	1,020.90	$	4.02	**		0.80	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to affiliates, the expenses would be higher.

5

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Tax-Managed International Equity Portfolio, at value (identified cost, $33,219,792)	$	29,348,831
Receivable for Fund shares sold		4,865
Receivable from affiliates		9,764
Total assets	$	29,363,460
Liabilities
Payable for Fund shares redeemed	$	1,773,280
Payable to affiliates:
Distribution and service fees		4,404
Trustees’ fees		43
Accrued expenses		48,494
Total liabilities	$	1,826,221
Net Assets	$	27,537,239
Sources of Net Assets
Paid-in capital	$	31,470,301
Accumulated loss		(3,933,062	)
Total	$	27,537,239
Investor Class Shares
Net Assets	$	16,911,659
Shares Outstanding		1,756,394
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.63
Class C Shares
Net Assets	$	1,333,551
Shares Outstanding		146,141
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.13
Institutional Class Shares
Net Assets	$	9,292,029
Shares Outstanding		968,098
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.60

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

6 See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends allocated from Portfolio (net of foreign taxes, $54,457)	$	377,180
Securities lending income allocated from Portfolio, net		7,293
Expenses allocated from Portfolio		(116,166	)
Total investment income from Portfolio	$	268,307
Expenses
Distribution and service fees
Investor Class	$	24,968
Class C		8,553
Trustees’ fees and expenses		250
Custodian fee		11,468
Transfer and dividend disbursing agent fees		31,088
Legal and accounting services		14,186
Printing and postage		11,538
Registration fees		33,714
Miscellaneous		4,550
Total expenses	$	140,315
Deduct —
Allocation of expenses to affiliates	$	83,951
Total expense reductions	$	83,951
Net expenses	$	56,364
Net investment income	$	211,943
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	179,081
Foreign currency transactions		(4,029	)
Net realized gain	$	175,052
Change in unrealized appreciation (depreciation) —
Investments	$	(5,308,101	)
Foreign currency		147
Net change in unrealized appreciation (depreciation)	$	(5,307,954	)
Net realized and unrealized loss	$	(5,132,902	)
Net decrease in net assets from operations	$	(4,920,959	)

7 See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	211,943		$	807,431
Net realized gain		175,052			2,079,802
Net change in unrealized appreciation (depreciation)		(5,307,954	)		853,803
Net increase (decrease) in net assets from operations	$	(4,920,959	)	$	3,741,036
Distributions to shareholders —
Investor Class	$	(485,025	)	$	(286,290	)
Class C		(26,198	)		(52,485	)
Institutional Class		(349,344	)		(235,516	)
Total distributions to shareholders	$	(860,567	)	$	(574,291	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	129,662		$	404,588
Class C		21,257			42,756
Institutional Class		1,986,047			4,526,537
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		454,889			267,525
Class C		17,501			46,909
Institutional Class		324,944			210,900
Cost of shares redeemed
Investor Class		(2,343,861	)		(2,767,229	)
Class C		(178,392	)		(500,286	)
Institutional Class		(4,012,312	)		(4,500,027	)
Net asset value of shares converted
Investor Class		99,950			4,076,244
Class C		(99,950	)		(4,076,244	)
Net decrease in net assets from Fund share transactions	$	(3,600,265	)	$	(2,268,327	)
Net increase (decrease) in net assets	$	(9,381,791	)	$	898,418
Net Assets
At beginning of period	$	36,919,030		$	36,020,612
At end of period	$	27,537,239		$	36,919,030

8 See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Financial Highlights

	Investor Class
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.330		$	10.370		$	11.310		$	9.460		$	9.590		$	9.850
Income (Loss) From Operations
Net investment income(1)	$	0.062		$	0.242		$	0.179		$	0.204		$	0.156		$	0.148
Net realized and unrealized gain (loss)		(1.503	)		0.887			(0.848	)		1.810			(0.140	)		(0.177	)
Total income (loss) from operations	$	(1.441	)	$	1.129		$	(0.669	)	$	2.014		$	0.016		$	(0.029	)
Less Distributions
From net investment income	$	(0.259	)	$	(0.169	)	$	(0.271	)	$	(0.164	)	$	(0.146	)	$	(0.231	)
Total distributions	$	(0.259	)	$	(0.169	)	$	(0.271	)	$	(0.164	)	$	(0.146	)	$	(0.231	)
Net asset value — End of period	$	9.630		$	11.330		$	10.370		$	11.310		$	9.460		$	9.590
Total Return(2)(3)		(13.09	)%(4)		11.16	%		(6.09	)%		21.69	%		0.21	%		(0.27	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	16,912		$	21,757		$	17,824		$	21,885		$	19,851		$	22,987
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		1.05	%(7)		1.05	%		1.05	%		1.11	%		1.50	%		1.50	%
Net investment income		1.16	%(7)		2.26	%		1.59	%		2.00	%		1.67	%		1.52	%
Portfolio Turnover of the Portfolio		5	%(4)		37	%		30	%		26	%		14	%		11	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  The administrator of the Fund and sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.48%, 0.51%, 0.41%, 0.34%, 0.22% and 0.18% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

9 See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.690		$	9.770		$	10.670		$	8.930		$	9.060		$	9.310
Income (Loss) From Operations
Net investment income(1)	$	0.020		$	0.119		$	0.086		$	0.121		$	0.080		$	0.070
Net realized and unrealized gain (loss)		(1.429	)		0.886			(0.794	)		1.713			(0.135	)		(0.164	)
Total income (loss) from operations	$	(1.409	)	$	1.005		$	(0.708	)	$	1.834		$	(0.055	)	$	(0.094	)
Less Distributions
From net investment income	$	(0.151	)	$	(0.085	)	$	(0.192	)	$	(0.094	)	$	(0.075	)	$	(0.156	)
Total distributions	$	(0.151	)	$	(0.085	)	$	(0.192	)	$	(0.094	)	$	(0.075	)	$	(0.156	)
Net asset value — End of period	$	9.130		$	10.690		$	9.770		$	10.670		$	8.930		$	9.060
Total Return(2)(3)		(13.41	)%(4)		10.42	%		(6.78	)%		20.78	%		(0.60	)%		(1.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,334		$	1,862		$	6,186		$	8,026		$	7,653		$	9,092
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		1.80	%(7)		1.80	%		1.80	%		1.86	%		2.25	%		2.25	%
Net investment income		0.39	%(7)		1.20	%		0.81	%		1.26	%		0.91	%		0.76	%
Portfolio Turnover of the Portfolio		5	%(4)		37	%		30	%		26	%		14	%		11	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  The administrator of the Fund and sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.48%, 0.51%, 0.41%, 0.34%, 0.22% and 0.18% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

10 See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Financial Highlights — continued

	Institutional Class
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.310		$	10.350		$	11.290		$	9.450		$	9.580		$	9.840
Income (Loss) From Operations
Net investment income(1)	$	0.077		$	0.264		$	0.198		$	0.233		$	0.179		$	0.168
Net realized and unrealized gain (loss)		(1.500	)		0.895			(0.840	)		1.796			(0.137	)		(0.169	)
Total income (loss) from operations	$	(1.423	)	$	1.159		$	(0.642	)	$	2.029		$	0.042		$	(0.001	)
Less Distributions
From net investment income	$	(0.287	)	$	(0.199	)	$	(0.298	)	$	(0.189	)	$	(0.172	)	$	(0.259	)
Total distributions	$	(0.287	)	$	(0.199	)	$	(0.298	)	$	(0.189	)	$	(0.172	)	$	(0.259	)
Net asset value — End of period	$	9.600		$	11.310		$	10.350		$	11.290		$	9.450		$	9.580
Total Return(2)(3)		(12.99	)%(4)		11.52	%		(5.88	)%		21.95	%		0.49	%		0.01	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,292		$	13,301		$	12,011		$	10,331		$	6,436		$	5,914
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		0.80	%(7)		0.80	%		0.80	%		0.85	%		1.25	%		1.25	%
Net investment income		1.44	%(7)		2.48	%		1.76	%		2.27	%		1.92	%		1.73	%
Portfolio Turnover of the Portfolio		5	%(4)		37	%		30	%		26	%		14	%		11	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  The administrator of the Fund and sub-adviser of the Portfolio reimbursed certain operating expenses (equal to 0.48%, 0.51%, 0.41%, 0.35%, 0.22% and 0.18% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

11 See Notes to Financial Statements.

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric Tax-Managed International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Investor Class and Institutional Class shares are sold at net asset value and are not subject to a sales charge. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective March 1, 2013, Class C shares of the Fund are no longer available for purchase, except by existing shareholders (including shares acquired through the reinvestment of dividends and distributions) or employer sponsored retirement plans. Effective January 25, 2019, Class C shares of the Fund generally automatically convert to Investor Class shares ten years after their purchase as described in the Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed International Equity Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (50.8% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal and Other Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

12

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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.

3  Transactions with Affiliates

Eaton Vance Management (EVM) serves as the administrator to the Fund, but receives no compensation. EVM and Parametric Portfolio Associates LLC (Parametric), the sub-adviser of the Portfolio and a wholly-owned indirect subsidiary of Eaton Vance Corp., have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.05%, 1.80% and 0.80% of the Fund’s average daily net assets for Investor Class, Class C and Institutional Class, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM and Parametric were allocated $83,951 in total of the Fund’s operating expenses for the six months ended April 30, 2020. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $9,886 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $24,968 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $6,415 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 six months ended April 30, 2020 amounted to $2,138 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $714,162 and $3,465,303, respectively.

13

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Investor Class	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		11,967			38,335
Issued to shareholders electing to receive payments of distributions in Fund shares		39,728			27,495
Redemptions		(225,439	)		(260,598	)
Converted from Class C shares		10,012			395,604
Net increase (decrease)		(163,732	)		200,836
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		2,061			4,302
Issued to shareholders electing to receive payments of distributions in Fund shares		1,609			5,077
Redemptions		(21,221	)		(51,024	)
Converted to Investor Class shares		(10,518	)		(417,431	)
Net decrease		(28,069	)		(459,076	)
Institutional Class	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		189,164			430,726
Issued to shareholders electing to receive payments of distributions in Fund shares		28,504			21,742
Redemptions		(425,663	)		(436,379	)
Net increase (decrease)		(207,995	)		16,089

14

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 98.7%
Security	Shares		Value
Australia — 8.9%
AGL Energy, Ltd.		18,091	$	198,549
ASX, Ltd.		638		33,639
Atlas Arteria, Ltd.		10,339		41,721
Atlassian Corp. PLC, Class A(1)		2,300		357,627
Aurizon Holdings, Ltd.		7,700		23,391
AusNet Services		95,565		116,553
BHP Group, Ltd.		8,972		183,157
Brambles, Ltd.		17,422		124,525
Caltex Australia, Ltd.		4,560		73,415
Charter Hall Group		4,698		23,215
Charter Hall Long Wale REIT		6,388		18,518
Coca-Cola Amatil, Ltd.		15,577		86,726
Commonwealth Bank of Australia		4,049		163,565
Computershare, Ltd.		10,972		86,324
Cromwell Property Group(2)		28,254		14,401
Crown Resorts, Ltd.		4,819		30,849
CSL, Ltd.		3,230		643,827
Dexus		13,975		82,960
Domain Holdings Australia, Ltd.(2)		11,297		19,130
Domino’s Pizza Enterprises, Ltd.(2)		933		34,911
GPT Group (The)		22,015		60,503
GWA Group, Ltd.(2)		11,241		20,177
Hansen Technologies, Ltd.		14,633		26,609
Harvey Norman Holdings, Ltd.(2)		17,000		30,502
Inghams Group, Ltd.		17,894		40,541
Integrated Research, Ltd.		9,777		19,923
IRESS, Ltd.		3,720		27,134
James Hardie Industries PLC CDI		4,004		57,480
JB Hi-Fi, Ltd.(2)		3,464		78,312
Link Administration Holdings, Ltd.		13,718		33,472
Medibank Pvt, Ltd.		16,474		28,859
Mirvac Group		41,842		60,800
National Australia Bank, Ltd.		5,991		65,646
Newcrest Mining, Ltd.		2,354		42,663
Northern Star Resources, Ltd.		3,606		29,119
Oil Search, Ltd.		19,405		38,083
Orica, Ltd.		4,147		48,058
Qantas Airways, Ltd.		19,011		47,217
REA Group, Ltd.(2)		1,183		67,690
Rio Tinto, Ltd.		2,553		143,890
Santos, Ltd.		13,252		42,139
Scentre Group		51,564		77,462
Shopping Centres Australasia Property Group(2)		20,523		29,748
Sonic Healthcare, Ltd.		1,319		23,294

Security	Shares		Value
Australia (continued)
Spark Infrastructure Group		66,000	$	81,061
Star Entertainment Group, Ltd. (The)		18,186		35,653
Suncorp Group, Ltd.		4,024		23,922
Sydney Airport		17,791		72,470
Tabcorp Holdings, Ltd.		14,343		29,903
Technology One, Ltd.		10,774		66,094
Telstra Corp., Ltd.		119,713		235,501
TPG Telecom, Ltd.		9,828		46,896
Transurban Group(2)		15,294		136,342
Vocus Group, Ltd.(1)		18,112		35,956
Washington H. Soul Pattinson & Co., Ltd.(2)		4,310		51,835
Wesfarmers, Ltd.		10,096		245,226
Westpac Banking Corp.		8,556		89,018
Woodside Petroleum, Ltd.		12,096		173,205
Woolworths Group, Ltd.		14,196		328,523
			$	5,147,929
Austria — 1.2%
ams AG(1)		5,682	$	74,587
ANDRITZ AG(1)		1,561		51,291
BAWAG Group AG(1)(3)		822		27,938
CA Immobilien Anlagen AG		1,063		33,747
Erste Group Bank AG		2,269		49,176
IMMOFINANZ AG		2,066		38,150
Lenzing AG(1)		466		26,635
Oesterreichische Post AG(2)		768		28,943
OMV AG		2,236		73,009
Rhi Magnesita NV		859		26,386
S&T AG		1,191		26,231
Telekom Austria AG		8,000		56,284
UNIQA Insurance Group AG		2,006		13,524
Verbund AG		2,140		96,894
Wienerberger AG		2,605		48,790
			$	671,585
Belgium — 2.2%
Ackermans & van Haaren NV		184	$	24,387
Ageas		1,164		41,955
Anheuser-Busch InBev SA/NV		2,330		108,508
Barco NV		627		100,022
Befimmo SA(2)		1,120		49,994
Bekaert SA		2,338		49,427
bpost SA		3,481		24,289
Cofinimmo SA		488		67,843
Colruyt SA		478		28,647

15 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Belgium (continued)
D’Ieteren SA/NV		637	$	31,923
Econocom Group SA/NV		10,730		20,652
Elia Group SA/NV(2)		938		107,854
Euronav SA		5,526		61,721
Groupe Bruxelles Lambert SA		459		36,718
KBC Ancora		539		18,926
Orange Belgium SA		1,916		31,872
Proximus SADP		4,820		102,875
Sofina SA		150		35,327
Solvay SA		1,005		78,498
Tessenderlo Group SA(1)		1,340		37,417
UCB SA		1,564		143,323
Warehouses De Pauw CVA		2,032		55,745
			$	1,257,923
Denmark — 2.3%
ALK-Abello A/S(1)		138	$	35,104
Bakkafrost P/F		532		26,248
Carlsberg A/S, Class B		1,041		131,325
Chr. Hansen Holding A/S		850		73,290
Drilling Co of 1972 A/S (The)(1)		483		11,364
DSV PANALPINA A/S		1,341		139,330
ISS A/S(1)		813		12,087
Jyske Bank A/S(1)		949		25,616
Novo Nordisk A/S, Class B		2,676		170,702
Novozymes A/S, Class B		1,992		97,721
Orsted A/S(3)		1,640		165,657
Pandora A/S		2,258		80,291
Ringkjoebing Landbobank A/S		652		40,928
Rockwool International A/S, Class B		97		20,386
Royal Unibrew A/S(1)		464		35,898
SimCorp A/S		1,160		107,148
Sydbank A/S		1,310		21,646
Topdanmark A/S		972		39,237
Tryg A/S		1,584		42,245
Vestas Wind Systems A/S(2)		342		29,369
			$	1,305,592
Finland — 2.3%
Citycon Oyj(2)		2,400	$	15,853
Elisa Oyj		2,351		142,866
Fortum Oyj(2)		7,644		126,662
Huhtamaki Oyj(1)		736		27,471
Kemira Oyj		2,727		32,806
Kesko Oyj, Class B(2)		9,072		147,820

Security	Shares		Value
Finland (continued)
Kone Oyj, Class B		1,663	$	100,701
Neste Oyj		4,017		141,862
Nokia Oyj(1)		23,544		84,875
Nordea Bank Abp(1)		10,249		65,736
Orion Oyj, Class B		3,174		161,297
Sampo Oyj, Class A(1)		1,342		44,484
TietoEVRY Oyj(2)		956		23,294
Tokmanni Group Corp.		9,699		117,986
UPM-Kymmene Oyj		3,184		87,322
Valmet Oyj(1)		1,377		31,491
			$	1,352,526
France — 8.8%
Air Liquide SA		4,818	$	612,147
Alstom SA		840		34,456
Altarea SCA		208		25,461
Alten SA		634		45,647
Atos SE		1,046		74,804
AXA SA		8,332		148,114
BNP Paribas SA		1,912		60,068
Bouygues SA(1)		1,100		33,845
Cie Generale des Etablissements Michelin SCA		484		46,765
CNP Assurances(1)		2,759		28,464
Covivio		1,309		82,207
Danone SA		2,873		200,240
Dassault Systemes SE		1,540		225,564
Devoteam SA		244		18,573
Engie SA		22,570		244,875
EssilorLuxottica SA		1,642		203,976
Eurazeo SE		634		30,364
Eutelsat Communications SA		985		11,028
Gecina SA		1,055		138,428
Getlink SE		2,197		28,023
Hermes International		100		73,107
Ingenico Group SA		754		94,867
Legrand SA		560		37,544
LVMH Moet Hennessy Louis Vuitton SE		650		251,285
Orange SA		31,518		382,913
Pernod-Ricard SA		1,615		246,603
Quadient		1,050		14,500
Renault SA		569		11,212
Safran SA		692		64,336
Sanofi		5,890		575,298
SCOR SE		1,880		52,968
Societe BIC SA		422		21,110
Suez		5,207		58,898

16 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
France (continued)
Talend SA ADR(1)		500	$	13,040
Teleperformance		177		39,650
Thales SA		600		45,439
Total SA		11,380		403,903
Unibail-Rodamco-Westfield		1,203		71,231
Veolia Environnement SA		5,261		112,156
Vinci SA		1,159		94,947
Vivendi SA		3,561		76,964
Wendel SE		356		30,540
			$	5,065,560
Germany — 8.9%
adidas AG		579	$	132,552
Allianz SE		1,565		288,009
Aroundtown SA		19,648		105,684
BASF SE		6,113		312,842
Bayer AG		2,172		142,851
Bayerische Motoren Werke AG		1,291		75,943
Beiersdorf AG		2,259		236,356
Continental AG		589		49,218
Delivery Hero SE(1)(3)		754		63,951
Deutsche Boerse AG		570		88,372
Deutsche Lufthansa AG		2,863		25,632
Deutsche Telekom AG(1)		31,693		463,339
Deutsche Wohnen SE		3,837		155,506
E.ON SE		27,081		271,278
Fraport AG Frankfurt Airport Services Worldwide		341		14,937
Fresenius SE & Co. KGaA		2,385		103,301
HeidelbergCement AG		818		38,782
Henkel AG & Co. KGaA		2,341		182,489
Hochtief AG		235		18,389
HUGO BOSS AG		915		25,404
Knorr-Bremse AG		346		32,179
KWS Saat SE and Co. KGaA		425		24,434
Merck KGaA		988		114,666
Metro AG		7,704		67,312
MTU Aero Engines AG		354		48,206
Muenchener Rueckversicherungs-Gesellschaft AG		660		144,556
Puma SE(1)		1,330		83,545
QIAGEN NV(1)		1,735		72,185
Rational AG		97		46,810
RWE AG		8,973		258,132
SAP SE		4,288		510,731
Siemens AG		2,649		244,458
Siemens Healthineers AG(3)		2,235		98,393
Symrise AG		1,413		143,150

Security	Shares		Value
Germany (continued)
TAG Immobilien AG		1,340	$	29,351
Telefonica Deutschland Holding AG(3)		39,958		113,671
TUI AG		2,680		10,676
Vonovia SE		4,578		226,377
Zalando SE(1)(3)		1,079		52,886
			$	5,116,553
Hong Kong — 4.5%
AIA Group, Ltd.		24,000	$	220,266
Alibaba Health Information Technology, Ltd.(1)		84,000		200,929
ASM Pacific Technology, Ltd.		3,600		36,377
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(2)		33,000		46,051
BOC Hong Kong Holdings, Ltd.		7,000		21,484
Budweiser Brewing Co., APAC, Ltd.(1)(3)		36,700		99,729
Cafe de Coral Holdings, Ltd.		10,000		20,630
China Youzan, Ltd.(1)(2)		492,000		44,859
Chow Tai Fook Jewellery Group, Ltd.(2)		29,800		25,212
CK Hutchison Holdings, Ltd.		16,500		122,301
CLP Holdings, Ltd.		11,500		123,097
Dairy Farm International Holdings, Ltd.		13,400		64,216
Hang Lung Properties, Ltd.		14,000		29,949
Hang Seng Bank, Ltd.		3,700		64,713
Henderson Land Development Co., Ltd.		7,260		29,589
HK Electric Investments & HK Electric Investments, Ltd.		34,000		35,177
HKBN, Ltd.		35,000		60,274
HKT Trust and HKT, Ltd.		89,000		143,621
Hong Kong & China Gas Co., Ltd.		100,170		179,525
Hong Kong Exchanges and Clearing, Ltd.		1,300		41,681
Hongkong Land Holdings, Ltd.		8,100		33,883
Jardine Matheson Holdings, Ltd.		1,700		74,462
Jardine Strategic Holdings, Ltd.		1,800		38,694
Kerry Properties, Ltd.		10,000		27,620
Li & Fung, Ltd.		286,000		42,940
Link REIT		9,000		80,228
Luk Fook Holdings International, Ltd.		18,000		38,542
MTR Corp., Ltd.		12,500		69,254
Nexteer Automotive Group, Ltd.		48,000		24,669
NOVA Group Holdings, Ltd.		80,000		15,066
NWS Holdings, Ltd.		25,000		26,054
Power Assets Holdings, Ltd.		9,500		63,653
Sands China, Ltd.		24,000		97,164
Shangri-La Asia, Ltd.		48,000		39,637
SJM Holdings, Ltd.		36,000		35,544
Sun Hung Kai Properties, Ltd.		8,500		116,227
SUNeVision Holdings, Ltd.		42,000		29,859
Swire Pacific, Ltd., Class A		4,000		26,013

17 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hong Kong (continued)
Town Health International Medical Group, Ltd.(4)		266,000	$	0
VSTECS Holdings, Ltd.		60,000		27,606
VTech Holdings, Ltd.		3,500		26,390
Wharf Real Estate Investment Co., Ltd.		10,000		42,335
Yue Yuen Industrial Holdings, Ltd.		22,000		35,093
			$	2,620,613
Ireland — 2.3%
AIB Group PLC(1)		17,873	$	24,733
Bank of Ireland Group PLC		42,431		87,072
Cairn Homes PLC		18,600		17,290
CRH PLC		6,262		189,980
Flutter Entertainment PLC(1)(2)		2,004		246,638
Grafton Group PLC		9,729		77,632
ICON PLC(1)		1,212		194,490
Irish Residential Properties REIT PLC		42,500		59,539
Kerry Group PLC, Class A		1,947		224,115
Kingspan Group PLC		3,244		165,300
UDG Healthcare PLC		8,000		63,139
			$	1,349,928
Israel — 2.3%
Amot Investments, Ltd.		5,499	$	30,885
Azrieli Group, Ltd.		401		23,745
Bank Hapoalim B.M.		3,259		20,889
Bank Leumi Le-Israel B.M.		9,550		51,456
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		163,729		116,819
Check Point Software Technologies, Ltd.(1)		585		61,858
Elbit Systems, Ltd.		1,014		137,465
Electra, Ltd.		173		79,353
Fattal Holdings 1998, Ltd.		320		21,922
First International Bank of Israel, Ltd.		1,152		28,417
ICL, Ltd.		34,547		120,535
Kenon Holdings, Ltd.		2,504		50,904
Melisron, Ltd.		729		29,343
Mizrahi Tefahot Bank, Ltd.		1,469		30,087
Nice, Ltd.(1)		490		80,472
Oil Refineries, Ltd.		139,185		38,465
Paz Oil Co., Ltd.		650		56,639
Reit 1, Ltd.		7,407		36,873
Shufersal, Ltd.		7,005		44,958
Strauss Group, Ltd.		3,028		85,588
Teva Pharmaceutical Industries, Ltd. ADR(1)		18,817		202,095
			$	1,348,768

Security	Shares		Value
Italy — 4.4%
Assicurazioni Generali SpA		4,184	$	59,692
ASTM SpA		2,079		40,659
Atlantia SpA		4,194		68,753
Autogrill SpA		2,584		13,383
Bio-On SpA(1)(4)		2,850		0
Brunello Cucinelli SpA		1,252		40,373
Cementir Holding NV		6,913		42,349
COSMO Pharmaceuticals NV(1)(2)		417		31,741
Davide Campari-Milano SpA		18,866		146,633
De’Longhi SpA		1,200		21,689
DiaSorin SpA		977		166,600
Enav SpA(3)		5,849		26,214
Enel SpA		29,175		199,278
Eni SpA		21,212		202,072
Ferrari NV		1,054		164,735
IMA Industria Macchine Automatiche SpA		484		32,994
Infrastrutture Wireless Italiane SpA(3)		25,801		273,076
Interpump Group SpA		778		22,701
Intesa Sanpaolo SpA		54,086		84,456
Italgas SpA		7,381		41,354
Italmobiliare SpA		1,360		40,700
Leonardo SpA		4,673		32,272
Mediaset SpA(1)(2)		9,790		19,903
Mediobanca Banca di Credito Finanziario SpA		2,651		15,412
Poste Italiane SpA(3)		5,564		47,332
Prada SpA(2)		6,900		22,402
RAI Way SpA(3)		4,122		22,222
Recordati SpA		2,026		88,228
Reply SpA		996		69,724
Retelit SpA		14,503		24,416
Salvatore Ferragamo SpA		2,265		28,118
Saras SpA		14,538		13,729
STMicroelectronics NV		12,157		312,975
Technogym SpA(3)		2,741		20,275
Terna Rete Elettrica Nazionale SpA		12,961		81,161
Unione di Banche Italiane SpA		9,342		26,780
UnipolSai Assicurazioni SpA(1)		10,716		26,267
			$	2,570,668
Japan — 12.7%
Activia Properties, Inc.		6	$	17,504
Aeon Mall Co., Ltd.		1,800		22,627
Air Water, Inc.		2,000		26,963
Ajinomoto Co., Inc.		2,100		37,403
ANA Holdings, Inc.(1)		1,100		23,375
Asahi Group Holdings, Ltd.		1,200		41,262

18 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Asahi Intecc Co., Ltd.		2,000	$	52,982
Asahi Kasei Corp.		6,000		42,567
Bandai Namco Holdings, Inc.		1,300		64,956
Bridgestone Corp.		900		28,015
Canon, Inc.		3,000		63,105
Central Japan Railway Co.		200		31,471
Chubu Electric Power Co., Inc.		6,200		83,849
Chugai Pharmaceutical Co., Ltd.		900		107,282
Chugoku Electric Power Co., Inc. (The)		4,500		60,548
Citizen Watch Co., Ltd.		8,200		28,941
Daicel Corp.		3,400		27,599
Daido Steel Co., Ltd.		700		23,118
Daiichi Sankyo Co., Ltd.		1,200		82,489
Daikin Industries, Ltd.		500		64,165
Daiwa House REIT Investment Corp.		23		55,651
Daiwa Securities Group, Inc.		7,000		29,109
Dentsu Group, Inc.		1,000		20,884
East Japan Railway Co.		600		43,812
FamilyMart Co., Ltd.		2,000		33,915
Fast Retailing Co., Ltd.		100		47,425
Frontier Real Estate Investment Corp.		8		22,443
FUJIFILM Holdings Corp.		1,700		80,975
GLP J-REIT		28		36,099
Hankyu Hanshin Holdings, Inc.		1,000		34,213
Hirose Electric Co., Ltd.		315		34,586
Hitachi, Ltd.		1,900		56,391
Hulic Co., Ltd.		4,000		39,560
Inpex Corp.		11,000		71,006
ITOCHU Corp.(2)		1,500		29,408
Iwatani Corp.		1,000		34,162
Japan Airlines Co., Ltd.		900		16,054
Japan Exchange Group, Inc.		2,100		39,061
Japan Hotel REIT Investment Corp.		63		20,910
Japan Post Bank Co., Ltd.		4,800		44,569
Japan Post Holdings Co., Ltd.		5,300		42,394
Japan Prime Realty Investment Corp.		11		30,470
Japan Real Estate Investment Corp.		11		59,414
Japan Retail Fund Investment Corp.		31		33,797
Japan Tobacco, Inc.		3,200		59,594
JFE Holdings, Inc.		4,200		27,871
JXTG Holdings, Inc.		37,400		132,597
Kajima Corp.		2,000		20,782
Kakaku.com, Inc.		1,900		38,770
Kamigumi Co., Ltd.		1,500		26,408
Kansai Electric Power Co., Inc. (The)		6,700		68,656
Kansai Paint Co., Ltd.		1,400		26,592

Security	Shares		Value
Japan (continued)
Kao Corp.		1,000	$	77,116
KDDI Corp.		6,400		185,371
Kenedix Office Investment Corp.(2)		6		29,641
Keyence Corp.		400		142,805
Kintetsu Group Holdings Co., Ltd.		800		38,216
Kirin Holdings Co., Ltd.		2,400		46,316
Kuraray Co., Ltd.		2,500		25,009
Kyushu Electric Power Co., Inc.		4,800		38,035
Lion Corp.		2,100		44,147
Makita Corp.		1,000		32,562
Marubeni Corp.		7,000		33,711
Maruichi Steel Tube, Ltd.		1,200		26,982
MEIJI Holdings Co., Ltd.		500		34,727
Mitsubishi Chemical Holdings Corp.		5,000		28,418
Mitsubishi Corp.		1,300		27,570
Mitsubishi UFJ Financial Group, Inc.(2)		23,400		94,536
Mitsui & Co., Ltd.		3,900		54,438
Mizuho Financial Group, Inc.		67,300		78,365
Mori Hills REIT Investment Corp.		25		31,988
MS&AD Insurance Group Holdings, Inc.		1,800		51,858
Murata Manufacturing Co., Ltd.		1,500		84,520
NEC Corp.		1,500		57,562
NH Foods, Ltd.		1,000		35,496
Nippon Accommodations Fund, Inc.		8		47,514
Nippon Building Fund, Inc.		11		65,596
Nippon Paint Holdings Co., Ltd.		1,200		69,355
Nippon Prologis REIT, Inc.		26		71,976
Nippon Shinyaku Co., Ltd.		300		21,067
Nippon Shokubai Co., Ltd.		600		28,336
Nippon Steel Corp.		4,500		37,861
Nippon Telegraph & Telephone Corp.		6,800		154,861
Nissan Chemical Corp.		900		34,532
Nissin Foods Holdings Co., Ltd.		400		32,881
Nitori Holdings Co., Ltd.		400		61,310
Nomura Real Estate Master Fund, Inc.		21		23,882
Nomura Research Institute, Ltd.		2,000		48,962
NTT Data Corp.		4,400		44,898
NTT DOCOMO, Inc.		9,200		271,135
Obic Co., Ltd.		300		45,018
Oji Holdings Corp.		4,300		21,833
Olympus Corp.		5,100		80,921
Ono Pharmaceutical Co., Ltd.		2,500		60,231
Oriental Land Co., Ltd.		500		63,223
ORIX Corp.		3,500		41,186
Orix JREIT, Inc.		11		13,150
Otsuka Holdings Co., Ltd.		2,400		94,330

19 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Pan Pacific International Holdings Corp.		2,000	$	38,747
Rakuten, Inc.(1)		3,000		25,438
Recruit Holdings Co., Ltd.		2,300		67,094
Resona Holdings, Inc.		7,500		23,423
Ricoh Co., Ltd.		4,000		27,266
Rinnai Corp.		600		45,447
Santen Pharmaceutical Co., Ltd.		1,500		26,552
Sekisui House, Ltd.		2,000		34,309
Seven & i Holdings Co., Ltd.		2,200		72,858
Shikoku Electric Power Co., Inc.		2,600		20,097
Shimadzu Corp.		1,200		29,885
Shimano, Inc.		300		44,207
Shin-Etsu Chemical Co., Ltd.		1,300		143,393
Shionogi & Co., Ltd.		1,100		60,750
Sompo Holdings, Inc.		1,600		51,897
Sony Corp.		1,600		102,967
Sony Financial Holdings, Inc.		1,200		22,748
Subaru Corp.		1,100		22,016
Sumitomo Corp.		1,600		18,100
Sumitomo Mitsui Financial Group, Inc.		3,500		92,040
Sumitomo Mitsui Trust Holdings, Inc.		1,500		43,675
Suntory Beverage & Food, Ltd.		900		33,892
Suzuki Motor Corp.		1,000		31,915
Sysmex Corp.		500		34,544
Taiheiyo Cement Corp.		1,500		29,446
Taiyo Nippon Sanso Corp.		1,300		20,164
Takeda Pharmaceutical Co., Ltd.		3,800		137,033
TEIJIN, Ltd.		1,400		22,327
Terumo Corp.		1,800		59,729
Toho Gas Co., Ltd.		1,500		73,702
Tokio Marine Holdings, Inc.		1,500		70,374
Tokyo Gas Co., Ltd.		3,800		83,394
Tokyu Corp.		2,000		30,104
Toppan Printing Co., Ltd.		2,000		29,710
Toray Industries, Inc.		9,300		42,638
Toshiba Corp.		1,800		44,636
Toyo Suisan Kaisha, Ltd.		1,000		48,087
Toyobo Co., Ltd.		1,800		20,968
Toyota Motor Corp.		2,600		160,750
Trend Micro, Inc.		600		30,439
Tsuruha Holdings, Inc.		200		26,817
Unicharm Corp.		1,500		55,280
United Urban Investment Corp.		36		36,117
West Japan Railway Co.		400		24,719
Yakult Honsha Co., Ltd.		600		34,854
Yamato Holdings Co., Ltd.		2,000		34,907

Security	Shares		Value
Japan (continued)
Yamato Kogyo Co., Ltd.		1,000	$	19,625
Yamazaki Baking Co., Ltd.		2,000		35,368
Z Holdings Corp.		11,200		43,224
			$	7,348,918
Netherlands — 4.5%
ABN AMRO Bank NV(3)		1,800	$	13,843
Accell Group(1)		1,483		27,713
Akzo Nobel NV(2)		2,765		209,835
ASML Holding NV		1,494		436,375
ASR Nederland NV		1,620		43,415
Corbion NV		2,072		74,492
Eurocommercial Properties NV		1,255		13,983
GrandVision NV(2)(3)		1,280		34,052
IMCD NV		840		74,175
ING Groep NV		19,984		111,966
Koninklijke KPN NV		47,300		108,948
Koninklijke Philips NV(1)		7,345		320,187
Koninklijke Vopak NV(2)		1,452		83,529
NN Group NV		1,302		37,664
NXP Semiconductors NV		721		71,790
Prosus NV(1)		3,222		243,602
Randstad NV		1,087		43,747
Signify NV(3)		769		15,654
Unilever NV		10,005		498,242
Wolters Kluwer NV(2)		2,003		147,526
			$	2,610,738
New Zealand — 1.1%
A2 Milk Co., Ltd.(1)		7,326	$	87,193
Auckland International Airport, Ltd.		12,240		45,200
Contact Energy, Ltd.		9,580		36,536
Fisher & Paykel Healthcare Corp., Ltd.		4,931		82,381
Fletcher Building, Ltd.		21,151		47,389
Goodman Property Trust		27,739		38,047
Mercury NZ, Ltd.		13,643		37,927
Precinct Properties New Zealand, Ltd.		27,851		27,055
Pushpay Holdings, Ltd.(1)		6,583		17,206
Restaurant Brands New Zealand, Ltd.(1)		1,138		8,337
SKYCITY Entertainment Group, Ltd.		23,126		37,323
Spark New Zealand, Ltd.		29,667		80,288
Xero, Ltd.(1)		1,320		67,486
Z Energy, Ltd.		22,601		42,576
			$	654,944

20 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Norway — 2.3%
Atea ASA		6,274	$	54,924
Borregaard ASA		5,977		55,509
DNB ASA		6,391		77,382
Entra ASA(2)(3)		6,540		82,344
Equinor ASA(2)		8,940		123,790
Europris ASA(2)(3)		9,810		36,006
Fjordkraft Holding ASA(3)		4,604		30,913
Gjensidige Forsikring ASA(1)		1,701		30,014
Golar LNG, Ltd.(2)		2,500		17,725
Kongsberg Gruppen ASA		1,873		24,068
Mowi ASA		4,027		68,970
Nordic Nanovector ASA(1)(2)		8,892		16,678
Opera, Ltd. ADR(1)(2)		6,200		35,650
Orkla ASA		11,104		100,301
Scatec Solar ASA(2)(3)		3,300		48,043
SFL Corp, Ltd.		2,400		27,096
SpareBank 1 SMN		3,485		25,321
SpareBank 1 SR-Bank ASA		2,455		15,590
Telenor ASA(2)		11,588		177,749
Tomra Systems ASA		4,059		134,868
Veidekke ASA(1)		5,744		50,998
Yara International ASA		3,318		112,694
			$	1,346,633
Portugal — 1.1%
Banco Comercial Portugues SA		599,339	$	67,056
Corticeira Amorim SGPS SA		2,318		24,424
CTT-Correios de Portugal SA		18,519		43,692
EDP Renovaveis SA		2,527		30,982
EDP-Energias de Portugal SA		23,100		97,340
Galp Energia SGPS SA, Class B		7,678		88,613
Jeronimo Martins SGPS SA		7,890		133,763
Navigator Co. SA (The)(1)		20,914		54,341
NOS SGPS SA		22,214		83,205
Semapa-Sociedade de Investimento e Gestao		1,523		15,031
			$	638,447
Singapore — 2.4%
Ascendas Real Estate Investment Trust		23,500	$	49,145
CapitaLand Commercial Trust, Ltd.		20,500		23,295
CapitaLand Mall Trust		15,800		21,022
ComfortDelGro Corp., Ltd.		36,500		42,553
Ezion Holdings, Ltd.(1)(4)		160,000		0
Flex, Ltd.(1)		14,057		137,196
Genting Singapore, Ltd.		146,700		81,399

Security	Shares		Value
Singapore (continued)
Hutchison Port Holdings Trust		187,500	$	24,300
Jardine Cycle & Carriage, Ltd.		2,600		36,967
Keppel Infrastructure Trust		106,657		37,351
Mapletree Industrial Trust		17,200		30,880
Mapletree Logistics Trust		30,900		39,142
Oversea-Chinese Banking Corp., Ltd.		15,100		96,343
Raffles Medical Group, Ltd.		38,400		23,612
SATS, Ltd.		7,300		16,913
Sembcorp Industries, Ltd.		21,400		24,516
Sheng Siong Group, Ltd.		43,800		45,896
Singapore Airlines, Ltd.(2)		4,000		17,297
Singapore Exchange, Ltd.		7,000		47,734
Singapore Post, Ltd.(2)		26,100		13,449
Singapore Technologies Engineering, Ltd.		19,500		47,224
Singapore Telecommunications, Ltd.		95,100		190,032
Suntec Real Estate Investment Trust		27,000		26,668
United Overseas Bank, Ltd.		4,500		64,301
Venture Corp., Ltd.		7,600		84,935
Wilmar International, Ltd.		60,800		153,111
			$	1,375,281
Spain — 4.4%
Acerinox SA		4,630	$	34,878
Aena SME SA(3)		685		86,711
Almirall SA		2,800		36,109
Amadeus IT Group SA		5,033		240,237
Applus Services SA		2,203		14,453
Banco Bilbao Vizcaya Argentaria SA		14,580		47,659
Banco Santander SA		62,097		138,749
Bankia SA		9,179		9,341
Bankinter SA		3,250		13,417
CaixaBank SA		13,396		24,101
Cellnex Telecom SA(3)		1,600		83,688
Cia de Distribucion Integral Logista Holdings SA		1,300		23,205
Coca-Cola European Partners PLC		4,700		186,308
Ebro Foods SA		2,380		50,649
Endesa SA		1,800		39,924
Faes Farma SA		12,615		55,159
Ferrovial SA		5,131		128,479
Grifols SA(2)		6,503		221,927
Iberdrola SA		26,024		258,881
Industria de Diseno Textil SA		9,271		237,452
Merlin Properties Socimi SA		18,477		171,469
Prosegur Cash SA(3)		10,000		8,727
Red Electrica Corp. SA		1,244		21,897

21 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Spain (continued)
Repsol SA		24,077	$	218,543
Telefonica SA		36,078		164,966
Tubacex SA		12,500		18,743
			$	2,535,672
Sweden — 4.7%
Alfa Laval AB(1)		2,000	$	37,374
Arjo AB, Class B		8,801		43,468
Assa Abloy AB, Class B(2)		2,883		51,611
Attendo AB(1)(3)		5,579		21,203
Avanza Bank Holding AB		5,229		63,176
Axfood AB		2,453		52,182
BillerudKorsnas AB		5,767		72,705
BioGaia AB, Class B		921		44,381
Bonava AB, Class B		2,000		9,694
Castellum AB		6,400		112,255
Elekta AB, Class B		9,796		89,001
Epiroc AB, Class A		2,897		28,992
Epiroc AB, Class B		2,729		26,925
Essity AB, Class B(1)		7,154		231,742
Fabege AB		7,085		83,928
Fingerprint Cards AB, Class B(1)(2)		20,825		32,735
Granges AB		4,911		35,884
Hennes & Mauritz AB, Class B(2)		8,337		113,963
Hexpol AB(1)		5,839		41,949
Holmen AB, Class B		2,532		72,643
Husqvarna AB, Class B		3,790		22,806
ICA Gruppen AB		1,559		68,215
JM AB		2,031		37,639
Lundin Energy AB		4,713		121,261
Modern Times Group MTG AB, Class B(1)		3,758		37,808
Mycronic AB		2,681		44,785
NetEnt AB(1)		6,918		23,896
Nibe Industrier AB, Class B		2,889		53,899
Nordic Entertainment Group AB, Class B		1,265		29,982
Nyfosa AB(1)		5,600		34,288
Pandox AB(1)		1,500		15,894
Securitas AB, Class B		1,900		22,481
Skandinaviska Enskilda Banken AB, Class A(1)		10,460		86,111
Skanska AB, Class B(1)		1,238		23,554
Svenska Cellulosa AB SCA, Class B(1)(2)		9,048		95,970
Svenska Handelsbanken AB, Class A(1)		9,558		87,239
Swedish Orphan Biovitrum AB(1)		3,766		72,153
Tele2 AB, Class B		4,040		52,094
Telefonaktiebolaget LM Ericsson, Class B		27,249		232,792
Telia Co. AB		50,998		177,318

Security	Shares		Value
Sweden (continued)
Trelleborg AB, Class B(1)		1,700	$	21,648
Volvo AB, Class B		2,772		35,522
Wallenstam AB, Class B		3,540		36,711
			$	2,699,877
Switzerland — 8.4%
Adecco Group AG		1,216	$	53,213
ALSO Holding AG		375		77,147
Baloise Holding AG		396		59,249
Banque Cantonale Vaudoise		57		50,329
Belimo Holding AG		7		46,603
BKW AG		330		26,768
Cembra Money Bank AG		670		63,695
Cie Financiere Richemont SA		8,503		482,404
Comet Holding AG		287		38,466
DKSH Holding AG		773		43,528
dormakaba Holding AG		68		33,935
Ems-Chemie Holding AG		243		157,141
Flughafen Zurich AG(1)		187		23,126
Forbo Holding AG		26		34,918
Geberit AG		221		98,832
Givaudan SA		79		264,909
Helvetia Holding AG		425		38,741
Implenia AG		883		36,117
Inficon Holding AG		86		58,133
Intershop Holding AG		78		40,042
Kuehne & Nagel International AG		464		66,372
Landis+Gyr Group AG(1)		1,111		75,026
Mobilezone Holding AG(2)		4,644		41,125
Nestle SA		6,259		662,891
Novartis AG		3,640		310,632
Partners Group Holding AG		131		103,233
PSP Swiss Property AG		649		75,393
Roche Holding AG PC		1,070		370,538
Schindler Holding AG		219		47,095
Schindler Holding AG PC		232		51,633
Schweiter Technologies AG		26		25,796
SGS SA, Class R		46		103,762
SIG Combibloc Group AG		3,912		63,362
Sika AG(2)		1,308		216,355
Sonova Holding AG(1)		129		23,299
Stadler Rail AG(1)(2)		954		41,679
Swiss Life Holding AG		201		71,279
Swiss Prime Site AG		1,328		126,434
Swiss Re AG		1,248		90,688
Swisscom AG(2)		445		231,218

22 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Switzerland (continued)
Valiant Holding AG		270	$	26,080
Valora Holding AG(1)		245		44,009
Zehnder Group AG		691		27,078
Zurich Insurance Group AG		683		216,548
			$	4,838,821
United Kingdom — 9.0%
3i Group PLC		1,796	$	17,644
Assura PLC		34,782		33,361
AstraZeneca PLC		4,222		441,587
Auto Trader Group PLC(3)		12,550		72,244
Avast PLC(3)		12,144		69,949
Aveva Group PLC		907		40,708
Aviva PLC		5,903		17,851
BAE Systems PLC		8,600		54,855
Barclays PLC		19,449		25,970
Barratt Developments PLC		3,866		25,204
Bellway PLC		608		20,345
Berkeley Group Holdings PLC		552		28,976
BHP Group PLC		7,729		129,731
Big Yellow Group PLC		2,400		32,305
BMO Commercial Property Trust		14,249		13,660
BP PLC		56,873		224,103
BT Group PLC		55,954		81,554
Bunzl PLC		1,400		30,387
Compass Group PLC		5,483		92,265
Croda International PLC		1,035		63,466
Derwent London PLC		1,020		39,856
Diageo PLC		4,200		144,605
Direct Line Insurance Group PLC		9,041		30,803
Elementis PLC		14,188		12,489
Essentra PLC		5,799		20,354
Experian PLC		2,631		79,010
Ferguson PLC		689		49,678
Fresnillo PLC		4,030		35,799
GlaxoSmithKline PLC		7,783		162,374
Great Portland Estates PLC		4,065		34,623
Halma PLC		5,460		143,545
Howden Joinery Group PLC		5,263		34,705
HSBC Holdings PLC		24,670		126,803
Imperial Brands PLC		1,796		37,785
InterContinental Hotels Group PLC		671		30,566
Intertek Group PLC		543		32,406
Land Securities Group PLC		6,288		52,436
Lloyds Banking Group PLC		117,231		47,433
London Stock Exchange Group PLC		511		47,828

Security	Shares		Value
United Kingdom (continued)
LondonMetric Property PLC		32,609	$	79,671
Marks & Spencer Group PLC		10,387		12,102
Meggitt PLC		3,859		13,513
Mondi PLC		3,379		59,671
Moneysupermarket.com Group PLC		13,551		53,991
National Grid PLC		30,876		361,828
NCC Group PLC		21,199		43,794
Next PLC		582		34,651
Pearson PLC		5,346		30,828
Persimmon PLC		1,061		29,396
Phoenix Group Holdings PLC		2,631		19,965
QinetiQ Group PLC		8,311		31,783
Reckitt Benckiser Group PLC		1,454		121,118
RELX PLC		5,362		120,976
Rentokil Initial PLC		5,526		32,878
Rightmove PLC		13,046		81,569
Rio Tinto PLC		3,415		158,520
Royal Dutch Shell PLC, Class A		9,872		162,535
Royal Mail PLC(2)		6,900		14,399
RSA Insurance Group PLC		4,203		19,048
Safestore Holdings PLC		3,803		34,402
Sage Group PLC (The)		15,349		123,444
Segro PLC		8,635		90,508
Severn Trent PLC		3,397		101,936
Shaftesbury PLC		2,131		16,095
Spirax-Sarco Engineering PLC		358		39,179
Standard Life Aberdeen PLC		8,792		24,351
Tate & Lyle PLC		7,007		62,785
Taylor Wimpey PLC		12,334		22,779
Tritax Big Box REIT PLC		37,589		57,053
Unilever PLC		2,083		107,258
UNITE Group PLC (The)		2,424		26,766
United Utilities Group PLC		9,445		106,916
Vodafone Group PLC		119,033		167,917
WH Smith PLC		1,016		16,037
Whitbread PLC		600		22,508
WM Morrison Supermarkets PLC		8,786		20,192
			$	5,201,625
Total Common Stocks (identified cost $63,778,155)			$	57,058,601

23 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Rights(1) — 0.0%
Security	Shares		Value
BUWOG AG(4)		1,234	$	0
Total Rights (identified cost $0)			$	0
Warrants(1) — 0.0%
Security	Shares		Value
Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763(4)		96,000	$	0
Total Warrants (identified cost $0)			$	0
Short-Term Investments — 3.8%
Description	Units/ Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(5)		177,815	$	177,815
State Street Navigator Securities Lending Government Money Market Portfolio, 0.19%(6)		1,994,594		1,994,594
Total Short-Term Investments (identified cost $2,172,391)			$	2,172,409
Total Investments — 102.5% (identified cost $65,950,546)			$	59,231,010
Other Assets, Less Liabilities — (2.5)%			$	(1,442,834	)
Net Assets — 100.0%			$	57,788,176

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 April 30, 2020. The aggregate market value of securities on loan at April 30, 2020 was $3,385,656.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $1,614,721 or 2.8% of the Portfolio’s net assets.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

⁽⁶⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Health Care		11.1	%	$	6,430,113
Consumer Staples		10.6			6,140,128
Industrials		10.5			6,076,253
Information Technology		9.8			5,643,514
Financials		9.7			5,577,879
Consumer Discretionary		9.5			5,481,076
Materials		9.4			5,443,796
Communication Services		8.7			5,028,035
Utilities		7.4			4,278,241
Real Estate		7.3			4,230,589
Energy		4.7			2,728,977
Short-Term Investments		3.8			2,172,409
Total Investments		102.5	%	$	59,231,010

Abbreviations:

ADR	–	American Depositary Receipt
CDI	–	CHESS Depositary Interest
PC	–	Participation Certificate

Currency Abbreviations:

SGD – Singapore Dollar

24 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value including $3,385,656 of securities on loan (identified cost, $65,772,749)	$	59,053,195
Affiliated investment, at value (identified cost, $177,797)		177,815
Foreign currency, at value (identified cost, $187,057)		188,790
Dividends receivable		142,664
Dividends receivable from affiliated investment		54
Receivable for investments sold		35,603
Securities lending income receivable		3,453
Tax reclaims receivable		276,493
Total assets	$	59,878,067
Liabilities
Collateral for securities loaned	$	1,994,594
Payable to affiliates:
Investment adviser fee		22,709
Trustees’ fees		342
Accrued expenses		72,246
Total liabilities	$	2,089,891
Net Assets applicable to investors’ interest in Portfolio	$	57,788,176

25 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends (net of foreign taxes, $105,618)	$	727,930
Dividends from affiliated investment		1,313
Securities lending income, net		13,967
Total investment income	$	743,210
Expenses
Investment adviser fee	$	167,466
Trustees’ fees and expenses		2,070
Custodian fee		25,653
Legal and accounting services		27,006
Miscellaneous		1,653
Total expenses	$	223,848
Net investment income	$	519,362
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	347,424
Investment transactions — affiliated investment		85
Foreign currency transactions		(7,797	)
Net realized gain	$	339,712
Change in unrealized appreciation (depreciation) —
Investments	$	(10,270,721	)
Investments — affiliated investment		18
Foreign currency		241
Net change in unrealized appreciation (depreciation)	$	(10,270,462	)
Net realized and unrealized loss	$	(9,930,750	)
Net decrease in net assets from operations	$	(9,411,388	)

26 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	519,362		$	1,728,317
Net realized gain		339,712			3,983,406
Net change in unrealized appreciation (depreciation)		(10,270,462	)		1,678,253
Net increase (decrease) in net assets from operations	$	(9,411,388	)	$	7,389,976
Capital transactions —
Contributions	$	1,745,556		$	4,518,129
Withdrawals		(5,599,561	)		(8,896,244	)
Net decrease in net assets from capital transactions	$	(3,854,005	)	$	(4,378,115	)
Net increase (decrease) in net assets	$	(13,265,393	)	$	3,011,861
Net Assets
At beginning of period	$	71,053,569		$	68,041,708
At end of period	$	57,788,176		$	71,053,569

27 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.67	%(2)		0.74	%		0.71	%		0.68	%		0.97	%		0.92	%
Net investment income		1.55	%(2)		2.53	%		1.90	%		2.30	%		2.19	%		2.06	%
Portfolio Turnover		5	%(3)		37	%		30	%		26	%		14	%		11	%
Total Return		(12.92	)%(3)		11.59	%		(5.77	)%		22.05	%		0.74	%		0.31	%
Net assets, end of period (000’s omitted)	$	57,788		$	71,054		$	68,042		$	75,680		$	65,395		$	71,918

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

28 See Notes to Financial Statements.

Tax-Managed International Equity Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Tax-Managed International Equity Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of foreign equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Parametric Tax-Managed International Equity Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 50.8% and 49.2%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

D  Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

29

Tax-Managed International Equity Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.50% of the Portfolio’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion or over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $167,466 or 0.50% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $3,167,574 and $6,544,907, respectively, for the six months ended April 30, 2020.

30

Tax-Managed International Equity Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	66,296,462
Gross unrealized appreciation	$	6,663,419
Gross unrealized depreciation		(13,728,871	)
Net unrealized depreciation	$	(7,065,452	)

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

6  Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral.

At April 30, 2020, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $3,385,656 and $3,572,910, respectively. Collateral received was comprised of cash of $1,994,594 and U.S. government and/or agencies securities of $1,578,316.

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 April 30, 2020.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,994,594	$	—	$	—	$	—	$	1,994,594

31

Tax-Managed International Equity Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The carrying amount of the liability for collateral for securities loaned at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2020.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $177,815, which represents 0.3% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	343,801	$	2,736,271	$	(2,902,360	)	$	85	$	18	$	177,815	$	1,313		177,815

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	509,889	$	16,637,796		$	0	$	17,147,685
Developed Europe		546,099		38,016,049			0		38,562,148
Developed Middle East		263,953		1,084,815			—		1,348,768
Total Common Stocks	$	1,319,941	$	55,738,660	**	$	0	$	57,058,601
Rights	$	—	$	—		$	0	$	0
Warrants		—		—			0		0
Short-Term Investments		1,994,594		177,815			—		2,172,409
Total Investments	$	3,314,535	$	55,916,475		$	0	$	59,231,010

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

32

Tax-Managed International Equity Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

9  Risks and Uncertainties

Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

33

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

34

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Tax-Managed International Equity Portfolio (the “Portfolio”), the portfolio in which Parametric Tax-Managed International Equity Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of Eaton Vance Management, with respect to the Portfolio, including their respective fee structures, is in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management,

35

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

investment research, and similar services to the Portfolio, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Portfolio and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

36

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

37

Parametric

Tax-Managed International Equity Fund

April 30, 2020

Officers and Trustees

Officers of Parametric Tax-Managed International Equity Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Tax-Managed International Equity Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Parametric Tax-Managed International Equity Fund and Tax-Managed International Equity Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

38

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, 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 for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

39

This Page Intentionally Left Blank

Investment Adviser of Tax-Managed International Equity Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser of Tax-Managed International Equity Portfolio

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Administrator of Parametric Tax-Managed International Equity Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7689    4.30.20

Eaton Vance

Short Duration Government Income Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Short Duration Government Income Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	27
Officers and Trustees	30
Important Notices	31

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Performance^1,2

Portfolio Manager Andrew Szczurowski, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		09/30/2002		09/30/2002		1.82	%		2.22	%		1.70	%		1.69	%
Class A with 2.25% Maximum Sales Charge		—		—		–0.51			–0.09			1.22			1.46
Class C at NAV		09/30/2002		09/30/2002		1.52			1.61			1.09			1.08
Class C with 1% Maximum Sales Charge		—		—		0.52			0.62			1.09			1.08
Class I at NAV		05/04/2009		09/30/2002		1.95			2.48			1.95			1.93
ICE BofA 1–3 Year U.S. Treasury Index		—		—		3.04	%		5.25	%		1.84	%		1.41	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.85	%		1.45	%		0.60	%

Fund Profile

Asset Allocation (% of total investments)

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

Short Duration Government Income Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  ICE BofA 1-3 Year U.S. Treasury Index is an unmanaged index of short-term U.S. Treasury securities. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

3

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,018.20	$	4.27		0.85	%
Class C	$	1,000.00	$	1,015.20	$	7.27		1.45	%
Class I	$	1,000.00	$	1,019.50	$	3.01		0.60	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.27		0.85	%
Class C	$	1,000.00	$	1,017.70	$	7.27		1.45	%
Class I	$	1,000.00	$	1,021.90	$	3.02		0.60	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019.

4

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Mortgage Pass-Throughs — 27.2%
Security	Principal Amount (000’s omitted)			Value
Federal Home Loan Mortgage Corp.:
2.234%, (COF + 1.25%), with maturity at 2025(1)	$	105		$	104,613
2.845%, (COF + 1.25%), with maturity at 2035(1)		899			906,724
2.99%, (COF + 1.87%), with maturity at 2022(1)		0	(2)		269
3.00%, with maturity at 2050		69,982			74,185,079
3.369%, (COF + 2.28%), with maturity at 2025(1)		238			238,833
3.377%, (COF + 1.25%), with maturity at 2032(1)		186			189,780
3.50%, with various maturities to 2050		152,042			161,946,271
3.85%, (COF + 1.25%), with maturity at 2034(1)		46			46,457
3.924%, (COF + 1.25%), with maturity at 2029(1)		10			10,720
4.043%, (1 yr. CMT + 2.28%), with maturity at 2023(1)		79			80,173
4.074%, (1 yr. CMT + 1.98%), with maturity at 2034(1)		1,158			1,206,431
4.076%, (COF + 2.28%), with maturity at 2037(1)		1,018			1,032,378
4.143%, (1 yr. CMT + 2.23%), with maturity at 2036(1)		1,143			1,198,850
4.183%, (1 yr. CMT + 2.25%), with maturity at 2038(1)		1,015			1,055,472
4.219%, (5 yr. CMT + 2.52%), with maturity at 2032(1)		281			293,110
4.364%, (1 yr. CMT + 2.33%), with maturity at 2036(1)		1,047			1,097,915
4.386%, (1 yr. CMT + 2.26%), with maturity at 2035(1)		2,929			3,071,377
4.403%, (COF + 1.25%), with maturity at 2030(1)		277			288,477
4.50%, with various maturities to 2049		32,847			35,423,457
4.657%, (COF + 1.25%), with maturity at 2033(1)		951			977,673
6.00%, with maturity at 2029		198			224,211
7.00%, with maturity at 2033		156			171,700
8.00%, with various maturities to 2025		3			2,670
				$	283,752,640
Federal National Mortgage Association:
2.234%, (COF + 1.25%), with various maturities to 2037(1)	$	434		$	432,920
2.265%, (COF + 1.25%), with maturity at 2038(1)		67			66,575
2.286%, (COF + 1.25%), with maturity at 2033(1)		224			223,474
2.783%, (COF + 1.80%), with maturity at 2029(1)		3			2,908
2.98%, (COF + 1.25%), with maturity at 2036(1)		108			108,153
3.00%, with various maturities to 2050		170,415			180,481,032
3.166%, (COF + 1.25%), with maturity at 2034(1)		723			731,495
3.271%, (COF + 2.14%), with maturity at 2030(1)		110			110,191
3.341%, (COF + 1.25%), with maturity at 2036(1)		251			252,584
3.387%, (COF + 1.25%), with maturity at 2034(1)		1,039			1,057,911
3.454%, (COF + 1.25%), with maturity at 2035(1)		320			324,699
3.50%, 30-Year, TBA(13)		300,000			317,132,625

Security	Principal Amount (000’s omitted)			Value
Federal National Mortgage Association: (continued)
3.50%, with various maturities to 2050	$	240,899		$	256,555,443
3.677%, (COF + 2.34%), with maturity at 2026(1)		178			180,048
3.799%, (COF + 1.25%), with maturity at 2034(1)		610			620,395
3.811%, (COF + 1.79%), with maturity at 2036(1)		761			777,711
3.94%, (COF + 1.73%), with maturity at 2035(1)		517			530,324
3.941%, (1 yr. USD LIBOR + 1.75%), with maturity at 2035(1)		672			699,845
3.954%, (1 yr. CMT + 2.14%), with maturity at 2031(1)		556			568,766
4.005%, (COF + 1.25%), with maturity at 2036(1)		67			68,677
4.029%, (COF + 1.77%), with maturity at 2035(1)		373			383,437
4.106%, (COF + 1.25%), with maturity at 2033(1)		321			335,955
4.132%, (COF + 1.81%), with maturity at 2034(1)		369			383,167
4.139%, (1 yr. CMT + 2.12%), with maturity at 2040(1)		366			379,926
4.141%, (1 yr. CMT + 2.18%), with maturity at 2036(1)		338			352,028
4.155%, (1 yr. CMT + 2.12%), with maturity at 2037(1)		958			1,004,208
4.161%, (1 yr. CMT + 2.20%), with maturity at 2039(1)		1,873			1,952,296
4.303%, (1 yr. CMT + 2.25%), with maturity at 2033(1)		2,319			2,430,882
4.381%, (1 yr. CMT + 2.06%), with maturity at 2033(1)		305			319,821
4.416%, (1 yr. CMT + 2.46%), with maturity at 2038(1)		665			694,098
4.451%, (COF + 1.87%), with maturity at 2034(1)		310			319,275
4.50%, with various maturities to 2049		136,626			147,375,879
4.673%, (COF + 1.49%), with maturity at 2029(1)		467			488,652
4.80%, (1 yr. USD LIBOR + 1.80%), with maturity at 2034(1)		370			386,205
5.00%, with various maturities to 2048		11,868			12,548,225
5.008%, (COF + 1.72%), with maturity at 2034(1)		144			150,838
6.00%, with various maturities to 2031		119			131,614
6.328%, (COF + 2.00%), with maturity at 2032(1)		89			96,070
6.445%, (COF + 1.74%), with maturity at 2021(1)		0	(2)		384
6.445%, (COF + 1.74%), with maturity at 2021(1)		3			2,928
				$	930,661,664
Government National Mortgage Association:
3.125%, (1 yr. CMT + 1.50%), with various maturities to 2027(1)	$	238		$	244,861
4.00%, with various maturities to 2050		16,766			17,883,801
4.50%, with various maturities to 2049		77,388			82,876,360
				$	101,005,022
Total Mortgage Pass-Throughs (identified cost $1,302,253,453)				$	1,315,419,326

5 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Collateralized Mortgage Obligations — 68.8%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 1395, Class F, 1.639%, (COF + 0.65%), 10/15/22(4)	$	7	$	6,790
Series 2135, Class JZ, 6.00%, 3/15/29		619		702,378
Series 3325, Class CF, 1.154%, (1 mo. USD LIBOR + 0.34%), 6/15/37(4)		1,503		1,497,852
Series 3382, Class FG, 1.414%, (1 mo. USD LIBOR + 0.60%), 11/15/37(4)		1,312		1,317,765
Series 3866, Class DF, 2.264%, (1 mo. USD LIBOR + 1.45%), 5/15/41(4)		2,325		2,333,232
Series 4102, Class DF, 2.166%, (1 mo. USD LIBOR + 1.15%), 9/15/42(4)		1,971		1,962,064
Series 4114, Class YF, 1.914%, (1 mo. USD LIBOR + 1.10%), 10/15/42(4)		3,209		3,183,558
Series 4159, Class FP, 1.916%, (1 mo. USD LIBOR + 0.90%), 11/15/42(4)		2,005		1,982,033
Series 4177, Class MP, 2.50%, 3/15/43		152		152,247
Series 4180, Class KF, 2.016%, (1 mo. USD LIBOR + 1.00%), 1/15/43(4)		5,620		5,551,194
Series 4204, Class AF, 2.016%, (1 mo. USD LIBOR + 1.00%), 5/15/43(4)		2,855		2,818,926
Series 4212, Class NS, 4.423%, (5.40% - 1 mo. USD LIBOR x 1.20), 6/15/43(5)		11,743		11,894,313
Series 4223, Class NF, 1.966%, (1 mo. USD LIBOR + 0.95%), 7/15/43(4)		6,719		6,673,307
Series 4249, Class CF, 1.816%, (1 mo. USD LIBOR + 0.80%), 9/15/43(4)		16,328		16,499,733
Series 4299, Class JG, 2.50%, 7/15/43		3,505		3,625,103
Series 4337, Class YT, 3.50%, 4/15/49		1,846		1,876,986
Series 4385, Class SC, 6.962%, (9.33% - 1 mo. USD LIBOR x 2.33), 9/15/44(5)		110		112,033
Series 4389, Class CA, 3.00%, 9/15/44		4,358		4,596,110
Series 4407, Class LN, 6.952%, (9.32% - 1 mo. USD LIBOR x 2.33), 12/15/43(5)		45		46,049
Series 4448, Class AF, 2.016%, (1 mo. USD LIBOR + 1.00%), 5/15/43(4)		12,018		11,910,381
Series 4584, Class PM, 3.00%, 5/15/46		1,330		1,365,605
Series 4594, Class FM, 2.016%, (1 mo. USD LIBOR + 1.00%), 6/15/46(4)		1,210		1,205,829
Series 4608, Class TV, 3.50%, 1/15/55		1,743		1,763,527
Series 4619, Class KF, 1.766%, (1 mo. USD LIBOR + 0.75%), 6/15/39(4)		1,809		1,810,521
Series 4629, Class ZK, 3.00%, 11/15/46		998		1,000,746
Series 4631, Class KF, 2.016%, (1 mo. USD LIBOR + 1.00%), 10/15/46(4)		1,146		1,143,451
Series 4631, Class NF, 2.016%, (1 mo. USD LIBOR + 1.00%), 11/15/46(4)		12,784		12,766,637

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.: (continued)
Series 4637, Class QF, 2.016%, (1 mo. USD LIBOR + 1.00%), 4/15/44(4)	$	11,159	$	11,032,549
Series 4637, Class SA, 3.292%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44(5)		2,735		2,756,052
Series 4637, Class SC, 3.292%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44(5)		2,735		2,756,052
Series 4637, Class SD, 3.292%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44(5)		2,735		2,756,052
Series 4637, Class SE, 3.292%, (4.98% - 1 mo. USD LIBOR x 1.66), 4/15/44(5)		2,981		3,003,868
Series 4639, Class KF, 2.316%, (1 mo. USD LIBOR + 1.30%), 12/15/44(4)		8,085		8,091,348
Series 4645, Class CF, 2.016%, (1 mo. USD LIBOR + 1.00%), 3/15/44(4)		7,025		7,006,534
Series 4645, Class KL, 3.968%, (6.00% - 1 mo. USD LIBOR x 2.00), 3/15/44(5)		1,822		1,855,849
Series 4678, Class PC, 3.00%, 1/15/46		4,653		4,802,858
Series 4680, Class YF, 2.016%, (1 mo. USD LIBOR + 1.00%), 12/15/46(4)		1,126		1,125,236
Series 4681, Class JZ, 2.50%, 5/15/47		603		608,769
Series 4700, Class UF, 2.016%, (1 mo. USD LIBOR + 1.00%), 4/15/47(4)		3,379		3,375,487
Series 4717, Class PF, 1.814%, (1 mo. USD LIBOR + 1.00%), 8/15/47(4)		5,549		5,542,034
Series 4731, Class FQ, 2.016%, (1 mo. USD LIBOR + 1.00%), 11/15/47(4)		359		359,163
Series 4735, Class F, 2.016%, (1 mo. USD LIBOR + 1.00%), 12/15/47(4)		103		103,024
Series 4749, Class HF, 2.016%, (1 mo. USD LIBOR + 1.00%), 1/15/48(4)		68		67,713
Series 4751, Class ZC, 4.00%, 11/15/47		7		7,260
Series 4754, Class FJ, 2.016%, (1 mo. USD LIBOR + 1.00%), 4/15/44(4)		7,900		7,818,830
Series 4754, Class FK, 2.016%, (1 mo. USD LIBOR + 1.00%), 1/15/54(4)		14,300		14,284,029
Series 4767, Class FK, 2.016%, (1 mo. USD LIBOR + 1.00%), 3/15/48(4)		1,213		1,211,056
Series 4767, Class KF, 2.016%, (1 mo. USD LIBOR + 1.00%), 3/15/48(4)		789		788,485
Series 4768, Class JF, 2.016%, (1 mo. USD LIBOR + 1.00%), 2/15/48(4)		423		422,389
Series 4774, Class MH, 4.50%, 12/15/42		9,495		9,797,998
Series 4774, Class QD, 4.50%, 1/15/43		4,872		5,033,116
Series 4775, Class KF, 2.016%, (1 mo. USD LIBOR + 1.00%), 2/15/48(4)		4,337		4,330,939
Series 4776, Class C, 4.50%, 3/15/43		7,097		7,214,577
Series 4795, Class FK, 2.016%, (1 mo. USD LIBOR + 1.00%), 4/15/48(4)		761		760,695

6 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.: (continued)
Series 4815, Class DF, 2.016%, (1 mo. USD LIBOR + 1.00%), 8/15/48(4)	$	606	$	605,766
Series 4818, Class BF, 1.814%, (1 mo. USD LIBOR + 1.00%), 8/15/48(4)		1,238		1,237,235
Series 4845, Class EA, 4.50%, 6/15/43		18,847		19,058,429
Series 4846, Class EA, 4.50%, 8/15/43		16,481		16,707,319
Series 4858, Class LA, 4.50%, 8/15/43		19,033		19,181,578
Series 4859, Class GA, 4.50%, 10/15/43		8,393		8,497,997
Series 4876, Class FA, 1.514%, (1 mo. USD LIBOR + 0.70%), 5/15/49(4)		20,288		20,418,534
Series 4900, Class ZT, 4.00%, 7/25/49		11,041		11,053,954
Series 4908, Class ZB, 4.00%, 8/25/49		7,258		7,276,775
Series 4908, Class ZP, 4.00%, 8/25/49		5,847		5,848,311
Series 4910, Class ZG, 3.50%, 9/25/49		30,398		30,550,337
Series 4910, Class ZN, 3.50%, 6/15/49		9,601		9,634,106
Series 4911, Class JZ, 3.50%, 9/25/49		9,435		9,474,138
Series 4914, Class DZ, 4.00%, 9/25/49		914		915,012
Series 4914, Class LZ, 3.50%, 9/25/49		10,625		10,718,399
Series 4922, Class Z, 3.50%, 10/25/49		9,242		9,274,481
Series 4922, Class ZA, 3.50%, 8/25/49		7,353		7,375,672
Series 4922, Class ZN, 3.50%, 4/25/49		4,028		4,028,553
Series 4924, Class AZ, 3.50%, 10/25/49		11,861		11,970,025
Series 4924, Class BZ, 3.50%, 10/25/49		14,547		14,582,945
Series 4924, Class KZ, 3.50%, 10/25/49		2,419		2,434,505
Series 4924, Class LZ, 3.50%, 10/25/49		4,208		4,216,608
Series 4924, Class MZ, 3.50%, 10/25/49		8,485		8,506,988
Series 4924, Class PZ, 3.50%, 10/25/49		4,271		4,314,344
Series 4925, Class ZY, 4.00%, 10/25/49		6,982		6,992,346
Series 4926, Class ZQ, 3.50%, 9/25/49		7,948		7,982,236
Series 4927, Class ZL, 3.50%, 11/25/49		7,656		7,660,197
Series 4927, Class ZQ, 3.50%, 9/25/49		15,719		15,799,327
Series 4930, Class PZ, 3.50%, 11/25/49		10,630		10,666,414
Series 4932, Class CZ, 3.50%, 11/25/49		1,216		1,215,178
Series 4938, Class BZ, 3.50%, 12/25/49		5,151		5,159,217
Series 4938, Class CZ, 3.50%, 12/25/49		28,160		28,491,807
Series 4940, Class ZC, 3.50%, 1/25/50		24,946		25,000,412
Series 4941, Class ZU, 3.50%, 8/25/49		8,491		8,517,439
Series 4943, Class JZ, 3.00%, 9/25/49		1,805		1,798,655
Series 4954, Class ZL, 3.50%, 2/25/50		17,170		17,246,813
Series 4960, Class ZA, 3.50%, 10/25/49		6,700		6,712,257
Series 4967, Class D, 2.50%, 5/25/50		21,986		21,887,324
Series 4968, Class ZJ, 3.00%, 4/25/50		50,116		50,400,026
Series 4968, Class ZM, 3.50%, 4/25/50		33,220		33,310,665
Series 4974, Class ZG, 2.50%, 4/25/50		17,301		17,316,192
Series 4974, Class ZT, 3.00%, 2/25/50		13,092		13,185,625

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.: (continued)
Interest Only:(6)
Series 354, Class C11, 3.50%, 7/15/46	$	27,533	$	2,897,827
Series 354, Class C15, 3.50%, 11/15/46		27,540		2,420,667
Series 362, Class C7, 3.50%, 9/15/47		59,052		4,676,164
Series 362, Class C11, 4.00%, 12/15/47		15,469		1,540,334
Series 362, Class C12, 4.00%, 12/15/47		20,475		2,786,128
Series 3030, Class SL, 5.286%, (6.10% - 1 mo. USD LIBOR), 9/15/35(5)		2,043		437,418
Series 3114, Class TS, 5.836%, (6.65% - 1 mo. USD LIBOR), 9/15/30(5)		4,306		698,457
Series 3339, Class JI, 5.776%, (6.59% - 1 mo. USD LIBOR), 7/15/37(5)		1,749		404,838
Series 3872, Class NI, 5.50%, 12/15/21		316		6,108
Series 4088, Class EI, 3.50%, 9/15/41		2,738		159,642
Series 4094, Class CS, 5.186%, (6.00% - 1 mo. USD LIBOR), 8/15/42(5)		2,926		525,163
Series 4109, Class SA, 5.386%, (6.20% - 1 mo. USD LIBOR), 9/15/32(5)		2,366		357,882
Series 4212, Class SA, 5.386%, (6.20% - 1 mo. USD LIBOR), 7/15/38(5)		2,704		45,012
Series 4452, Class SP, 5.386%, (6.20% - 1 mo. USD LIBOR), 10/15/43(5)		2,950		196,624
Series 4497, Class CS, 5.386%, (6.20% - 1 mo. USD LIBOR), 9/15/44(5)		2,517		252,360
Series 4507, Class EI, 4.00%, 8/15/44		8,478		776,278
Series 4507, Class MI, 3.50%, 8/15/44		3,264		135,530
Series 4549, Class DS, 5.086%, (5.90% - 1 mo. USD LIBOR), 8/15/45(5)		6,316		869,077
Series 4601, Class IN, 3.50%, 7/15/46		51,966		5,028,137
Series 4625, Class BI, 3.50%, 6/15/46		9,804		954,414
Series 4637, Class IP, 3.50%, 4/15/44		2,258		92,774
Series 4653, Class PI, 3.50%, 7/15/44		2,219		51,951
Series 4672, Class LI, 3.50%, 1/15/43		2,540		84,834
Series 4676, Class DI, 4.00%, 7/15/44		3,902		130,187
Series 4700, Class WI, 3.50%, 1/15/44		9,704		231,572
Series 4749, Class IL, 4.00%, 12/15/47		3,981		378,642
Series 4768, Class IO, 4.00%, 3/15/48		4,700		451,471
Series 4768, Class KI, 4.00%, 11/15/47		8,210		757,709
Series 4772, Class PI, 4.00%, 1/15/48		5,106		490,504
Series 4791, Class JI, 4.00%, 5/15/48		9,444		794,786
Series 4791, Class SA, 5.386%, (6.20% - 1 mo. USD LIBOR), 5/15/48(5)		27,418		3,123,493
Series 4796, Class AS, 5.386%, (6.20% - 1 mo. USD LIBOR), 5/15/48(5)		17,364		1,942,614
Series 4808, Class IB, 4.00%, 5/15/48		20,284		1,735,347
Principal Only:(7)
Series 213, Class PO, 0.00%, 6/1/31		2,102		2,012,902
Series 239, Class PO, 0.00%, 8/15/36		1,040		979,187

7 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.: (continued)
Principal Only: (continued)
Series 246, Class PO, 0.00%, 5/15/37	$	2,388	$	2,341,603
Series 3072, Class WO, 0.00%, 11/15/35		927		882,251
Series 3342, Class KO, 0.00%, 7/15/37		323		317,173
Series 3476, Class PO, 0.00%, 7/15/38		499		479,845
Series 3862, Class PO, 0.00%, 5/15/41		948		895,296
			$	767,276,674
Federal National Mortgage Association:
Series G93-17, Class FA, 1.487%, (1 mo. USD LIBOR + 1.00%), 4/25/23(4)	$	19	$	19,151
Series G97-4, Class FA, 1.551%, (1 mo. USD LIBOR + 0.80%), 6/17/27(4)		158		158,989
Series 1993-203, Class PL, 6.50%, 10/25/23		103		111,039
Series 1994-14, Class F, 2.589%, (COF + 1.60%), 10/25/23(4)		92		93,104
Series 2001-4, Class GA, 9.132%, 4/17/25(8)		2		2,136
Series 2009-48, Class WA, 5.846%, 7/25/39(8)		508		565,709
Series 2009-62, Class WA, 5.571%, 8/25/39(8)		793		881,823
Series 2010-112, Class DZ, 4.00%, 10/25/40		959		1,022,899
Series 2011-49, Class NT, 6.00%, (66.00% - 1 mo. USD LIBOR x 10.00, Cap 6.00%), 6/25/41(5)		297		334,529
Series 2012-14, Class MH, 2.00%, 12/25/40		228		229,750
Series 2012-35, Class GE, 3.00%, 5/25/40		3,151		3,204,703
Series 2012-51, Class FD, 1.067%, (1 mo. USD LIBOR + 0.58%), 5/25/42(4)		31,469		31,588,000
Series 2012-103, Class ZP, 3.00%, 9/25/42		1,463		1,491,598
Series 2012-134, Class ZT, 2.00%, 12/25/42		2,113		2,047,983
Series 2013-19, Class HF, 1.487%, (1 mo. USD LIBOR + 1.00%), 3/25/43(4)		2,635		2,607,470
Series 2013-52, Class GA, 1.00%, 6/25/43		2,275		2,247,387
Series 2013-52, Class MD, 1.25%, 6/25/43		2,263		2,224,435
Series 2013-58, Class KS, 5.194%, (5.93% - 1 mo. USD LIBOR x 1.50), 6/25/43(5)		29,811		30,036,778
Series 2013-58, Class SC, 5.269%, (6.00% - 1 mo. USD LIBOR x 1.50), 6/25/43(5)		18,829		19,548,924
Series 2013-67, Class NF, 1.487%, (1 mo. USD LIBOR + 1.00%), 7/25/43(4)		1,856		1,828,648
Series 2013-119, Class PD, 2.50%, 1/25/43		272		276,533
Series 2014-1, Class HF, 2.485%, (1 mo. USD LIBOR + 1.50%), 6/25/43(4)		2,000		1,988,014
Series 2014-5, Class LB, 2.50%, 7/25/43		895		911,011
Series 2015-74, Class SL, 2.063%, (2.349% - 1 mo. USD LIBOR x 0.587), 10/25/45(5)		1,883		1,660,885
Series 2015-93, Class KF, 1.985%, (1 mo. USD LIBOR + 1.00%), 1/25/46(4)		703		701,633
Series 2016-20, Class ZA, 2.50%, 12/25/41		1,512		1,518,509
Series 2016-22, Class ZE, 3.00%, 6/25/44		3,521		3,566,976

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association: (continued)
Series 2016-26, Class KS, 4.397%, (5.25% - 1 mo. USD LIBOR x 1.75), 11/25/42(5)	$	3,659	$	3,702,441
Series 2016-49, Class VF, 1.985%, (1 mo. USD LIBOR + 1.00%), 8/25/46(4)		1,562		1,556,883
Series 2016-55, Class KF, 1.985%, (1 mo. USD LIBOR + 1.00%), 8/25/46(4)		1,999		1,989,121
Series 2016-81, Class Z, 3.00%, 11/25/46		1,004		1,004,862
Series 2016-89, Class ZH, 3.00%, 12/25/46		673		684,311
Series 2017-13, Class KF, 1.985%, (1 mo. USD LIBOR + 1.00%), 2/25/47(4)		443		442,336
Series 2017-15, Class LE, 3.00%, 6/25/46		2,247		2,306,717
Series 2017-26, Class NF, 1.985%, (1 mo. USD LIBOR + 1.00%), 4/25/47(4)		15,420		15,406,200
Series 2017-26, Class NS, 4.27%, (5.94% - 1 mo. USD LIBOR x 1.70), 4/25/47(5)		6,723		6,806,253
Series 2017-39, Class JZ, 3.00%, 5/25/47		816		823,523
Series 2017-49, Class PF, 1.985%, (1 mo. USD LIBOR + 1.00%), 7/25/47(4)		1,435		1,430,880
Series 2017-56, Class KF, 1.985%, (1 mo. USD LIBOR + 1.00%), 7/25/47(4)		6,972		6,948,916
Series 2017-56, Class KS, 4.016%, (5.00% - 1 mo. USD LIBOR), 7/25/47(5)		3,903		4,031,293
Series 2017-60, Class NF, 1.985%, (1 mo. USD LIBOR + 1.00%), 8/25/47(4)		2,169		2,165,060
Series 2017-66, Class ZJ, 3.00%, 9/25/57		2,352		2,355,000
Series 2017-76, Class Z, 3.00%, 10/25/57		955		948,983
Series 2017-96, Class FM, 1.985%, (1 mo. USD LIBOR + 1.00%), 12/25/57(4)		2,075		2,074,776
Series 2017-96, Class Z, 3.00%, 12/25/57		165		165,145
Series 2017-105, Class BF, 1.885%, (1 mo. USD LIBOR + 0.90%), 1/25/48(4)		3,505		3,501,489
Series 2017-106, Class HF, 1.985%, (1 mo. USD LIBOR + 1.00%), 1/25/48(4)		1,963		1,961,710
Series 2017-109, Class LF, 1.935%, (1 mo. USD LIBOR + 0.95%), 1/25/48(4)		105		104,976
Series 2018-13, Class NF, 1.985%, (1 mo. USD LIBOR + 1.00%), 12/25/57(4)		2,290		2,291,077
Series 2018-14, Class TF, 1.985%, (1 mo. USD LIBOR + 1.00%), 3/25/48(4)		513		512,318
Series 2018-16, Class ZN, 3.50%, 3/25/48		188		188,048
Series 2018-19, Class NF, 1.985%, (1 mo. USD LIBOR + 1.00%), 4/25/58(4)		1,940		1,937,900
Series 2018-59, Class KF, 1.487%, (1 mo. USD LIBOR + 1.00%), 8/25/48(4)		2,495		2,493,371
Series 2018-64, Class FL, 1.985%, (1 mo. USD LIBOR + 1.00%), 4/25/48(4)		1,726		1,724,190
Series 2018-87, Class BF, 1.985%, (1 mo. USD LIBOR + 1.00%), 4/25/48(4)		1,604		1,604,101
Series 2019-1, Class FA, 1.087%, (1 mo. USD LIBOR + 0.60%), 2/25/49(4)		46,070		45,693,518

8 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association: (continued)
Series 2019-8, Class FD, 1.187%, (1 mo. USD LIBOR + 0.70%), 3/25/49(4)	$	66,292	$	66,723,482
Series 2019-8, Class FG, 0.987%, (1 mo. USD LIBOR + 0.50%), 3/25/49(4)		52,700		52,738,316
Series 2019-9, Class LF, 1.037%, (1 mo. USD LIBOR + 0.55%), 3/25/49(4)		56,153		56,250,165
Series 2019-16, Class AF, 1.037%, (1 mo. USD LIBOR + 0.55%), 4/25/49(4)		33,794		33,866,690
Series 2019-16, Class F, 0.987%, (1 mo. USD LIBOR + 0.50%), 4/25/49(4)		17,190		17,205,721
Series 2019-36, Class ZN, 3.00%, 7/25/49		1,093		1,095,298
Series 2019-37, Class ZU, 3.50%, 7/25/49		1,546		1,545,299
Series 2019-38, Class JZ, 4.00%, 7/25/49		2,216		2,228,002
Series 2019-44, Class ZP, 4.00%, 8/25/49		3,964		3,968,987
Series 2019-50, Class NZ, 3.50%, 9/25/49		3,401		3,409,208
Series 2019-54, Class Z, 3.50%, 9/25/49		4,409		4,414,136
Series 2019-55, Class ZM, 3.50%, 10/25/49		99		98,851
Series 2019-57, Class LZ, 3.50%, 10/25/49		2,972		2,989,089
Series 2019-57, Class UZ, 3.50%, 10/25/49		8,084		8,108,879
Series 2019-57, Class Z, 3.50%, 10/25/49		14,079		14,109,576
Series 2019-61, Class DZ, 3.50%, 11/25/49		5,149		5,161,785
Series 2019-63, Class Z, 3.50%, 10/25/49		2,189		2,188,034
Series 2019-64, Class QZ, 3.50%, 11/25/49		136		136,210
Series 2019-64, Class ZM, 3.50%, 11/25/49		1,136		1,134,501
Series 2019-66, Class JZ, 3.50%, 11/25/49		4,018		4,031,867
Series 2019-67, Class CZ, 3.50%, 11/25/49		1,926		1,926,437
Series 2019-67, Class EZ, 3.00%, 11/25/49		15,043		15,097,695
Series 2019-68, Class KL, 3.016%, (4.00% - 1 mo. USD LIBOR), 11/25/49(5)		4,946		4,980,464
Series 2019-68, Class KS, 3.016%, (4.00% - 1 mo. USD LIBOR), 11/25/49(5)		4,946		4,980,464
Series 2019-70, Class ZJ, 4.00%, 12/25/49		25,923		25,973,585
Series 2019-71, Class AZ, 3.50%, 11/25/49		4,033		4,046,446
Series 2019-71, Class DZ, 3.50%, 11/25/49		8,554		8,584,821
Series 2019-71, Class MZ, 3.50%, 11/25/49		19,826		19,895,200
Series 2019-72, Class CZ, 3.50%, 12/25/49		1,076		1,075,728
Series 2019-75, Class KZ, 3.50%, 12/25/49		12,509		12,550,241
Series 2019-75, Class ZA, 3.50%, 12/25/49		8,262		8,285,574
Series 2019-80, Class CZ, 3.50%, 1/25/50		11,722		11,724,448
Series 2019-80, Class ZC, 3.50%, 1/25/50		2,778		2,772,613
Series 2019-81, Class CZ, 3.50%, 1/25/50		2,220		2,215,386
Series 2019-81, Class ZL, 3.50%, 1/25/50		19,020		19,050,497
Series 2019-83, Class EZ, 4.50%, 1/25/50		10,071		10,132,022
Series 2020-1, Class CZ, 3.50%, 2/25/50		4,222		4,221,020
Series 2020-1, Class ZC, 3.50%, 2/25/50		52,586		52,779,443
Series 2020-5, Class MZ, 3.50%, 2/25/50		6,318		6,325,065
Series 2020-8, Class CZ, 3.50%, 2/25/50		723		722,510

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association: (continued)
Series 2020-9, Class ZC, 3.50%, 2/25/50	$	28,241	$	28,582,739
Series 2020-10, Class LZ, 3.50%, 3/25/50		3,742		3,743,956
Series 2020-11, Class ZA, 3.50%, 3/25/50		10,180		10,183,200
Series 2020-11, Class ZQ, 3.00%, 3/25/50		642		637,098
Series 2020-17, Class CZ, 3.50%, 3/25/50		58,223		58,386,228
Series 2020-17, Class ZC, 3.50%, 3/25/50		3,876		3,885,221
Series 2020-20, Class ZA, 3.00%, 4/25/50		8,912		8,944,565
Series 2020-23, Class CZ, 3.00%, 2/25/50		27,304		27,516,569
Series 2020-23, Class ZC, 3.00%, 2/25/50		57,298		57,745,712
Series 2020-25, Class Z, 3.00%, 4/25/50		9,290		9,369,161
Series 2020-32, Class ZA, 3.50%, 5/25/50		47,709		48,101,226
Interest Only:(6)
Series 296, Class 2, 8.00%, 4/25/24		200		14,834
Series 424, Class C8, 3.50%, 2/25/48		15,061		1,227,614
Series 2004-60, Class SW, 6.563%, (7.05% - 1 mo. USD LIBOR), 4/25/34(5)		2,289		361,798
Series 2005-68, Class XI, 6.00%, 8/25/35		2,240		492,209
Series 2006-65, Class PS, 6.733%, (7.22% - 1 mo. USD LIBOR), 7/25/36(5)		1,431		376,102
Series 2007-99, Class SD, 5.913%, (6.40% - 1 mo. USD LIBOR), 10/25/37(5)		2,320		504,845
Series 2007-102, Class ST, 5.953%, (6.44% - 1 mo. USD LIBOR), 11/25/37(5)		1,071		228,761
Series 2010-135, Class SD, 5.513%, (6.00% - 1 mo. USD LIBOR), 6/25/39(5)		1,263		53,512
Series 2011-13, Class AI, 4.50%, 7/25/21		48		440
Series 2011-59, Class IW, 6.00%, 7/25/41		1,589		339,702
Series 2011-82, Class AI, 5.50%, 8/25/26		112		2,368
Series 2011-101, Class IC, 3.50%, 10/25/26		3,754		247,595
Series 2012-73, Class MS, 5.563%, (6.05% - 1 mo. USD LIBOR), 5/25/39(5)		1,182		30,609
Series 2012-86, Class CS, 5.613%, (6.10% - 1 mo. USD LIBOR), 4/25/39(5)		1,036		28,559
Series 2012-94, Class SL, 6.213%, (6.70% - 1 mo. USD LIBOR), 5/25/38(5)		4,953		328,720
Series 2012-103, Class GS, 5.613%, (6.10% - 1 mo. USD LIBOR), 2/25/40(5)		2,442		67,710
Series 2012-112, Class SB, 5.663%, (6.15% - 1 mo. USD LIBOR), 9/25/40(5)		5,025		290,266
Series 2012-147, Class SA, 5.613%, (6.10% - 1 mo. USD LIBOR), 1/25/43(5)		2,109		399,930
Series 2013-127, Class BI, 3.50%, 5/25/39		1,712		36,293
Series 2013-127, Class LI, 3.50%, 5/25/39		1,703		36,097
Series 2014-41, Class SA, 5.563%, (6.05% - 1 mo. USD LIBOR), 7/25/44(5)		3,340		692,716
Series 2014-55, Class IL, 3.50%, 9/25/44		2,666		265,007
Series 2014-55, Class IN, 3.50%, 7/25/44		2,392		240,898

9 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association: (continued)
Interest Only: (continued)
Series 2014-89, Class IO, 3.50%, 1/25/45	$	3,756	$	291,158
Series 2015-22, Class GI, 3.50%, 4/25/45		1,950		198,065
Series 2015-31, Class SG, 5.613%, (6.10% - 1 mo. USD LIBOR), 5/25/45(5)		3,552		472,015
Series 2015-36, Class IL, 3.00%, 6/25/45		3,102		276,580
Series 2015-61, Class QI, 3.50%, 5/25/43		3,348		70,476
Series 2016-61, Class DI, 3.00%, 4/25/46		3,909		281,063
Series 2018-21, Class IO, 3.00%, 4/25/48		19,416		1,466,179
Series 2018-42, Class IA, 3.50%, 6/25/47		16,711		552,286
Series 2019-1, Class SA, 4.913%, (5.40% - 1 mo. USD LIBOR), 2/25/49(5)		32,206		4,338,785
Principal Only:(7)
Series 379, Class 1, 0.00%, 5/25/37		2,301		2,214,089
Series 380, Class 1, 0.00%, 7/25/37		499		474,234
Series 2007-17, Class PO, 0.00%, 3/25/37		388		373,412
Series 2009-82, Class PO, 0.00%, 10/25/39		1,019		963,113
Series 2012-5, Class PO, 0.00%, 12/25/39		670		650,049
Series 2012-61, Class PO, 0.00%, 8/25/37		2,876		2,731,431
Series 2014-17, Class PO, 0.00%, 4/25/44		2,195		1,996,137
			$	1,007,179,101
Government National Mortgage Association:
Series 2006-3C, Class MZ, 3.00%, 3/1/50(3)	$	12,513	$	12,571,511
Series 2011-156, Class GA, 2.00%, 12/16/41		1,022		1,032,552
Series 2012-77, Class MT, 1.184%, (1 mo. USD LIBOR + 0.39%), 5/16/41(4)		777		756,891
Series 2014-H20, Class MF, 2.006%, (1 mo. USD LIBOR + 0.65%), 10/20/64(4)		10,055		10,129,102
Series 2015-62, Class PQ, 3.00%, 5/20/45		1,616		1,632,128
Series 2015-144, Class KB, 3.00%, 8/20/44		503		542,389
Series 2015-H03, Class FD, 1.996%, (1 mo. USD LIBOR + 0.64%), 1/20/65(4)		28,591		28,720,857
Series 2015-H05, Class FB, 1.996%, (1 mo. USD LIBOR + 0.64%), 2/20/65(4)		26,898		27,089,344
Series 2016-168, Class JF, 1.985%, (1 mo. USD LIBOR + 1.00%), 11/20/46(4)		7,794		7,771,640
Series 2017-5, Class ZA, 2.50%, 1/20/47		1,175		1,198,275
Series 2017-115, Class ZA, 3.00%, 7/20/47		1,376		1,371,030
Series 2017-121, Class DF, 1.218%, (1 mo. USD LIBOR + 0.50%), 8/20/47(4)		10,891		10,858,949
Series 2017-137, Class AF, 1.218%, (1 mo. USD LIBOR + 0.50%), 9/20/47(4)		5,199		5,180,711
Series 2017-147, Class HF, 1.718%, (1 mo. USD LIBOR + 1.00%), 9/20/47(4)		4,369		4,364,656
Series 2017-176, Class DF, 1.985%, (1 mo. USD LIBOR + 1.00%), 11/20/47(4)		1,219		1,217,326

Security	Principal Amount (000’s omitted)		Value
Government National Mortgage Association: (continued)
Series 2017-186, Class WF, 1.985%, (1 mo. USD LIBOR + 1.00%), 11/20/47(4)	$	5,140	$	5,128,140
Series 2018-67, Class KF, 1.985%, (1 mo. USD LIBOR + 1.00%), 3/20/48(4)		713		712,713
Series 2018-76, Class LF, 1.985%, (1 mo. USD LIBOR + 1.00%), 5/20/48(4)		331		331,050
Series 2018-125, Class FM, 1.985%, (1 mo. USD LIBOR + 1.00%), 8/20/48(4)		1,718		1,718,251
Series 2018-H16, Class FA, 1.776%, (1 mo. USD LIBOR + 0.42%), 9/20/68(4)		113,699		112,808,213
Series 2018-H18, Class FA, 1.856%, (1 mo. USD LIBOR + 0.50%), 9/20/68(4)		94,048		93,308,764
Series 2018-H18, Class FG, 1.956%, (1 mo. USD LIBOR + 0.60%), 10/20/68(4)		60,043		60,027,213
Series 2018-H20, Class FA, 1.956%, (1 mo. USD LIBOR + 0.60%), 12/20/68(4)		96,278		96,243,947
Series 2018-H20, Class FB, 1.856%, (1 mo. USD LIBOR + 0.50%), 6/20/68(4)		73,675		73,491,727
Series 2018-H20, Class FD, 1.856%, (1 mo. USD LIBOR + 0.50%), 12/20/68(4)		48,959		48,830,504
Series 2018-H20, Class FE, 1.856%, (1 mo. USD LIBOR + 0.50%), 11/20/68(4)		34,924		34,829,938
Series 2019-1, Class NF, 1.985%, (1 mo. USD LIBOR + 1.00%), 1/20/49(4)		1,750		1,748,268
Series 2019-59, Class LZ, 4.25%, 5/20/49		778		777,207
Series 2019-71, Class AZ, 3.50%, 6/20/49		424		423,783
Series 2019-71, Class CZ, 4.00%, 6/20/49		3,990		3,987,746
Series 2019-78, Class GZ, 4.00%, 6/20/49		1,138		1,139,771
Series 2019-82, Class DZ, 4.00%, 6/20/49		2,764		2,767,113
Series 2019-90, Class ZP, 4.00%, 7/20/49		6,268		6,283,067
Series 2019-92, Class CZ, 4.00%, 7/20/49		1,382		1,383,116
Series 2019-92, Class DZ, 4.00%, 7/20/49		2,135		2,132,485
Series 2019-96, Class Z, 4.00%, 8/20/49		14,556		14,627,370
Series 2019-97, Class ZC, 3.50%, 8/20/49		23,695		23,712,819
Series 2019-98, Class KZ, 3.50%, 8/20/49		1,795		1,795,580
Series 2019-98, Class PZ, 4.00%, 8/20/49		9,328		9,336,076
Series 2019-99, Class TZ, 3.50%, 8/20/49		71		71,227
Series 2019-99, Class ZN, 3.50%, 10/20/47		1,595		1,594,443
Series 2019-100, Class JZ, 3.75%, 8/20/49		6,190		6,206,227
Series 2019-100, Class MZ, 3.50%, 8/20/49		11,997		11,998,256
Series 2019-106, Class CZ, 3.50%, 8/20/49		1,656		1,655,541
Series 2019-108, Class KZ, 3.50%, 8/20/49		5,874		5,912,724
Series 2019-110, Class Z, 3.50%, 9/20/49		19,201		19,260,628
Series 2019-110, Class ZD, 3.50%, 9/20/49		114,882		115,053,780
Series 2019-111, Class DZ, 3.50%, 4/20/48		456		455,856
Series 2019-111, Class LZ, 3.50%, 9/20/49		2,490		2,489,529
Series 2019-112, Class BZ, 4.00%, 9/20/49		1,735		1,732,887

10 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Government National Mortgage Association: (continued)
Series 2019-115, Class ZD, 4.00%, 9/20/49	$	17,251	$	17,245,824
Series 2019-115, Class ZE, 4.00%, 9/20/49		14,334		14,442,618
Series 2019-115, Class ZH, 4.00%, 9/20/49		15,237		15,256,384
Series 2019-119, Class NZ, 5.50%, 9/20/49		1,782		1,795,058
Series 2019-119, Class ZN, 5.00%, 9/20/49		7,027		7,084,943
Series 2019-123, Class PZ, 3.50%, 10/20/49		12,844		12,892,645
Series 2019-123, Class Z, 5.00%, 10/20/49		14,138		14,171,293
Series 2019-125, Class AZ, 3.50%, 10/20/49		8,015		8,021,146
Series 2019-125, Class BZ, 3.50%, 10/20/49		16,956		16,986,683
Series 2019-125, Class DZ, 3.50%, 10/20/49		22,997		23,108,429
Series 2019-126, Class ZA, 3.50%, 10/20/49		7,003		7,017,089
Series 2019-132, Class LZ, 3.50%, 10/20/49		5,814		5,812,652
Series 2019-133, Class Z, 3.50%, 10/20/49		8,856		8,870,648
Series 2019-136, Class CZ, 3.50%, 11/20/49		4,972		4,974,922
Series 2019-136, Class Z, 1.50%, 10/20/45		4,996		4,990,760
Series 2019-143, Class KZ, 3.50%, 11/20/49		8,767		8,783,992
Series 2019-148, Class Z, 3.00%, 3/20/49		6,214		6,206,575
Series 2019-148, Class ZN, 4.00%, 11/20/49		2,779		2,778,704
Series 2019-151, Class CZ, 3.50%, 12/20/49		52,323		52,341,866
Series 2019-151, Class EZ, 3.50%, 12/20/49		11,601		11,605,535
Series 2019-151, Class HZ, 3.50%, 12/20/49		15,081		15,076,002
Series 2019-151, Class ZC, 3.50%, 12/20/49		7,840		7,845,958
Series 2019-152, Class BZ, 4.00%, 12/20/49		11,126		11,144,836
Series 2019-152, Class HZ, 3.50%, 12/20/49		908		907,406
Series 2019-152, Class NU, 3.50%, 12/20/49		5,799		5,816,310
Series 2019-158, Class ZJ, 3.50%, 12/20/49		24,850		24,906,800
Series 2019-160, Class Z, 3.50%, 12/20/49		4,391		4,389,014
Series 2019-H02, Class FE, 1.906%, (1 mo. USD LIBOR + 0.55%), 1/20/69(4)		31,939		31,939,736
Series 2020-1, Class CZ, 4.50%, 1/20/50		891		890,079
Series 2020-1, Class EZ, 3.50%, 1/20/50		3,524		3,578,568
Series 2020-4, Class ZE, 4.00%, 1/20/50		9,367		9,387,015
Series 2020-4, Class ZU, 3.50%, 1/20/50		4,050		4,050,909
Series 2020-9, Class EZ, 3.50%, 1/20/50		11,546		11,580,140
Series 2020-15, Class EZ, 3.50%, 2/20/50		4,858		4,869,631
Series 2020-15, Class PZ, 3.50%, 2/20/50		5,388		5,418,029
Series 2020-15, Class ZK, 4.00%, 2/20/50		9,776		9,787,883
Series 2020-16, Class UZ, 3.50%, 2/20/50		11,942		12,001,384
Series 2020-16, Class ZM, 3.50%, 2/20/50		2,301		2,303,537
Series 2020-17, Class CZ, 3.00%, 2/20/50		2,974		2,974,948
Series 2020-17, Class EZ, 3.50%, 2/20/50		15,820		15,897,346
Series 2020-17, Class GZ, 3.50%, 2/20/50		2,296		2,302,873
Series 2020-17, Class QZ, 3.50%, 2/20/50		8,622		8,677,379
Series 2020-17, Class ZC, 3.50%, 2/20/50		10,842		10,875,304
Series 2020-17, Class ZP, 5.00%, 2/20/50		4,821		4,828,994
Series 2020-21, Class GZ, 3.50%, 2/20/50		5,658		5,692,026

Security	Principal Amount (000’s omitted)		Value
Government National Mortgage Association: (continued)
Series 2020-21, Class LZ, 3.50%, 2/20/50	$	9,053	$	9,090,422
Series 2020-30, Class MZ, 3.00%, 3/20/50		8,466		8,497,771
Series 2020-31, Class EZ, 3.50%, 3/20/50		24,900		24,887,175
Series 2020-31, Class ZH, 3.00%, 3/20/50		13,624		13,634,988
Series 2020-32, Class KS, 3.50%, 3/20/50		6,149		6,188,274
Series 2020-32, Class ZC, 4.50%, 3/20/50		24,651		24,703,446
Series 2020-32, Class ZW, 3.00%, 3/20/50		1,512		1,517,078
Series 2020-33, Class PZ, 3.00%, 3/20/50		9,541		9,595,139
Series 2020-34, Class DZ, 3.00%, 3/20/50		9,010		9,040,488
Series 2020-45, Class ZM, 3.00%, 3/20/50		5,242		5,223,787
Series 2020-46, Class AZ, 3.50%, 4/20/50		4,245		4,261,009
Series 2020-47, Class ZD, 3.00%, 4/20/50		11,307		11,386,096
Series 2020-47, Class ZL, 3.50%, 4/20/50		14,077		14,213,830
Series 2020-51, Class ZC, 3.00%, 4/20/50		7,469		7,499,273
Series 2020-55, Class NZ, 3.00%, 4/20/50		11,072		11,174,792
Series 2020-61, Class AZ, 3.00%, 5/1/50(3)		5,748		5,765,648
Series 2020-76, Class UZ, 3.00%, 4/1/50(3)		23,801		23,954,519
Interest Only:(6)
Series 2011-48, Class SD, 5.897%, (6.67% - 1 mo. USD LIBOR), 10/20/36(5)		70		0
Series 2014-98, Class IM, 1.198%, 1/20/43(8)		12,117		642,173
Series 2015-151, Class KI, 1.264%, 11/20/42(8)		16,956		663,592
Series 2017-104, Class SD, 5.482%, (6.20% - 1 mo. USD LIBOR), 7/20/47(5)		6,659		1,192,287
Series 2017-121, Class DS, 3.782%, (4.50% - 1 mo. USD LIBOR), 8/20/47(5)		8,860		1,066,200
Series 2018-127, Class SG, 5.532%, (6.25% - 1 mo. USD LIBOR), 9/20/48(5)		22,030		3,070,066
Series 2019-27, Class SA, 5.332%, (6.05% - 1 mo. USD LIBOR), 2/20/49(5)		10,819		1,567,196
Series 2019-38, Class SQ, 5.332%, (6.05% - 1 mo. USD LIBOR), 3/20/49(5)		19,465		3,223,918
Series 2019-43, Class BS, 5.332%, (6.05% - 1 mo. USD LIBOR), 4/20/49(5)		13,209		1,908,827
Principal Only:(7)
Series 2009-117, Class PO, 0.00%, 12/16/39		1,513		1,391,998
Series 2010-88, Class OA, 0.00%, 7/20/40		1,190		1,107,990
Series 2015-24, Class KO, 0.00%, 6/20/35		1,610		1,537,103
			$	1,547,948,278
Total Collateralized Mortgage Obligations (identified cost $3,375,493,769)			$	3,322,404,053

11 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

U.S. Government Guaranteed Small Business Administration Pools & Loans — 7.3%
Description	Principal Amount (000’s omitted)		Value
0.875%, (USD Prime - 2.375%), 2/25/29(4)	$	84,606	$	85,749,849
1.00%, (USD Prime - 2.25%), 1/25/44 to 2/25/44(4)		89,653		90,235,252
1.05%, (USD Prime - 2.20%), 4/25/44(4)		33,820		34,139,456
2.25%, (USD Prime - 1.00%), 4/25/44(4)		40,791		43,709,999
2.575%, (USD Prime - 0.675%), 2/25/44(4)		35,175		37,811,220
Interest Only:(9)(10)
0.96%, 1/30/34		416		10,389
1.03%, 1/18/39		442		13,680
1.26%, 2/15/44		1,570		84,842
1.31%, 11/26/43		3,247		153,983
1.51%, 2/15/44		1,144		69,557
1.56%, 6/29/43 to 3/14/44		1,460		83,693
1.68%, 9/12/43 to 11/1/43		2,789		166,967
1.76%, 11/30/28 to 12/18/28		776		33,100
1.81%, 6/15/43 to 3/15/44		7,350		458,552
1.88%, 12/18/43 to 12/27/43		6,283		424,005
1.91%, 7/15/42 to 4/15/44		19,228		1,241,345
1.93%, 6/14/43 to 2/28/44		30,470		2,085,548
2.01%, 3/12/29 to 3/15/44		7,805		473,652
2.06%, 3/15/29 to 4/15/44		18,347		1,371,594
2.13%, 9/14/43 to 1/9/44		5,317		393,223
2.16%, 3/15/42 to 4/15/44		14,266		1,026,764
2.18%, 12/3/28 to 2/15/44		26,720		2,021,326
2.215%, 11/1/32 to 5/16/43(11)		124,149		6,460,105
2.26%, 12/28/28 to 1/15/44		4,834		379,768
2.31%, 12/15/28 to 8/11/44		40,701		3,240,343
2.38%, 8/31/28 to 12/27/43		3,769		293,747
2.388%, 2/21/33 to 4/1/43(11)		30,594		2,179,372
2.41%, 6/15/42 to 4/15/44		23,409		1,907,064
2.43%, 5/7/28 to 2/14/44		20,943		1,792,736
2.48%, 9/15/41 to 3/15/44		5,353		433,614
2.51%, 7/12/28 to 1/15/44		3,976		328,755
2.56%, 12/15/28 to 9/18/44		38,438		3,344,639
2.61%, 12/15/28 to 4/15/29		568		34,446
2.63%, 9/13/42 to 1/11/44		4,498		424,284
2.66%, 2/15/29 to 4/15/44		15,517		1,339,211
2.68%, 10/19/28 to 2/19/44		22,000		1,959,253
2.709%, 3/21/23 to 12/13/42(11)		42,334		2,467,835
2.76%, 10/1/28 to 2/15/44		13,582		1,095,272
2.81%, 3/15/29 to 4/24/44		32,256		2,998,427
2.88%, 7/12/43 to 12/27/43		4,768		495,696
2.91%, 3/15/44		720		79,628
2.93%, 6/13/28 to 2/15/44		7,954		732,153

Description	Principal Amount (000’s omitted)		Value
Interest Only: (continued)
3.01%, 10/13/28 to 1/15/44	$	2,294	$	207,252
3.06%, 12/15/28 to 4/15/44		5,397		594,863
3.13%, 9/29/43 to 1/31/44		8,738		985,938
3.16%, 12/15/43 to 1/15/44		3,954		488,462
3.18%, 4/19/28 to 2/19/44		12,884		1,232,600
3.203%, 1/21/24 to 7/28/42(11)		20,941		1,304,911
3.26%, 10/18/28 to 3/15/44		6,584		658,919
3.31%, 4/15/29 to 3/13/44		10,226		1,234,913
3.36%, 1/15/29 to 4/15/44		177		18,717
3.379%, 3/10/26 to 3/23/42(11)		948		84,228
3.38%, 8/17/43 to 1/16/44		13,472		1,782,267
3.41%, 3/15/44 to 4/15/44		3,642		471,840
3.43%, 4/27/28 to 2/6/44		43,256		4,169,575
3.51%, 10/4/28 to 3/15/44		18,210		1,966,122
3.56%, 12/28/28 to 3/15/44		15,206		1,653,345
3.61%, 12/27/28		12		1,100
3.66%, 11/15/43 to 4/15/44		17,032		2,281,000
3.98%, 12/11/28 to 12/13/28		546		55,725
4.11%, 12/31/28		39		4,100
4.21%, 12/15/43		90		13,246
Total U.S. Government Guaranteed Small Business Administration Pools & Loans (identified cost $360,525,205)			$	352,953,467
Short-Term Investments — 12.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(12)		597,200,690	$	597,200,690
Total Short-Term Investments (identified cost $597,106,038)			$	597,200,690
Total Investments — 115.6% (identified cost $5,635,378,465)			$	5,587,977,536
Other Assets, Less Liabilities — (15.6)%			$	(756,079,637	)
Net Assets — 100.0%			$	4,831,897,899

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾ Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at April 30, 2020.

12 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

⁽²⁾ Principal amount is less than $500.

⁽³⁾ When-issued security/forward commitment security.

⁽⁴⁾ Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽⁵⁾ Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at April 30, 2020.

⁽⁶⁾ Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽⁷⁾ Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁸⁾ Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽⁹⁾ Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽¹⁰⁾ Securities comprise a trust that is wholly-owned by the Fund and may only be sold on a pro rata basis with all securities in the trust.

⁽¹¹⁾ The stated interest rate represents the weighted average fixed interest rate at April 30, 2020 of all interest only securities comprising the certificate.

⁽¹²⁾ 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 April 30, 2020.

⁽¹³⁾  TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement.

Futures Contracts
Description	Number of Contracts		Position	Expiration Date		Notional Amount			Value/Unrealized Depreciation
Interest Rate Futures
U.S. Long Treasury Bond		165	Short		6/19/20	$	(29,870,156	)	$	(319,687	)
U.S. 10-Year Treasury Note		240	Long		6/19/20		33,375,000			(124,175	)
									$	(443,862	)

Abbreviations:

CMT	–	Constant Maturity Treasury
COF	–	Cost of Funds 11th District
LIBOR	–	London Interbank Offered Rate
TBA	–	To Be Announced

Currency Abbreviations:

USD – United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $5,038,272,427)	$	4,990,776,846
Affiliated investment, at value (identified cost, $597,106,038)		597,200,690
Deposits for derivatives collateral — financial futures contracts		663,600
Interest receivable		17,080,858
Dividends receivable from affiliated investment		125,752
Receivable for investments sold		3,445,237
Receivable for Fund shares sold		62,018,567
Receivable for variation margin on open financial futures contracts		79,210
Total assets	$	5,671,390,760
Liabilities
Payable for investments purchased	$	423,535,933
Payable for when-issued securities/forward purchase commitments		360,173,670
Payable for Fund shares redeemed		50,881,984
Distributions payable		1,195,465
Due to custodian		312,464
Payable to affiliates:
Investment adviser fee		1,790,123
Distribution and service fees		230,598
Trustees’ fees		9,063
Accrued expenses		1,363,561
Total liabilities	$	839,492,861
Net Assets	$	4,831,897,899
Sources of Net Assets
Paid-in capital	$	4,880,462,701
Accumulated loss		(48,564,802	)
Net Assets	$	4,831,897,899
Class A Shares
Net Assets	$	724,925,270
Shares Outstanding		89,057,156
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.14
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	8.33
Class C Shares
Net Assets	$	129,840,204
Shares Outstanding		15,930,240
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.15
Class I Shares
Net Assets	$	3,977,132,425
Shares Outstanding		489,172,716
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.13

On sales of $100,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

14 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest	$	58,744,174
Dividends from affiliated investment		418,666
Total investment income	$	59,162,840
Expenses
Investment adviser fee	$	10,229,244
Distribution and service fees
Class A		907,821
Class C		470,080
Trustees’ fees and expenses		54,250
Custodian fee		474,931
Transfer and dividend disbursing agent fees		1,011,426
Legal and accounting services		141,199
Printing and postage		139,541
Registration fees		127,316
Interest expense and fees		833,924
Miscellaneous		59,963
Total expenses	$	14,449,695
Net investment income	$	44,713,145
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	50,597,811
Investment transactions — affiliated investment		34,441
Written options		(18,709,446	)
Financial futures contracts		30,333,298
Net realized gain	$	62,256,104
Change in unrealized appreciation (depreciation) —
Investments	$	(26,671,075	)
Investments — affiliated investment		94,652
Financial futures contracts		1,125,045
Net change in unrealized appreciation (depreciation)	$	(25,451,378	)
Net realized and unrealized gain	$	36,804,726
Net increase in net assets from operations	$	81,517,871

15 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	44,713,145		$	102,889,649
Net realized gain (loss)		62,256,104			(25,245,601	)
Net change in unrealized appreciation (depreciation)		(25,451,378	)		(6,311,071	)
Net increase in net assets from operations	$	81,517,871		$	71,332,977
Distributions to shareholders —
Class A	$	(9,650,482	)	$	(19,511,519	)
Class C		(1,125,941	)		(2,588,205	)
Class I		(50,619,832	)		(99,898,243	)
Total distributions to shareholders	$	(61,396,255	)	$	(121,997,967	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	356,623,530		$	828,053,907
Class C		45,626,711			98,572,237
Class I		2,065,510,917			4,218,880,232
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		9,269,988			18,823,629
Class C		1,096,974			2,487,249
Class I		43,402,864			85,201,931
Cost of shares redeemed
Class A		(444,314,879	)		(452,296,289	)
Class C		(25,827,080	)		(38,905,104	)
Class I		(1,753,154,722	)		(1,939,898,444	)
Net asset value of shares converted
Class A		4,439,241			14,629,736
Class C		(4,439,241	)		(14,629,736	)
Net increase in net assets from Fund share transactions	$	298,234,303		$	2,820,919,348
Net increase in net assets	$	318,355,919		$	2,770,254,358
Net Assets
At beginning of period	$	4,513,541,980		$	1,743,287,622
At end of period	$	4,831,897,899		$	4,513,541,980

16 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.100		$	8.200		$	8.250		$	8.270		$	8.400		$	8.570
Income (Loss) From Operations
Net investment income(1)	$	0.076		$	0.202		$	0.219		$	0.173		$	0.171		$	0.175
Net realized and unrealized gain (loss)		0.071			(0.057	)		(0.068	)		(0.012	)		(0.112	)		(0.080	)
Total income from operations	$	0.147		$	0.145		$	0.151		$	0.161		$	0.059		$	0.095
Less Distributions
From net investment income	$	(0.107	)	$	(0.245	)	$	(0.201	)	$	(0.181	)	$	(0.189	)	$	(0.265	)
Total distributions	$	(0.107	)	$	(0.245	)	$	(0.201	)	$	(0.181	)	$	(0.189	)	$	(0.265	)
Net asset value — End of period	$	8.140		$	8.100		$	8.200		$	8.250		$	8.270		$	8.400
Total Return(2)		1.82	%(3)		1.78	%		1.85	%		1.97	%		0.72	%		1.12	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	724,925		$	795,015		$	394,465		$	181,071		$	155,824		$	151,875
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.85	%(5)(6)		0.85	%(6)		0.90	%(7)		0.92	%(7)		0.96	%(7)		0.99	%(7)
Net investment income		1.90	%(5)		2.47	%		2.67	%(7)		2.09	%(7)		2.07	%(7)		2.07	%(7)
Portfolio Turnover of the Fund		61	%(3)		59	%		42	%(8)		19	%(9)		45	%(9)		19	%(9)

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾ Not annualized.

⁽⁴⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾ Annualized.

⁽⁶⁾ Includes interest expense, including on reverse repurchase agreements, of 0.04% and 0.02% for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively.

⁽⁷⁾ Includes the Fund’s share of the Portfolio’s/Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolio/Portfolios.

⁽⁸⁾ Represents the portfolio turnover of Short-Term U.S. Government Portfolio from November 1, 2017 to October 12, 2018. The portfolio turnover based on the Fund’s investments in securities for the period October 15, 2018, the date the Fund began investing its assets directly, through October 31, 2018 was less than 1%.

⁽⁹⁾ Percentage is based on the Fund’s contributions to and withdrawals from the Portfolio(s) for the period while the Fund was investing in the Portfolio(s) and excludes the investment activity of the Portfolio(s).

17 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.110		$	8.210		$	8.260		$	8.280		$	8.410		$	8.580
Income (Loss) From Operations
Net investment income(1)	$	0.051		$	0.154		$	0.169		$	0.124		$	0.123		$	0.124
Net realized and unrealized gain (loss)		0.071			(0.058	)		(0.067	)		(0.012	)		(0.113	)		(0.079	)
Total income from operations	$	0.122		$	0.096		$	0.102		$	0.112		$	0.010		$	0.045
Less Distributions
From net investment income	$	(0.082	)	$	(0.196	)	$	(0.152	)	$	(0.132	)	$	(0.140	)	$	(0.215	)
Total distributions	$	(0.082	)	$	(0.196	)	$	(0.152	)	$	(0.132	)	$	(0.140	)	$	(0.215	)
Net asset value — End of period	$	8.150		$	8.110		$	8.210		$	8.260		$	8.280		$	8.410
Total Return(2)		1.52	%(3)		1.18	%		1.24	%		1.36	%		0.12	%		0.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	129,840		$	112,868		$	66,706		$	57,129		$	77,450		$	91,850
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.45	%(5)(6)		1.45	%(6)		1.50	%(7)		1.53	%(7)		1.56	%(7)		1.59	%(7)
Net investment income		1.27	%(5)		1.88	%		2.05	%(7)		1.49	%(7)		1.48	%(7)		1.46	%(7)
Portfolio Turnover of the Fund		61	%(3)		59	%		42	%(8)		19	%(9)		45	%(9)		19	%(9)

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes interest expense, including on reverse repurchase agreements, of 0.04% and 0.02% for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively.

⁽⁷⁾  Includes the Fund’s share of the Portfolio’s/Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolio/Portfolios.

⁽⁸⁾  Represents the portfolio turnover of Short-Term U.S. Government Portfolio from November 1, 2017 to October 12, 2018. The portfolio turnover based on the Fund’s investments in securities for the period October 15, 2018, the date the Fund began investing its assets directly, through October 31, 2018 was less than 1%.

⁽⁹⁾  Percentage is based on the Fund’s contributions to and withdrawals from the Portfolio(s) for the period while the Fund was investing in the Portfolio(s) and excludes the investment activity of the Portfolio(s).

18 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.090		$	8.190		$	8.240		$	8.260		$	8.390		$	8.560
Income (Loss) From Operations
Net investment income(1)	$	0.085		$	0.223		$	0.243		$	0.194		$	0.195		$	0.192
Net realized and unrealized gain (loss)		0.072			(0.058	)		(0.071	)		(0.012	)		(0.115	)		(0.076	)
Total income from operations	$	0.157		$	0.165		$	0.172		$	0.182		$	0.080		$	0.116
Less Distributions
From net investment income	$	(0.117	)	$	(0.265	)	$	(0.222	)	$	(0.202	)	$	(0.210	)	$	(0.286	)
Total distributions	$	(0.117	)	$	(0.265	)	$	(0.222	)	$	(0.202	)	$	(0.210	)	$	(0.286	)
Net asset value — End of period	$	8.130		$	8.090		$	8.190		$	8.240		$	8.260		$	8.390
Total Return(2)		1.95	%(3)		2.04	%		2.11	%		2.23	%		0.97	%		1.37	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,977,132		$	3,605,659		$	1,282,116		$	325,222		$	179,408		$	254,357
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.60	%(5)(6)		0.60	%(6)		0.65	%(7)		0.67	%(7)		0.71	%(7)		0.74	%(7)
Net investment income		2.12	%(5)		2.73	%		2.96	%(7)		2.35	%(7)		2.36	%(7)		2.27	%(7)
Portfolio Turnover of the Fund		61	%(3)		59	%		42	%(8)		19	%(9)		45	%(9)		19	%(9)

⁽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⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes interest expense, including on reverse repurchase agreements, of 0.04% and 0.02% for the six months ended April 30, 2020 and the year ended October 31, 2019, respectively.

⁽⁷⁾  Includes the Fund’s share of the Portfolio’s/Portfolios’ allocated expenses for the period while the Fund was investing in the Portfolio/Portfolios.

⁽⁸⁾  Represents the portfolio turnover of Short-Term U.S. Government Portfolio from November 1, 2017 to October 12, 2018. The portfolio turnover based on the Fund’s investments in securities for the period October 15, 2018, the date the Fund began investing its assets directly, through October 31, 2018 was less than 1%.

⁽⁹⁾  Percentage is based on the Fund’s contributions to and withdrawals from the Portfolio(s) for the period while the Fund was investing in the Portfolio(s) and excludes the investment activity of the Portfolio(s).

19 See Notes to Financial Statements.

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Short Duration Government Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The 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. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

20

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F  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  Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

J  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Fund is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Fund’s policies on investment valuations discussed above. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Fund had purchased expires on the stipulated expiration date, the Fund will realize a loss in the amount of the cost of the option. If the Fund enters into a closing sale transaction, the Fund will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option on a security, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

L  Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a

21

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

M  Stripped Mortgage-Backed Securities — The Fund may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Fund may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

N  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $45,888,304 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $26,025,149 are short-term and $19,863,155 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	5,640,643,390
Gross unrealized appreciation	$	32,737,242
Gross unrealized depreciation		(85,846,958	)
Net unrealized depreciation	$	(53,109,716	)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory and fee reduction agreements between the Fund and BMR, the fee is computed at an annual rate of 0.500% of the Fund’s average daily net assets up to $1 billion, 0.475% from $1 billion but less than $2.5 billion, 0.455% from $2.5 billion but less than $5 billion and 0.440% of average daily net assets of $5 billion or more, and is payable monthly. For the six months ended April 30, 2020, the Fund’s investment adviser fee amounted to $10,229,244 or 0.47% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM serves as the administrator of the Fund, but receives no compensation. Prior to March 1, 2020, BMR and EVM had agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as interest, taxes, or

22

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

litigation expenses) exceeded 0.85%, 1.45% and 0.60% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. Pursuant to this agreement, BMR and EVM reimbursed no operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $20,171 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $11,265 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $907,821 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.60% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $331,821 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $138,259 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $30,000 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments (all U.S. Government and Agency Securities), other than short-term obligations and including maturities, paydowns and TBA transactions, aggregated $3,168,231,286 and $2,768,787,839 respectively, for the six months ended April 30, 2020.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		44,017,177			101,357,815
Issued to shareholders electing to receive payments of distributions in Fund shares		1,144,759			2,307,986
Redemptions		(54,815,042	)		(55,422,090	)
Converted from Class C shares		548,435			1,790,745
Net increase (decrease)		(9,104,671	)		50,034,456

23

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		5,608,800			12,035,125
Issued to shareholders electing to receive payments of distributions in Fund shares		135,277			304,496
Redemptions		(3,184,235	)		(4,760,701	)
Converted to Class A shares		(547,751	)		(1,788,395	)
Net increase		2,012,091			5,790,525
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		254,721,088			516,735,875
Issued to shareholders electing to receive payments of distributions in Fund shares		5,365,664			10,458,625
Redemptions		(216,621,053	)		(238,082,421	)
Net increase		43,465,699			289,112,079

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and options on futures contracts to enhance total return, to change the overall duration of the Fund and to hedge against fluctuations in securities prices due to changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative
Futures contracts	$	—	$	(443,862	)(1)

⁽¹⁾ Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

24

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Purchased options	$	31,675,908	(1)	$	—
Written options	$	(18,709,446	)(2)	$	—
Futures contracts	$	30,333,298	(3)	$	1,125,045	(4)

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Investment transactions.

⁽²⁾  Statement of Operations location: Net realized gain (loss) – Written options.

⁽³⁾  Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽⁴⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

Futures Contracts — Long		Futures Contracts — Short
	$98,546,000	$	131,682,000

The average number of purchased options contracts and written options contracts outstanding during the six months ended April 30, 2020, which is indicative of the volume of these derivatives types, were 743 and 571 contracts, respectively.

9  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 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

10  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At April 30, 2020, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $312,464. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at April 30, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 13) at April 30, 2020. The Fund’s average overdraft advances during the six months ended April 30, 2020 were not significant.

11  Reverse Repurchase Agreements

There were no open reverse repurchase agreements outstanding as of April 30, 2020.

For the six months ended April 30, 2020, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $67,690,000 and 2.10%, respectively.

25

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

12  Investments in Affiliated Funds

At April 30, 2020, the value of the Fund’s investment in affiliated funds was $597,200,690, which represents 12.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	2,448,515	$	1,937,920,411	$	(1,343,297,329	)	$	34,441	$	94,652	$	597,200,690	$	418,666		597,200,690

13  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 April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Mortgage Pass-Throughs	$	—		$	1,315,419,326	$	—	$	1,315,419,326
Collateralized Mortgage Obligations		—			3,322,404,053		—		3,322,404,053
U.S. Government Guaranteed Small Business Administration Pools & Loans		—			352,953,467		—		352,953,467
Short-Term Investments		—			597,200,690		—		597,200,690
Total Investments	$	—		$	5,587,977,536	$	—	$	5,587,977,536
Liability Description
Futures Contracts	$	(443,862	)	$	—	$	—	$	(443,862	)
Total	$	(443,862	)	$	—	$	—	$	(443,862	)

14  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

26

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds,

collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

27

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Short Duration Government Income Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in investment grade and other income securities, including in investing in securities issued, backed or otherwise guaranteed by the U.S. government. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors,

28

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

29

Eaton Vance

Short Duration Government Income Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

30

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

31

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7730    4.30.20

Eaton Vance

Short Duration High Income Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Short Duration High Income Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	29
Officers and Trustees	33
Important Notices	34

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Performance^1,2

Portfolio Managers Kelley G. Baccei and Stephen C. Concannon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		11/01/2013		02/21/2012		–6.62	%		–4.77	%		1.99	%		3.10	%
Class A with 2.25% Maximum Sales Charge		—		—		–8.73			–6.91			1.52			2.81
Class I at NAV		11/01/2013		02/21/2012		–6.70			–4.73			2.23			3.30
ICE BofA U.S. High Yield Cash Pay BB-B 1–3 Year Index		—		—		–7.31	%		–5.14	%		2.87	%		3.96	%
% Total Annual Operating Expense Ratios3											Class A			Class I
Gross												1.29	%		1.04	%
Net												0.90			0.65

Fund Profile⁴

Credit Quality (% of bonds and loans)⁵

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index is an unmanaged index of U.S. corporate bonds currently paying a coupon, rated BB1 through B3, and having a maturity less than 3 years. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of Class A and Class I is linked to the performance of Short Duration High Income Portfolio (the Portfolio) into which the Fund invests. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance since inception for an index, if presented, is the performance since the Portfolio’s inception. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/28/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁵  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. For purposes of ratings restrictions, the average of Moody’s, S&P and Fitch is used. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

3

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	933.80	$	4.33	**		0.90	%
Class I	$	1,000.00	$	933.00	$	3.12	**		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.40	$	4.52	**		0.90	%
Class I	$	1,000.00	$	1,021.60	$	3.27	**		0.65	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to affiliates, expenses would be higher.

4

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Short Duration High Income Portfolio, at value (identified cost, $55,232,595)	$	51,337,324
Receivable for Fund shares sold		21,256
Receivable from affiliate		21,056
Total assets	$	51,379,636
Liabilities
Payable for Fund shares redeemed	$	253,395
Distributions payable		4,805
Payable to affiliates:
Distribution and service fees		1,271
Trustees’ fees		289
Accrued expenses		63,475
Total liabilities	$	323,235
Net Assets	$	51,056,401
Sources of Net Assets
Paid-in capital	$	56,917,164
Accumulated loss		(5,860,763	)
Total	$	51,056,401
Class A Shares
Net Assets	$	6,200,106
Shares Outstanding		712,214
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.71
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	8.91
Class I Shares
Net Assets	$	44,856,295
Shares Outstanding		5,148,367
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.71

On sales of $100,000 or more, the offering price of Class A shares is reduced.

5 See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income allocated from Portfolio	$	1,355,274
Dividends allocated from Portfolio		19,777
Expenses allocated from Portfolio		(181,584	)
Total investment income from Portfolio	$	1,193,467
Expenses
Distribution and service fees
Class A	$	8,938
Trustees’ fees and expenses		497
Custodian fee		9,624
Transfer and dividend disbursing agent fees		13,675
Legal and accounting services		30,473
Printing and postage		9,681
Registration fees		23,216
Miscellaneous		5,179
Total expenses	$	101,283
Deduct —
Allocation of expenses to affiliate	$	92,337
Total expense reductions	$	92,337
Net expenses	$	8,946
Net investment income	$	1,184,521
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(949,967	)
Foreign currency transactions		588
Forward foreign currency exchange contracts		80,242
Net realized loss	$	(869,137	)
Change in unrealized appreciation (depreciation) —
Investments	$	(4,178,417	)
Foreign currency		(322	)
Forward foreign currency exchange contracts		(31,788	)
Net change in unrealized appreciation (depreciation)	$	(4,210,527	)
Net realized and unrealized loss	$	(5,079,664	)
Net decrease in net assets from operations	$	(3,895,143	)

6 See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	1,184,521		$	2,349,312
Net realized loss		(869,137	)		(200,711	)
Net change in unrealized appreciation (depreciation)		(4,210,527	)		565,173
Net increase (decrease) in net assets from operations	$	(3,895,143	)	$	2,713,774
Distributions to shareholders —
Class A	$	(160,725	)	$	(245,301	)
Class I		(1,160,234	)		(2,099,760	)
Total distributions to shareholders	$	(1,320,959	)	$	(2,345,061	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,830,025		$	2,775,418
Class I		7,014,699			26,030,952
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		157,631			240,142
Class I		1,135,669			2,038,493
Cost of shares redeemed
Class A		(1,998,059	)		(865,903	)
Class I		(8,561,117	)		(19,332,100	)
Net increase (decrease) in net assets from Fund share transactions	$	(421,152	)	$	10,887,002
Net increase (decrease) in net assets	$	(5,637,254	)	$	11,255,715
Net Assets
At beginning of period	$	56,693,655		$	45,437,940
At end of period	$	51,056,401		$	56,693,655

7 See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.540		$	9.470		$	9.820		$	9.710		$	9.550		$	9.830
Income (Loss) From Operations
Net investment income	$	0.186	(1)	$	0.432	(1)	$	0.439	(1)	$	0.446	(1)	$	0.388	(1)	$	0.384
Net realized and unrealized gain (loss)		(0.808	)		0.070			(0.350	)		0.110			0.158			(0.280	)
Total income (loss) from operations	$	(0.622	)	$	0.502		$	0.089		$	0.556		$	0.546		$	0.104
Less Distributions
From net investment income	$	(0.208	)	$	(0.432	)	$	(0.439	)	$	(0.446	)	$	(0.386	)	$	(0.384	)
Total distributions	$	(0.208	)	$	(0.432	)	$	(0.439	)	$	(0.446	)	$	(0.386	)	$	(0.384	)
Net asset value — End of period	$	8.710		$	9.540		$	9.470		$	9.820		$	9.710		$	9.550
Total Return(2)(3)		(6.62	)%(4)		5.41	%		0.93	%		5.83	%		5.87	%		1.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,200		$	6,914		$	4,726		$	4,424		$	4,239		$	2,070
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		0.90	%(7)		0.90	%		0.91	%(8)		0.92	%		1.05	%		1.05	%
Net investment income		4.01	%(7)		4.54	%		4.55	%		4.55	%		4.06	%		3.90	%
Portfolio Turnover of the Portfolio		35	%(4)		63	%		52	%		69	%		67	%		41	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.33%, 0.39%, 0.38%, 0.38%, 0.31% and 0.79% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.01% for the year ended October 31, 2018.

8 See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.560		$	9.490		$	9.840		$	9.730		$	9.570		$	9.840
Income (Loss) From Operations
Net investment income	$	0.198	(1)	$	0.457	(1)	$	0.462	(1)	$	0.473	(1)	$	0.414	(1)	$	0.409
Net realized and unrealized gain (loss)		(0.828	)		0.069			(0.348	)		0.109			0.157			(0.269	)
Total income (loss) from operations	$	(0.630	)	$	0.526		$	0.114		$	0.582		$	0.571		$	0.140
Less Distributions
From net investment income	$	(0.220	)	$	(0.456	)	$	(0.464	)	$	(0.472	)	$	(0.411	)	$	(0.410	)
Total distributions	$	(0.220	)	$	(0.456	)	$	(0.464	)	$	(0.472	)	$	(0.411	)	$	(0.410	)
Net asset value — End of period	$	8.710		$	9.560		$	9.490		$	9.840		$	9.730		$	9.570
Total Return(2)(3)		(6.70	)%(4)		5.67	%		1.19	%		6.10	%		6.13	%		1.43	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	44,856		$	49,780		$	40,712		$	40,466		$	34,461		$	24,682
Ratios (as a percentage of average daily net assets):(5)
Expenses(3)(6)		0.65	%(7)		0.65	%		0.66	%(8)		0.67	%		0.80	%		0.80	%
Net investment income		4.26	%(7)		4.79	%		4.79	%		4.82	%		4.33	%		4.09	%
Portfolio Turnover of the Portfolio		35	%(4)		63	%		52	%		69	%		67	%		41	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.33%, 0.39%, 0.38%, 0.38%, 0.31% and 0.79% of average daily net assets for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.01% for the year ended October 31, 2018.

9 See Notes to Financial Statements.

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Short Duration High Income Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Effective December 2, 2019, Class A shares may be subject to a 1% contingent deferred sales charge if redeemed within 18 months of purchase (depending on the circumstances of purchase). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Short Duration High Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder,

10

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $805,918 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $401,663 are short-term and $404,255 are long-term.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended April 30, 2020, the Fund incurred no investment adviser and administration fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.90% and 0.65% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $92,337 of the Fund’s operating expenses for the six months ended April 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $1,271 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 $75 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $8,938 for Class A shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $9,243,614 and $8,843,392, respectively.

11

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

6  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		192,776			291,425
Issued to shareholders electing to receive payments of distributions in Fund shares		17,042			25,259
Redemptions		(222,104	)		(91,203	)
Net increase (decrease)		(12,286	)		225,481
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		772,290			2,739,378
Issued to shareholders electing to receive payments of distributions in Fund shares		122,844			214,026
Redemptions		(955,676	)		(2,036,670	)
Net increase (decrease)		(60,542	)		916,734

7  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

12

Short Duration High Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 82.4%
Security	Principal Amount* (000’s omitted)		Value
Aerospace — 1.7%
Bombardier, Inc., 6.00%, 10/15/22(1)		484	$	366,025
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)		70		69,300
TransDigm, Inc., 6.50%, 7/15/24		500		464,475
			$	899,800
Air Transportation — 2.1%
Air Canada, 7.75%, 4/15/21(1)		400	$	392,900
American Airlines Group, Inc., 5.00%, 6/1/22(1)		300		184,320
Delta Air Lines, Inc., 7.00%, 5/1/25(1)		89		91,311
Southwest Airlines Co., 4.75%, 5/4/23(2)		53		52,666
Southwest Airlines Co., 5.25%, 5/4/25(2)		44		43,877
United Airlines Holdings, Inc., 4.25%, 10/1/22		65		54,070
United Airlines Holdings, Inc., 6.00%, 12/1/20		250		239,312
			$	1,058,456
Automotive & Auto Parts — 4.4%
Ford Motor Co., 8.50%, 4/21/23		217	$	215,644
Ford Motor Co., 9.00%, 4/22/25		260		254,150
Ford Motor Credit Co., LLC, 2.134%, (3 mo. USD LIBOR + 0.93%), 9/24/20(3)		203		200,050
Ford Motor Credit Co., LLC, 3.336%, 3/18/21		326		314,583
Ford Motor Credit Co., LLC, 3.47%, 4/5/21		236		226,560
Ford Motor Credit Co., LLC, 3.937%, (3 mo. USD LIBOR + 2.55%), 1/7/21(3)		200		193,283
Ford Motor Credit Co., LLC, 4.25%, 9/20/22		200		185,810
Ford Motor Credit Co., LLC, 5.875%, 8/2/21		250		248,750
General Motors Financial Co., Inc., 2.277%, (3 mo. USD LIBOR + 0.54%), 11/6/20(3)		100		98,278
Navistar International Corp., 6.625%, 11/1/25(1)		269		232,120
Navistar International Corp., 9.50%, 5/1/25(1)		88		92,620
			$	2,261,848
Banking & Thrifts — 2.0%
Ally Financial, Inc., 4.625%, 5/19/22		500	$	513,600
CIT Group, Inc., 5.00%, 8/15/22		500		500,625
			$	1,014,225
Broadcasting — 2.5%
iHeartCommunications, Inc., 6.375%, 5/1/26		7	$	6,919
iHeartCommunications, Inc., 8.375%, 5/1/27		20		16,669
Netflix, Inc., 5.50%, 2/15/22		500		523,125
Sirius XM Radio, Inc., 3.875%, 8/1/22(1)		750		759,375
			$	1,306,088

Security		Principal Amount* (000’s omitted)		Value
Building Materials — 2.6%
Core & Main Holdings, L.P., 8.625%, (8.625% Cash or 9.375% PIK), 9/15/24(1)(4)			400	$	382,920
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)			300		228,615
Standard Industries, Inc., 5.50%, 2/15/23(1)			253		252,367
WESCO Distribution, Inc., 5.375%, 12/15/21			500		494,775
				$	1,358,677
Cable & Satellite TV — 3.8%
DISH DBS Corp., 5.00%, 3/15/23			588	$	563,745
DISH DBS Corp., 5.125%, 5/1/20			250		250,000
DISH DBS Corp., 5.875%, 7/15/22			850		861,645
Virgin Media Secured Finance PLC, 6.00% to 1/15/21, 1/15/25(5)(6)	GBP		200		271,135
				$	1,946,525
Capital Goods — 1.2%
Griffon Corp., 5.25%, 3/1/22			602	$	593,957
				$	593,957
Chemicals — 1.1%
Compass Minerals International, Inc., 4.875%, 7/15/24(1)			75	$	74,141
W.R. Grace & Co., 5.125%, 10/1/21(1)			500		505,325
				$	579,466
Consumer Products — 0.9%
Mattel, Inc., 3.15%, 3/15/23			500	$	464,275
				$	464,275
Containers — 0.5%
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23(1)			250	$	252,550
				$	252,550
Diversified Financial Services — 5.3%
Avolon Holdings Funding, Ltd., 5.125%, 10/1/23(1)			250	$	224,074
DAE Funding, LLC, 5.25%, 11/15/21(1)			705		646,168
HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25(1)			68		68,170
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22			750		760,837
Navient Corp., 6.50%, 6/15/22			500		486,875
Springleaf Finance Corp., 5.625%, 3/15/23			550		525,938
				$	2,712,062

13 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Diversified Media — 1.4%
Nielsen Finance, LLC/Nielsen Finance Co., 5.00%, 4/15/22(1)		750	$	742,170
			$	742,170
Energy — 7.0%
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24		250	$	256,550
Antero Resources Corp., 5.375%, 11/1/21		450		404,516
Apache Corp., 3.25%, 4/15/22		28		25,220
Apache Corp., 3.625%, 2/1/21		157		149,178
CVR Energy, Inc., 5.25%, 2/15/25(1)		300		247,875
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(1)		950		646,000
Hilcorp Energy I, L.P./Hilcorp Finance Co., 5.00%, 12/1/24(1)		300		171,690
Laredo Petroleum, Inc., 9.50%, 1/15/25		37		15,842
NGPL PipeCo, LLC, 4.375%, 8/15/22(1)		25		25,096
Occidental Petroleum Corp., 2.60%, 8/13/21		272		255,680
Occidental Petroleum Corp., 2.60%, 4/15/22		24		21,240
Occidental Petroleum Corp., 2.70%, 8/15/22		28		24,500
Occidental Petroleum Corp., 2.90%, 8/15/24		9		6,882
Occidental Petroleum Corp., 3.125%, 2/15/22		2		1,830
Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22(3)		20		15,613
Occidental Petroleum Corp., 3.45%, 7/15/24		21		14,805
Precision Drilling Corp., 6.50%, 12/15/21		258		197,604
Precision Drilling Corp., 7.75%, 12/15/23		12		5,368
SM Energy Co., 6.125%, 11/15/22		650		264,582
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23		65		63,687
Tervita Corp., 7.625%, 12/1/21(1)		923		614,395
Transocean Guardian, Ltd., 5.875%, 1/15/24(1)		63		48,848
Transocean, Inc., 8.375%, 12/15/21		300		109,200
			$	3,586,201
Entertainment & Film — 0.2%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(1)		114	$	101,460
			$	101,460
Food & Drug Retail — 3.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 3.50%, 2/15/23(1)		500	$	493,125
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 7.50%, 3/15/26(1)		300		329,160
Safeway, Inc., 3.95%, 8/15/20		422		421,346
Safeway, Inc., 4.75%, 12/1/21		759		749,323
			$	1,992,954

Security		Principal Amount* (000’s omitted)		Value
Food, Beverage & Tobacco — 0.1%
Performance Food Group, Inc., 6.875%, 5/1/25(1)			52	$	53,170
				$	53,170
Gaming — 3.3%
MGM Resorts International, 6.00%, 3/15/23			500	$	488,850
Studio City Co., Ltd., 7.25%, 11/30/21(1)			750		748,387
VICI Properties, L.P./VICI Note Co., Inc., 3.50%, 2/15/25(1)			500		471,100
				$	1,708,337
Healthcare — 7.2%
Bausch Health Cos., Inc., 5.50%, 3/1/23(1)			78	$	77,610
Bausch Health Cos., Inc., 6.50%, 3/15/22(1)			500		511,150
Centene Corp., 4.75%, 5/15/22			500		507,225
Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)			47		46,244
Grifols SA, 1.625%, 2/15/25(5)	EUR		505		542,405
HCA, Inc., 5.875%, 5/1/23			400		432,464
LifePoint Health, Inc., 6.75%, 4/15/25(1)			71		73,336
Tenet Healthcare Corp., 8.125%, 4/1/22			1,220		1,234,945
Teva Pharmaceutical Finance Co., B.V., 3.65%, 11/10/21			290		283,664
				$	3,709,043
Homebuilders & Real Estate — 4.8%
Consus Real Estate AG, 9.625%, 5/15/24(5)	EUR		550	$	557,305
Ellaktor Value PLC, 6.375%, 12/15/24(5)	EUR		461		328,770
iStar, Inc., 5.25%, 9/15/22			300		273,615
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23			362		339,303
Starwood Property Trust, Inc., 3.625%, 2/1/21			500		473,625
Vivion Investments S.a.r.l., 3.00%, 8/8/24(5)	EUR		500		488,541
				$	2,461,159
Hotels — 0.1%
Hilton Domestic Operating Co., Inc., 5.375%, 5/1/25(1)			44	$	44,330
				$	44,330
Leisure — 1.1%
Carnival Corp., 11.50%, 4/1/23(1)			149	$	156,031
NCL Corp, Ltd., 3.625%, 12/15/24(1)			47		30,491
Vail Resorts, Inc., 6.25%, 5/15/25(1)(2)			17		17,638
Viking Cruises, Ltd., 6.25%, 5/15/25(1)			500		337,400
				$	541,560

14 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Metals & Mining — 2.2%
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(1)		42	$	41,685
First Quantum Minerals, Ltd., 7.25%, 4/1/23(1)		427		389,766
Freeport-McMoRan, Inc., 3.875%, 3/15/23		250		250,675
Howmet Aerospace, Inc., 6.875%, 5/1/25		156		159,693
New Gold, Inc., 6.25%, 11/15/22(1)		293		293,366
			$	1,135,185
Railroad — 1.7%
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(1)		885	$	862,698
			$	862,698
Restaurant — 1.0%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(1)		500	$	502,445
			$	502,445
Services — 0.8%
ADT Security Corp. (The), 3.50%, 7/15/22		250	$	245,312
Hertz Corp. (The), 6.25%, 10/15/22		482		118,693
Sabre GLBL, Inc., 9.25%, 4/15/25(1)		46		48,818
			$	412,823
Steel — 1.1%
Allegheny Ludlum, LLC, 6.95%, 12/15/25		100	$	90,730
Allegheny Technologies, Inc., 7.875%, 8/15/23		263		242,510
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(1)		275		235,757
			$	568,997
Super Retail — 1.2%
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(1)		96	$	97,920
Nordstrom, Inc., 8.75%, 5/15/25(1)		39		41,884
Penske Automotive Group, Inc., 3.75%, 8/15/20		500		499,225
			$	639,029
Technology — 4.1%
Alliance Data Systems Corp., 4.75%, 12/15/24(1)		297	$	221,636
CommScope, Inc., 5.00%, 6/15/21(1)		38		37,706
Dell International, LLC/EMC Corp., 5.85%, 7/15/25(1)		48		52,446
Dell International, LLC/EMC Corp., 5.875%, 6/15/21(1)		500		501,575
Dell International, LLC/EMC Corp., 7.125%, 6/15/24(1)		433		450,039
EIG Investors Corp., 10.875%, 2/1/24		825		715,522
Expedia Group, Inc., 6.25%, 5/1/25(1)(2)		44		44,941

Security		Principal Amount* (000’s omitted)		Value
Technology (continued)
Expedia Group, Inc., 7.00%, 5/1/25(1)(2)			22	$	22,432
PTC, Inc., 3.625%, 2/15/25(1)			45		44,584
Riverbed Technology, Inc., 8.875%, 3/1/23(1)			42		25,830
				$	2,116,711
Telecommunications — 9.0%
Altice Financing SA, 2.25%, 1/15/25(5)	EUR		157	$	161,614
Altice France SA, 2.50%, 1/15/25(5)	EUR		600		623,911
Digicel, Ltd., 6.00%, 4/15/21(1)			548		334,285
Hughes Satellite Systems Corp., 7.625%, 6/15/21			250		260,760
Level 3 Financing, Inc., 5.375%, 8/15/22			420		421,134
Qwest Corp., 6.75%, 12/1/21			500		523,398
SBA Communications Corp., 4.00%, 10/1/22			75		75,866
Sprint Communications, Inc., 6.00%, 11/15/22			1,100		1,168,266
Sprint Communications, Inc., 7.00%, 8/15/20			375		379,369
Sprint Corp., 7.25%, 9/15/21			625		658,312
				$	4,606,915
Transport Excluding Air & Rail — 1.2%
XPO Logistics, Inc., 6.125%, 9/1/23(1)			350	$	356,195
XPO Logistics, Inc., 6.50%, 6/15/22(1)			250		252,112
				$	608,307
Utility — 2.9%
AES Corp. (The), 4.00%, 3/15/21			570	$	571,795
AES Corp. (The), 4.875%, 5/15/23			430		435,375
TerraForm Power Operating, LLC, 4.25%, 1/31/23(1)			350		360,763
Vistra Energy Corp., 5.875%, 6/1/23			100		101,625
				$	1,469,558
Total Corporate Bonds & Notes (identified cost $46,065,191)				$	42,310,981
Senior Floating-Rate Loans — 12.9%(7)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Containers — 1.3%
Reynolds Group Holdings, Inc., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 2/5/23		$	690	$	660,521
				$	660,521

15 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Food, Beverage & Tobacco — 1.1%
BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24	$	49	$	48,423
US Foods, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 6/27/23		591		548,237
			$	596,660
Gaming — 3.5%
CCM Merger, Inc., Term Loan, 3.00%, (1 mo. USD LIBOR + 2.25%, Floor 0.75%), Maturing 8/8/21	$	847	$	794,220
GLP Financing, LLC, Term Loan, 2.52%, (1 mo. USD LIBOR + 1.50%), Maturing 4/28/21		544		533,358
Playtika Holding Corp., Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing 12/10/24		382		379,296
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25(8)		6		5,084
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25		80		70,166
			$	1,782,124
Healthcare — 0.2%
RegionalCare Hospital Partners Holdings, Inc., Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 11/17/25	$	111	$	102,997
			$	102,997
Insurance — 1.8%
Asurion, LLC, Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	950	$	916,354
			$	916,354
Services — 0.9%
AlixPartners, LLP, Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 4/4/24	$	485	$	469,723
			$	469,723
Super Retail — 0.7%
PetSmart, Inc., Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 3/11/22	$	400	$	389,200
			$	389,200
Technology — 2.3%
EIG Investors Corp., Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	406	$	376,339
Infor (US), Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), Maturing 2/1/22		655		646,207

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Technology (continued)
SS&C Technologies, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25	$	167	$	160,883
			$	1,183,429
Telecommunications — 1.1%
Sprint Communications, Inc., Term Loan, Maturing 2/2/24(9)	$	550	$	548,625
			$	548,625
Total Senior Floating-Rate Loans (identified cost $6,852,816)			$	6,649,633
Convertible Bonds — 1.3%
Security	Principal Amount (000’s omitted)		Value
Air Transportation — 1.3%
Atlas Air Worldwide Holdings, Inc., 2.25%, 6/1/22	$	500	$	467,187
Air Transport Services Group, Inc., 1.125%, 10/15/24		194		175,941
Total Convertible Bonds (identified cost $646,908)			$	643,128
Commercial Mortgage-Backed Securities — 1.1%
Security	Principal Amount (000’s omitted)		Value
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(10)	$	795	$	555,264
Total Commercial Mortgage-Backed Securities (identified cost $753,045)			$	555,264
Common Stocks — 0.0%(13)
Security	Shares		Value
Broadcasting — 0.0%(13)
iHeartMedia, Inc., Class A(11)(12)		1,936	$	13,591
Diversified Media — 0.0%(13)
Clear Channel Outdoor Holdings, Inc.(11)(12)		1,520	$	1,466
Total Common Stocks (identified cost $9,340)			$	15,057

16 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 1.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(14)		569,069	$	569,069
Total Short-Term Investments (identified cost $568,980)			$	569,069
Total Investments — 98.8% (identified cost $54,896,280)			$	50,743,132
Less Unfunded Loan Commitments — (0.0)%(13)			$	(5,811	)
Net Investments — 98.8% (identified cost $54,890,469)			$	50,737,321
Other Assets, Less Liabilities — 1.2%			$	601,316
Net Assets — 100.0%			$	51,338,637

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 pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $16,583,155 or 32.3% of the Portfolio’s net assets.

⁽²⁾  When-issued security.

⁽³⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽⁴⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $2,973,681 or 5.8% of the Portfolio’s net assets.

⁽⁶⁾  Step coupon bond. Interest rate represents the rate in effect at April 30, 2020.

⁽⁷⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽⁸⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $5,084.

⁽⁹⁾  This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽¹⁰⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽¹¹⁾  Non-income producing security.

⁽¹²⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹³⁾  Amount is less than 0.05% or (0.05)%, as applicable.

⁽¹⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	142,749	GBP	114,724	Citibank, N.A.		7/31/20	$	—	$	(1,798	)
USD	129,404	GBP	104,000	Bank of America, N.A.		7/31/20		—		(1,630	)
USD	1,058,748	EUR	975,000	Bank of America, N.A.		7/31/20		—		(11,646	)
USD	600,862	EUR	553,339	Bank of America, N.A.		7/31/20		—		(6,615	)
USD	1,058,717	EUR	975,000	Goldman Sachs International		7/31/20		—		(11,676	)
							$	—	$	(33,365	)

17 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

EUR	–	Euro
GBP	–	British Pound Sterling
USD	–	United States Dollar

18 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $54,321,489)	$	50,168,252
Affiliated investment, at value (identified cost, $568,980)		569,069
Cash		16,653
Interest receivable		719,506
Dividends receivable from affiliated investment		873
Receivable for investments sold		1,115,805
Total assets	$	52,590,158
Liabilities
Payable for investments purchased	$	963,791
Payable for when-issued securities		179,685
Payable for open forward foreign currency exchange contracts		33,365
Payable to affiliates:
Investment adviser fee		23,541
Other		10,025
Accrued expenses		41,114
Total liabilities	$	1,251,521
Net Assets applicable to investors’ interest in Portfolio	$	51,338,637

19 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest and other income	$	1,355,307
Dividends from affiliated investment		19,777
Total investment income	$	1,375,084
Expenses
Investment adviser fee	$	154,329
Trustees’ fees and expenses		1,433
Custodian fee		8,931
Legal and accounting services		16,277
Miscellaneous		617
Total expenses	$	181,587
Net investment income	$	1,193,497
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(949,576	)
Investment transactions — affiliated investment		(415	)
Foreign currency transactions		588
Forward foreign currency exchange contracts		80,244
Net realized loss	$	(869,159	)
Change in unrealized appreciation (depreciation) —
Investments	$	(4,178,604	)
Investments — affiliated investment		89
Foreign currency		(322	)
Forward foreign currency exchange contracts		(31,789	)
Net change in unrealized appreciation (depreciation)	$	(4,210,626	)
Net realized and unrealized loss	$	(5,079,785	)
Net decrease in net assets from operations	$	(3,886,288	)

20 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	1,193,497		$	2,552,218
Net realized loss		(869,159	)		(222,861	)
Net change in unrealized appreciation (depreciation)		(4,210,626	)		623,881
Net increase (decrease) in net assets from operations	$	(3,886,288	)	$	2,953,238
Capital transactions —
Contributions	$	9,243,614		$	21,214,060
Withdrawals		(8,843,392	)		(23,122,159	)
Net increase (decrease) in net assets from capital transactions	$	400,222		$	(1,908,099	)
Net increase (decrease) in net assets	$	(3,486,066	)	$	1,045,139
Net Assets
At beginning of period	$	54,824,703		$	53,779,564
At end of period	$	51,338,637		$	54,824,703

21 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.65	%(2)		0.65	%(3)		0.66	%(3)(4)		0.67	%(3)		0.76	%		0.76	%
Net investment income		4.25	%(2)		4.79	%		4.78	%		4.80	%		4.34	%		4.24	%
Portfolio Turnover		35	%(5)		63	%		52	%		69	%		67	%		41	%
Total Return		(6.70	)%(5)		5.67	%(3)		1.19	%(3)		6.10	%(3)		6.13	%		1.50	%
Net assets, end of period (000’s omitted)	$	51,339		$	54,825		$	53,780		$	58,068		$	60,971		$	57,554

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  The investment adviser reimbursed certain operating expenses (equal to 0.10%, 0.09% and 0.07% of average daily net assets for the years ended October 31, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Includes interest expense of 0.01% for the year ended October 31, 2018.

⁽⁵⁾  Not annualized.

22 See Notes to Financial Statements.

Short Duration High Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Short Duration High Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Short Duration High Income Fund held an interest of 99.9% in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of

23

Short Duration High Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. 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.

J  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

24

Short Duration High Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.55% of the Portfolio’s average daily net assets up to $1 billion, and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of holders of interests in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $154,329 or 0.55% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $19,700,292 and $18,557,893, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	54,978,713
Gross unrealized appreciation	$	304,667
Gross unrealized depreciation		(4,579,424	)
Net unrealized depreciation	$	(4,274,757	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $33,365. At April 30, 2020, there were no assets pledged by the Portfolio for such liability.

The over-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default

25

Short Duration High Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative
Forward foreign currency exchange contracts	$	—	$	(33,365	)(1)
Total Derivatives subject to master netting or similar agreements	$	—	$	(33,365	)

⁽¹⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio’s derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Portfolio for such liabilities as of April 30, 2020.

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.	$	(1,798	)	$	—	$	—	$	—	$	(1,798	)
Bank of America, N.A.		(19,891	)		—		—		—		(19,891	)
Goldman Sachs International		(11,676	)		—		—		—		(11,676	)
	$	(33,365	)	$	—	$	—	$	—	$	(33,365	)

^(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.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Forward foreign currency exchange contracts	$	80,244	$	(31,789	)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

26

Short Duration High Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately $2,679,000.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

7  Credit Risk

The Portfolio primarily invests in lower rated and comparable quality unrated high yield securities. These investments have different risks than investments in debt securities rated investment grade. Risk of loss upon default by the borrower is significantly greater with respect to such debt than with other debt securities because these securities are generally unsecured and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than are investment grade issuers.

8  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $569,069, which represents 1.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	996,088	$	20,362,596	$	(20,789,289	)	$	(415	)	$	89	$	569,069	$	19,777		569,069

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.

27

Short Duration High Income Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Corporate Bonds & Notes	$	—	$	42,310,981		$	—	$	42,310,981
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		6,643,822			—		6,643,822
Convertible Bonds		—		643,128			—		643,128
Commercial Mortgage-Backed Securities		—		555,264			—		555,264
Common Stocks		15,057		—			—		15,057
Short-Term Investments		—		569,069			—		569,069
Total Investments	$	15,057	$	50,722,264		$	—	$	50,737,321
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(33,365	)	$	—	$	(33,365	)
Total	$	—	$	(33,365	)	$	—	$	(33,365	)

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2020 is not presented.

10  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

11  Termination of Portfolio

In February 2020, the Portfolio’s Trustees approved the termination of the Portfolio. The Portfolio made a pro rata distribution of net assets to each interestholder as of the close of business on June 12, 2020.

28

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

29

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Short Duration High Income Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Short Duration High Income Portfolio (the “Portfolio”), the portfolio in which the Fund may invest, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund and the investment advisory agreement for the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

30

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio, including recent changes to such personnel. The Board considered the abilities and experience of each Adviser’s investment professionals in making investments in fixed-income securities, including those with below-investment grade ratings and durations of three years or less. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board considered that at its meeting held on February 5 and 6, 2020, the Board, including a majority of the Independent Trustees, voted to approve a restructuring (the “Restructuring”) pursuant to which the Fund would withdraw its assets in-kind from the Portfolio and the Portfolio would terminate. The Board noted, that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Board further noted that the termination of the Portfolio was expected to occur prior to the fiscal year end of the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s custom peer group and lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

31

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

32

Eaton Vance

Short Duration High Income Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Short Duration High Income Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Short Duration High Income Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Short Duration High Income Fund and Short Duration High Income Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

33

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

34

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Investment Adviser of Short Duration High Income Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Short Duration High Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

14893    4.30.20

Eaton Vance

Short Duration Strategic Income Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Short Duration Strategic Income Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	60
Officers and Trustees	64
Important Notices	65

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Performance^1,2

Portfolio Managers Eric A. Stein, CFA, Andrew Szczurowski, CFA, Justin Bourgette, CFA and Brian Shaw, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		01/23/1998		11/26/1990		–1.84	%		0.82	%		1.85	%		2.89	%
Class A with 2.25% Maximum Sales Charge		—		—		–4.10			–1.51			1.38			2.66
Class C at NAV		05/25/1994		11/26/1990		–2.15			0.01			1.10			2.13
Class C with 1% Maximum Sales Charge		—		—		–3.09			–0.93			1.10			2.13
Class I at NAV		04/03/2009		11/26/1990		–1.72			1.08			2.10			3.16
Class R at NAV		08/03/2009		11/26/1990		–1.96			0.58			1.57			2.65
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		4.86	%		10.84	%		3.79	%		3.96	%
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I			Class R
						1.21	%		1.96	%		0.94	%		1.47	%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Fund Profile⁴

Allocation to Portfolios and Funds (% of net assets)

Asset Allocation (% of net assets)

* Net of unfunded loan commitments.

SBA — Small Business Administration

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio in which it invests. Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

Fund profile subject to change due to active management.

4

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	981.60	$	5.47		1.11	%
Class C	$	1,000.00	$	978.50	$	9.15		1.86	%
Class I	$	1,000.00	$	982.80	$	4.14		0.84	%
Class R	$	1,000.00	$	980.40	$	6.75		1.37	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	5.57		1.11	%
Class C	$	1,000.00	$	1,015.60	$	9.32		1.86	%
Class I	$	1,000.00	$	1,020.70	$	4.22		0.84	%
Class R	$	1,000.00	$	1,018.10	$	6.87		1.37	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolios.

5

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Investments in Affiliated Portfolios
Description			Value			% of Net Assets
Emerging Markets Local Income Portfolio (identified cost, $44,580,774)			$	45,174,219			2.9	%
Global Macro Absolute Return Advantage Portfolio (identified cost, $247,974,320)				242,824,383			15.8
Global Opportunities Portfolio (identified cost, $1,266,367,584)				1,135,129,088			73.8
Senior Debt Portfolio (identified cost, $72,302,813)				69,166,681			4.5
Total Investments in Affiliated Portfolios (identified cost $1,631,225,491)			$	1,492,294,371			97.0	%
Investments in Affiliated Investment Funds
Security	Shares		Value			% of Net Assets
Fixed Income Funds
Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6		6,255,375	$	49,542,566			3.2	%
Total Investments in Affiliated Investment Funds (identified cost $59,521,339)			$	49,542,566			3.2	%
Total Investments (identified cost $1,690,746,830)			$	1,541,836,937			100.2	%
Other Assets, Less Liabilities			$	(3,337,040	)		(0.2	)%
Net Assets			$	1,538,499,897			100.0	%

6 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Affiliated investments, at value (identified cost, $1,690,746,830)	$	1,541,836,937
Cash		26
Receivable for Fund shares sold		1,564,603
Total assets	$	1,543,401,566
Liabilities
Payable for Fund shares redeemed	$	4,206,772
Payable to affiliates:
Distribution and service fees		276,506
Trustees’ fees		42
Accrued expenses		418,349
Total liabilities	$	4,901,669
Net Assets	$	1,538,499,897
Sources of Net Assets
Paid-in capital	$	1,810,645,686
Accumulated loss		(272,145,789	)
Total	$	1,538,499,897
Class A Shares
Net Assets	$	495,784,118
Shares Outstanding		73,438,968
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	6.75
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	6.91
Class C Shares
Net Assets	$	213,981,630
Shares Outstanding		33,649,162
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	6.36
Class I Shares
Net Assets	$	826,740,265
Shares Outstanding		122,647,948
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	6.74
Class R Shares
Net Assets	$	1,993,884
Shares Outstanding		294,891
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	6.76

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

7 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends from Affiliated Investment Funds	$	2,668,896
Interest income		39
Interest and other income allocated from affiliated Portfolios (net of foreign taxes, $731,292)		39,137,053
Dividends allocated from affiliated Portfolios (net of foreign taxes, $10,215)		2,574,774
Expenses, excluding interest and dividend expense, allocated from affiliated Portfolios		(5,965,572	)
Interest and dividend expense allocated from affiliated Portfolios		(325,935	)
Total investment income	$	38,089,255
Expenses
Distribution and service fees
Class A	$	659,822
Class C		1,183,144
Class R		4,992
Trustees’ fees and expenses		271
Custodian fee		29,516
Transfer and dividend disbursing agent fees		594,083
Legal and accounting services		62,465
Printing and postage		81,322
Registration fees		50,173
Miscellaneous		7,160
Total expenses	$	2,672,948
Net investment income	$	35,416,307
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions — Affiliated Investments Funds	$	(493,033	)
Net realized gain (loss) allocated from affiliated Portfolios —
Investment transactions (net of foreign capital gains taxes of $732,973)		(11,318,887	)
Written options		148,779
Futures contracts		5,310,561
Swap contracts		24,192,261
Foreign currency transactions		(2,511,259	)
Forward foreign currency exchange contracts		8,260,320
Non-deliverable bond forward contracts		(411,567	)
Net realized gain	$	23,177,175
Change in unrealized appreciation (depreciation) —
Investments —Affiliated Investment Funds	$	(5,892,030	)
Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios —
Investments (including net decrease in accrued foreign capital gains taxes of $318,211)		(110,986,605	)
Written options		(132,368	)
Securities sold short		2,241,472
Futures contracts		2,545,881
Swap contracts		13,834,333
Forward volatility agreements		2,144,775
Foreign currency		171,956
Forward foreign currency exchange contracts		5,341,129
Non-deliverable bond forward contracts		487,790
Net change in unrealized appreciation (depreciation)	$	(90,243,667	)
Net realized and unrealized loss	$	(67,066,492	)
Net decrease in net assets from operations	$	(31,650,185	)

8 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	35,416,307		$	86,428,786
Net realized gain (loss)		23,177,175			(28,031,870	)
Net change in unrealized appreciation (depreciation)		(90,243,667	)		20,365,879
Net increase (decrease) in net assets from operations	$	(31,650,185	)	$	78,762,795
Distributions to shareholders —
Class A	$	(25,201,184	)	$	(22,960,163	)
Class B		—			(77,447	)
Class C		(10,806,505	)		(10,333,581	)
Class I		(44,673,115	)		(43,341,943	)
Class R		(92,465	)		(81,640	)
Total distributions to shareholders	$	(80,773,269	)	$	(76,794,774	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	42,144,228		$	56,915,775
Class B		—			447
Class C		13,735,951			20,629,529
Class I		180,836,729			289,013,216
Class R		444,259			748,811
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		23,600,280			21,423,637
Class B		—			72,215
Class C		10,209,358			9,734,053
Class I		41,760,398			39,950,621
Class R		76,460			61,056
Cost of shares redeemed
Class A		(86,032,767	)		(197,140,874	)
Class B		—			(960,769	)
Class C		(33,864,186	)		(101,079,767	)
Class I		(254,453,758	)		(579,984,230	)
Class R		(339,863	)		(1,068,622	)
Net asset value of shares converted(1)
Class A		11,833,427			91,404,980
Class B		—			(4,051,679	)
Class C		(11,833,427	)		(87,353,301	)
Net decrease in net assets from Fund share transactions	$	(61,882,911	)	$	(441,684,902	)
Net decrease in net assets	$	(174,306,365	)	$	(439,716,881	)
Net Assets
At beginning of period	$	1,712,806,262		$	2,152,523,143
At end of period	$	1,538,499,897		$	1,712,806,262

⁽¹⁾   Includes the conversion of Class B to Class A at the close of business on October 15, 2019 upon the termination of Class B.

9 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	7.210		$	7.180		$	7.470		$	7.280		$	7.360		$	7.900
Income (Loss) From Operations
Net investment income(1)	$	0.147		$	0.337		$	0.331		$	0.295		$	0.284		$	0.302
Net realized and unrealized gain (loss)		(0.270	)		(0.004	)		(0.345	)		0.171			(0.069	)		(0.361	)
Total income (loss) from operations	$	(0.123	)	$	0.333		$	(0.014	)	$	0.466		$	0.215		$	(0.059	)
Less Distributions
From net investment income	$	(0.337	)	$	(0.303	)	$	(0.108	)	$	(0.276	)	$	(0.269	)	$	(0.318	)
From net realized gain		—			—			—			—			—			(0.163	)
Tax return of capital		—			—			(0.168	)		—			(0.026	)		—
Total distributions	$	(0.337	)	$	(0.303	)	$	(0.276	)	$	(0.276	)	$	(0.295	)	$	(0.481	)
Net asset value — End of period	$	6.750		$	7.210		$	7.180		$	7.470		$	7.280		$	7.360
Total Return(2)		(1.84	)%(3)		4.60	%		0.06	%		6.35	%		3.05	%		(0.81	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	495,784		$	539,448		$	565,348		$	642,805		$	878,296		$	1,257,518
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		1.11	%(7)		1.18	%		1.11	%		1.09	%		1.08	%		1.06	%
Net investment income		4.21	%(7)		4.70	%		4.48	%		3.98	%		3.94	%		3.96	%
Portfolio Turnover of the Fund(8)		9	%(3)		11	%		15	%		11	%		10	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01%, 0.03% and 0.01% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁷⁾  Annualized.

⁽⁸⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

10 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	6.800		$	6.780		$	7.040		$	6.870		$	6.940		$	7.460
Income (Loss) From Operations
Net investment income(1)	$	0.114		$	0.269		$	0.260		$	0.227		$	0.216		$	0.233
Net realized and unrealized gain (loss)		(0.251	)		(0.014	)		(0.312	)		0.151			(0.059	)		(0.344	)
Total income (loss) from operations	$	(0.137	)	$	0.255		$	(0.052	)	$	0.378		$	0.157		$	(0.111	)
Less Distributions
From net investment income	$	(0.303	)	$	(0.235	)	$	(0.081	)	$	(0.208	)	$	(0.207	)	$	(0.246	)
From net realized gain		—			—			—			—			—			(0.163	)
Tax return of capital		—			—			(0.127	)		—			(0.020	)		—
Total distributions	$	(0.303	)	$	(0.235	)	$	(0.208	)	$	(0.208	)	$	(0.227	)	$	(0.409	)
Net asset value — End of period	$	6.360		$	6.800		$	6.780		$	7.040		$	6.870		$	6.940
Total Return(2)		(2.15	)%(3)		3.84	%		(0.77	)%		5.56	%		2.35	%		(1.57	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	213,982		$	251,581		$	409,686		$	506,158		$	598,798		$	727,676
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		1.86	%(7)		1.93	%		1.86	%		1.84	%		1.83	%		1.81	%
Net investment income		3.46	%(7)		3.98	%		3.73	%		3.24	%		3.18	%		3.23	%
Portfolio Turnover of the Fund(8)		9	%(3)		11	%		15	%		11	%		10	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01%, 0.03% and 0.01% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁷⁾  Annualized.

⁽⁸⁾⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

11 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	7.200		$	7.170		$	7.460		$	7.270		$	7.350		$	7.880
Income (Loss) From Operations
Net investment income(1)	$	0.156		$	0.354		$	0.349		$	0.316		$	0.302		$	0.318
Net realized and unrealized gain (loss)		(0.270	)		(0.004	)		(0.345	)		0.168			(0.069	)		(0.348	)
Total income (loss) from operations	$	(0.114	)	$	0.350		$	0.004		$	0.484		$	0.233		$	(0.030	)
Less Distributions
From net investment income	$	(0.346	)	$	(0.320	)	$	(0.115	)	$	(0.294	)	$	(0.285	)	$	(0.337	)
From net realized gain		—			—			—			—			—			(0.163	)
Tax return of capital		—			—			(0.179	)		—			(0.028	)		—
Total distributions	$	(0.346	)	$	(0.320	)	$	(0.294	)	$	(0.294	)	$	(0.313	)	$	(0.500	)
Net asset value — End of period	$	6.740		$	7.200		$	7.170		$	7.460		$	7.270		$	7.350
Total Return(2)		(1.72	)%(3)		4.87	%		0.30	%		6.62	%		3.30	%		(0.44	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	826,740		$	919,828		$	1,170,337		$	1,112,215		$	706,509		$	1,052,734
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		0.84	%(7)		0.91	%		0.85	%		0.84	%		0.82	%		0.81	%
Net investment income		4.45	%(7)		4.95	%		4.73	%		4.25	%		4.19	%		4.18	%
Portfolio Turnover of the Fund(8)		9	%(3)		11	%		15	%		11	%		10	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01%, 0.03% and 0.01% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁷⁾  Annualized.

⁽⁸⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

12 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Financial Highlights — continued

	Class R
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	7.220		$	7.190		$	7.480		$	7.290		$	7.370		$	7.910
Income (Loss) From Operations
Net investment income(1)	$	0.126		$	0.300		$	0.298		$	0.279		$	0.269		$	0.282
Net realized and unrealized gain (loss)		(0.257	)		0.015			(0.330	)		0.169			(0.072	)		(0.360	)
Total income (loss) from operations	$	(0.131	)	$	0.315		$	(0.032	)	$	0.448		$	0.197		$	(0.078	)
Less Distributions
From net investment income	$	(0.329	)	$	(0.285	)	$	(0.101	)	$	(0.258	)	$	(0.249	)	$	(0.299	)
From net realized gain		—			—			—			—			—			(0.163	)
Tax return of capital		—			—			(0.157	)		—			(0.028	)		—
Total distributions	$	(0.329	)	$	(0.285	)	$	(0.258	)	$	(0.258	)	$	(0.277	)	$	(0.462	)
Net asset value — End of period	$	6.760		$	7.220		$	7.190		$	7.480		$	7.290		$	7.370
Total Return(2)		(1.96	)%(3)		4.34	%		(0.19	)%		6.08	%		2.79	%		(1.05	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,994		$	1,949		$	2,204		$	2,781		$	2,579		$	5,457
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		1.37	%(7)		1.44	%		1.36	%		1.34	%		1.33	%		1.31	%
Net investment income		3.60	%(7)		4.18	%		4.03	%		3.75	%		3.72	%		3.70	%
Portfolio Turnover of the Fund(8)		9	%(3)		11	%		15	%		11	%		10	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01%, 0.03% and 0.01% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

⁽⁷⁾ Annualized.

⁽⁸⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

13 See Notes to Financial Statements.

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Short Duration Strategic Income Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is total return. The Fund currently pursues its objective by investing substantially all of its investable assets in interests in four portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts and in shares of Eaton Vance Emerging Markets Debt Opportunities Fund (the Affiliated Investment Fund). The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at April 30, 2020 were as follows: Emerging Markets Local Income Portfolio (4.0%), Global Macro Absolute Return Advantage Portfolio (8.4%), Global Opportunities Portfolio (93.6%) and Senior Debt Portfolio (1.3%). The performance of the Fund is directly affected by the performance of the Portfolios and the Affiliated Investment Fund. The financial statements of Global Opportunities Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of each Portfolio’s financial statements and the Affiliated Investment Fund’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by Global Opportunities Portfolio is discussed in Note 1A of such Portfolio’s Notes to Consolidated Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of the other Portfolios in which the Fund invests.

Additional valuation policies for the other Portfolios are as follows:

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolios based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolios. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolios. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Derivatives. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. The Fund’s investment in the Affiliated Investment Fund is valued at the closing net asset value per share.

B  Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income on direct investments in the Affiliated Investment Fund is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from the Affiliated Investment Fund are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

C  Federal and Other Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

14

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolios. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolios.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $98,831,773 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $25,980,243 are short-term and $72,851,530 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,748,322,820
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(206,485,883	)
Net unrealized depreciation	$	(206,485,883	)

15

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.615% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. For the six months ended April 30, 2020, the Fund’s allocated portion of the investment adviser fees paid by the Portfolios totaled $5,276,009 or 0.63% (annualized) of the Fund’s average daily net assets. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $41,506 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 $8,419 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 5) and contingent deferred sales charges (see Note 6).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of the above organizations.

4  Purchases and Sales of Direct Investments

Purchases and sales of direct investments, other than short-term obligations, aggregated $2,668,896 and $10,000,000, respectively, for the six months ended April 30, 2020.

5  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $659,822 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $887,358 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $2,496 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2020 amounted to $295,786 and $2,496 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

6  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Effective December 2, 2019, Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $100 and $6,000 of CDSCs paid by Class A and Class C shareholders, respectively.

16

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investments in the Portfolios were as follows:

Portfolio	Contributions		Withdrawals
Emerging Markets Local Income Portfolio	$	—	$	(17,576,558	)
Global Macro Absolute Return Advantage Portfolio		6,538,329		(27,777,650	)
Global Opportunities Portfolio		74,977,641		(191,426,166	)
Senior Debt Portfolio		65,937,188		(44,963,411	)

8  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		5,922,949			7,943,601
Issued to shareholders electing to receive payments of distributions in Fund shares		3,345,016			2,995,371
Redemptions		(12,323,352	)		(27,607,071	)
Converted from Class B shares		—			564,602
Converted from Class C shares		1,684,767			12,225,996
Net decrease		(1,370,620	)		(3,877,501	)
Class B				Year Ended October 31,  2019(1)
Sales					66
Issued to shareholders electing to receive payments of distributions in Fund shares					10,752
Redemptions					(142,240	)
Converted to Class A shares					(599,074	)
Net decrease					(730,496	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		2,058,303			3,051,544
Issued to shareholders electing to receive payments of distributions in Fund shares		1,533,212			1,444,186
Redemptions		(5,135,823	)		(14,972,809	)
Converted to Class A shares		(1,788,480	)		(12,986,853	)
Net decrease		(3,332,788	)		(23,463,932	)

17

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		25,497,699			40,374,032
Issued to shareholders electing to receive payments of distributions in Fund shares		5,927,389			5,595,325
Redemptions		(36,521,825	)		(81,345,193	)
Net decrease		(5,096,737	)		(35,375,836	)
Class R	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		63,289			104,320
Issued to shareholders electing to receive payments of distributions in Fund shares		10,833			8,523
Redemptions		(49,157	)		(149,227	)
Net increase (decrease)		24,965			(36,384	)

⁽¹⁾  At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

9  Affiliated Investment Funds

At April 30, 2020, the value of the Fund’s investment in affiliated funds was $49,542,566, which represents 3.2% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Shares, end of period
Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6	$	63,258,733	$	2,668,896	$	(10,000,000	)	$	(493,033	)	$	(5,892,030	)	$	49,542,566	$	2,668,896		6,255,375

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

18

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Investments in Affiliated Portfolios	$	1,492,294,371	$	—	$	—	$	1,492,294,371
Investments in Affiliated Investment Funds		49,542,566		—		—		49,542,566
Total Investments	$	1,541,836,937	$	—	$	—	$	1,541,836,937

19

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited)

Collateralized Mortgage Obligations — 25.9%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 2182, Class ZC, 7.50%, 9/15/29	$	106,945	$	125,230
Series 4273, Class SP, 9.29%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(1)		516,145		889,572
Series 4407, Class LN, 6.952%, (9.32% - 1 mo. USD LIBOR x 2.33), 12/15/43(1)		134,950		138,147
Series 4637, Class CU, 3.00%, 8/15/44		10,783,807		11,111,017
Series 4677, Class SB, 11.935%, (16.00% - 1 mo. USD LIBOR x 4.00), 4/15/47(1)		1,549,558		1,598,772
Series 4774, Class QD, 4.50%, 1/15/43		10,718,930		11,072,856
Series 4914, Class DZ, 4.00%, 9/25/49		1,668,791		1,670,142
Interest Only:(2)
Series 2631, Class DS, 6.286%, (7.10% - 1 mo. USD LIBOR), 6/15/33(1)		1,843,896		291,525
Series 2953, Class LS, 5.886%, (6.70% - 1 mo. USD LIBOR), 12/15/34(1)		1,180,777		78,636
Series 2956, Class SL, 6.186%, (7.00% - 1 mo. USD LIBOR), 6/15/32(1)		1,028,588		242,957
Series 3114, Class TS, 5.836%, (6.65% - 1 mo. USD LIBOR), 9/15/30(1)		3,259,255		528,657
Series 3153, Class JI, 5.806%, (6.62% - 1 mo. USD LIBOR), 5/15/36(1)		2,432,899		521,539
Series 3745, Class SA, 5.936%, (6.75% - 1 mo. USD LIBOR), 3/15/25(1)		291,285		4,325
Series 3969, Class SB, 5.836%, (6.65% - 1 mo. USD LIBOR), 2/15/30(1)		33,934		116
Series 3973, Class SG, 5.836%, (6.65% - 1 mo. USD LIBOR), 4/15/30(1)		951,715		26,316
Series 4007, Class JI, 4.00%, 2/15/42		2,095,589		217,003
Series 4050, Class IB, 3.50%, 5/15/41		10,017,549		528,694
Series 4067, Class JI, 3.50%, 6/15/27		6,704,952		512,800
Series 4070, Class S, 5.286%, (6.10% - 1 mo. USD LIBOR), 6/15/32(1)		13,488,715		2,049,680
Series 4095, Class HS, 5.286%, (6.10% - 1 mo. USD LIBOR), 7/15/32(1)		3,496,159		439,216
Series 4109, Class ES, 5.336%, (6.15% - 1 mo. USD LIBOR), 12/15/41(1)		87,383		22,891
Series 4109, Class KS, 5.286%, (6.10% - 1 mo. USD LIBOR), 5/15/32(1)		141,044		714
Series 4109, Class SA, 5.386%, (6.20% - 1 mo. USD LIBOR), 9/15/32(1)		5,162,795		780,904
Series 4149, Class S, 5.436%, (6.25% - 1 mo. USD LIBOR), 1/15/33(1)		3,750,242		592,478
Series 4163, Class GS, 5.386%, (6.20% - 1 mo. USD LIBOR), 11/15/32(1)		2,981,204		663,890
Series 4169, Class AS, 5.436%, (6.25% - 1 mo. USD LIBOR), 2/15/33(1)		4,372,726		886,803
Series 4180, Class GI, 3.50%, 8/15/26		2,644,063		127,954
Series 4188, Class AI, 3.50%, 4/15/28		5,443,915		373,567

Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.: (continued)
Interest Only:(2) (continued)
Series 4189, Class SQ, 5.336%, (6.15% - 1 mo. USD LIBOR), 12/15/42(1)	$	5,026,024	$	412,452
Series 4203, Class QS, 5.436%, (6.25% - 1 mo. USD LIBOR), 5/15/43(1)		3,171,369		565,346
Series 4212, Class SA, 5.386%, (6.20% - 1 mo. USD LIBOR), 7/15/38(1)		4,529,115		75,403
Series 4323, Class CI, 4.00%, 3/15/40		4,585,824		100,391
Series 4332, Class IK, 4.00%, 4/15/44		2,195,542		244,423
Series 4332, Class KI, 4.00%, 9/15/43		1,893,503		95,280
Series 4343, Class PI, 4.00%, 5/15/44		4,645,647		551,490
Series 4370, Class IO, 3.50%, 9/15/41		2,896,493		133,334
Series 4381, Class SK, 5.336%, (6.15% - 1 mo. USD LIBOR), 6/15/44(1)		4,856,050		580,939
Series 4388, Class MS, 5.286%, (6.10% - 1 mo. USD LIBOR), 9/15/44(1)		5,743,215		966,513
Series 4408, Class IP, 3.50%, 4/15/44		7,361,717		600,614
Series 4452, Class SP, 5.386%, (6.20% - 1 mo. USD LIBOR), 10/15/43(1)		8,652,303		576,666
Series 4497, Class CS, 5.386%, (6.20% - 1 mo. USD LIBOR), 9/15/44(1)		15,503,049		1,554,168
Series 4507, Class MI, 3.50%, 8/15/44		8,423,804		349,830
Series 4507, Class SJ, 5.366%, (6.18% - 1 mo. USD LIBOR), 9/15/45(1)		9,253,056		1,814,486
Series 4520, Class PI, 4.00%, 8/15/45		27,653,019		2,109,505
Series 4526, Class PI, 3.50%, 1/15/42		5,045,967		187,380
Series 4528, Class BS, 5.336%, (6.15% - 1 mo. USD LIBOR), 7/15/45(1)		8,095,591		995,044
Series 4629, Class QI, 3.50%, 11/15/46		9,628,378		633,698
Series 4637, Class IP, 3.50%, 4/15/44		4,098,481		168,391
Series 4644, Class TI, 3.50%, 1/15/45		8,269,439		423,659
Series 4653, Class PI, 3.50%, 7/15/44		3,734,756		87,426
Series 4667, Class PI, 3.50%, 5/15/42		17,483,028		543,761
Series 4672, Class LI, 3.50%, 1/15/43		8,344,766		278,741
Series 4744, Class IO, 4.00%, 11/15/47		7,232,792		671,936
Series 4749, Class IL, 4.00%, 12/15/47		5,617,952		534,381
Series 4767, Class IM, 4.00%, 5/15/45		9,950,487		368,392
Series 4768, Class IO, 4.00%, 3/15/48		7,068,502		679,029
Principal Only:(3)
Series 4417, Class KO, 0.00%, 12/15/43		1,551,665		1,388,902
Series 4478, Class PO, 0.00%, 5/15/45		2,667,409		2,521,803
			$	55,709,784
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2016-DNA4, Class M3, 4.287%, (1 mo. USD LIBOR + 3.80%), 3/25/29(4)	$	1,207,032	$	1,188,973
Series 2018-DNA3, Class M2, 2.587%, (1 mo. USD LIBOR + 2.10%), 9/25/48(4)(5)		1,000,000		880,893

20 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes: (continued)
Series 2019-DNA2, Class M2, 2.937%, (1 mo. USD LIBOR + 2.45%), 3/25/49(4)(5)	$	14,166,848	$	12,498,609
Series 2019-DNA3, Class M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 7/25/49(4)(5)		637,390		551,503
Series 2019-DNA4, Class M2, 2.437%, (1 mo. USD LIBOR + 1.95%), 10/25/49(4)(5)		1,496,283		1,254,217
Series 2020-DNA1, Class M2, 2.187%, (1 mo. USD LIBOR + 1.70%), 1/25/50(4)(5)		9,650,126		7,442,340
Series 2020-DNA2, Class M1, 1.237%, (1 mo. USD LIBOR + 0.75%), 2/25/50(4)(5)		14,017,444		13,459,812
Series 2020-DNA2, Class M2, 2.337%, (1 mo. USD LIBOR + 1.85%), 2/25/50(4)(5)		2,730,000		2,071,524
			$	39,347,871
Federal National Mortgage Association:
Series G94-7, Class PJ, 7.50%, 5/17/24	$	172,535	$	188,593
Series 1994-42, Class K, 6.50%, 4/25/24		108,205		116,735
Series 2009-62, Class WA, 5.571%, 8/25/39(6)		1,518,746		1,689,497
Series 2013-6, Class TA, 1.50%, 1/25/43		1,903,590		1,903,730
Series 2017-66, Class ZJ, 3.00%, 9/25/57		3,362,127		3,365,774
Series 2017-76, Class Z, 3.00%, 10/25/57		2,240,363		2,226,605
Series 2019-50, Class NZ, 3.50%, 9/25/49		3,412,983		3,421,528
Series 2019-54, Class Z, 3.50%, 9/25/49		4,408,548		4,414,136
Series 2019-64, Class ZN, 3.50%, 11/25/49		7,726,273		7,765,222
Series 2019-72, Class AZ, 3.50%, 12/25/49		459,583		459,033
Interest Only:(2)
Series 2004-46, Class SI, 5.513%, (6.00% - 1 mo. USD LIBOR), 5/25/34(1)		2,831,388		495,600
Series 2005-17, Class SA, 6.213%, (6.70% - 1 mo. USD LIBOR), 3/25/35(1)		1,951,124		500,379
Series 2005-71, Class SA, 6.263%, (6.75% - 1 mo. USD LIBOR), 8/25/25(1)		1,112,563		93,603
Series 2005-105, Class S, 6.213%, (6.70% - 1 mo. USD LIBOR), 12/25/35(1)		1,663,138		401,129
Series 2006-44, Class IS, 6.113%, (6.60% - 1 mo. USD LIBOR), 6/25/36(1)		1,425,360		341,681
Series 2006-65, Class PS, 6.733%, (7.22% - 1 mo. USD LIBOR), 7/25/36(1)		1,430,940		376,102
Series 2006-96, Class SN, 6.712%, (7.20% - 1 mo. USD LIBOR), 10/25/36(1)		1,810,920		394,200
Series 2006-104, Class SD, 6.153%, (6.64% - 1 mo. USD LIBOR), 11/25/36(1)		1,428,735		330,567
Series 2006-104, Class SE, 6.143%, (6.63% - 1 mo. USD LIBOR), 11/25/36(1)		952,490		220,008
Series 2007-50, Class LS, 5.963%, (6.45% - 1 mo. USD LIBOR), 6/25/37(1)		2,267,318		494,573
Series 2008-26, Class SA, 5.713%, (6.20% - 1 mo. USD LIBOR), 4/25/38(1)		2,640,551		597,722

Security	Principal Amount		Value
Federal National Mortgage Association: (continued)
Interest Only:(2) (continued)
Series 2008-61, Class S, 5.613%, (6.10% - 1 mo. USD LIBOR), 7/25/38(1)	$	4,522,406	$	890,937
Series 2010-124, Class SJ, 5.563%, (6.05% - 1 mo. USD LIBOR), 11/25/38(1)		1,147,235		39,535
Series 2010-135, Class SD, 5.513%, (6.00% - 1 mo. USD LIBOR), 6/25/39(1)		2,883,483		122,162
Series 2011-101, Class IC, 3.50%, 10/25/26		3,217,359		212,225
Series 2011-101, Class IE, 3.50%, 10/25/26		2,372,170		156,785
Series 2011-104, Class IM, 3.50%, 10/25/26		4,092,598		275,124
Series 2012-24, Class S, 5.013%, (5.50% - 1 mo. USD LIBOR), 5/25/30(1)		1,383,049		41,586
Series 2012-52, Class DI, 3.50%, 5/25/27		6,575,966		510,476
Series 2012-56, Class SU, 6.263%, (6.75% - 1 mo. USD LIBOR), 8/25/26(1)		271,207		4,925
Series 2012-63, Class EI, 3.50%, 8/25/40		6,833,917		125,497
Series 2012-73, Class MS, 5.563%, (6.05% - 1 mo. USD LIBOR), 5/25/39(1)		3,882,689		100,522
Series 2012-76, Class GS, 5.563%, (6.05% - 1 mo. USD LIBOR), 9/25/39(1)		2,784,964		88,719
Series 2012-86, Class CS, 5.613%, (6.10% - 1 mo. USD LIBOR), 4/25/39(1)		1,726,099		47,598
Series 2012-94, Class KS, 6.163%, (6.65% - 1 mo. USD LIBOR), 5/25/38(1)		9,905,894		652,511
Series 2012-94, Class SL, 6.213%, (6.70% - 1 mo. USD LIBOR), 5/25/38(1)		7,429,420		493,079
Series 2012-97, Class PS, 5.663%, (6.15% - 1 mo. USD LIBOR), 3/25/41(1)		8,709,893		761,088
Series 2012-103, Class GS, 5.613%, (6.10% - 1 mo. USD LIBOR), 2/25/40(1)		4,246,364		117,757
Series 2012-112, Class SB, 5.663%, (6.15% - 1 mo. USD LIBOR), 9/25/40(1)		6,799,000		392,713
Series 2012-124, Class IO, 2.136%, 11/25/42		6,718,873		366,220
Series 2012-139, Class LS, 5.78%, (6.15% - 1 mo. USD LIBOR), 12/25/42(1)		6,378,481		1,231,102
Series 2012-147, Class SA, 5.613%, (6.10% - 1 mo. USD LIBOR), 1/25/43(1)		8,224,381		1,559,239
Series 2012-150, Class PS, 5.663%, (6.15% - 1 mo. USD LIBOR), 1/25/43(1)		6,612,519		1,326,733
Series 2012-150, Class SK, 5.663%, (6.15% - 1 mo. USD LIBOR), 1/25/43(1)		10,249,405		1,940,984
Series 2013-11, Class IO, 4.00%, 1/25/43		18,557,155		3,121,688
Series 2013-12, Class SP, 5.163%, (5.65% - 1 mo. USD LIBOR), 11/25/41(1)		3,107,763		205,615
Series 2013-15, Class DS, 5.713%, (6.20% - 1 mo. USD LIBOR), 3/25/33(1)		7,598,658		1,552,111
Series 2013-23, Class CS, 5.763%, (6.25% - 1 mo. USD LIBOR), 3/25/33(1)		4,137,904		839,867
Series 2013-54, Class HS, 5.813%, (6.30% - 1 mo. USD LIBOR), 10/25/41(1)		4,491,738		350,196

21 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
Federal National Mortgage Association: (continued)
Interest Only:(2) (continued)
Series 2013-64, Class PS, 5.763%, (6.25% - 1 mo. USD LIBOR), 4/25/43(1)	$	4,353,442	$	733,336
Series 2013-66, Class JI, 3.00%, 7/25/43		8,935,802		980,507
Series 2013-75, Class SC, 5.763%, (6.25% - 1 mo. USD LIBOR), 7/25/42(1)		9,338,320		1,034,574
Series 2014-29, Class IG, 3.50%, 6/25/43		2,563,584		110,550
Series 2014-32, Class EI, 4.00%, 6/25/44		2,615,390		316,466
Series 2014-41, Class SA, 5.563%, (6.05% - 1 mo. USD LIBOR), 7/25/44(1)		5,670,580		1,176,219
Series 2014-43, Class PS, 5.613%, (6.10% - 1 mo. USD LIBOR), 3/25/42(1)		5,515,897		837,362
Series 2014-55, Class IN, 3.50%, 7/25/44		7,652,389		770,720
Series 2014-64, Class BI, 3.50%, 3/25/44		2,927,561		168,138
Series 2014-67, Class IH, 4.00%, 10/25/44		5,269,426		601,137
Series 2014-80, Class CI, 3.50%, 12/25/44		4,566,406		454,537
Series 2014-89, Class IO, 3.50%, 1/25/45		7,512,866		582,317
Series 2015-6, Class IM, 1.00%, (5.33% - 1 mo. USD LIBOR x 1.33, Cap 1.00%), 6/25/43(1)		23,129,905		482,305
Series 2015-14, Class KI, 3.00%, 3/25/45		9,791,932		848,945
Series 2015-17, Class SA, 5.713%, (6.20% - 1 mo. USD LIBOR), 11/25/43(1)		7,918,910		653,149
Series 2015-22, Class GI, 3.50%, 4/25/45		4,465,456		453,553
Series 2015-31, Class SG, 5.613%, (6.10% - 1 mo. USD LIBOR), 5/25/45(1)		11,369,291		1,510,732
Series 2015-36, Class IL, 3.00%, 6/25/45		5,617,902		500,834
Series 2015-52, Class MI, 3.50%, 7/25/45		12,556,492		1,257,103
Series 2015-93, Class BS, 5.663%, (6.15% - 1 mo. USD LIBOR), 8/25/45(1)		8,327,156		1,167,963
Series 2017-46, Class NI, 3.00%, 8/25/42		10,434,552		350,219
Series 2018-21, Class IO, 3.00%, 4/25/48		19,415,883		1,466,179
			$	63,780,256
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2017-C03, Class 1M2C, 3.487%, (1 mo. USD LIBOR + 3.00%), 10/25/29(4)	$	1,030,422	$	847,829
Series 2017-C07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(4)		4,763,294		4,433,557
Series 2017-C07, Class 1M2C, 2.887%, (1 mo. USD LIBOR + 2.40%), 5/25/30(4)		6,355,664		5,171,133
Series 2018-C06, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 3/25/31(4)		3,547,452		3,224,456
Series 2018-R07, Class 1M2, 2.887%, (1 mo. USD LIBOR + 2.40%), 4/25/31(4)(5)		1,387,578		1,296,920
Series 2019-R02, Class 1M2, 2.787%, (1 mo. USD LIBOR + 2.30%), 8/25/31(4)(5)		731,116		675,477
Series 2019-R05, Class 1M2, 2.487%, (1 mo. USD LIBOR + 2.00%), 7/25/39(4)(5)		18,458,245		17,013,285
Series 2019-R07, Class 1M2, 2.587%, (1 mo. USD LIBOR + 2.10%), 10/25/39(4)(5)		2,495,355		2,182,988

Security	Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities: (continued)
Series 2020-R01, Class 1M2, 2.537%, (1 mo. USD LIBOR + 2.05%), 1/25/40(4)(5)	$	40,317,010	$	30,834,038
			$	65,679,683
Government National Mortgage Association:
Series 2017-101, Class NS, 5.00%, (20.00% - 1 mo. USD LIBOR x 5.00, Cap 5.00%), 7/20/47(1)	$	839,433	$	846,420
Series 2017-115, Class ZA, 3.00%, 7/20/47		1,404,863		1,399,756
Series 2019-110, Class ZD, 3.50%, 9/20/49		36,325,000		36,379,450
Series 2019-117, Class Z, 3.50%, 9/20/49		5,733,799		5,748,138
Series 2019-123, Class Z, 5.00%, 10/20/49		19,867,174		19,914,447
Series 2019-158, Class ZJ, 3.50%, 12/20/49		19,938,658		19,983,901
Interest Only:(2)
Series 2014-68, Class KI, 1.689%, 10/20/42(6)		6,984,801		381,523
Series 2017-104, Class SD, 5.482%, (6.20% - 1 mo. USD LIBOR), 7/20/47(1)		12,847,284		2,300,284
Series 2017-121, Class DS, 3.782%, (4.50% - 1 mo. USD LIBOR), 8/20/47(1)		10,068,744		1,211,591
Series 2017-137, Class AS, 3.782%, (4.50% - 1 mo. USD LIBOR), 9/20/47(1)		14,729,869		1,657,977
			$	89,823,487
Total Collateralized Mortgage Obligations (identified cost $370,951,570)			$	314,341,081
Mortgage Pass-Throughs — 0.5%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
2.845%, (COF + 1.25%), with maturity at 2035(7)	$	366,698	$	369,664
4.403%, (COF + 1.25%), with maturity at 2030(7)		125,020		130,131
7.00%, with various maturities to 2036		1,331,512		1,509,571
8.00%, with maturity at 2026		84,841		90,874
			$	2,100,240
Federal National Mortgage Association:
3.454%, (COF + 1.25%), with maturity at 2035(7)	$	239,889	$	243,524
4.029%, (COF + 1.77%), with maturity at 2035(7)		853,578		878,507
6.00%, with maturity at 2032		307,338		354,086
6.50%, with maturity at 2036		680,493		771,847
7.00%, with various maturities to 2037		572,348		649,379
8.50%, with maturity at 2032		167,649		196,215

22 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
Federal National Mortgage Association: (continued)
9.50%, with maturity at 2028	$	79,445	$	88,131
			$	3,181,689
Total Mortgage Pass-Throughs (identified cost $5,056,265)			$	5,281,929
Commercial Mortgage-Backed Securities — 1.4%
Security	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class D, 4.706%, 9/15/47(5)(6)	$	3,430,000	$	1,191,006
Series 2014-C25, Class D, 4.094%, 11/15/47(5)(6)		8,045,000		5,972,593
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C11, Class D, 4.498%, 8/15/46(5)(6)		5,000,000		2,710,108
Series 2016-C32, Class D, 3.396%, 12/15/49(5)(6)		1,699,000		1,062,405
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(5)		8,000,000		5,851,522
Total Commercial Mortgage-Backed Securities (identified cost $24,340,960)			$	16,787,634
Asset-Backed Securities — 12.3%
Security	Principal Amount		Value
Alinea CLO, Ltd.
Series 2018-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 7/20/31(4)(5)	$	2,000,000	$	1,313,598
Allegany Park CLO, Ltd.
Series 2019-1A, Class D, 5.534%, (3 mo. USD LIBOR + 3.70%), 1/20/33(4)(5)		3,700,000		3,120,413
AMMC CLO 15, Ltd.
Series 2014-15A, Class ERR, 8.129%, (3 mo. USD LIBOR + 6.91%), 1/15/32(4)(5)		3,000,000		1,725,102
AMMC CLO XII, Ltd.
Series 2013-12A, Class ER, 7.914%, (3 mo. USD LIBOR + 6.18%), 11/10/30(4)(5)		2,000,000		1,127,914
Ares XL CLO, Ltd.
Series 2016-40A, Class DR, 7.569%, (3 mo. USD LIBOR + 6.35%), 1/15/29(4)(5)		1,000,000		727,858
Ares XXXIIR CLO, Ltd.
Series 2014-32RA, Class D, 7.542%, (3 mo. USD LIBOR + 5.85%), 5/15/30(4)(5)		4,000,000		2,643,436
Ares XXXVR CLO, Ltd.
Series 2015-35RA, Class E, 6.919%, (3 mo. USD LIBOR + 5.70%), 7/15/30(4)(5)		3,000,000		2,144,967

Security	Principal Amount		Value
Babson CLO, Ltd.
Series 2016-1A, Class ER, 7.043%, (3 mo. USD LIBOR + 6.00%), 7/23/30(4)(5)	$	2,000,000	$	1,128,806
Series 2018-1A, Class D, 6.719%, (3 mo. USD LIBOR + 5.50%), 4/15/31(4)(5)		5,000,000		3,430,090
Bain Capital Credit CLO, Ltd.
Series 2017-2A, Class E, 7.341%, (3 mo. USD LIBOR + 6.35%), 7/25/30(4)(5)		2,250,000		1,407,879
Series 2018-1A, Class E, 6.393%, (3 mo. USD LIBOR + 5.35%), 4/23/31(4)(5)		3,500,000		1,878,188
Barings CLO, Ltd.
Series 2017-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 7/18/29(4)(5)		2,900,000		2,148,894
Benefit Street Partners CLO V-B, Ltd.
Series 2018-5BA, Class D, 7.085%, (3 mo. USD LIBOR + 5.95%), 4/20/31(4)(5)		3,000,000		1,646,553
Benefit Street Partners CLO VIII, Ltd.
Series 2015-8A, Class DR, 6.735%, (3 mo. USD LIBOR + 5.60%), 1/20/31(4)(5)		5,000,000		2,653,510
Benefit Street Partners CLO XIV, Ltd.
Series 2018-14A, Class E, 6.485%, (3 mo. USD LIBOR + 5.35%), 4/20/31(4)(5)		3,000,000		1,592,238
Benefit Street Partners CLO XIX, Ltd.
Series 2019-19A, Class D, 5.678%, (3 mo. USD LIBOR + 3.80%), 1/15/33(4)(5)		1,500,000		1,238,016
Benefit Street Partners CLO XVI, Ltd.
Series 2018-16A, Class E, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/17/32(4)(5)		2,000,000		1,352,560
Betony CLO 2, Ltd.
Series 2018-1A, Class D, 6.410%, (3 mo. USD LIBOR + 5.65%), 4/30/31(4)(5)		3,000,000		1,964,748
BlueMountain CLO, Ltd.
Series 2015-3A, Class DR, 6.535%, (3 mo. USD LIBOR + 5.40%), 4/20/31(4)(5)		2,000,000		1,094,882
Series 2016-3A, Class ER, 7.642%, (3 mo. USD LIBOR + 5.95%), 11/15/30(4)(5)		1,000,000		444,250
Series 2018-1A, Class E, 6.710%, (3 mo. USD LIBOR + 5.95%), 7/30/30(4)(5)		750,000		421,614
Canyon Capital CLO, Ltd.
Series 2016-1A, Class ER, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(4)(5)		4,000,000		2,593,924
Series 2016-2A, Class ER, 7.219%, (3 mo. USD LIBOR + 6.00%), 10/15/31(4)(5)		1,000,000		649,622
Series 2017-1A, Class E, 7.469%, (3 mo. USD LIBOR + 6.25%), 7/15/30(4)(5)		1,000,000		701,845
Series 2018-1A, Class E, 6.969%, (3 mo. USD LIBOR + 5.75%), 7/15/31(4)(5)		2,000,000		1,288,548
Carlyle Global Market Strategies CLO, Ltd.
Series 2012-3A, Class DR2, 7.811%, (3 mo. USD LIBOR + 6.50%), 1/14/32(4)(5)		1,000,000		559,062

23 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
Carlyle Global Market Strategies CLO, Ltd. (continued)
Series 2014-3RA, Class D, 6.391%, (3 mo. USD LIBOR + 5.40%), 7/27/31(4)(5)	$	2,000,000	$	1,072,116
Series 2014-4RA, Class D, 6.869%, (3 mo. USD LIBOR + 5.65%), 7/15/30(4)(5)		3,000,000		1,664,721
Series 2015-5A, Class DR, 7.835%, (3 mo. USD LIBOR + 6.70%), 1/20/32(4)(5)		3,500,000		2,019,195
Series C17A, Class DR, 6.760%, (3 mo. USD LIBOR + 6.00%), 4/30/31(4)(5)		3,000,000		1,721,466
Cole Park CLO, Ltd.
Series 2015-1A, Class ER, 7.735%, (3 mo. USD LIBOR + 6.60%), 10/20/28(4)(5)		2,000,000		1,340,746
Dryden CLO, Ltd.
Series 2018-55A, Class E, 6.619%, (3 mo. USD LIBOR + 5.40%), 4/15/31(4)(5)		1,000,000		688,128
Dryden Senior Loan Fund
Series 2015-40A, Class ER, 7.442%, (3 mo. USD LIBOR + 5.75%), 8/15/31(4)(5)		2,000,000		1,383,360
Series 2016-42A, Class ER, 6.769%, (3 mo. USD LIBOR + 5.55%), 7/15/30(4)(5)		2,000,000		1,362,676
Galaxy XXI CLO, Ltd.
Series 2015-21A, Class DR, 3.785%, (3 mo. USD LIBOR + 2.65%), 4/20/31(4)(5)		5,000,000		4,018,645
Series 2015-21A, Class ER, 6.385%, (3 mo. USD LIBOR + 5.25%), 4/20/31(4)(5)		4,000,000		2,535,748
Galaxy XXV CLO, Ltd.
Series 2018-25A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(4)(5)		2,000,000		1,372,130
Golub Capital Partners CLO 22B, Ltd.
Series 2015-22A, Class ER, 7.135%, (3 mo. USD LIBOR + 6.00%), 1/20/31(4)(5)		3,000,000		1,575,189
Golub Capital Partners CLO 37B, Ltd.
Series 2018-37A, Class E, 6.885%, (3 mo. USD LIBOR + 5.75%), 7/20/30(4)(5)		3,000,000		1,804,362
Golub Capital Partners CLO, Ltd.
Series 2020-48A, Class D, 4.672%, (3 mo. USD LIBOR + 3.80%), 4/17/33(4)(5)		3,000,000		2,342,358
Harriman Park CLO, Ltd.
Series 2020-1A, Class D, 3.64%, (3 mo. USD LIBOR + 3.64%), 4/20/31(4)(5)		3,000,000		2,597,259
Highbridge Loan Management, Ltd.
Series 3A-2014, Class DR, 7.635%, (3 mo. USD LIBOR + 6.50%), 7/18/29(4)(5)		2,900,000		2,042,212
ICG US CLO, Ltd.
Series 2018-2A, Class E, 6.848%, (3 mo. USD LIBOR + 5.75%), 7/22/31(4)(5)		1,000,000		503,829
Invitation Homes Trust
Series 2018-SFR1, Class E, 2.751%, (1 mo. USD LIBOR + 2.00%), 3/17/37(4)(5)		4,692,359		4,347,901
Series 2018-SFR2, Class E, 2.814%, (1 mo. USD LIBOR + 2.00%), 6/17/37(4)(5)		15,061,248		13,905,845

Security	Principal Amount		Value
Invitation Homes Trust (continued)
Series 2018-SFR3, Class E, 2.751%, (1 mo. USD LIBOR + 2.00%), 7/17/37(4)(5)	$	13,000,000	$	11,988,824
Jamestown CLO XV, Ltd.
Series 2020-15A, Class D, 4.413%, (3 mo. USD LIBOR + 3.65%), 4/15/33(4)(5)		2,000,000		1,549,462
Madison Park Funding XVII, Ltd.
Series 2015-17A, Class DR, 4.709%, (3 mo. USD LIBOR + 3.60%), 7/21/30(4)(5)		3,500,000		3,035,543
Series 2015-17A, Class ER, 7.609%, (3 mo. USD LIBOR + 6.50%), 7/21/30(4)(5)		5,000,000		3,213,675
Madison Park Funding XXXVI, Ltd.
Series 2019-36A, Class D, 5.692%, (3 mo. USD LIBOR + 3.75%), 1/15/33(4)(5)		1,500,000		1,297,659
Neuberger Berman CLO XXII, Ltd.
Series 2016-22A, Class ER, 7.195%, (3 mo. USD LIBOR + 6.06%), 10/17/30(4)(5)		2,000,000		1,406,002
Neuberger Berman Loan Advisers CLO 30, Ltd.
Series 2018-30A, Class E, 7.885%, (3 mo. USD LIBOR + 6.75%), 1/20/31(4)(5)		2,000,000		1,487,390
Palmer Square CLO, Ltd.
Series 2013-2A, Class DRR, 6.985%, (3 mo. USD LIBOR + 5.85%), 10/17/31(4)(5)		1,500,000		1,050,611
Series 2015-1A, Class DR2, 7.946%, (3 mo. USD LIBOR + 6.25%), 5/21/29(4)(5)		2,000,000		1,459,670
Series 2018-1A, Class D, 6.285%, (3 mo. USD LIBOR + 5.15%), 4/18/31(4)(5)		4,000,000		2,734,904
Series 2018-2A, Class D, 6.776%, (3 mo. USD LIBOR + 5.60%), 7/16/31(4)(5)		2,500,000		1,794,240
Pnmac Gmsr Issuer Trust
Series 2018-GT1, Class A, 3.337%, (1 mo. USD LIBOR + 2.85%), 2/25/23(4)(5)		5,000,000		4,197,357
Series 2018-GT2, Class A, 3.137%, (1 mo. USD LIBOR + 2.65%), 8/25/25(4)(5)		4,272,000		3,550,131
Recette CLO, Ltd.
Series 2015-1A, Class F, 8.585%, (3 mo. USD LIBOR + 7.45%), 10/20/27(4)(5)		2,000,000		1,250,550
Regatta IX Funding, Ltd.
Series 2017-1A, Class E, 7.135%, (3 mo. USD LIBOR + 6.00%), 4/17/30(4)(5)		3,000,000		2,033,121
Regatta XIII Funding, Ltd.
Series 2018-2A, Class D, 7.169%, (3 mo. USD LIBOR + 5.95%), 7/15/31(4)(5)		3,000,000		1,956,897
Regatta XIV Funding, Ltd.
Series 2018-3A, Class E, 6.941%, (3 mo. USD LIBOR + 5.95%), 10/25/31(4)(5)		2,000,000		1,300,318
Regatta XV Funding, Ltd.
Series 2018-4A, Class D, 7.491%, (3 mo. USD LIBOR + 6.50%), 10/25/31(4)(5)		2,000,000		1,350,048

24 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security	Principal Amount		Value
THL Credit Wind River CLO, Ltd.
Series 2013-1A, Class DR, 7.435%, (3 mo. USD LIBOR + 6.30%), 7/20/30(4)(5)	$	2,000,000	$	1,103,096
Series 2017-1A, Class E, 7.555%, (3 mo. USD LIBOR + 6.42%), 4/18/29(4)(5)		2,000,000		1,211,728
Upland CLO, Ltd.
Series 2016-1A, Class DR, 7.035%, (3 mo. USD LIBOR + 5.90%), 4/20/31(4)(5)		2,000,000		1,328,384
Vibrant CLO IX, Ltd.
Series 2018-9A, Class D, 7.385%, (3 mo. USD LIBOR + 6.25%), 7/20/31(4)(5)		2,000,000		1,041,882
Voya CLO, Ltd.
Series 2013-1A, Class DR, 7.699%, (3 mo. USD LIBOR + 6.48%), 10/15/30(4)(5)		5,000,000		2,890,925
Series 2014-1A, Class DR2, 7.135%, (3 mo. USD LIBOR + 6.00%), 4/18/31(4)(5)		2,000,000		1,086,562
Series 2015-3A, Class DR, 7.335%, (3 mo. USD LIBOR + 6.20%), 10/20/31(4)(5)		2,000,000		1,089,828
Series 2018-2A, Class E, 6.469%, (3 mo. USD LIBOR + 5.25%), 7/15/31(4)(5)		1,000,000		616,272
Wellfleet CLO, Ltd.
Series 2020-1A, Class C, 4.882%, (3 mo. USD LIBOR + 3.70%), 4/15/33(4)(5)		3,000,000		2,455,260
Total Asset-Backed Securities (identified cost $209,599,073)			$	148,776,742
U.S. Government Guaranteed Small Business Administration Loans(8)(9) — 3.6%
Security	Principal Amount		Value
0.66%, 3/15/30	$	2,790,969	$	61,207
0.73%, 7/15/31		3,168,429		69,712
0.93%, 5/15/42		1,647,464		49,072
0.98%, 4/15/32		1,548,770		42,483
1.31%, 4/15/42 to 7/15/42		5,928,041		262,766
1.34%, 9/15/41		1,923,972		78,860
1.38%, 6/15/41		3,162,012		128,737
1.48%, 4/15/34		1,175,060		45,651
1.49%, 7/15/36		1,157,537		39,013
1.56%, 7/15/42		2,503,593		126,859
1.59%, 10/21/36		1,293,501		46,835
1.61%, 12/15/41 to 7/15/42		7,455,815		397,865
1.63%, 9/15/41		1,998,225		104,159
1.68%, 4/15/41 to 7/15/41		3,698,617		197,186
1.73%, 10/15/33 to 11/21/41		3,059,110		157,746
1.74%, 5/15/36		3,638,127		141,699
1.81%, 12/21/41 to 11/15/42		7,937,639		469,633
1.84%, 11/9/36 to 2/15/40		3,044,014		142,688

Security	Principal Amount		Value
1.86%, 12/28/41 to 6/15/42	$	18,646,485	$	1,118,192
1.91%, 2/15/42 to 7/15/42		10,352,473		670,879
1.93%, 7/15/42		1,761,770		112,473
1.96%, 11/29/30 to 8/15/42		5,155,007		315,062
1.98%, 10/15/37		1,067,119		47,842
2.03%, 2/15/42 to 5/15/42		4,722,966		348,884
2.06%, 5/15/42 to 7/15/42		5,142,693		346,031
2.11%, 4/15/33 to 7/15/42		7,217,553		473,833
2.16%, 5/15/42 to 6/15/42		3,991,605		268,629
2.21%, 8/15/42		3,285,623		231,600
2.23%, 1/15/41 to 7/15/41		2,815,338		201,115
2.28%, 11/1/29		1,375,183		98,004
2.31%, 4/15/42 to 7/15/42		5,238,621		419,233
2.36%, 1/16/42 to 6/15/42		18,846,149		1,442,766
2.38%, 6/15/42		1,658,159		124,297
2.39%, 7/15/40		1,421,374		90,923
2.41%, 1/15/38 to 7/15/42		16,744,738		1,299,583
2.43%, 3/15/41 to 1/5/42		3,139,993		239,755
2.46%, 12/15/26 to 8/15/42		13,328,492		1,057,210
2.48%, 2/23/41		1,117,538		88,232
2.56%, 1/15/41 to 7/15/42		3,301,208		286,619
2.59%, 4/15/36		1,409,122		81,989
2.61%, 6/15/33 to 7/15/42		7,189,258		594,845
2.63%, 4/15/41		1,255,587		104,032
2.66%, 6/15/36 to 6/15/42		5,461,490		471,309
2.68%, 4/15/41 to 4/15/42		3,846,394		341,741
2.71%, 5/15/27 to 9/15/42		20,840,538		1,840,176
2.73%, 8/15/42		1,237,359		112,231
2.86%, 5/15/32 to 7/15/42		16,679,589		1,579,038
2.88%, 10/25/41 to 1/7/43(10)		37,721,895		3,665,680
2.91%, 12/15/41 to 7/15/42		13,171,798		1,315,666
2.93%, 4/15/41 to 7/15/42		4,230,954		377,657
2.95%, 1/15/42 to 3/15/43(10)		21,071,184		2,248,184
2.96%, 2/15/27 to 1/15/43		13,430,477		1,188,715
2.98%, 2/15/41 to 7/15/42		10,108,920		1,065,631
3.03%, 7/15/41 to 6/15/42		2,501,886		244,195
3.11%, 12/15/41 to 8/15/42		8,556,185		856,677
3.13%, 6/15/32		638,511		55,184
3.16%, 5/15/42 to 1/15/43		16,000,760		1,773,160
3.19%, 8/15/39		1,558,083		130,811
3.21%, 12/15/26 to 10/15/42		16,850,869		1,700,597
3.23%, 2/15/41 to 4/15/42		4,462,197		415,264
3.24%, 7/15/28 to 4/15/42		2,798,237		231,365
3.28%, 6/21/26 to 7/15/42		6,622,800		604,078
3.36%, 3/15/42 to 5/15/42		3,156,831		356,057
3.41%, 4/15/42 to 12/15/42		5,727,314		677,875
3.43%, 11/7/39 to 9/15/41		1,580,523		156,816

25 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount		Value
3.46%, 2/15/27 to 8/15/42		$	13,783,111	$	1,305,756
3.48%, 5/15/36 to 7/15/42			3,441,401		367,317
3.53%, 6/15/26 to 8/15/42			3,195,879		282,258
3.61%, 5/15/32 to 6/15/42			10,954,855		1,333,727
3.64%, 8/15/41 to 12/15/41			3,735,908		460,166
3.66%, 5/15/42 to 7/15/42			9,860,480		1,265,223
3.68%, 11/15/31 to 5/15/42			3,966,084		447,952
3.71%, 1/15/24 to 8/15/42			33,148,825		3,276,157
3.73%, 12/15/36 to 1/15/37			3,115,809		281,235
3.78%, 11/15/26 to 6/15/42			9,112,839		919,229
Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $55,603,054)				$	43,971,326
Sovereign Loans — 0.1%
Borrower		Principal Amount (000’s omitted)		Value
Nigeria — 0.1%
Bank of Industry Limited, Term Loan, 7.31%, (3 mo. USD LIBOR + 6.00%), Maturing April 11, 2021(4)(11)		$	905	$	824,639
Total Sovereign Loans (identified cost $903,496)				$	824,639
Foreign Government Bonds — 19.2%
Security		Principal Amount (000’s omitted)		Value
Brazil — 0.0%(12)
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 9/26/23(13)	USD		200	$	209,462
Total Brazil				$	209,462
Iceland — 3.2%
Republic of Iceland, 5.00%, 11/15/28	ISK		1,225,940	$	10,151,587
Republic of Iceland, 6.50%, 1/24/31	ISK		1,622,639		15,542,453
Republic of Iceland, 8.00%, 6/12/25	ISK		1,414,608		12,508,881
Total Iceland				$	38,202,921
Indonesia — 0.1%
Indonesia Government Bond, 7.50%, 4/15/40	IDR		22,989,000	$	1,465,887
Total Indonesia				$	1,465,887

Security		Principal Amount (000’s omitted)		Value
New Zealand — 6.7%
New Zealand Government Bond, 2.00%, 9/20/25(13)(14)	NZD		44,092	$	30,174,617
New Zealand Government Bond, 2.50%, 9/20/35(13)(14)	NZD		617		496,043
New Zealand Government Bond, 3.00%, 9/20/30(13)(14)	NZD		63,805		50,526,324
Total New Zealand				$	81,196,984
Peru — 0.8%
Peru Government Bond, 5.94%, 2/12/29(5)(13)	PEN		12,200	$	4,078,448
Peru Government Bond, 6.15%, 8/12/32(5)(13)	PEN		11,099		3,653,831
Peru Government Bond, 6.95%, 8/12/31	PEN		5,285		1,858,927
Total Peru				$	9,591,206
Russia — 0.8%
Russia Government Bond, 2.50%, 2/2/28(14)	RUB		754,756	$	10,128,486
Total Russia				$	10,128,486
Serbia — 1.6%
Serbia Treasury Bond, 5.75%, 7/21/23	RSD		1,743,550	$	17,984,348
Serbia Treasury Bond, 5.875%, 2/8/28	RSD		97,420		1,096,437
Total Serbia				$	19,080,785
Thailand — 2.5%
Thailand Government Bond, 1.25%, 3/12/28(13)(14)	THB		1,076,963	$	29,743,155
Total Thailand				$	29,743,155
Ukraine — 3.5%
Ukraine Government Bond, 16.00%, 8/11/21	UAH		188,050	$	7,053,949
Ukraine Government Bond, 16.06%, 8/3/22	UAH		25,000		958,674
Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40(5)(13)(15)	USD		11,342		8,438,641
Ukraine Government International Bond, 11.67%, 11/22/23	UAH		25,000		868,295
Ukraine Government International Bond, 14.30%, 7/8/20	UAH		172,382		6,375,418
Ukraine Government International Bond, 15.84%, 2/26/25	UAH		255,480		10,076,188
Ukraine Government International Bond, 17.00%, 5/11/22	UAH		238,050		9,247,724
Total Ukraine				$	43,018,889
Total Foreign Government Bonds (identified cost $234,629,411)				$	232,637,775

26 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Foreign Corporate Bonds — 4.9%
Security		Principal Amount (000’s omitted)		Value
Argentina — 0.2%
Generacion Mediterranea S.A./Central Termica Roca S.A., 15.00%, 5/5/23(5)	USD		1,250	$	731,250
Pampa Energia S.A., 7.50%, 1/24/27(13)	USD		600		363,330
Telecom Argentina S.A., 8.00%, 7/18/26(13)	USD		550		446,495
YPF S.A., 31.438%, (BADLAR + 4.00%), 7/7/20(4)(13)	USD		1,250		233,625
Total Argentina				$	1,774,700
Belarus — 0.0%(12)
Eurotorg, LLC Via Bonitron DAC, 8.75%, 10/30/22(13)	USD		500	$	493,750
Total Belarus				$	493,750
Bermuda — 1.2%
Alamo Re, Ltd., 3.901%, (3 mo. U.S. Treasury Bill + 3.81%), 6/8/23(4)(5)(16)	USD		3,500	$	3,502,975
Everglades Re II, Ltd., 5.321%, (3 mo. U.S. Treasury Bill + 5.23%), 5/8/23(4)(5)(16)	USD		8,500		8,527,625
Pelican IV Re, Ltd., 2.855%, (6 mo. USD LIBOR + 2.04%), 5/5/20(4)(5)(16)	USD		2,500		2,507,875
Total Bermuda				$	14,538,475
Brazil — 0.1%
BRF S.A., 4.75%, 5/22/24(13)	USD		550	$	524,458
Odebrecht Offshore Drilling Finance, Ltd., 6.72%, 12/1/22(13)	USD		1,267		964,831
Total Brazil				$	1,489,289
Bulgaria — 0.1%
Eurohold Bulgaria AD, 6.50%, 12/7/22(13)	EUR		1,200	$	1,312,100
Total Bulgaria				$	1,312,100
China — 0.1%
CIFI Holdings Group Co., Ltd., 5.50%, 1/23/22(13)	USD		500	$	494,997
Logan Property Holdings Co., Ltd., 6.875%, 4/24/21(13)	USD		500		504,375
Times China Holdings, Ltd., 6.25%, 1/17/21(13)	USD		500		500,456
Total China				$	1,499,828
Colombia — 0.2%
Frontera Energy Corp., 9.70%, 6/25/23(13)	USD		2,000	$	1,357,500
Geopark, Ltd., 5.50%, 1/17/27(13)	USD		850		539,750
Total Colombia				$	1,897,250

Security		Principal Amount (000’s omitted)		Value
El Salvador — 0.1%
AES El Salvador Trust II, 6.75%, 3/28/23(13)	USD		2,000	$	1,754,600
Total El Salvador				$	1,754,600
Georgia — 0.2%
Georgia Capital JSC, 6.125%, 3/9/24(13)	USD		1,650	$	1,468,500
Silknet JSC, 11.00%, 4/2/24(13)	USD		1,159		1,061,459
Total Georgia				$	2,529,959
Iceland — 0.4%
Arion Banki HF, 6.00%, 4/12/24(13)	ISK		440,000	$	3,400,447
Islandsbanki HF, 6.40%, 10/26/23	ISK		120,000		926,734
Landsbankinn HF, 5.00%, 11/23/23(13)	ISK		120,000		888,846
WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), 9/24/24(4)(17)	EUR		900		29,598
WOW Air HF, 0.00%(17)(18)	EUR		20		651
Total Iceland				$	5,246,276
Indonesia — 0.1%
Bayan Resources Tbk PT, 6.125%, 1/24/23(13)	USD		1,660	$	1,322,797
Total Indonesia				$	1,322,797
Ireland — 0.2%
Aragvi Finance International DAC, 12.00%, 4/9/24(13)	USD		2,000	$	1,805,000
Total Ireland				$	1,805,000
Isle of Man — 0.1%
Sasol Financing International Ltd., 4.50%, 11/14/22	USD		1,125	$	795,938
Total Isle of Man				$	795,938
Lebanon — 0.0%(12)
BLOM Bank SAL, 7.50%, 5/4/23(13)	USD		800	$	358,000
Total Lebanon				$	358,000
Mexico — 0.4%
Banco Mercantil del Norte S.A./Grand Cayman, 7.50% to 6/27/29(13)(18)(19)	USD		850	$	699,848
Braskem Idesa SAPI, 7.45%, 11/15/29(13)	USD		2,170		1,611,225
Grupo Kaltex S.A. de CV, 8.875%, 4/11/22(13)	USD		1,962		1,181,222
Petroleos Mexicanos, 5.95%, 1/28/31(13)	USD		2,500		1,823,250
Total Mexico				$	5,315,545

27 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Netherlands — 0.3%
Ardshinbank CJSC Via Dilijan Finance BV, 6.50%, 1/28/25(13)	USD		1,720	$	1,482,197
Braskem Netherlands Finance BV, 5.875%, 1/31/50(13)	USD		810		637,875
Metinvest BV, 5.625%, 6/17/25(13)	EUR		800		577,061
Metinvest BV, 7.75%, 4/23/23(13)	USD		461		328,301
Petrobras Global Finance BV, 6.90%, 3/19/49	USD		650		635,375
Total Netherlands				$	3,660,809
Nigeria — 0.1%
SEPLAT Petroleum Development Co. PLC, 9.25%, 4/1/23(13)	USD		2,000	$	1,500,000
Total Nigeria				$	1,500,000
Paraguay — 0.2%
Frigorifico Concepcion S.A., 10.25%, 1/29/25(13)	USD		1,700	$	1,744,013
Telefonica Celular del Paraguay S.A., 5.875%, 4/15/27(13)	USD		444		435,120
Total Paraguay				$	2,179,133
Peru — 0.1%
Peru LNG S.R.L., 5.375%, 3/22/30(13)	USD		1,401	$	801,512
Total Peru				$	801,512
Russia — 0.1%
Petropavlovsk 2016 Ltd., 8.125%, 11/14/22(13)	USD		1,231	$	1,289,473
Total Russia				$	1,289,473
Saint Lucia — 0.1%
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd., 8.75%, 5/25/24(13)	USD		1,503	$	1,399,669
Total Saint Lucia				$	1,399,669
Saudi Arabia — 0.2%
Dar Al-Arkan Sukuk Co., Ltd., 6.75%, 2/15/25(13)	USD		550	$	440,330
Dar Al-Arkan Sukuk Co., Ltd., 6.875%, 4/10/22(13)	USD		1,500		1,408,729
Total Saudi Arabia				$	1,849,059
Singapore — 0.1%
TBLA International Pte Ltd., 7.00%, 1/24/23(13)	USD		1,000	$	770,680
Total Singapore				$	770,680

Security		Principal Amount (000’s omitted)		Value
Spain — 0.1%
Atento Luxco 1 S.A., 6.125%, 8/10/22(13)	USD		1,517	$	972,776
Total Spain				$	972,776
Turkey — 0.0%(12)
QNB Finansbank AS, 6.875%, 9/7/24(13)	USD		530	$	531,325
Total Turkey				$	531,325
Ukraine — 0.1%
Kernel Holding S.A., 8.75%, 1/31/22(13)	USD		1,500	$	1,428,750
Total Ukraine				$	1,428,750
United Kingdom— 0.1%
Ellaktor Value PLC, 6.375%, 12/15/24(13)	EUR		1,050	$	748,826
Total United Kingdom				$	748,826
Total Foreign Corporate Bonds (identified cost $68,880,291)				$	59,265,519
Corporate Bonds & Notes — 0.0%(12)
Security		Principal Amount (000’s omitted)		Value
Oil & Gas — 0.0%(12)
HKN Energy, Ltd., 11.00%, 3/6/24		$	500	$	335,000
Total Corporate Bonds & Notes (identified cost $500,000)				$	335,000
Common Stocks — 0.2%
Security		Shares		Value
Iceland — 0.2%
Arion Banki HF(5)(20)			2,497,017	$	967,766
Eik Fasteignafelag HF			3,180,300		146,767
Eimskipafelag Islands HF(20)			326,400		288,762
Hagar HF			1,349,100		429,383
Reginn HF(20)			1,843,700		212,642
Reitir Fasteignafelag HF			875,500		303,371
Siminn HF			13,623,900		549,146
Total Iceland				$	2,897,837
Total Common Stocks (identified cost $5,902,392)				$	2,897,837

28 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Closed-End Funds — 1.2%
Security	Shares		Value
BlackRock Multi-Sector Income Trust		156,650	$	2,103,809
Nuveen Global High Income Fund		83,400		1,010,808
PGIM Global High Yield Fund, Inc.		430,326		5,047,724
Western Asset High Income Opportunity Fund, Inc.		1,388,797		6,124,595
Total Closed-End Funds (identified cost $16,852,919)			$	14,286,936
Exchange-Traded Funds — 4.0%
Security	Shares		Value
SPDR Bloomberg Barclays High Yield Bond ETF		414,500	$	41,047,935
Vanguard Short-Term Corporate Bond ETF		97,000		7,864,760
Total Exchange-Traded Funds (identified cost $48,034,787)			$	48,912,695
Reinsurance Side Cars — 2.8%
Security	Principal Amount/ Shares		Value
Altair V Reinsurance(20)(21)(22)(23)		1,932	$	19,318
Altair VI Reinsurance(20)(21)(22)(23)		1,000		212,500
Blue Lotus Re, Ltd.(20)(21)(22)(23)		242		374,999
Eden Re II, Ltd., Series 2018A, 0.00%, 3/22/22(5)(21)(22)	$	7,471		167,390
Eden Re II, Ltd., Series 2018B, 0.00%, 3/22/22(5)(21)(22)	$	8,667		432,438
Eden Re II, Ltd., Series 2019A, 0.00%, 3/22/23(5)(21)(22)	$	5,000		42,713
Eden Re II, Ltd., Series 2019B, 0.00%, 3/22/23(5)(21)(22)	$	95,000		833,920
Eden Re II, Ltd., Series 2020A, 0.00%, 3/22/24(5)(21)(22)	$	9,900,000		10,141,560
Mt. Logan Re, Ltd., Series 13, Preference Shares(20)(21)(22)(23)		10,000		7,784,433
Mt. Logan Re, Ltd., Special Investment Series 13, 12/18(20)(21)(22)(23)		2,000		797,402
Mt. Logan Re, Ltd., Special Investment Series 13, 12/19(20)(21)(22)(23)		1,829		1,829,390
Sussex Capital, Ltd., Designated Investment Series 5, 5/19(20)(21)(22)(23)		249		184,296
Sussex Capital, Ltd., Designated Investment Series 5, 12/19(20)(21)(22)(23)		791		748,303
Sussex Capital, Ltd., Series 5 Preference Shares(20)(21)(22)(23)		6,000		5,599,707
Sussex Re, Ltd., Series 2020A(20)(21)(22)(23)		4,082		4,139,086
Versutus Re, Ltd., Series 2019(20)(21)(22)(23)		4,000		372,831
Total Reinsurance Side Cars (identified cost $34,618,316)			$	33,680,286

U.S. Treasury Obligations — 3.3%
Security	Principal Amount			Value
U.S. Treasury Inflation-Protected Note, 0.50%, 4/15/24(24)	$	39,176,392		$	40,191,171
Total U.S. Treasury Obligations (identified cost $39,592,721)				$	40,191,171
Short-Term Investments — 29.8%
U.S. Treasury Obligations — 0.6%
Security	Principal Amount (000’s omitted)			Value
U.S. Treasury Bill, 0.00%, 5/21/20	$	7,000		$	6,999,660
Total U.S. Treasury Obligations (identified cost $6,999,527)				$	6,999,660
Other — 29.2%
Description	Units			Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(25)		354,279,688		$	354,279,688
Total Other (identified cost $354,244,248)				$	354,279,688
Total Short-Term Investments (identified cost $361,243,775)				$	361,279,348
Total Purchased Options and Swaptions — 0.4% (identified cost $3,962,266)				$	4,659,584
Total Investments – 109.6% (identified cost $1,480,671,296)				$	1,328,129,502
Securities Sold Short — (0.5)%
Common Stocks — (0.5)%
Security	Shares			Value
Ashmore Group PLC		(1,119,000	)	$	(5,335,205	)
Total Common Stocks				$	(5,335,205	)
Total Securities Sold Short (proceeds $7,195,403)				$	(5,335,205	)
Other Assets, Less Liabilities — (9.1)%				$	(110,671,958	)
Net Assets — 100.0%				$	1,212,122,339

29 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

⁽¹⁾  Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at April 30, 2020.

⁽²⁾  Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽³⁾  Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

⁽⁴⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $299,752,414 or 24.7% of the Portfolio’s net assets.

⁽⁶⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽⁷⁾  Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at April 30, 2020.

⁽⁸⁾  Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

⁽⁹⁾  Securities comprise a trust that is wholly-owned by the Portfolio and may only be sold on a pro rata basis with all securities in the trust.

⁽¹⁰⁾  The stated interest rate represents the weighted average fixed interest rate at April 30, 2020 of all interest only securities comprising the certificate.

⁽¹¹⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽¹²⁾ Amount is less than 0.05%.

⁽¹³⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $168,928,019 or 13.9% of the Portfolio’s net assets.

⁽¹⁴⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽¹⁵⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽¹⁶⁾  Event-linked bond, also known as a catastrophe bond, whose payment of principal is contingent on the non-occurrence of a defined trigger event which may include hurricanes, earthquakes or other weather-related phenomena.

⁽¹⁷⁾  Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽¹⁸⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹⁹⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽²⁰⁾  Non-income producing security.

⁽²¹⁾  Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

⁽²²⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽²³⁾  Restricted security (see Note 5).

⁽²⁴⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

⁽²⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

Purchased Currency Options — 0.0%(12)
Description	Counterparty	Notional Amount		Exercise Price		Expiration Date		Value
Call EUR/Put USD	Standard Chartered Bank	USD	21,000,000	USD	1.13		5/4/20	$	23
Total								$	23

30 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Purchased Interest Rate Swaptions — 0.3%
Description	Counterparty	Notional Amount	Expiration Date		Value
Option to enter into interest rate swap expiring 12/15/47 to pay 3-month USD-LIBOR Rate and receive 2.68%	Morgan Stanley & Co. International PLC	$10,000,000		12/13/27	$3,506,299
Option to enter into interest rate swap expiring 12/15/47 to receive 3-month USD-LIBOR Rate and pay 2.68%	Morgan Stanley & Co. International PLC	10,000,000		12/13/27	306,455
Option to enter into interest rate swap expiring 3/5/51 to receive 3-month USD-LIBOR Rate and pay 1.70%	The Toronto-Dominion Bank	12,500,000		3/3/21	158,050
Total					$3,970,804

Purchased Call Options — 0.1%
Description	Counterparty	Notional Amount		Spread	Expiration Date		Value
2-year 10 Constant Maturity Swap Curve Cap	Morgan Stanley & Co. International PLC	USD	450,000,000	0.45%		6/21/21	$	688,757
Total							$	688,757

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
BRL	3,215,625	USD	623,558		5/5/20	$	(32,222	)
BRL	3,215,625	USD	592,523		5/5/20		(1,188	)
USD	584,340	BRL	3,215,625		5/5/20		(6,995	)
USD	592,523	BRL	3,215,625		5/5/20		1,188
CLP	9,005,738,924	USD	11,487,938		5/7/20		(700,388	)
PEN	11,636,986	USD	3,269,367		5/7/20		177,651
PEN	5,818,493	USD	1,634,638		5/7/20		88,871
PEN	5,759,024	USD	1,617,885		5/7/20		88,009
USD	11,571,038	CLP	9,005,738,924		5/7/20		783,489
USD	11,668,487	PEN	39,305,300		5/7/20		25,774
USD	1,745,315	PEN	5,970,897		5/7/20		(23,338	)
USD	3,392,510	PEN	11,735,710		5/7/20		(83,752	)
EUR	2,972,000	USD	3,235,928		5/8/20		21,102
EUR	289,627	USD	314,660		5/8/20		2,744
PHP	154,715,114	USD	3,034,522		5/8/20		33,774
RUB	707,784,000	USD	9,614,018		5/8/20		(79,930	)
USD	12,314,828	EUR	11,310,407		5/8/20		(80,307	)
USD	9,326,078	RUB	707,784,000		5/8/20		(208,010	)
USD	26,630,752	KRW	31,632,007,324		5/12/20		654,001
USD	2,347,273	MXN	57,000,000		5/12/20		(14,922	)
AUD	3,000,000	USD	1,891,845		5/15/20		63,165
IDR	24,089,985,967	USD	1,392,485		5/18/20		212,217
USD	1,474,747	IDR	24,089,985,967		5/18/20		(129,955	)

31 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
CAD	45,490,000	USD	34,382,417		5/20/20	$	(1,701,175	)
NZD	4,963,582	USD	2,955,773		5/20/20		88,769
USD	34,051,695	CAD	45,490,000		5/20/20		1,370,454
USD	9,500,311	NZD	15,953,718		5/20/20		(285,318	)
USD	4,671,287	JPY	516,691,000		5/21/20		(144,289	)
INR	468,520,000	USD	6,496,620		5/22/20		(285,710	)
INR	618,880,000	USD	8,580,361		5/22/20		(376,212	)
USD	18,417,777	EUR	16,917,608		5/22/20		(127,240	)
USD	3,088,997	INR	238,330,000		5/22/20		(70,412	)
USD	3,290,776	INR	253,992,000		5/22/20		(76,255	)
USD	7,722,769	INR	595,078,000		5/22/20		(165,850	)
JPY	3,287,395,097	USD	29,689,106		5/26/20		951,512
JPY	539,318,119	USD	4,964,876		5/26/20		61,912
JPY	2,045,220,000	USD	20,169,822		5/26/20		(1,107,069	)
JPY	4,569,896,075	USD	44,821,974		5/26/20		(2,227,630	)
USD	7,163,339	JPY	767,122,000		5/26/20		13,273
USD	15,174,017	JPY	1,680,178,228		5/26/20		(486,315	)
USD	63,760,846	JPY	7,060,067,598		5/26/20		(2,043,484	)
USD	11,343,198	ZAR	166,804,000		5/26/20		2,364,887
ZAR	213,365,000	USD	11,634,685		5/26/20		(150,204	)
BRL	3,215,625	USD	583,058		6/2/20		6,849
USD	3,009,453	PHP	154,716,000		6/2/20		(51,883	)
USD	4,232,335	NZD	7,140,000		6/8/20		(146,662	)
USD	16,168,231	NZD	27,276,000		6/8/20		(560,273	)
AUD	15,874,000	USD	10,523,306		6/9/20		(177,803	)
TWD	353,705,000	USD	11,897,242		6/9/20		68,323
TWD	276,195,000	USD	9,290,111		6/9/20		53,351
USD	25,450,526	AUD	41,767,296		6/9/20		(1,770,319	)
USD	21,176,668	TWD	629,900,000		6/9/20		(132,359	)
JPY	531,883,000	USD	4,944,621		6/10/20		13,893
JPY	2,458,270,140	USD	23,323,910		6/10/20		(406,527	)
AUD	17,231,024	USD	10,539,726		6/12/20		690,250
AUD	42,462,272	USD	27,801,408		6/12/20		(127,470	)
NZD	10,443,000	USD	6,566,617		6/12/20		(162,031	)
USD	4,804,674	AUD	7,906,000		6/12/20		(347,904	)
USD	20,674,497	AUD	33,800,000		6/12/20		(1,353,979	)
USD	9,379,893	NZD	14,917,000		6/12/20		231,448
GBP	5,000,000	USD	5,948,500		6/18/20		350,164
GBP	3,260,000	USD	3,825,675		6/18/20		281,054
GBP	4,427,508	USD	5,425,778		6/18/20		151,699
CAD	7,500,000	USD	5,179,022		6/22/20		209,690
CAD	3,650,000	USD	2,519,090		6/22/20		103,416
CAD	2,808,400	USD	2,002,904		6/22/20		14,917
NZD	4,415,503	USD	2,645,107		6/29/20		62,595
USD	29,855,454	NZD	49,838,000		6/29/20		(706,510	)

32 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
GBP	4,000,000	USD	4,858,760		6/30/20	$	180,457
EUR	990,835	USD	1,092,842		7/6/20		(5,658	)
EUR	965,810	USD	1,075,477		7/6/20		(15,753	)
EUR	17,407,800	USD	19,137,613		7/6/20		(37,086	)
EUR	9,297,976	USD	10,353,761		7/6/20		(151,654	)
USD	25,451,457	EUR	23,551,117		7/6/20		(389,761	)
USD	34,657,653	EUR	32,069,930		7/6/20		(530,744	)
GBP	12,300,000	USD	15,256,846		7/9/20		239,336
NZD	706,000	USD	419,954		7/9/20		12,956
USD	9,949,805	NZD	16,727,000		7/9/20		(306,965	)
USD	15,873,826	EUR	14,023,000		7/10/20		485,890
USD	5,631,429	EUR	4,974,827		7/10/20		172,375
USD	1,018,787	EUR	900,000		7/10/20		31,185
CHF	8,930,000	USD	9,258,971		7/15/20		11,390
CHF	8,940,000	USD	9,284,260		7/15/20		(3,518	)
NOK	119,380,840	USD	11,626,437		7/16/20		30,873
EUR	6,508,000	USD	7,100,293		7/17/20		42,259
NZD	9,190,000	USD	5,577,411		7/17/20		57,443
USD	16,080,157	EUR	14,257,607		7/17/20		432,384
USD	7,339,918	EUR	6,508,000		7/17/20		197,365
USD	4,352,080	NZD	7,171,000		7/17/20		(44,823	)
USD	12,349,051	KRW	15,210,325,545		7/29/20		(190,074	)
USD	9,500,456	RUB	707,784,000		7/30/20		110,565
USD	2,199,208	ZAR	37,173,000		8/19/20		213,978
USD	539,048	ZAR	9,388,000		8/19/20		37,680
						$	(6,731,349	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	24,073,197	HUF	8,741,700,000	BNP Paribas		5/4/20	$	—	$	(795,925	)
HUF	1,058,700,000	EUR	2,979,735	BNP Paribas		5/4/20		25,985		—
HUF	7,683,000,000	EUR	21,850,293	BNP Paribas		5/4/20		—		(59,432	)
EUR	7,986,852	HUF	2,816,803,000	BNP Paribas		5/5/20		—		(4,595	)
EUR	7,017,409	HUF	2,477,777,000	BNP Paribas		5/5/20		—		(12,982	)
EUR	5,604,275	PLN	25,435,000	BNP Paribas		5/5/20		10,754		—
EUR	13,215,364	PLN	60,000,000	Goldman Sachs International		5/5/20		20,038		—
EUR	225,070	RON	1,090,000	Goldman Sachs International		5/5/20		—		(200	)
EUR	5,463,500	RON	26,457,000	JPMorgan Chase Bank, N.A.		5/5/20		—		(4,333	)
EUR	2,012,431	USD	2,203,950	Bank of America, N.A.		5/5/20		1,372		—
EUR	63,791	USD	69,861	Bank of America, N.A.		5/5/20		44		—
EUR	1,209,781	USD	1,314,182	UBS AG		5/5/20		11,555		—
EUR	1,050,000	USD	1,140,613	UBS AG		5/5/20		10,029		—

33 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	562,759	USD	611,324	UBS AG		5/5/20	$	5,375	$	—
HUF	15,272,000	EUR	43,294	Citibank, N.A.		5/5/20		34		—
HUF	4,229,200,000	EUR	11,981,322	Standard Chartered Bank		5/5/20		18,170		—
HUF	1,050,108,000	EUR	2,972,862	UBS AG		5/5/20		6,806		—
PLN	5,281,000	EUR	1,165,067	Standard Chartered Bank		5/5/20		—		(3,840	)
PLN	38,280,000	EUR	8,424,032	Standard Chartered Bank		5/5/20		—		(4,707	)
PLN	41,874,000	EUR	9,230,548	UBS AG		5/5/20		—		(22,253	)
RON	613,000	EUR	126,598	Citibank, N.A.		5/5/20		89		—
RON	26,934,000	EUR	5,562,581	Standard Chartered Bank		5/5/20		3,778		—
USD	1,149,926	EUR	1,050,000	Bank of America, N.A.		5/5/20		—		(716	)
USD	1,324,913	EUR	1,209,781	Bank of America, N.A.		5/5/20		—		(825	)
USD	69,296	EUR	63,791	UBS AG		5/5/20		—		(609	)
USD	615,549	EUR	562,759	UBS AG		5/5/20		—		(1,151	)
USD	2,186,100	EUR	2,012,431	UBS AG		5/5/20		—		(19,222	)
USD	11,660,280	ZAR	213,365,000	Standard Chartered Bank		5/5/20		149,125		—
ZAR	575,000	USD	31,828	Bank of America, N.A.		5/5/20		—		(806	)
ZAR	212,790,000	USD	11,762,985	Standard Chartered Bank		5/5/20		—		(282,853	)
EUR	10,400,000	USD	11,736,286	Standard Chartered Bank		5/6/20		—		(339,257	)
USD	11,736,826	EUR	10,400,000	Standard Chartered Bank		5/6/20		339,798		—
EUR	9,861,315	HUF	3,396,730,000	JPMorgan Chase Bank, N.A.		5/18/20		251,591		—
USD	11,041,849	THB	348,812,000	Standard Chartered Bank		5/18/20		260,863		—
USD	4,861,095	THB	153,562,000	Standard Chartered Bank		5/18/20		114,843		—
USD	1,258,507	THB	40,500,000	Standard Chartered Bank		5/18/20		6,744		—
USD	2,314,832	THB	75,672,452	Standard Chartered Bank		5/18/20		—		(24,032	)
EUR	8,474,367	HUF	3,024,200,000	Credit Agricole Corporate and Investment Bank		5/26/20		—		(108,227	)
EUR	5,180,710	NOK	59,254,000	BNP Paribas		5/26/20		—		(104,769	)
TRY	50,100,000	USD	7,677,090	Standard Chartered Bank		5/29/20		—		(546,561	)
USD	3,406,744	TRY	21,633,000	Standard Chartered Bank		5/29/20		327,807		—
USD	3,406,813	TRY	21,669,000	Standard Chartered Bank		5/29/20		322,752		—
USD	3,406,792	TRY	21,681,000	Standard Chartered Bank		5/29/20		321,024		—
USD	3,406,851	TRY	21,695,000	Standard Chartered Bank		5/29/20		319,090		—
USD	3,406,694	TRY	21,694,000	Standard Chartered Bank		5/29/20		319,075		—
USD	63,591	TRY	404,795	Standard Chartered Bank		5/29/20		5,978		—
EUR	2,012,431	USD	2,187,341	UBS AG		6/2/20		19,157		—
EUR	63,791	USD	69,335	UBS AG		6/2/20		607		—
USD	611,671	EUR	562,759	UBS AG		6/2/20		—		(5,357	)
USD	1,141,261	EUR	1,050,000	UBS AG		6/2/20		—		(9,995	)
USD	1,314,929	EUR	1,209,781	UBS AG		6/2/20		—		(11,517	)
USD	3,148,861	THB	98,827,000	Standard Chartered Bank		6/8/20		94,403		—
USD	1,548,698	MYR	6,750,000	State Street Bank and Trust Company		6/16/20		—		(14,129	)
EUR	19,495,677	PLN	86,592,000	BNP Paribas		6/17/20		517,154		—
EUR	18,928,668	PLN	84,384,000	Goldman Sachs International		6/17/20		427,311		—
PLN	146,000,000	EUR	32,065,361	BNP Paribas		6/17/20		11,698		—
PLN	25,435,000	EUR	5,597,645	BNP Paribas		6/17/20		—		(10,536	)
EUR	8,591,122	HUF	2,951,480,000	Citibank, N.A.		6/18/20		253,004		—

34 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	510,344	HUF	175,890,000	Citibank, N.A.		6/18/20	$	13,285	$	—
EUR	222,050	RON	1,090,000	Goldman Sachs International		6/18/20		—		(1,824	)
EUR	5,384,553	RON	26,457,000	JPMorgan Chase Bank, N.A.		6/18/20		—		(49,936	)
GBP	3,500,000	USD	4,164,125	Citibank, N.A.		6/18/20		244,940		—
RON	1,090,000	EUR	223,679	Goldman Sachs International		6/18/20		38		—
RON	26,457,000	EUR	5,428,190	JPMorgan Chase Bank, N.A.		6/18/20		2,074		—
GBP	8,867,000	USD	10,371,021	Citibank, N.A.		6/23/20		799,294		—
USD	2,412,438	THB	78,429,000	Standard Chartered Bank		6/24/20		—		(11,638	)
EUR	8,744,055	PLN	40,450,000	Goldman Sachs International		6/25/20		—		(154,921	)
EUR	975,541	PLN	4,504,000	Citibank, N.A.		6/26/20		—		(15,128	)
EUR	7,769,924	PLN	35,946,000	Citibank, N.A.		6/26/20		—		(138,040	)
USD	1,749,744	THB	58,032,000	Standard Chartered Bank		7/1/20		—		(43,924	)
EUR	7,764,795	PLN	35,753,000	Goldman Sachs International		7/3/20		—		(95,872	)
EUR	8,069,226	PLN	37,137,000	JPMorgan Chase Bank, N.A.		7/3/20		—		(95,353	)
PLN	60,000,000	EUR	13,196,782	Goldman Sachs International		7/3/20		—		(21,296	)
USD	1,809,608	CNH	12,875,000	Citibank, N.A.		7/8/20		—		(6,734	)
USD	2,534,591	CNH	18,025,000	Citibank, N.A.		7/8/20		—		(8,287	)
USD	5,177,236	CNH	36,835,000	Citibank, N.A.		7/8/20		—		(19,265	)
USD	7,252,939	CNH	51,580,000	Citibank, N.A.		7/8/20		—		(23,715	)
USD	2,255,321	CNH	16,040,000	Standard Chartered Bank		7/8/20		—		(7,524	)
USD	6,451,708	CNH	45,885,000	Standard Chartered Bank		7/8/20		—		(21,523	)
USD	6,926,465	THB	227,778,637	Standard Chartered Bank		7/10/20		—		(113,875	)
USD	611,329	ZAR	9,388,000	Standard Chartered Bank		7/20/20		108,595		—
ZAR	9,388,000	USD	541,411	Standard Chartered Bank		7/20/20		—		(38,678	)
SEK	171,333,799	USD	16,806,129	Goldman Sachs International		7/24/20		769,654		—
USD	11,173,197	SEK	113,333,000	Goldman Sachs International		7/24/20		—		(452,742	)
EUR	2,969,872	HUF	1,058,700,000	BNP Paribas		8/4/20		—		(26,556	)
HUF	2,477,777,000	EUR	6,996,801	BNP Paribas		8/4/20		11,510		—
HUF	2,816,803,000	EUR	7,963,144	BNP Paribas		8/4/20		3,209		—
USD	23,557,985	OMR	9,293,625	BNP Paribas		8/27/20		—		(238,264	)
USD	6,926,924	TRY	48,333,000	Standard Chartered Bank		2/26/21		636,674		—
USD	5,541,456	TRY	38,572,000	Standard Chartered Bank		2/26/21		521,541		—
USD	5,541,536	TRY	38,582,000	Standard Chartered Bank		2/26/21		520,320		—
USD	3,463,474	TRY	24,222,000	Standard Chartered Bank		2/26/21		311,126		—
USD	13,194	TRY	92,000	Standard Chartered Bank		2/26/21		1,221		—
USD	5,044,942	BHD	1,911,024	Standard Chartered Bank		3/11/21		—		(12,024	)
USD	4,204,022	SAR	15,887,000	Standard Chartered Bank		3/11/21		—		(12,311	)
USD	6,744,071	BHD	2,554,000	Standard Chartered Bank		3/16/21		—		(14,081	)
USD	11,881,604	OMR	4,666,500	BNP Paribas		4/8/21		294,472		—
USD	11,896,188	OMR	4,664,971	Standard Chartered Bank		4/26/21		344,006		—
USD	8,234,546	OMR	3,237,000	BNP Paribas		7/6/21		290,013		—
USD	5,188,295	OMR	2,039,000	BNP Paribas		7/12/21		187,682		—
USD	961,832	OMR	378,000	BNP Paribas		7/19/21		35,589		—
USD	4,209,726	BHD	1,605,000	Bank of America, N.A.		3/14/22		—		(2,289	)
USD	8,407,724	SAR	32,004,000	Standard Chartered Bank		3/14/22		—		(31,979	)
USD	20,243,572	SAR	77,035,000	Standard Chartered Bank		3/14/22		—		(71,154	)

35 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	8,429,122	BHD	3,217,000	Standard Chartered Bank		3/16/22	$	—	$	(12,854	)
USD	4,215,852	BHD	1,625,000	Standard Chartered Bank		3/16/22		—		(48,435	)
USD	4,112,475	BHD	1,585,976	Standard Chartered Bank		3/16/22		—		(49,406	)
USD	8,651,101	SAR	32,792,000	BNP Paribas		3/24/22		5,128		—
USD	12,976,517	SAR	49,181,000	HSBC Bank USA, N.A.		3/24/22		9,402		—
USD	15,526,212	SAR	58,790,000	Standard Chartered Bank		3/28/22		26,674		—
							$	9,312,500	$	(4,228,457	)

Forward Volatility Agreements
Reference Entity	Counterparty	Settlement Date(1)		Notional Amount (000’s omitted)	Value/Unrealized Appreciation (Depreciation)
Straddle swaption on floating rate (3-month USD-LIBOR) versus fixed rate interest rate swap, maturing June 11, 2055, 5-year term	Bank of America, N.A.		6/10/20	$35,000	$	2,376,901
					$	2,376,901

⁽¹⁾   At the settlement date, the Portfolio will purchase from the counterparty a straddle swaption (i.e. a receiver swaption and a payer swaption) with a determined premium amount of $7,787,500 and an interest rate component to be determined at a future date.

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. 5-Year Treasury Note		52			Long		6/30/20	$	6,525,188		$	196,218
U.S. Long Treasury Bond		351			Long		6/19/20		63,541,969			3,022,085
U.S. Ultra 10-Year Treasury Note		206			Long		6/19/20		32,348,437			399,385
Euro-Buxl		(43	)		Short		6/8/20		(10,329,040	)		374,520
											$	3,992,208

Centrally Cleared Inflation Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
EUR	5,111	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.57% (pays upon termination)	8/15/32	$	(762,474	)
EUR	5,125	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.59% (pays upon termination)	8/15/32		(781,708	)

36 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Inflation Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
EUR	5,003	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.60% (pays upon termination)	8/15/32	$	(779,885	)
EUR	19,000	Receives	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Pays	1.69% (pays upon termination)	11/15/32		(3,281,310	)
EUR	5,111	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.77% (pays upon termination)	8/15/42		1,507,226
EUR	5,125	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.78% (pays upon termination)	8/15/42		1,517,959
EUR	5,003	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.79% (pays upon termination)	8/15/42		1,519,521
EUR	19,000	Pays	Eurostat Eurozone HICP ex Tobacco NSA (pays upon termination)	Receives	1.89% (pays upon termination)	11/15/42		6,570,268
USD	36,500	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	1.89% (pays upon termination)	7/16/24		(1,927,539	)
USD	58,000	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	1.58% (pays upon termination)	9/6/24		(2,075,514	)
USD	16,500	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	0.84% (pays upon termination)	3/24/30		791,107
USD	14,300	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	1.28% (pays upon termination)	4/20/30		51,319
USD	25,300	Pays	Return on CPI-U (NSA) (pays upon termination)	Receives	2.22% (pays upon termination)	11/14/32		3,079,873
USD	25,300	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.20% (pays upon termination)	11/14/42		(4,938,221	)
USD	2,309	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.13% (pays upon termination)	8/22/47		(482,869	)
USD	2,295	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.15% (pays upon termination)	8/25/47		(494,490	)
USD	8,800	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.42% (pays upon termination)	6/8/48		(3,158,756	)
							$	(3,645,493	)

CPI-U (NSA)	–	Consumer Price Index All Urban Non-Seasonally Adjusted
HICP	–	Harmonised Indices of Consumer Prices

37 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Inflation Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Annual Rate	Termination Date		Value/Unrealized Appreciation (Depreciation)
Bank of America, N.A.	USD	19,500	Receives	Return on CPI-U (NSA) (pays upon termination)	Pays	2.09% (pays upon termination)		4/2/29	$	(1,605,543	)
									$	(1,605,543	)

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
BRL	36,099	Pays	Brazil CETIP Interbank Deposit Rate (pays upon termination)	6.14% (pays upon termination)	1/2/25	$	(24,974	)	$	—	$	(24,974	)
BRL	36,000	Receives	Brazil CETIP Interbank Deposit Rate (pays upon termination)	7.99% (pays upon termination)	1/2/25		(565,897	)		—		(565,897	)
CLP	8,546,800	Pays	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.28% (pays semi-annually)	3/2/25		345,237			—		345,237
CLP	8,726,200	Receives	6-month Sinacofi Chile Interbank Rate (pays semi-annually)	2.36% (pays semi-annually)	3/16/25		(391,511	)		—		(391,511	)
CNY	203,200	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)	4/30/24		1,624,310			—		1,624,310
CNY	50,800	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)	4/30/24		406,775			—		406,775
CNY	81,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.18% (pays quarterly)	4/30/24		652,117			—		652,117
CNY	276,500	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.02% (pays quarterly)	5/15/24		2,077,708			—		2,077,708
CNY	21,530	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		146,216			—		146,216
CNY	16,148	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		109,949			—		109,949
CNY	16,147	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		110,130			—		110,130
CNY	32,296	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		220,274			—		220,274
CNY	32,834	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.90% (pays quarterly)	6/6/24		224,423			—		224,423
CNY	10,765	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.87% (pays quarterly)	6/10/24		71,422			—		71,422

38 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
CNY	199,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)	6/12/24	$	1,400,997		$	—	$	1,400,997
CNY	155,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.94% (pays quarterly)	6/12/24		1,092,767			—		1,092,767
CNY	126,300	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.95% (pays quarterly)	6/12/24		894,117			—		894,117
CNY	66,000	Pays	7-day China Fixing Repo Rates (pays quarterly)	2.96% (pays quarterly)	6/12/24		471,088			—		471,088
CNY	21,040	Pays	7-day China Fixing Repo Rates (pays quarterly)	3.22% (pays quarterly)	6/19/24		182,191			—		182,191
CZK	311,500	Pays	6-month CZK PRIBOR (pays semi-annually)	1.74% (pays annually)	2/28/25		579,021			—		579,021
CZK	316,000	Receives	6-month CZK PRIBOR (pays semi-annually)	1.40% (pays annually)	3/16/25		(375,153	)		—		(375,153	)
GBP	26,000	Receives	6-month GBP LIBOR (pays semi-annually)	1.00% (pays semi-annually)	1/9/30		(1,618,504	)		—		(1,618,504	)
HUF	2,715,000	Pays	6-month HUF BUBOR (pays semi-annually)	1.22% (pays annually)	3/3/25		23,757			—		23,757
HUF	2,724,000	Receives	6-month HUF BUBOR (pays semi-annually)	1.25% (pays annually)	3/16/25		(34,628	)		—		(34,628	)
MXN	1,081,600	Pays	Mexico Interbank TIIE 28 Day (pays monthly)	8.54% (pays monthly)	12/15/23		5,093,467			—		5,093,467
MXN	298,383	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.76% (pays monthly)	3/7/24		(672,016	)		—		(672,016	)
MXN	82,926	Receives	Mexico Interbank TIIE 28 Day (pays monthly)	6.79% (pays monthly)	3/7/24		(190,481	)		—		(190,481	)
NZD	65,710	Receives	3-month NZD Bank Bill (pays quarterly)	3.32% (pays semi-annually)	2/19/28		(8,544,644	)		—		(8,544,644	)
NZD	5,220	Receives	3-month NZD Bank Bill (pays quarterly)	2.49% (pays semi-annually)	2/22/29		(503,784	)		—		(503,784	)
NZD	6,500	Receives	3-month NZD Bank Bill (pays quarterly)	2.50% (pays semi-annually)	2/22/29		(629,954	)		—		(629,954	)
PLN	54,300	Pays	6-month PLN WIBOR (pays semi-annually)	1.64% (pays annually)	2/27/25		639,289			—		639,289
PLN	55,100	Receives	6-month PLN WIBOR (pays semi-annually)	1.35% (pays annually)	3/16/25		(463,442	)		—		(463,442	)
SGD	18,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.42% (pays semi-annually)	10/19/23		823,148			—		823,148
SGD	9,630	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)	10/23/23		435,468			—		435,468
SGD	10,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)	10/23/23		452,199			—		452,199
SGD	15,000	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.44% (pays semi-annually)	10/23/23		678,299			—		678,299

39 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
SGD	26,350	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	2.09% (pays semi-annually)	12/13/23	$	1,021,391		$	—		$	1,021,391
SGD	2,885	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.55% (pays semi-annually)	8/14/24		71,880			—			71,880
SGD	3,245	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.56% (pays semi-annually)	8/14/24		82,385			—			82,385
SGD	5,640	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.06% (pays semi-annually)	3/31/25		70,896			—			70,896
SGD	16,500	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.07% (pays semi-annually)	3/31/25		214,905			—			214,905
SGD	3,300	Pays	6-month Singapore Swap Offered Rate (pays semi-annually)	1.08% (pays semi-annually)	3/31/25		43,788			—			43,788
THB	573,800	Pays	6-month THB Fixing Rate (pays semi-annually)	0.98% (pays semi-annually)	2/5/25		73,072			—			73,072
THB	575,000	Receives	6-month THB Fixing Rate (pays semi-annually)	1.03% (pays semi-annually)	3/17/25		(152,070	)		—			(152,070	)
USD	342,000	Pays	3-month USD-LIBOR (pays quarterly)	2.57% (pays semi-annually)	3/14/21		7,198,247			—			7,198,247
USD	40,459	Pays	3-month USD-LIBOR (pays quarterly)	1.86% (pays semi-annually)	7/16/24		2,654,591			—			2,654,591
USD	64,000	Pays	3-month USD-LIBOR (pays quarterly)	1.26% (pays semi-annually)	9/6/24		2,436,000			—			2,436,000
USD	34,731	Pays	3-month USD-LIBOR (pays quarterly)	2.34% (pays semi-annually)	5/17/29		5,517,845			—			5,517,845
USD	14,500	Receives	3-month USD-LIBOR (pays quarterly)	1.69% (pays semi-annually)	2/6/30		(1,442,770	)		—			(1,442,770	)
USD	14,500	Pays	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	2/6/30		1,449,135			—			1,449,135
USD	11,693	Receives	3-month USD-LIBOR (pays quarterly)	2.50% (pays semi-annually)	9/20/47		(4,809,896	)		(102,712	)		(4,912,608	)
USD	10,766	Receives	3-month USD-LIBOR (pays quarterly)	2.54% (pays semi-annually)	5/17/49		(4,840,794	)		—			(4,840,794	)
USD	4,600	Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)	8/16/49		(970,618	)		—			(970,618	)
USD	2,450	Pays	3-month USD-LIBOR (pays quarterly)	0.58% (pays semi-annually)	3/11/50		(172,536	)		—			(172,536	)
USD	2,450	Pays	3-month USD-LIBOR (pays quarterly)	0.62% (pays semi-annually)	3/11/50		(144,672	)		—			(144,672	)
USD	1,800	Receives	3-month USD-LIBOR (pays quarterly)	0.86% (pays semi-annually)	3/19/50		(9,813	)		—			(9,813	)
USD	6,770	Pays	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)	3/20/50		218,242			—			218,242

40 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	3,000	Receives	3-month USD-LIBOR (pays quarterly)	1.24% (pays semi-annually)	3/5/51	$	(307,901	)	$	—		$	(307,901	)
USD	3,000	Pays	3-month USD-LIBOR (pays quarterly)	1.26% (pays semi-annually)	3/5/51		321,831			—			321,831
USD	3,500	Receives	3-month USD-LIBOR (pays quarterly)	2.55% (pays semi-annually)	6/11/55		(1,457,101	)		—			(1,457,101	)
USD	3,500	Receives	3-month USD-LIBOR (pays quarterly)	2.75% (pays semi-annually)	7/27/55		(1,635,411	)		—			(1,635,411	)
ZAR	187,230	Pays	3-month ZAR JIBAR (pays quarterly)	6.76% (pays quarterly)	1/24/25		420,739			—			420,739
ZAR	177,300	Receives	3-month ZAR JIBAR (pays quarterly)	7.07% (pays quarterly)	3/12/25		(490,076	)		—			(490,076	)
Total						$	10,100,670		$	(102,712	)	$	9,997,958

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value/Unrealized Appreciation (Depreciation)
BNP Paribas	MYR	89,300	Pays	3-month MYR KLIBOR (pays quarterly)	3.13% (pays quarterly)	10/4/24	$	852,282
Citibank, N.A.	MYR	56,300	Pays	3-month MYR KLIBOR (pays quarterly)	3.13% (pays quarterly)	10/4/24		537,329
Goldman Sachs International	RUB	1,539,500	Pays	3-month Moscow Prime Offered Rate (pays quarterly)	6.51% (pays annually)	4/16/25		570,048
JPMorgan Chase Bank, N.A.	MYR	40,570	Pays	3-month MYR KLIBOR (pays quarterly)	2.45% (pays quarterly)	3/4/25		99,806
Standard Chartered Bank	MYR	72,700	Pays	3-month MYR KLIBOR (pays quarterly)	3.12% (pays quarterly)	10/4/24		688,229
Total							$	2,747,694

Centrally Cleared Credit Default Swaps — Buy Protection
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate*	Termination Date	Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Brazil	$	210	1.00% (pays quarterly)(1)	6/20/25	$	19,876	$	(22,647	)	$	(2,771	)
Malaysia		58,823	1.00% (pays quarterly)(1)	6/20/25		154,294		(413,494	)		(259,200	)
Mexico		1,830	1.00% (pays quarterly)(1)	6/20/25		134,922		(164,262	)		(29,340	)

41 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Credit Default Swaps — Buy Protection (continued)
Reference Entity	Notional Amount (000’s omitted)		Contract Annual Fixed Rate*	Termination Date	Value		Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
Turkey	$	49,617	1.00% (pays quarterly)(1)	6/20/25	$	10,103,678	$	(10,356,424	)	$	(252,746	)
Total					$	10,412,770	$	(10,956,827	)	$	(544,057	)

* The contract annual fixed rate represents the fixed rate of interest paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract.

⁽¹⁾  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Volatility Swaps
Counterparty	Reference Entity	Notional Amount (000’s omitted)		Portfolio Pays/Receives Volatility*	Volatility Strike			Maturity Date		Value/Unrealized Appreciation (Depreciation)
Citibank, N.A.	iShares MSCI Emerging Markets Index	$	170	Receives		23.00	%		9/18/20	$	4,118,705
Citibank, N.A.	S&P 500 Index		170	Pays		21.50			9/18/20		(4,217,089	)
										$	(98,384	)

* Portfolio will pay or receive the volatility of the reference entity depending on whether the realized volatility of the reference entity exceeds or is less than the strike. For contracts where the Portfolio has elected to receive the volatility of the reference entity, it will receive a net payment of the difference between the realized volatility and the strike multiplied by the notional amount if the realized volatility exceeds the strike; the Portfolio will make a net payment of the absolute value of the difference of the realized volatility and the strike multiplied by the notional amount if the realized volatility is less than the strike. For contracts where the Portfolio has elected to pay the volatility of the reference entity, it will make a net payment of the difference between the realized volatility and the strike multiplied by the notional amount if the realized volatility exceeds the strike; the Portfolio will receive a net payment of the absolute value of the difference of the realized volatility and the strike multiplied by the notional amount if the realized volatility is less than the strike.

Abbreviations:

BADLAR	–	Buenos Aires Deposits of Large Amount Rate
COF	–	Cost of Funds 11th District
EURIBOR	–	Euro Interbank Offered Rate
GDP	–	Gross Domestic Product
LIBOR	–	London Interbank Offered Rate

42 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Currency Abbreviations:

AUD	–	Australian Dollar
BHD	–	Bahraini Dinar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CLP	–	Chilean Peso
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
CZK	–	Czech Koruna
EUR	–	Euro
GBP	–	British Pound Sterling
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
ISK	–	Icelandic Krona
JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
OMR	–	Omani Rial
PEN	–	Peruvian Sol
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RON	–	Romanian Leu
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SAR	–	Saudi Riyal
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TRY	–	New Turkish Lira
TWD	–	New Taiwan Dollar
UAH	–	Ukrainian Hryvnia
USD	–	United States Dollar
ZAR	–	South African Rand

43 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $1,126,427,048)	$	973,849,814
Affiliated investment, at value (identified cost, $354,244,248)		354,279,688
Deposits for derivatives collateral —
Futures contracts		3,507,572
Centrally cleared derivatives		32,495,033
OTC derivatives		6,419,000
Foreign currency, at value (identified cost, $7,001,695)		6,699,520
Interest and dividends receivable		11,135,990
Dividends receivable from affiliated investment		74,738
Receivable for investments sold		8,497,405
Receivable for variation margin on open centrally cleared derivatives		178,684
Receivable for open forward foreign currency exchange contracts		9,312,500
Receivable for open forward volatility agreements		2,376,901
Receivable for open swap contracts		6,866,399
Receivable for closed swap contracts		184,538
Prepaid expenses		746
Total assets	$	1,415,878,528
Liabilities
Cash collateral due to brokers	$	6,419,000
Payable for investments purchased		9,219,706
Payable for securities sold short, at value (proceeds, $7,195,403)		5,335,205
Payable for variation margin on open futures contracts		229,616
Payable for open forward foreign currency exchange contracts		4,228,457
Payable for open swap contracts		5,822,632
Due to custodian		170,951,550
Payable to affiliates:
Investment adviser fee		597,889
Trustees’ fees		5,799
Accrued foreign capital gains taxes		4,194
Accrued expenses		942,141
Total liabilities	$	203,756,189
Net Assets applicable to investors’ interest in Portfolio	$	1,212,122,339

44 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest (net of foreign taxes, $552,468)	$	28,192,224
Dividends		1,732,039
Dividends from affiliated investment		764,339
Total investment income	$	30,688,602
Expenses
Investment adviser fee	$	4,011,090
Trustees’ fees and expenses		34,001
Custodian fee		422,761
Legal and accounting services		106,864
Dividend expense on securities sold short		69,408
Miscellaneous		13,628
Total expenses	$	4,657,752
Net investment income	$	26,030,850
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $607,921)	$	(6,459,868	)
Investment transactions — affiliated investment		(135,002	)
Written options		158,824
Futures contracts		3,810,337
Swap contracts		22,985,650
Foreign currency transactions		(2,138,675	)
Forward foreign currency exchange contracts		9,038,990
Net realized gain	$	27,260,256
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $289,504)	$	(90,701,438	)
Investments — affiliated investment		25,135
Written options		(141,324	)
Securities sold short		1,860,198
Futures contracts		2,811,025
Swap contracts		6,102,042
Forward volatility agreements		2,289,784
Foreign currency		231,777
Forward foreign currency exchange contracts		1,058,621
Net change in unrealized appreciation (depreciation)	$	(76,464,180	)
Net realized and unrealized loss	$	(49,203,924	)
Net decrease in net assets from operations	$	(23,173,074	)

45 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	26,030,850		$	64,381,880
Net realized gain (loss)		27,260,256			(15,129,368	)
Net change in unrealized appreciation (depreciation)		(76,464,180	)		(3,111,881	)
Net increase (decrease) in net assets from operations	$	(23,173,074	)	$	46,140,631
Capital transactions —
Contributions	$	77,159,684		$	176,442,491
Withdrawals		(208,935,971	)		(345,993,255	)
Net decrease in net assets from capital transactions	$	(131,776,287	)	$	(169,550,764	)
Net decrease in net assets	$	(154,949,361	)	$	(123,410,133	)
Net Assets
At beginning of period	$	1,367,071,700		$	1,490,481,833
At end of period	$	1,212,122,339		$	1,367,071,700

46 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Consolidated Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.69	%(2)(3)		0.69	%		0.69	%		0.68	%		0.66	%		0.66	%
Net investment income		3.88	%(2)		4.61	%		4.47	%		3.84	%		3.75	%		3.63	%
Portfolio Turnover		40	%(4)		39	%		57	%		44	%		30	%		32	%
Total Return		(1.59	)%(4)		3.21	%		2.74	%		6.70	%		0.04	%		(0.41	)%
Net assets, end of period (000’s omitted)	$	1,212,122		$	1,367,072		$	1,490,482		$	1,633,327		$	1,479,688		$	1,859,065

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Includes dividend expense on securities sold short of 0.01% of average daily net assets for the six months ended April 30, 2020.

⁽⁴⁾  Not annualized.

47 See Notes to Consolidated Financial Statements.

Global Opportunities Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 93.6% and 6.4%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GOP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The net assets of the Subsidiary at April 30, 2020 were $1,941,492 or 0.2% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Forward volatility agreements are valued by a third party pricing service using techniques that consider factors including the volatility of the underlying instrument and the period of time until expiration. Swaps and options on interest rate swaps (“swaptions”) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of volatility swaps, the pricing service valuations are based on the value of the underlying index or instrument, reference interest rate and volatility surface, as applicable. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. If one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H  Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as

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variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

J  Written Options — Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

K  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

L  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

M  Inflation Swaps — Pursuant to inflation swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark index in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The accounting policy for payments received or made and changes in the underlying value of the inflation swap are the same as for interest rate swaps as described above. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

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N  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O  Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 10. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

P  Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

Q  Volatility Swaps — Volatility swaps involve the exchange of cash flows between two parties based on the measured volatility of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike payment for the “floating rate” or realized price volatility on the underlying asset with respect to the notional amount. At inception, the strike is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the underlying asset and the strike multiplied by the notional amount. Changes in the value of the swap are recorded as unrealized gains and losses. Gains or losses are realized upon the termination of the contract. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying asset. Risk of loss is dependent on the volatility of the underlying instrument.

R  Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

S  Forward Volatility Agreements — Forward volatility agreements are transactions in which two parties agree to the purchase or sale of a swaption straddle (i.e., a receiver swaption and a payer swaption with the same expiration date) on an underlying floating-rate versus a fixed rate reference entity.

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The fixed rate shall equal the prevailing at-the-money forward rate of the benchmark swap at determination date. Changes in the value of the agreement are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying reference entity.

T  Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

U  Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

V  Interim Consolidated Financial Statements — The interim consolidated financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $4,011,090 or 0.598% (annualized) of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, principal repayments on Senior Loans and securities sold short, for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	272,308,043	$	364,603,916
U.S. Government and Agency Securities		173,819,773		195,075,641
	$	446,127,816	$	559,679,557

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4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including open derivative contracts and the Portfolio’s investment in the Subsidiary, at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,524,934,375
Gross unrealized appreciation	$	39,497,987
Gross unrealized depreciation		(222,787,390	)
Net unrealized depreciation	$	(183,289,403	)

5  Restricted Securities

At April 30, 2020, the Portfolio owned the following securities (representing 1.8% of net assets) which were restricted as to resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of Acquisition		Shares		Cost		Value
Reinsurance Side Cars
Altair V Reinsurance		12/22/16		1,932	$	1,931,845	$	19,318
Altair VI Reinsurance		12/29/17		1,000		2,670,333		212,500
Blue Lotus Re, Ltd.		12/20/17		242		—		374,999
Mt. Logan Re, Ltd., Series 13, Preference Shares		1/2/18		10,000		7,231,214		7,784,433
Mt. Logan Re, Ltd., Special Investment Series 13, 12/18		1/22/19		2,000		1,446,242		797,402
Mt. Logan Re, Ltd., Special Investment Series 13, 12/19		1/17/20		1,829		1,322,544		1,829,390
Sussex Capital, Ltd., Designated Investment Series 5, 5/19		5/31/19		249		212,150		184,296
Sussex Capital, Ltd., Designated Investment Series 5, 12/19		1/17/20		791		673,953		748,303
Sussex Capital, Ltd., Series 5 Preference Shares		12/17/18		6,000		5,113,897		5,599,707
Sussex Re, Ltd., Series 2020A		1/21/20		4,082		3,728,940		4,139,086
Versutus Re, Ltd.		12/17/18		4,000		271,060		372,831
Total Restricted Securities					$	24,602,178	$	22,062,265

6  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward foreign currency exchange contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Consolidated Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:

Commodity Risk: During the six months ended April 30, 2020, the Portfolio invested in commodities-linked derivative instruments, including commodity futures contracts, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

Credit Risk: The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

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Notes to Consolidated Financial Statements (Unaudited) — continued

Equity Price Risk: During the six months ended April 30, 2020, the Portfolio entered into equity index options, total return swaps and volatility swaps to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps and swaptions, inflation swaps, cross-currency swaps, total return swaps, options contracts and forward volatility agreements to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $10,051,089. At April 30, 2020, there were no assets pledged by the Portfolio for such liability.

The OTC derivatives in which the Portfolio invests (except for written options as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Credit			Equity Price		Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	—		$	—	$	23		$	4,659,561		$	4,659,584
Not applicable		10,412,770	*		—		11,496,577	*		59,578,797	*		81,488,144
Receivable for open forward foreign currency exchange contracts		—			—		9,312,500			—			9,312,500
Receivable for open swap contracts		—			4,118,705		—			2,747,694			6,866,399
Receivable for open forward volatility agreements		—			—		—			2,376,901			2,376,901
Total Asset Derivatives	$	10,412,770		$	4,118,705	$	20,809,100		$	69,362,953		$	104,703,528
Derivatives not subject to master netting or similar agreements	$	10,412,770		$	—	$	11,496,577		$	59,578,797		$	81,488,144
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	4,118,705	$	9,312,523		$	9,784,156		$	23,215,384

54

Global Opportunities Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Credit		Equity Price			Foreign Exchange			Interest Rate			Total
Not applicable	$	—	$	—		$	(18,227,926	)*	$	(49,131,412	)*	$	(67,359,338	)
Payable for open forward foreign currency exchange contracts		—		—			(4,228,457	)		—			(4,228,457	)
Payable for open swap contracts		—		(4,217,089	)		—			(1,605,543	)		(5,822,632	)
Total Liability Derivatives	$	—	$	(4,217,089	)	$	(22,456,383	)	$	(50,736,955	)	$	(77,410,427	)
Derivatives not subject to master netting or similar agreements	$	—	$	—		$	(18,227,926	)	$	(49,131,412	)	$	(67,359,338	)
Total Liability Derivatives subject to master netting or similar agreements	$	—	$	(4,217,089	)	$	(4,228,457	)	$	(1,605,543	)	$	(10,051,089	)

* Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)		Total Cash Collateral Received
Bank of America, N.A.	$	2,378,317	$	(1,610,179	)	$	(768,138	)	$	—		$	—	$	—
BNP Paribas		2,245,476		(1,253,059	)		—			(992,417	)		—		1,160,000
Citibank, N.A.		5,966,680		(4,428,258	)		—			(1,330,000	)		208,422		1,330,000
Goldman Sachs International		1,787,089		(726,855	)		—			(1,040,000	)		20,234		1,040,000
HSBC Bank USA, N.A.		9,402		—			—			—			9,402		—
JPMorgan Chase Bank, N.A.		353,471		(149,622	)		—			(203,849	)		—		290,000
Morgan Stanley & Co. International PLC		4,501,511		—			—			(2,289,000	)		2,212,511		2,289,000
Standard Chartered Bank		5,761,859		(1,690,656	)		—			—			4,071,203		—
The Toronto-Dominion Bank		158,050		—			—			(158,050	)		—		310,000
UBS AG		53,529		(53,529	)		—			—			—		—
	$	23,215,384	$	(9,912,158	)	$	(768,138	)	$	(6,013,316	)	$	6,521,772	$	6,419,000

55

Global Opportunities Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)			Total Cash Collateral Pledged
Bank of America, N.A.	$	(1,610,179	)	$	1,610,179	$	—	$	—	$	—		$	—
BNP Paribas		(1,253,059	)		1,253,059		—		—		—			—
Citibank, N.A.		(4,428,258	)		4,428,258		—		—		—			—
Credit Agricole Corporate and Investment Bank		(108,227	)		—		—		—		(108,227	)		—
Goldman Sachs International		(726,855	)		726,855		—		—		—			—
JPMorgan Chase Bank, N.A.		(149,622	)		149,622		—		—		—			—
Standard Chartered Bank		(1,690,656	)		1,690,656		—		—		—			—
State Street Bank and Trust Company		(14,129	)		—		—		—		(14,129	)		—
UBS AG		(70,104	)		53,529		—		—		(16,575	)		—
	$	(10,051,089	)	$	9,912,158	$	—	$	—	$	(138,931	)	$	—
Total — Deposits for derivatives collateral — OTC derivatives													$	6,419,000

^(a)   In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Consolidated Statement of Operations Caption	Commodity			Credit			Equity Price			Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Investment transactions	$	—		$	—		$	(9,455	)	$	(761,176	)	$	3,230,100		$	2,459,469
Written options		—			—			—			158,824			—			158,824
Futures contracts		(591,577	)		—			—			—			4,401,914			3,810,337
Swap contracts		—			18,175,629			—			—			4,810,021			22,985,650
Forward foreign currency exchange contracts		—			—			—			9,038,990			—			9,038,990
Total	$	(591,577	)	$	18,175,629		$	(9,455	)	$	8,436,638		$	12,442,035		$	38,453,270
Change in unrealized appreciation (depreciation) —
Investments	$	—		$	—		$	530,658		$	395,558		$	(21,044	)	$	905,172
Written options		—			—			—			(141,324	)		—			(141,324	)
Futures contracts		(707,800	)		—			—			—			3,518,825			2,811,025
Swap contracts		—			(161,717	)		(98,384	)		—			6,362,143			6,102,042
Forward volatility agreements		—			—			—			—			2,289,784			2,289,784
Forward foreign currency exchange contracts		—			—			—			1,058,621			—			1,058,621
Total	$	(707,800	)	$	(161,717	)	$	432,274		$	1,312,855		$	12,149,708		$	13,025,320

56

Global Opportunities Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, 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*		Forward Volatility Agreements
	$57,937,000	$	57,839,000	$	1,375,654,000	$35,000,000

Purchased Swaptions		Purchased Call Options		Swap Contracts
	$88,429,000	$	450,000,000	$	2,239,475,000

* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

The average principal amount of purchased currency options contracts and average number of purchased options contracts and written options contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately $18,000,000, 4,433 contracts and 1,600 contracts, respectively.

7  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

8  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At April 30, 2020, the Portfolio had a payment due to SSBT pursuant to the foregoing arrangement of $170,951,550. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at April 30, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2020. The Portfolio’s average overdraft advances during the six months ended April 30, 2020 were not significant.

9  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $354,279,688, which represents 29.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	132,568,586	$	777,939,097	$	(556,118,128	)	$	(135,002	)	$	25,135	$	354,279,688	$	764,339		354,279,688

57

Global Opportunities Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Collateralized Mortgage Obligations	$	—	$	314,341,081		$	—	$	314,341,081
Mortgage Pass-Throughs		—		5,281,929			—		5,281,929
Commercial Mortgage-Backed Securities		—		16,787,634			—		16,787,634
Asset-Backed Securities		—		148,776,742			—		148,776,742
U.S. Government Guaranteed Small Business Administration Loans		—		43,971,326			—		43,971,326
Sovereign Loans		—		824,639			—		824,639
Foreign Government Bonds		—		232,637,775			—		232,637,775
Foreign Corporate Bonds		—		59,265,519			—		59,265,519
Corporate Bonds & Notes		—		335,000			—		335,000
Common Stocks		—		2,897,837	*		—		2,897,837
Closed-End Funds		14,286,936		—			—		14,286,936
Exchange-Traded Funds		48,912,695		—			—		48,912,695
Reinsurance Side Cars		—		—			33,680,286		33,680,286
U.S. Treasury Obligations		—		40,191,171			—		40,191,171
Short-Term Investments —
U.S. Treasury Obligations		—		6,999,660			—		6,999,660
Other		—		354,279,688			—		354,279,688
Purchased Currency Options		—		23			—		23
Purchased Interest Rate Swaptions		—		3,970,804			—		3,970,804
Purchased Call Options		—		688,757			—		688,757
Total Investments	$	63,199,631	$	1,231,249,585		$	33,680,286	$	1,328,129,502
Forward Foreign Currency Exchange Contracts	$	—	$	20,809,077		$	—	$	20,809,077
Forward Volatility Agreements		—		2,376,901			—		2,376,901
Futures Contracts		3,992,208		—			—		3,992,208
Swap Contracts		—		72,865,758			—		72,865,758
Total	$	67,191,839	$	1,327,301,321		$	33,680,286	$	1,428,173,446
Liability Description
Securities Sold Short	$	—	$	(5,335,205	)	$	—	$	(5,335,205	)
Forward Foreign Currency Exchange Contracts		—		(22,456,383	)		—		(22,456,383	)
Swap Contracts		—		(54,954,044	)		—		(54,954,044	)
Total	$	—	$	(82,745,632	)	$	—	$	(82,745,632	)

* 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.

58

Global Opportunities Portfolio

April 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in Senior Floating- Rate Loans			Investments in Reinsurance Side Cars			Total
Balance as of October 31, 2019	$	1,561,925		$	40,437,548		$	41,999,473
Realized gains (losses)		(28,391	)		—			(28,391	)
Change in net unrealized appreciation (depreciation)		24,124			(575,840	)		(551,716	)
Cost of purchases		—			15,837,587			15,837,587
Proceeds from sales, including return of capital		(1,557,658	)		(22,019,009	)		(23,576,667	)
Accrued discount (premium)		—			—			—
Transfers to Level 3		—			—			—
Transfers from Level 3		—			—			—
Balance as of April 30, 2020	$	—		$	33,680,286		$	33,680,286
Change in net unrealized appreciation (depreciation) on investments still held as of April 30, 2020	$	—		$	1,456,844		$	1,456,844

The Portfolio’s investments in Level 3 securities were primarily valued on the basis of broker quotations.

11  Risks and Uncertainties

Risks Associated with Foreign Investments

Investing in securities issued by entities whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign issuers, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

59

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

60

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Short Duration Strategic Income Fund (the “Fund”) and Eaton Vance Management (“EVM”) as well as the investment advisory agreement between Global Opportunities Portfolio (the “Portfolio”), one of the underlying Funds (as defined below) in which the Fund is authorized to invest, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser. EVM allocates the assets of the Fund among the Portfolio and other funds in the Eaton Vance fund complex (the “underlying Funds”) and is also authorized to invest directly in securities or other instruments.

61

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio, including recent changes to such personnel. The Board considered the abilities and experience of each Adviser’s investment professionals in analyzing factors relevant to investment in a broad range of income securities. In regard to the Portfolio, the Board considered BMR’s expertise with respect to global markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. In approving the advisory agreements, the Board noted that EVM would be responsible for periodic rebalancing of assets among the Portfolio and the underlying Funds and, potentially, for investing in other securities or instruments, but would not receive a separate fee from the Fund for the rebalancing. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio or in the underlying Funds, for which it receives no separate fee but for which the adviser receives an advisory fee from the Portfolio or the underlying Funds. The Board considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to: gain exposure to sectors of the market EVM believes may not be represented or underrepresented by the Portfolio or the underlying Funds; to hedge certain exposures; and/or to otherwise manage the exposures of the Fund.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board also considered the performance of the underlying Portfolio and the underlying Funds. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund directly or indirectly through its pro rata share of the expenses of the Portfolio and the underlying Funds for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by EVM to other types of clients with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services EVM provides to the Fund as compared to other types of clients and the material differences in compliance, reporting and other legal burdens and risks to EVM as between the Fund and other types of clients. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

62

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund, the Portfolio and the underlying Funds, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund, the Portfolio and the underlying Funds and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. The Board noted the structure of the advisory fee, which includes breakpoints at several asset levels for assets directly held by the Fund and includes no separate advisory fee for assets invested in the Portfolio or the underlying Funds. The Board noted that for assets invested in the Portfolio and the underlying Funds, the Fund will automatically receive the benefits of such breakpoints as have been established for the Portfolio and the underlying Funds based on their total assets. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

63

Eaton Vance

Short Duration Strategic Income Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

64

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

65

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Investment Adviser of Emerging Markets Local Income Portfolio, Global Macro Absolute Return Advantage Portfolio, Global Opportunities Portfolio and Senior Debt Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Short Duration Strategic Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7688    4.30.20

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	19
Officers and Trustees	23
Important Notices	24

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Performance^1,2

Portfolio Managers Lewis R. Piantedosi and John H. Croft, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		03/04/2002		03/04/2002		–7.19	%		–4.93	%		5.87	%		8.29	%
Class A with 5.75% Maximum Sales Charge		—		—		–12.50			–10.39			4.63			7.65
Class C at NAV		03/04/2002		03/04/2002		–7.51			–5.64			5.09			7.49
Class C with 1% Maximum Sales Charge		—		—		–8.42			–6.57			5.09			7.49
Class I at NAV		09/11/2015		03/04/2002		–7.06			–4.68			6.11			8.41
Russell 3000® Index		—		—		–4.33	%		–1.04	%		8.32	%		11.28	%
MSCI EAFE Index		—		—		–14.21			–11.34			–0.17			3.55
ICE BofA Fixed Rate Preferred Securities Index		—		—		–1.86			3.80			5.14			6.54
Blended Index		—		—		–5.05			–1.52			7.23			10.11
% After-Tax Returns with Maximum Sales Charge			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				03/04/2002		03/04/2002			–10.72	%		3.96	%		6.96	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			–5.74			3.62			6.28
Class C After Taxes on Distributions				03/04/2002		03/04/2002			–6.81			4.55			6.89
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			–3.58			4.03			6.16
Class I After Taxes on Distributions				09/11/2015		03/04/2002			–5.07			5.39			7.62
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			–2.27			4.85			6.87
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.34	%		2.09	%		1.09	%

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

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Fund Profile⁴

Portfolio Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 80% Russell 3000^® Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class I is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests. Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

4

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	928.10	$	6.23		1.30	%
Class C	$	1,000.00	$	924.90	$	9.81		2.05	%
Class I	$	1,000.00	$	929.40	$	5.04		1.05	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.40	$	6.52		1.30	%
Class C	$	1,000.00	$	1,014.70	$	10.27		2.05	%
Class I	$	1,000.00	$	1,019.60	$	5.27		1.05	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolios.

5

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Investments in Affiliated Portfolios — 92.7%
Description			Value
Tax-Managed Growth Portfolio (identified cost, $75,009,936)			$	161,819,238
Tax-Managed International Equity Portfolio (identified cost, $31,307,844)				28,439,327
Tax-Managed Multi-Cap Growth Portfolio (identified cost, $31,848,998)				71,291,117
Tax-Managed Small-Cap Portfolio (identified cost, $47,438,509)				49,043,263
Tax-Managed Value Portfolio (identified cost, $87,356,485)				125,395,326
Total Investments in Affiliated Portfolios (identified cost $272,961,772)			$	435,988,271
Preferred Stocks — 1.7%
Security	Shares		Value
Banks — 0.5%
Texas Capital Bancshares, Inc., 6.50%		17,338	$	422,007
Wells Fargo & Co., Series L, 7.50% (Convertible)		1,194		1,670,215
Wells Fargo & Co., Series Q, 5.85% to 9/15/23(1)		8,820		223,058
			$	2,315,280
Electric Utilities — 0.3%
Duke Energy Corp., Series A, 5.75%		27,000	$	744,930
SCE Trust III, Series H, 5.75% to 3/15/24(1)		37,000		888,000
			$	1,632,930
Equity Real Estate Investment Trusts (REITs) — 0.2%
SITE Centers Corp., Series A, 6.375%		19,000	$	378,670
SITE Centers Corp., Series K, 6.25%		6,000		120,420
Vornado Realty Trust, Series K, 5.70%		20,000		492,000
			$	991,090
Independent Power and Renewable Electricity Producers — 0.1%
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(1)		9,950	$	271,958
			$	271,958
Insurance — 0.1%
American Equity Investment Life Holding Co., Series A, 5.95% to 12/1/24(1)		18,900	$	439,047
			$	439,047

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.2%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(1)		59,850	$	963,585
			$	963,585
Pipelines — 0.1%
Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23(1)		15,000	$	314,400
Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24(1)		8,960		189,504
			$	503,904
Real Estate Management & Development — 0.2%
Brookfield Property Partners, L.P., Series A, 5.75%		2,121	$	42,420
Brookfield Property Partners, L.P., Series A, 6.50%		14,575		312,634
Brookfield Property Partners, L.P., Series A2, 6.375%		19,390		416,303
			$	771,357
Total Preferred Stocks (identified cost $8,558,436)			$	7,889,151
Debt Obligations — 4.2%(2)
Security	Principal Amount (000’s omitted)		Value
Automobiles — 0.0%(3)
General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27(1)(4)	$	195	$	155,243
			$	155,243
Banks — 2.4%
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27(1)(4)	$	900	$	790,483
Barclays PLC, 7.75% to 9/15/23(1)(4)		790		762,899
Citigroup, Inc., 5.95% to 1/30/23(1)(4)		330		328,621
Citigroup, Inc., Series M, 6.30% to 5/15/24(1)(4)		940		928,903
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(1)(4)(5)		473		429,042
Fifth Third Bancorp, Series H, 5.10% to 6/30/23(1)(4)		1,220		1,086,648
HSBC Holdings PLC, 6.375% to 9/17/24(1)(4)		850		828,278
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(1)(4)		2,075		2,128,317
KeyCorp, Series D, 5.00% to 9/15/26(1)(4)		975		897,814
Lloyds Banking Group PLC, 7.50% to 6/27/24(1)(4)		600		590,670
Nordea Bank Abp, 6.125% to 9/23/24(1)(4)(5)		545		530,119
PNC Financial Services Group, Inc. (The), Series S, 5.00% to 11/1/26(1)(4)		485		493,689
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25(1)(4)		778		812,777

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Banks (continued)
Societe Generale SA, 6.75% to 4/6/28(1)(4)(5)	$	645	$	605,619
			$	11,213,879
Capital Markets — 0.6%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(1)	$	425	$	285,579
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(1)(4)		952		928,690
Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25(1)(4)		434		451,360
UBS Group AG, 6.875% to 8/7/25(1)(4)(6)		1,000		1,039,199
			$	2,704,828
Diversified Financial Services — 0.1%
Discover Financial Services, Series C, 5.50% to 10/30/27(1)(4)	$	640	$	541,879
			$	541,879
Electric Utilities — 0.2%
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(1)	$	450	$	476,438
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(1)		366		368,555
			$	844,993
Food Products — 0.2%
Land O’ Lakes, Inc., 8.00%(4)(5)	$	1,324	$	1,244,560
			$	1,244,560
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(1)(4)	$	645	$	593,716
			$	593,716
Multi-Utilities — 0.2%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(1)(4)	$	900	$	821,876
			$	821,876
Oil, Gas & Consumable Fuels — 0.3%
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(1)(4)	$	925	$	355,426
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(1)(4)		1,422		405,270
Odebrecht Oil & Gas Finance, Ltd., 0.00%(4)(5)		550		6,054
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(1)(4)		1,050		705,679
			$	1,472,429

Security	Principal Amount (000’s omitted)		Value
Pipelines — 0.1%
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(1)(4)	$	526	$	369,118
			$	369,118
Total Debt Obligations (identified cost $22,998,062)			$	19,962,521
Exchange-Traded Funds — 1.5%
Security	Shares		Value
Equity Funds — 1.5%
iShares Preferred & Income Securities ETF		204,586	$	7,088,905
Total Exchange-Traded Funds (identified cost $8,031,553)			$	7,088,905
Total Investments — 100.1% (identified cost $312,549,823)			$	470,928,848
Other Assets, Less Liabilities — (0.1)%			$	(634,928	)
Net Assets — 100.0%			$	470,293,920

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽²⁾  Debt obligations are hybrid instruments, as determined by the investment adviser. These instruments have characteristics of both equity and debt.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $2,815,394 or 0.6% of the Fund’s net assets.

⁽⁶⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2020, the aggregate value of these securities is $1,039,199 or 0.2% of the Fund’s net assets.

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Affiliated investments, at value (identified cost, $272,961,772)	$	435,988,271
Unaffiliated investments, at value (identified cost, $39,588,051)		34,940,577
Interest and dividends receivable		357,059
Receivable for investments sold		727,594
Receivable for Fund shares sold		360,536
Total assets	$	472,374,037
Liabilities
Payable for investments purchased	$	448,170
Payable for Fund shares redeemed		1,259,288
Payable to affiliates:
Investment adviser fee		86,446
Administration fee		54,309
Distribution and service fees		101,435
Trustees’ fees		42
Accrued expenses		130,427
Total liabilities	$	2,080,117
Net Assets	$	470,293,920
Sources of Net Assets
Paid-in capital	$	234,524,716
Distributable earnings		235,769,204
Total	$	470,293,920
Class A Shares
Net Assets	$	337,663,510
Shares Outstanding		16,565,763
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	20.38
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	21.62
Class C Shares
Net Assets	$	46,912,001
Shares Outstanding		2,482,596
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	18.90
Class I Shares
Net Assets	$	85,718,409
Shares Outstanding		4,212,453
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	20.35

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividend income	$	481,381
Dividend income allocated from affiliated Portfolios (net of foreign taxes, $83,791)		4,196,087
Interest income		771,104
Securities lending income allocated from affiliated Portfolios, net		7,882
Expenses allocated from affiliated Portfolios		(1,419,247	)
Total investment income	$	4,037,207
Expenses
Investment adviser fee	$	609,992
Administration fee		384,899
Distribution and service fees
Class A		456,701
Class C		264,852
Trustees’ fees and expenses		250
Custodian fee		18,843
Transfer and dividend disbursing agent fees		153,008
Legal and accounting services		34,206
Printing and postage		14,666
Registration fees		39,265
Miscellaneous		7,008
Total expenses	$	1,983,690
Net investment income	$	2,053,517
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,205,812	)
Net realized gain (loss) allocated from affiliated Portfolios —
Investment transactions		3,450,164	(1)
Foreign currency transactions		(4,992	)
Net realized gain	$	2,239,360
Change in unrealized appreciation (depreciation) —
Unaffiliated investments	$	(4,423,930	)
Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios —
Investments		(39,697,440	)
Foreign currency		1,488
Net change in unrealized appreciation (depreciation)	$	(44,119,882	)
Net realized and unrealized loss	$	(41,880,522	)
Net decrease in net assets from operations	$	(39,827,005	)

⁽¹⁾  Includes $6,493,749 of net realized gains from redemptions in-kind.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	2,053,517		$	4,192,073
Net realized gain		2,239,360	(1)		17,080,088	(2)
Net change in unrealized appreciation (depreciation)		(44,119,882	)		33,789,463
Net increase (decrease) in net assets from operations	$	(39,827,005	)	$	55,061,624
Distributions to shareholders —
Class A	$	(7,227,583	)	$	(5,210,972	)
Class B		—			(10,671	)
Class C		(745,511	)		(1,812,999	)
Class I		(2,133,731	)		(1,463,256	)
Total distributions to shareholders	$	(10,106,825	)	$	(8,497,898	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,608,934		$	18,751,039
Class C		4,042,979			7,250,163
Class I		19,120,352			25,150,351
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		6,681,661			4,742,464
Class B		—			10,621
Class C		687,654			1,744,174
Class I		1,991,043			1,344,139
Cost of shares redeemed
Class A		(29,032,425	)		(39,208,993	)
Class B		—			(33,234	)
Class C		(5,475,355	)		(16,471,056	)
Class I		(14,680,920	)		(9,720,692	)
Net asset value of shares converted(3)
Class A		4,439,172			86,447,434
Class B		—			(958,970	)
Class C		(4,439,172	)		(85,488,464	)
Net decrease in net assets from Fund share transactions	$	(6,056,077	)	$	(6,441,024	)
Net increase (decrease) in net assets	$	(55,989,907	)	$	40,122,702
Net Assets
At beginning of period	$	526,283,827		$	486,161,125
At end of period	$	470,293,920		$	526,283,827

⁽¹⁾   Includes $6,493,749 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $9,768,908 of net realized gains from redemptions in-kind.

⁽³⁾  Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019, upon the termination of Class B.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	22.370		$	20.450		$	19.970		$	16.770		$	17.630		$	18.060
Income (Loss) From Operations
Net investment income(1)	$	0.090		$	0.193		$	0.160		$	0.186		$	0.193		$	0.125
Net realized and unrealized gain (loss)		(1.646	)		2.122			0.951			3.207			(0.017	)		0.456
Total income (loss) from operations	$	(1.556	)	$	2.315		$	1.111		$	3.393		$	0.176		$	0.581
Less Distributions
From net investment income	$	(0.154	)	$	(0.163	)	$	(0.171	)	$	(0.162	)	$	(0.123	)	$	(0.104	)
From net realized gain		(0.280	)		(0.232	)		(0.460	)		(0.031	)		(0.913	)		(0.907	)
Total distributions	$	(0.434	)	$	(0.395	)	$	(0.631	)	$	(0.193	)	$	(1.036	)	$	(1.011	)
Net asset value — End of period	$	20.380		$	22.370		$	20.450		$	19.970		$	16.770		$	17.630
Total Return(2)		(7.19	)%(3)		11.75	%		5.60	%		20.39	%		1.09	%		3.29	%(4)
Ratios/Supplemental Data
Nets assets, end of period (000’s omitted)	$	337,664		$	379,547		$	272,567		$	265,204		$	227,186		$	264,329
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.30	%(7)		1.33	%		1.31	%		1.31	%		1.32	%		1.33	%
Net investment income		0.83	%(7)		0.91	%		0.77	%		1.01	%		1.17	%		0.71	%
Portfolio Turnover of the Fund(8)		3	%(3)		7	%		6	%		10	%		6	%		24	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  During the year ended October 31, 2015, the investment adviser reimbursed the Fund for a net loss realized on the disposal of investments which did not meet the Fund’s investment guidelines and which amounted to $0.027 per share. Had the Fund not received the reimbursement, total return would have been lower by 0.18%.

⁽⁵⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

11 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	20.700		$	18.930		$	18.520		$	15.570		$	16.430		$	16.900
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.009		$	0.043		$	0.005		$	0.047		$	0.064		$	(0.006	)
Net realized and unrealized gain (loss)		(1.529	)		1.965			0.892			2.978			(0.009	)		0.421
Total income (loss) from operations	$	(1.520	)	$	2.008		$	0.897		$	3.025		$	0.055		$	0.415
Less Distributions
From net investment income	$	—		$	(0.006	)	$	(0.027	)	$	(0.044	)	$	(0.002	)	$	—
From net realized gain		(0.280	)		(0.232	)		(0.460	)		(0.031	)		(0.913	)		(0.885	)
Total distributions	$	(0.280	)	$	(0.238	)	$	(0.487	)	$	(0.075	)	$	(0.915	)	$	(0.885	)
Net asset value — End of period	$	18.900		$	20.700		$	18.930		$	18.520		$	15.570		$	16.430
Total Return(2)		(7.51	)%(3)		10.88	%		4.86	%		19.49	%		0.32	%		2.55	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	46,912		$	56,979		$	147,004		$	163,689		$	162,450		$	173,279
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		2.05	%(7)		2.08	%		2.06	%		2.06	%		2.07	%		2.08	%
Net investment income (loss)		0.08	%(7)		0.23	%		0.03	%		0.27	%		0.42	%		(0.04	)%
Portfolio Turnover of the Fund(8)		3	%(3)		7	%		6	%		10	%		6	%		24	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  During the year ended October 31, 2015, the investment adviser reimbursed the Fund for a net loss realized on the disposal of investments which did not meet the Fund’s investment guidelines and which amounted to $0.025 per share. Had the Fund not received the reimbursement, total return would have been lower by 0.19%.

⁽⁵⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

12 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,												Period Ended October 31,  2015(1)
				2019			2018			2017			2016
Net asset value — Beginning of period	$	22.360		$	20.450		$	19.970		$	16.760		$	17.620		$	16.890
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.117		$	0.244		$	0.207		$	0.229		$	0.226		$	(0.009	)
Net realized and unrealized gain (loss)		(1.639	)		2.113			0.952			3.217			(0.004	)		0.739
Total income (loss) from operations	$	(1.522	)	$	2.357		$	1.159		$	3.446		$	0.222		$	0.730
Less Distributions
From net investment income	$	(0.208	)	$	(0.215	)	$	(0.219	)	$	(0.205	)	$	(0.169	)	$	—
From net realized gain		(0.280	)		(0.232	)		(0.460	)		(0.031	)		(0.913	)		—
Total distributions	$	(0.488	)	$	(0.447	)	$	(0.679	)	$	(0.236	)	$	(1.082	)	$	—
Net asset value — End of period	$	20.350		$	22.360		$	20.450		$	19.970		$	16.760		$	17.620
Total Return(3)		(7.06	)%(4)		12.02	%		5.85	%		20.76	%		1.36	%		4.32	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	85,718		$	89,758		$	65,649		$	47,031		$	24,467		$	410
Ratios (as a percentage of average daily net assets):(6)
Expenses(7)		1.05	%(8)		1.08	%		1.06	%		1.06	%		1.07	%		1.06	%(8)
Net investment income (loss)		1.08	%(8)		1.16	%		0.99	%		1.23	%		1.36	%		(0.35	)%(8)
Portfolio Turnover of the Fund(9)		3	%(4)		7	%		6	%		10	%		6	%		24	%(10)

  ⁽¹⁾ For the period from the commencement of operations, September 11, 2015, to October 31, 2015.

  ⁽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⁾ During the year ended October 31, 2015, the investment adviser reimbursed the Fund for a net loss realized on the disposal of investments which did not meet the Fund’s investment guidelines and which amounted to $0.027 per share. Had the Fund not received the reimbursement, total return would have been lower by 0.18%.

  ⁽⁶⁾ Includes the Fund’s share of the Portfolios’ allocated expenses.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

⁽¹⁰⁾  For the Fund’s year ended October 31, 2015.

13 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is to achieve long-term, after-tax returns for its shareholders. The Fund currently pursues its objective by investing directly in securities and in interests in five tax-managed equity portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts. The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at April 30, 2020 were as follows: Tax-Managed Growth Portfolio (0.8%), Tax-Managed Value Portfolio (18.7%), Tax-Managed International Equity Portfolio (49.2%), Tax-Managed Multi-Cap Growth Portfolio (42.1%) and Tax-Managed Small-Cap Portfolio (33.6%). The performance of the Fund is directly affected by the performance of the Portfolios. A copy of each Portfolio’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

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 valuation policies common to the Portfolios are as follows:

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolios may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolios in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolios might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. Additional valuation policies of the Fund are as follows:

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

14

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

B  Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Dividend income on direct investments is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Interest income on direct investments is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal and Other Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by a Portfolio.

As of April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

15

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the affiliated Portfolios, at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	238,948,761
Gross unrealized appreciation	$	234,454,983
Gross unrealized depreciation		(2,474,896	)
Net unrealized appreciation	$	231,980,087

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million, 0.70% on net assets of $500 million but less than $1 billion and at reduced rates on daily net assets of $1 billion or more, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. The investment adviser fee payable by the Fund is reduced by the Fund’s allocable portion of the investment adviser fees paid by the Portfolios in which it invests. For the six months ended April 30, 2020, the Fund’s investment adviser fee totaled $1,917,159, of which $1,307,167 was allocated from the Portfolios and $609,992 was paid or accrued directly by the Fund. For the six months ended April 30, 2020, the Fund’s investment adviser fee, including the fees allocated from the Portfolios, was 0.75% (annualized) of the Fund’s average daily net assets. The administration fee is earned by EVM as compensation for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $384,899.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $41,773 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 $27,488 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $456,701 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $198,639 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 six months ended April 30, 2020 amounted to $66,213 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received less than $100 and approximately $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

16

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolios were as follows:

Portfolio	Contributions		Withdrawals
Tax-Managed Growth Portfolio	$	3,939,816	$	8,106,193
Tax-Managed Value Portfolio		3,552,578		7,351,334
Tax-Managed International Equity Portfolio		1,031,394		2,134,258
Tax-Managed Multi-Cap Growth Portfolio		1,547,091		3,201,387
Tax-Managed Small-Cap Portfolio		1,432,491		2,964,248

7  Purchases and Sales of Direct Investments

Purchases and sales of direct investments, other than short-term obligations, aggregated $4,511,430 and $8,571,891, respectively, for the six months ended April 30, 2020.

8  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		493,558			886,217
Issued to shareholders electing to receive payments of distributions in Fund shares		289,249			259,445
Redemptions		(1,390,431	)		(1,873,884	)
Converted from Class B shares		—			45,133
Converted from Class C shares		206,053			4,323,944
Net increase (decrease)		(401,571	)		3,640,855
Class B				Year Ended October 31, 2019(1)
Sales					—
Issued to shareholders electing to receive payments of distributions in Fund shares					614
Redemptions					(1,681	)
Converted to Class A shares					(47,919	)
Net decrease					(48,986	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		204,082			380,519
Issued to shareholders electing to receive payments of distributions in Fund shares		32,014			102,478
Redemptions		(284,337	)		(861,999	)
Converted to Class A shares		(222,162	)		(4,635,573	)
Net decrease		(270,403	)		(5,014,575	)

17

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		874,435			1,205,037
Issued to shareholders electing to receive payments of distributions in Fund shares		86,417			73,732
Redemptions		(763,430	)		(474,283	)
Net increase		197,422			804,486

⁽¹⁾   At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

9  Fair Value Measurements

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 April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Investments in Affiliated Portfolios	$	435,988,271	$	—	$	—	$	435,988,271
Preferred Stocks		7,617,193		271,958		—		7,889,151
Debt Obligations		—		19,962,521		—		19,962,521
Exchange-Traded Funds		7,088,905		—		—		7,088,905
Total Investments	$	450,694,369	$	20,234,479	$	—	$	470,928,848

10  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

18

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process — Eaton Vance Funds

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾ Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

19

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Equity Asset Allocation Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreements between each of Tax-Managed Growth Portfolio, Tax-Managed International Equity Portfolio, Tax-Managed Multi-Cap Growth Portfolio, Tax-Managed Small-Cap Portfolio and Tax-Managed Value Portfolio (the “Portfolios”), which are portfolios in which the Fund is authorized to invest, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the “Adviser”), including their respective fee structures, is in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser. BMR manages the Portfolios, while EVM allocates the assets of the Fund among the Portfolios.

20

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolios, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolios, including recent changes to such personnel, where relevant. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered each Adviser’s experience managing funds that seek to maximize after-tax returns. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in preferred stocks. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolios.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and blended benchmark indexes for the three-year period. The Board also considered the performance of the underlying Portfolios. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

21

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

22

Eaton Vance

Tax-Managed Equity Asset Allocation Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

23

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

24

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7720    4.30.20

Eaton Vance

Tax-Managed Global Dividend Income Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/fund documents), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Tax-Managed Global Dividend Income Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	26
Officers and Trustees	30
Important Notices	31

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Performance^1,2

Portfolio Managers Christopher M. Dyer, CFA, of Eaton Vance Advisers International Ltd.; Michael A. Allison, CFA and John H. Croft, CFA, each of Eaton Vance Management

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		05/30/2003		05/30/2003		–8.21	%		–5.86	%		3.18	%		6.19	%
Class A with 5.75% Maximum Sales Charge		—		—		–13.51			–11.27			1.97			5.57
Class C at NAV		05/30/2003		05/30/2003		–8.59			–6.60			2.41			5.40
Class C with 1% Maximum Sales Charge		—		—		–9.49			–7.51			2.41			5.40
Class I at NAV		08/27/2007		05/30/2003		–8.16			–5.62			3.44			6.47
MSCI World Index		—		—		–7.29	%		–4.00	%		4.92	%		7.67	%
% After-Tax Returns with Maximum Sales Charge			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				05/30/2003		05/30/2003			–11.89	%		1.15	%		4.70	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			–5.97			1.49			4.49
Class C After Taxes on Distributions				05/30/2003		05/30/2003			–8.02			1.76			4.69
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			–3.86			1.87			4.39
Class I After Taxes on Distributions				08/27/2007		05/30/2003			–6.32			2.56			5.54
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			–2.53			2.68			5.25
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.22	%		1.97	%		0.97	%

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

Tax-Managed Global Dividend Income Fund

April 30, 2020

Fund Profile

Common Stock Sector Allocation (% of total investments)

Country Allocation (% of total investments)

Top 10 Holdings (% of total investments)⁴

Amazon.com, Inc.	3.0	%
Alphabet, Inc., Class C	2.8
Microsoft Corp.	2.7
E.ON SE	1.9
Apple, Inc.	1.9
BASF SE	1.9
Sanofi	1.8
Swiss Re AG	1.8
Orkla ASA	1.8
Vivendi SA	1.8
Total	21.4	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	917.90	$	5.77		1.21	%
Class C	$	1,000.00	$	914.10	$	9.33		1.96	%
Class I	$	1,000.00	$	918.40	$	4.58		0.96	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.80	$	6.07		1.21	%
Class C	$	1,000.00	$	1,015.10	$	9.82		1.96	%
Class I	$	1,000.00	$	1,020.10	$	4.82		0.96	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019.

5

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 97.8%
Security	Shares		Value
Auto Components — 0.3%
Nokian Renkaat Oyj		85,536	$	1,817,240
			$	1,817,240
Banks — 5.0%
Banco Bilbao Vizcaya Argentaria SA		2,163,453	$	7,071,848
Banco Santander SA		921,072		2,058,031
CaixaBank SA		3,949,434		7,105,527
Canadian Imperial Bank of Commerce		46,887		2,778,289
Citigroup, Inc.		77,461		3,761,506
ING Groep NV		301,506		1,689,273
KeyCorp		176,675		2,058,264
			$	26,522,738
Beverages — 1.1%
Coca-Cola Co. (The)		69,244	$	3,177,607
Diageo PLC		86,041		2,962,378
			$	6,139,985
Biotechnology — 0.6%
CSL, Ltd.		16,073	$	3,203,787
			$	3,203,787
Building Products — 1.1%
Assa Abloy AB, Class B		163,138	$	2,920,485
Geberit AG		6,874		3,074,072
			$	5,994,557
Capital Markets — 4.4%
Bank of New York Mellon Corp. (The)		79,636	$	2,989,536
Credit Suisse Group AG(1)		367,066		3,351,546
Morgan Stanley		86,404		3,406,910
St. James’s Place PLC		591,842		6,302,039
Standard Life Aberdeen PLC		171,563		475,171
UBS Group AG(1)		668,899		7,162,232
			$	23,687,434
Chemicals — 3.6%
Akzo Nobel NV		50,848	$	3,858,845
BASF SE		192,739		9,863,701
Chr. Hansen Holding A/S		32,626		2,813,134
Sika AG		14,623		2,418,778
			$	18,954,458

Security	Shares		Value
Construction & Engineering — 0.0%(2)
Abengoa SA, Class A(1)		74,946	$	1,191
Abengoa SA, Class B(1)		774,970		5,756
			$	6,947
Construction Materials — 0.5%
CRH PLC		87,250	$	2,647,042
			$	2,647,042
Consumer Finance — 1.4%
Capital One Financial Corp.		29,969	$	1,940,792
Cembra Money Bank AG		40,026		3,805,185
OneMain Holdings, Inc.		69,123		1,673,468
			$	7,419,445
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B(1)		23,927	$	4,482,963
ORIX Corp.		288,214		3,391,555
			$	7,874,518
Diversified Telecommunication Services — 5.0%
Elisa Oyj		42,807	$	2,601,306
Koninklijke KPN NV		3,912,507		9,011,838
Proximus SADP		214,902		4,586,745
Sunrise Communications Group AG(3)		45,198		3,620,429
Swisscom AG		10,935		5,681,737
Telia Co. AB		386,798		1,344,882
			$	26,846,937
Electric Utilities — 2.3%
Fortum Oyj		372,240	$	6,168,071
Iberdrola SA		270,667		2,692,534
NextEra Energy, Inc.(4)		13,656		3,156,175
			$	12,016,780
Electrical Equipment — 1.7%
ABB, Ltd.		42,331	$	803,538
Melrose Industries PLC		2,128,301		2,660,169
Schneider Electric SE		62,721		5,796,194
			$	9,259,901
Electronic Equipment, Instruments & Components — 2.2%
CDW Corp.		18,186	$	2,015,009
Halma PLC		64,893		1,706,061

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Keyence Corp.		16,194	$	5,781,453
Murata Manufacturing Co., Ltd.		35,891		2,022,349
			$	11,524,872
Entertainment — 3.1%
Nintendo Co., Ltd.		6,043	$	2,495,300
Vivendi SA		434,508		9,391,086
Walt Disney Co. (The)		42,779		4,626,549
			$	16,512,935
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.		13,534	$	3,221,092
Equity Residential		23,323		1,517,394
Simon Property Group, Inc.		15,710		1,048,957
			$	5,787,443
Food & Staples Retailing — 2.0%
Kesko Oyj, Class B		190,276	$	3,100,376
Koninklijke Ahold Delhaize NV		303,562		7,370,587
			$	10,470,963
Food Products — 3.9%
Mondelez International, Inc., Class A		89,667	$	4,612,470
Nestle SA		62,114		6,578,495
Orkla ASA		1,040,208		9,396,071
			$	20,587,036
Health Care Equipment & Supplies — 2.1%
Boston Scientific Corp.(1)		112,004	$	4,197,910
Intuitive Surgical, Inc.(1)		8,822		4,506,983
Straumann Holding AG		3,626		2,758,760
			$	11,463,653
Health Care Providers & Services — 0.7%
Anthem, Inc.		12,446	$	3,493,966
			$	3,493,966
Hotels, Restaurants & Leisure — 0.7%
Compass Group PLC		213,652	$	3,595,209
			$	3,595,209
Industrial Conglomerates — 1.0%
DCC PLC		72,869	$	5,181,631
			$	5,181,631

Security	Shares		Value
Insurance — 8.5%
AIA Group, Ltd.		421,804	$	3,871,219
American International Group, Inc.		44,954		1,143,180
Aviva PLC		619,805		1,874,369
Baloise Holding AG		33,100		4,952,336
Helvetia Holding AG		52,426		4,778,918
Muenchener Rueckversicherungs-Gesellschaft AG		25,811		5,653,235
Progressive Corp. (The)		27,190		2,101,787
Swiss Life Holding AG		16,335		5,792,770
Swiss Re AG		132,678		9,641,219
Topdanmark A/S		28,974		1,169,602
Zurich Insurance Group AG		13,228		4,193,995
			$	45,172,630
Interactive Media & Services — 4.7%
Alphabet, Inc., Class C(1)(4)		11,117	$	14,993,053
Facebook, Inc., Class A(1)(4)		30,453		6,234,034
Tencent Holdings, Ltd.		67,856		3,567,151
			$	24,794,238
Internet & Direct Marketing Retail — 3.0%
Amazon.com, Inc.(1)(4)		6,404	$	15,843,496
			$	15,843,496
IT Services — 2.0%
Amadeus IT Group SA		106,463	$	5,081,740
Visa, Inc., Class A		31,541		5,637,007
			$	10,718,747
Leisure Products — 0.5%
Yamaha Corp.		71,419	$	2,882,847
			$	2,882,847
Life Sciences Tools & Services — 0.5%
Lonza Group AG		6,043	$	2,638,770
			$	2,638,770
Machinery — 2.4%
Ingersoll Rand, Inc.(1)		99,455	$	2,892,151
Sandvik AB		221,023		3,400,089
SMC Corp.		8,218		3,714,719
Stanley Black & Decker, Inc.		23,928		2,636,866
			$	12,643,825

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Metals & Mining — 1.5%
Boliden AB		187,539	$	3,780,298
Rio Tinto, Ltd.		77,946		4,393,126
			$	8,173,424
Multi-Utilities — 2.3%
CMS Energy Corp.		36,857	$	2,104,166
E.ON SE		1,028,803		10,305,795
			$	12,409,961
Oil, Gas & Consumable Fuels — 3.8%
Chevron Corp.		48,821	$	4,491,532
ConocoPhillips		100,664		4,237,954
EOG Resources, Inc.		55,106		2,618,086
Koninklijke Vopak NV		66,220		3,809,427
Phillips 66		68,157		4,987,048
			$	20,144,047
Paper & Forest Products — 0.2%
UPM-Kymmene Oyj		32,591	$	893,813
			$	893,813
Personal Products — 0.9%
Unilever PLC		93,050	$	4,791,347
			$	4,791,347
Pharmaceuticals — 6.8%
Bayer AG		8,651	$	568,971
Eli Lilly & Co.		26,465		4,092,548
Novartis AG		49,909		4,259,157
Novo Nordisk A/S, Class B		64,409		4,108,650
Orion Oyj, Class B		69,941		3,554,285
Roche Holding AG		13,535		4,687,134
Sanofi		98,922		9,662,081
Zoetis, Inc.		42,659		5,516,235
			$	36,449,061
Professional Services — 2.8%
Adecco Group AG		201,322	$	8,809,992
Recruit Holdings Co., Ltd.		121,932		3,556,901
Verisk Analytics, Inc.		17,765		2,715,025
			$	15,081,918

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 2.4%
ASML Holding NV		16,676	$	4,870,814
Infineon Technologies AG		188,637		3,506,936
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		78,670		4,179,737
			$	12,557,487
Software — 3.6%
Dassault Systemes SE		18,611	$	2,725,958
Intuit, Inc.		8,701		2,347,617
Microsoft Corp.(4)		79,758		14,293,431
			$	19,367,006
Specialty Retail — 1.9%
Industria de Diseno Textil SA		94,017	$	2,408,000
Lowe’s Cos., Inc.		46,284		4,848,249
TJX Cos., Inc. (The)		58,247		2,857,016
			$	10,113,265
Technology Hardware, Storage & Peripherals — 1.9%
Apple, Inc.(4)		34,440	$	10,118,472
			$	10,118,472
Textiles, Apparel & Luxury Goods — 1.5%
adidas AG		15,709	$	3,596,299
LVMH Moet Hennessy Louis Vuitton SE		11,843		4,578,415
			$	8,174,714
Tobacco — 0.6%
Swedish Match AB		52,990	$	3,274,593
			$	3,274,593
Wireless Telecommunication Services — 0.7%
Tele2 AB, Class B		274,919	$	3,544,974
			$	3,544,974
Total Common Stocks (identified cost $479,888,453)			$	520,798,112
Preferred Stocks — 0.2%
Security	Shares		Value
Food Products — 0.2%
Ocean Spray Cranberries, Inc., 6.25%(3)		11,860	$	960,660
			$	960,660

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.0%(2)
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(5)		15,465	$	248,987
			$	248,987
Total Preferred Stocks (identified cost $1,265,286)			$	1,209,647
Corporate Bonds & Notes — 1.2%
Security	Principal Amount (000’s omitted)		Value
Air Freight & Logistics — 0.0%(2)
Atlas Air Worldwide Holdings, Inc., 2.25%, 6/1/22 (Convertible)	$	100	$	93,438
			$	93,438
Banks — 0.2%
Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26(3)(5)(6)	$	205	$	220,033
Citigroup, Inc., Series M, 6.30% to 5/15/24(5)(6)		240		237,167
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(3)(5)(6)		280		253,978
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(5)(6)		237		243,090
			$	954,268
Capital Markets — 0.1%
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(5)(6)	$	221	$	215,589
Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25(5)(6)		101		105,040
			$	320,629
Diversified Financial Services — 0.8%
PPTT, 2006-A GS, Class A, 5.866%(3)(6)(7)	$	4,541	$	4,109,731
			$	4,109,731
Electric Utilities — 0.0%(2)
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(5)	$	80	$	84,700
			$	84,700
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(5)(6)	$	290	$	266,942
			$	266,942

Security	Principal Amount (000’s omitted)		Value
Oil, Gas & Consumable Fuels — 0.0%(2)
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(5)(6)	$	207	$	58,995
Odebrecht Oil & Gas Finance, Ltd., 0.00%(3)(6)		2,008		22,085
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(5)(6)		195		131,054
			$	212,134
Pipelines — 0.0%(2)
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(5)(6)	$	180	$	126,314
			$	126,314
Total Corporate Bonds & Notes (identified cost $8,641,069)			$	6,168,156
Short-Term Investments — 0.0%(2)
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(8)		22,820	$	22,820
Total Short-Term Investments (identified cost $22,817)			$	22,820
Total Investments — 99.2% (identified cost $489,817,625)			$	528,198,735
Other Assets, Less Liabilities — 0.8%			$	4,107,321
Net Assets — 100.0%			$	532,306,056

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under 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 April 30, 2020, the aggregate value of these securities is $9,186,916 or 1.7% of the Fund’s net assets.

⁽⁴⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

⁽⁵⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁶⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁷⁾  Variable rate security. The stated interest rate, which resets quarterly, is determined at auction and represents the rate in effect at April 30, 2020.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

⁽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 April 30, 2020.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		34.0	%	$	179,670,309
Switzerland		16.9			89,009,063
United Kingdom		6.4			33,941,500
Germany		6.3			33,494,937
France		6.1			32,153,734
Netherlands		5.8			30,610,784
Spain		5.0			26,424,627
Japan		4.5			23,845,124
Sweden		3.5			18,265,321
Finland		3.4			18,135,091
Norway		1.8			9,396,071
Denmark		1.5			8,091,386
Belgium		0.9			4,586,745
Taiwan		0.8			4,179,737
Hong Kong		0.7			3,871,219
China		0.7			3,567,151
Australia		0.7			3,423,820
Canada		0.5			2,862,989
Ireland		0.5			2,647,042
Brazil		0.0	(1)		22,085
Total Investments		100.0	%	$	528,198,735

⁽¹⁾   Amount is less than 0.05%.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		820			Long		6/19/20	$	118,998,400		$	9,413,670
Nikkei 225 Index		76			Long		6/11/20		14,099,014			410,881
STOXX Europe 600 Banks Index		(1,489	)		Short		6/19/20		(7,301,947	)		(473,977	)
STOXX Europe 600 Index		(4,332	)		Short		6/19/20		(80,061,872	)		(5,296,924	)
STOXX Europe 600 Insurance Index		(3,436	)		Short		6/19/20		(43,772,067	)		(1,545,625	)
											$	2,508,025

Abbreviations:

ADR	–	American Depositary Receipt
PPTT	–	Preferred Pass-Through Trust

11 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $489,794,808)	$	528,175,915
Affiliated investment, at value (identified cost, $22,817)		22,820
Foreign currency, at value (identified cost, $388,677)		388,522
Dividends and interest receivable		2,045,348
Dividends receivable from affiliated investment		720
Receivable for investments sold		14,333,424
Receivable for Fund shares sold		332,624
Receivable for variation margin on open financial futures contracts		1,983,525
Tax reclaims receivable		4,880,380
Total assets	$	552,163,278
Liabilities
Demand note payable	$	6,700,000
Payable for investments purchased		11,485,910
Payable for Fund shares redeemed		815,699
Payable to affiliates:
Investment adviser fee		271,278
Administration fee		62,667
Distribution and service fees		106,762
Trustees’ fees		2,827
Accrued expenses		412,079
Total liabilities	$	19,857,222
Net Assets	$	532,306,056
Sources of Net Assets
Paid-in capital	$	532,621,678
Accumulated loss		(315,622	)
Total	$	532,306,056
Class A Shares
Net Assets	$	331,214,334
Shares Outstanding		28,898,279
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.46
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	12.16
Class C Shares
Net Assets	$	52,737,353
Shares Outstanding		4,613,139
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.43
Class I Shares
Net Assets	$	148,354,369
Shares Outstanding		12,932,908
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.47

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

12 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends (net of foreign taxes, $1,466,007)	$	14,143,653
Dividends allocated from affiliated investment		9,026
Interest		242,049
Total investment income	$	14,394,728
Expenses
Investment adviser fee	$	1,967,816
Administration fee		457,446
Distribution and service fees
Class A		465,377
Class C		326,040
Trustees’ fees and expenses		16,696
Custodian fee		147,988
Transfer and dividend disbursing agent fees		163,441
Legal and accounting services		34,151
Printing and postage		32,977
Registration fees		36,966
Miscellaneous		73,973
Total expenses	$	3,722,871
Net investment income	$	10,671,857
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(16,989,819	)
Investment transactions — affiliated investment		(4,919	)
Financial futures contracts		4,710,443
Foreign currency transactions		(198,545	)
Net realized loss	$	(12,482,840	)
Change in unrealized appreciation (depreciation) —
Investments	$	(54,430,615	)
Investments — affiliated investment		1
Financial futures contracts		2,508,025
Foreign currency		11,888
Net change in unrealized appreciation (depreciation)	$	(51,910,701	)
Net realized and unrealized loss	$	(64,393,541	)
Net decrease in net assets from operations	$	(53,721,684	)

13 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	10,671,857		$	24,616,750
Net realized loss		(12,482,840	)		(26,331,950	)
Net change in unrealized appreciation (depreciation)		(51,910,701	)		69,621,146
Net increase (decrease) in net assets from operations	$	(53,721,684	)	$	67,905,946
Distributions to shareholders —
Class A	$	(6,400,301	)	$	(12,625,723	)
Class B		—			(37,602	)
Class C		(868,316	)		(3,013,189	)
Class I		(3,173,230	)		(6,707,555	)
Total distributions to shareholders	$	(10,441,847	)	$	(22,384,069	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,154,950		$	18,697,774
Class B		—			650
Class C		994,338			4,946,896
Class I		16,536,782			24,495,111
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,505,338			10,815,082
Class B		—			35,650
Class C		730,607			2,644,602
Class I		2,670,968			5,468,443
Cost of shares redeemed
Class A		(32,864,010	)		(70,807,266	)
Class B		—			(856,222	)
Class C		(6,938,597	)		(31,292,892	)
Class I		(28,937,355	)		(46,936,799	)
Net asset value of shares converted(1)
Class A		7,599,061			93,420,994
Class B		—			(1,641,239	)
Class C		(7,599,061	)		(91,779,755	)
Net decrease in net assets from Fund share transactions	$	(37,146,979	)	$	(82,788,971	)
Net decrease in net assets	$	(101,310,510	)	$	(37,267,094	)
Net Assets
At beginning of period	$	633,616,566		$	670,883,660
At end of period	$	532,306,056		$	633,616,566

⁽¹⁾   Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.

14 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.730		$	11.830		$	12.520		$	10.880		$	11.510		$	11.580
Income (Loss) From Operations
Net investment income(1)	$	0.222		$	0.494		$	0.389		$	0.419		$	0.427	(2)	$	0.387
Net realized and unrealized gain (loss)		(1.276	)		0.838			(0.647	)		1.653			(0.625	)		(0.013	)
Total income (loss) from operations	$	(1.054	)	$	1.332		$	(0.258	)	$	2.072		$	(0.198	)	$	0.374
Less Distributions
From net investment income	$	(0.216	)	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.444	)
Total distributions	$	(0.216	)	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.432	)	$	(0.444	)
Net asset value — End of period	$	11.460		$	12.730		$	11.830		$	12.520		$	10.880		$	11.510
Total Return(3)		(8.21	)%(4)		11.52	%		(2.24	)%		19.39	%		(1.71	)%		3.27	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	331,214		$	383,956		$	302,220		$	347,080		$	367,882		$	443,367
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.21	%(6)		1.22	%		1.18	%		1.19	%		1.18	%		1.18	%
Net investment income		3.54	%(6)		4.08	%		3.07	%		3.58	%		3.88	%(2)		3.35	%
Portfolio Turnover		80	%(4)		128	%		136	%		157	%		134	%		133	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Net investment income per share includes special dividends which amounted to $0.112 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.86% for the year ended October 31, 2016.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

15 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.700		$	11.800		$	12.480		$	10.860		$	11.480		$	11.550
Income (Loss) From Operations
Net investment income(1)	$	0.164		$	0.312		$	0.295		$	0.351		$	0.342	(2)	$	0.300
Net realized and unrealized gain (loss)		(1.266	)		0.927			(0.639	)		1.613			(0.613	)		(0.012	)
Total income (loss) from operations	$	(1.102	)	$	1.239		$	(0.344	)	$	1.964		$	(0.271	)	$	0.288
Less Distributions
From net investment income	$	(0.168	)	$	(0.339	)	$	(0.336	)	$	(0.344	)	$	(0.349	)	$	(0.358	)
Total distributions	$	(0.168	)	$	(0.339	)	$	(0.336	)	$	(0.344	)	$	(0.349	)	$	(0.358	)
Net asset value — End of period	$	11.430		$	12.700		$	11.800		$	12.480		$	10.860		$	11.480
Total Return(3)		(8.59	)%(4)		10.70	%		(2.90	)%		18.35	%		(2.36	)%		2.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	52,737		$	72,014		$	184,009		$	227,643		$	256,000		$	306,339
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.96	%(6)		1.97	%		1.93	%		1.94	%		1.93	%		1.93	%
Net investment income		2.61	%(6)		2.62	%		2.33	%		3.01	%		3.12	%(2)		2.60	%
Portfolio Turnover		80	%(4)		128	%		136	%		157	%		134	%		133	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Net investment income per share includes special dividends which amounted to $0.111 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.10% for the year ended October 31, 2016.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

16 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.750		$	11.850		$	12.530		$	10.890		$	11.520		$	11.590
Income (Loss) From Operations
Net investment income(1)	$	0.235		$	0.503		$	0.419		$	0.491		$	0.452	(2)	$	0.412
Net realized and unrealized gain (loss)		(1.283	)		0.859			(0.635	)		1.611			(0.622	)		(0.009	)
Total income (loss) from operations	$	(1.048	)	$	1.362		$	(0.216	)	$	2.102		$	(0.170	)	$	0.403
Less Distributions
From net investment income	$	(0.232	)	$	(0.462	)	$	(0.464	)	$	(0.462	)	$	(0.460	)	$	(0.473	)
Total distributions	$	(0.232	)	$	(0.462	)	$	(0.464	)	$	(0.462	)	$	(0.460	)	$	(0.473	)
Net asset value — End of period	$	11.470		$	12.750		$	11.850		$	12.530		$	10.890		$	11.520
Total Return(3)		(8.16	)%(4)		11.78	%		(1.91	)%		19.67	%		(1.47	)%		3.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	148,354		$	177,646		$	182,260		$	190,334		$	117,382		$	120,639
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.96	%(6)		0.97	%		0.93	%		0.94	%		0.93	%		0.93	%
Net investment income		3.74	%(6)		4.16	%		3.30	%		4.15	%		4.10	%(2)		3.56	%
Portfolio Turnover		80	%(4)		128	%		136	%		157	%		134	%		133	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Net investment income per share includes special dividends which amounted to $0.108 per share for the year ended October 31, 2016. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 3.12% for year ended October 31, 2016.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

17 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Tax-Managed Global Dividend Income Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to achieve after-tax total return for its shareholders. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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, with adjustments for fair valuation for certain foreign financial futures contracts as described below.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign financial futures contracts that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign financial futures contracts.

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.

18

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  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  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. 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

19

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $25,820,923 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $25,820,923 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	495,225,236
Gross unrealized appreciation	$	65,756,675
Gross unrealized depreciation		(30,275,151	)
Net unrealized appreciation	$	35,481,524

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million, 0.625% from $500 million up to $1 billion, and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the six months ended April 30, 2020, the Fund’s investment adviser fee amounted to $1,967,816 or 0.65% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $457,446.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $17,697 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 $12,463 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $465,377 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $244,530 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 six months ended April 30, 2020 amounted to $81,510 for Class C shares.

20

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $7,000 and $2,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $478,425,140 and $506,876,184, respectively, for the six months ended April 30, 2020.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		408,739			1,591,152
Issued to shareholders electing to receive payments of distributions in Fund shares		450,641			892,535
Redemptions		(2,719,659	)		(5,869,632	)
Converted from Class B shares		—			146,062
Converted from Class C shares		604,262			7,857,390
Net increase (decrease)		(1,256,017	)		4,617,507
Class B				Year Ended October 31, 2019(1)
Sales					56
Issued to shareholders electing to receive payments of distributions in Fund shares					3,010
Redemptions					(66,847	)
Converted to Class A shares					(138,947	)
Net decrease					(202,728	)
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		78,370			415,762
Issued to shareholders electing to receive payments of distributions in Fund shares		59,862			223,443
Redemptions		(590,073	)		(2,636,848	)
Converted to Class A shares		(605,880	)		(7,921,084	)
Net decrease		(1,057,721	)		(9,918,727	)

21

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,256,402			2,037,848
Issued to shareholders electing to receive payments of distributions in Fund shares		218,511			452,760
Redemptions		(2,480,369	)		(3,937,757	)
Net decrease		(1,005,456	)		(1,447,149	)

⁽¹⁾  At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and 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 April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, 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 enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

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 April 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(1)
Futures contracts	$	9,824,551	$	(7,316,526	)

⁽¹⁾  Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended April 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Futures contracts	$	4,710,443	$	2,508,025

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the six months ended April 30, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

Futures Contracts — Long		Futures Contracts — Short
	$40,654,000	$	40,622,000

22

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

9  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 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. 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. At April 30, 2020, the Fund had a balance outstanding pursuant to this line of credit of $6,700,000 at an interest rate of 1.04%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at April 30, 2020. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 11) at April 30, 2020. The Fund’s average borrowings or allocated fees during the six months ended April 30, 2020 were not significant.

10  Investments in Affiliated Funds

At April 30, 2020, the value of the Fund’s investment in affiliated funds was $22,820, which represents less than 0.05% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	397,033	$	73,737,852	$	(74,107,147	)	$	(4,919	)	$	1	$	22,820	$	9,026		22,820

11  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

23

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Communication Services	$	25,853,636		$	45,845,448		$	—	$	71,699,084
Consumer Discretionary		23,548,761			18,878,010			—		42,426,771
Consumer Staples		7,790,077			37,473,847			—		45,263,924
Energy		16,334,620			3,809,427			—		20,144,047
Financials		26,336,695			84,340,070			—		110,676,765
Health Care		21,807,642			35,441,595			—		57,249,237
Industrials		8,244,042			39,924,737			—		48,168,779
Information Technology		38,591,273			25,695,311			—		64,286,584
Materials		—			30,668,737			—		30,668,737
Real Estate		5,787,443			—			—		5,787,443
Utilities		5,260,341			19,166,400			—		24,426,741
Total Common Stocks	$	179,554,530		$	341,243,582	*	$	—	$	520,798,112
Preferred Stocks
Consumer Staples	$	—		$	960,660		$	—	$	960,660
Energy		248,987			—			—		248,987
Total Preferred Stocks	$	248,987		$	960,660		$	—	$	1,209,647
Corporate Bonds & Notes	$	—		$	6,168,156		$	—	$	6,168,156
Short-Term Investments		—			22,820			—		22,820
Total Investments	$	179,803,517		$	348,395,218		$	—	$	528,198,735
Futures Contracts	$	9,413,670		$	410,881		$	—	$	9,824,551
Total	$	189,217,187		$	348,806,099		$	—	$	538,023,286
Liability Description
Futures Contracts	$	(7,316,526	)	$	—		$	—	$	(7,316,526	)
Total	$	(7,316,526	)	$	—		$	—	$	(7,316,526	)

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

24

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

25

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

26

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Managed Global Dividend Income Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment

27

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

28

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

29

Eaton Vance

Tax-Managed Global Dividend Income Fund

April 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

30

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

31

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7732    4.30.20

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	23
Officers and Trustees	26
Important Notices	27

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Performance^1,2

Portfolio Managers Lewis R. Piantedosi, Yana S. Barton, CFA, Douglas R. Rogers, CFA, CMT and Kenneth D. Zinner, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/30/2000		06/30/2000		4.06	%		3.13	%		10.52	%		10.82	%
Class A with 5.75% Maximum Sales Charge		—		—		–1.93			–2.81			9.22			10.17
Class C at NAV		07/10/2000		07/10/2000		3.66			2.36			9.69			9.99
Class C with 1% Maximum Sales Charge		—		—		2.66			1.36			9.69			9.99
Russell 3000® Growth Index		—		—		5.21	%		9.47	%		12.74	%		14.08	%
S&P 500® Index		—		—		–3.16			0.86			9.11			11.68
% After-Tax Returns with Maximum Sales Charge			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				06/30/2000		06/30/2000			–3.24	%		9.01	%		10.06	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			–1.21			7.59			8.71
Class C After Taxes on Distributions				07/10/2000		07/10/2000			0.83			9.44			9.87
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			1.37			7.99			8.55
% Total Annual Operating Expense Ratios3											Class A			Class C
												1.34	%		2.09	%

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Amazon.com, Inc.	9.6	%
Microsoft Corp.	7.0
Apple, Inc.	5.0
Visa, Inc., Class A	4.4
Facebook, Inc., Class A	4.3
Adobe, Inc.	4.1
Alphabet, Inc., Class C	3.6
Alphabet, Inc., Class A	3.6
salesforce.com, Inc.	3.2
Vertex Pharmaceuticals, Inc.	2.3
Total	47.1	%

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

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Russell 3000^® Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,040.60	$	6.70		1.32	%
Class C	$	1,000.00	$	1,036.60	$	10.48		2.07	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.30	$	6.62		1.32	%
Class C	$	1,000.00	$	1,014.60	$	10.37		2.07	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

4

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Tax-Managed Multi-Cap Growth Portfolio, at value (identified cost, $43,689,166)	$	98,041,846
Receivable for Fund shares sold		43,687
Total assets	$	98,085,533
Liabilities
Payable for Fund shares redeemed	$	79,335
Payable to affiliates:
Administration fee		11,036
Distribution and service fees		26,081
Trustees’ fees		43
Accrued expenses		58,917
Total liabilities	$	175,412
Net Assets	$	97,910,121
Sources of Net Assets
Paid-in capital	$	46,185,640
Distributable earnings		51,724,481
Total	$	97,910,121
Class A Shares
Net Assets	$	84,491,341
Shares Outstanding		2,574,108
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	32.82
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	34.82
Class C Shares
Net Assets	$	13,418,780
Shares Outstanding		483,029
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	27.78

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

5 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends allocated from Portfolio (net of foreign taxes, $3,418)	$	327,592
Securities lending income allocated from Portfolio, net		735
Expenses allocated from Portfolio		(348,195	)
Total investment loss from Portfolio	$	(19,868	)
Expenses
Administration fee	$	73,682
Distribution and service fees
Class A		105,163
Class C		70,563
Trustees’ fees and expenses		250
Custodian fee		10,200
Transfer and dividend disbursing agent fees		34,099
Legal and accounting services		12,745
Printing and postage		9,617
Registration fees		25,881
ReFlow liquidity program fees		8,078
Miscellaneous		3,618
Total expenses	$	353,896
Net investment loss	$	(373,764	)
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	858,268	(1)
Foreign currency transactions		(304	)
Net realized gain	$	857,964
Change in unrealized appreciation (depreciation) —
Investments	$	3,035,345
Foreign currency		99
Net change in unrealized appreciation (depreciation)	$	3,035,444
Net realized and unrealized gain	$	3,893,408
Net increase in net assets from operations	$	3,519,644

⁽¹⁾   Includes $1,624,743 of net realized gains from redemptions in-kind.

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment loss	$	(373,764	)	$	(709,216	)
Net realized gain		857,964	(1)		4,157,926	(2)
Net change in unrealized appreciation (depreciation)		3,035,444			7,813,314
Net increase in net assets from operations	$	3,519,644		$	11,262,024
Distributions to shareholders —
Class A	$	(1,926,089	)	$	(1,389,484	)
Class C		(383,663	)		(604,943	)
Total distributions to shareholders	$	(2,309,752	)	$	(1,994,427	)
Transactions in shares of beneficial interest -
Proceeds from sale of shares
Class A	$	7,472,349		$	8,699,205
Class C		819,820			1,548,874
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,825,868			1,314,083
Class C		366,923			588,439
Cost of shares redeemed
Class A		(9,469,139	)		(10,984,432	)
Class C		(1,445,447	)		(2,589,349	)
Net asset value of shares converted
Class A		596,558			11,186,380
Class C		(596,558	)		(11,186,380	)
Net decrease in net assets from Fund share transactions	$	(429,626	)	$	(1,423,180	)
Net increase in net assets	$	780,266		$	7,844,417
Net Assets
At beginning of period	$	97,129,855		$	89,285,438
At end of period	$	97,910,121		$	97,129,855

⁽¹⁾   Includes $1,624,743 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $1,723,174 of net realized gains from redemptions in-kind.

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	32.250		$	29.220		$	26.040		$	21.220		$	21.200		$	19.620
Income (Loss) From Operations
Net investment loss(1)	$	(0.106	)	$	(0.192	)	$	(0.186	)	$	(0.126	)	$	(0.079	)	$	(0.124	)
Net realized and unrealized gain		1.428			3.849			3.429			4.946			0.099			1.704
Total income from operations	$	1.322		$	3.657		$	3.243		$	4.820		$	0.020		$	1.580
Less Distributions
From net realized gain	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—		$	—
Total distributions	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—		$	—
Net asset value — End of period	$	32.820		$	32.250		$	29.220		$	26.040		$	21.220		$	21.200
Total Return(2)		4.06	%(3)		13.07	%		12.52	%		22.67	%		0.09	%		8.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	84,491		$	82,914		$	64,579		$	57,243		$	47,363		$	47,313
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.32	%(6)		1.33	%		1.31	%		1.34	%		1.40	%		1.40	%
Net investment loss		(0.65	)%(6)		(0.63	)%		(0.63	)%		(0.53	)%		(0.38	)%		(0.60	)%
Portfolio Turnover of the Portfolio		16	%(3)		18	%		18	%		34	%		33	%		26	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	27.510		$	25.210		$	22.640		$	18.590		$	18.710		$	17.450
Income (Loss) From Operations
Net investment loss(1)	$	(0.194	)	$	(0.353	)	$	(0.352	)	$	(0.264	)	$	(0.207	)	$	(0.247	)
Net realized and unrealized gain		1.216			3.280			2.985			4.314			0.087			1.507
Total income (loss) from operations	$	1.022		$	2.927		$	2.633		$	4.050		$	(0.120	)	$	1.260
Less Distributions
From net realized gain	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—		$	—
Total distributions	$	(0.752	)	$	(0.627	)	$	(0.063	)	$	—		$	—		$	—
Net asset value — End of period	$	27.780		$	27.510		$	25.210		$	22.640		$	18.590		$	18.710
Total Return(2)		3.66	%(3)		12.24	%		11.65	%		21.79	%		(0.64	)%		7.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,419		$	14,216		$	24,706		$	23,484		$	20,827		$	22,356
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		2.07	%(6)		2.09	%		2.06	%		2.09	%		2.15	%		2.15	%
Net investment loss		(1.40	)%(6)		(1.37	)%		(1.38	)%		(1.28	)%		(1.14	)%		(1.35	)%
Portfolio Turnover of the Portfolio		16	%(3)		18	%		18	%		34	%		33	%		26	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Tax-Managed Multi-Cap Growth Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed Multi-Cap Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (57.9% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the

10

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund had a late year ordinary loss of $641,545 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

3  Transactions with Affiliates

The administration fee is earned by Eaton Vance Management (EVM) as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $73,682. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $10,143 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 $3,991 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $105,163 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $52,922 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 six months ended April 30, 2020 amounted to $17,641 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $3,169,137 and $6,217,700, respectively. Decreases in the Fund’s investment in the Portfolio include distribution of securities as the result of redemptions in-kind of $3,187,433.

11

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class A shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		246,563			291,249
Issued to shareholders electing to receive payments of distributions in Fund shares		54,716			51,331
Redemptions		(315,780	)		(367,834	)
Converted from Class C shares		17,776			386,285
Net increase		3,275			361,031
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		30,372			62,438
Issued to shareholders electing to receive payments of distributions in Fund shares		12,952			26,772
Redemptions		(56,183	)		(101,814	)
Converted to Class A shares		(20,942	)		(450,516	)
Net decrease		(33,801	)		(463,120	)

12

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 98.3%
Security	Shares		Value
Aerospace & Defense — 1.2%
Lockheed Martin Corp.		5,028	$	1,956,194
			$	1,956,194
Beverages — 2.1%
Constellation Brands, Inc., Class A		10,232	$	1,685,108
PepsiCo, Inc.		14,046		1,858,145
			$	3,543,253
Biotechnology — 2.2%
Vertex Pharmaceuticals, Inc.(1)		15,175	$	3,811,960
			$	3,811,960
Building Products — 1.2%
Fortune Brands Home & Security, Inc.		26,574	$	1,280,867
Trex Co., Inc.(1)		7,946		756,618
			$	2,037,485
Capital Markets — 2.2%
Charles Schwab Corp. (The)		52,700	$	1,987,844
S&P Global, Inc.		5,966		1,747,322
			$	3,735,166
Chemicals — 2.1%
Celanese Corp.		6,569	$	545,687
Ecolab, Inc.		7,531		1,457,248
Sherwin-Williams Co. (The)		2,775		1,488,427
			$	3,491,362
Commercial Services & Supplies — 1.2%
Copart, Inc.(1)		7,873	$	630,706
Waste Connections, Inc.		16,156		1,387,962
			$	2,018,668
Diversified Consumer Services — 0.4%
ServiceMaster Global Holdings, Inc.(1)		21,179	$	721,145
			$	721,145
Electrical Equipment — 1.7%
AMETEK, Inc.		34,300	$	2,876,741
			$	2,876,741

Security	Shares		Value
Entertainment — 2.3%
Electronic Arts, Inc.(1)		7,649	$	873,975
Netflix, Inc.(1)		4,084		1,714,667
Walt Disney Co. (The)		12,454		1,346,900
			$	3,935,542
Food Products — 0.8%
Mondelez International, Inc., Class A		27,827	$	1,431,421
			$	1,431,421
Health Care Equipment & Supplies — 3.8%
Danaher Corp.		11,868	$	1,939,943
Haemonetics Corp.(1)		6,261		712,377
Intuitive Surgical, Inc.(1)		2,858		1,460,095
Stryker Corp.		12,668		2,361,695
			$	6,474,110
Health Care Providers & Services — 2.6%
Amedisys, Inc.(1)		4,463	$	821,906
UnitedHealth Group, Inc.		12,105		3,540,349
			$	4,362,255
Hotels, Restaurants & Leisure — 0.6%
Starbucks Corp.		12,443	$	954,751
			$	954,751
Household Products — 0.7%
Procter & Gamble Co. (The)		10,001	$	1,178,818
			$	1,178,818
Interactive Media & Services — 12.6%
Alphabet, Inc., Class A(1)		4,500	$	6,060,150
Alphabet, Inc., Class C(1)		4,512		6,085,154
Facebook, Inc., Class A(1)		35,910		7,351,136
Twitter, Inc.(1)		61,756		1,771,162
			$	21,267,602
Internet & Direct Marketing Retail — 10.2%
Amazon.com, Inc.(1)		6,537	$	16,172,538
Booking Holdings, Inc.(1)		735		1,088,219
			$	17,260,757

13 See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
IT Services — 11.5%
Accenture PLC, Class A		13,038	$	2,414,507
Fiserv, Inc.(1)		13,974		1,440,161
GoDaddy, Inc., Class A(1)		44,180		3,067,417
Okta, Inc.(1)		16,116		2,438,351
PayPal Holdings, Inc.(1)		20,587		2,532,201
Visa, Inc., Class A		42,000		7,506,240
			$	19,398,877
Life Sciences Tools & Services — 0.6%
Illumina, Inc.(1)		3,432	$	1,094,911
			$	1,094,911
Personal Products — 1.1%
Estee Lauder Cos., Inc. (The), Class A		10,679	$	1,883,776
			$	1,883,776
Pharmaceuticals — 3.7%
Eli Lilly & Co.		13,033	$	2,015,423
Novartis AG		9,869		842,205
Zoetis, Inc.		26,003		3,362,448
			$	6,220,076
Road & Rail — 2.7%
J.B. Hunt Transport Services, Inc.		14,100	$	1,425,792
Norfolk Southern Corp.		10,434		1,785,257
Uber Technologies, Inc.(1)		43,191		1,307,392
			$	4,518,441
Semiconductors & Semiconductor Equipment — 4.2%
Broadcom, Inc.		5,289	$	1,436,598
Monolithic Power Systems, Inc.		16,918		3,382,077
Texas Instruments, Inc.		19,463		2,259,071
			$	7,077,746
Software — 15.3%
Adobe, Inc.(1)		19,433	$	6,872,286
Intuit, Inc.		6,414		1,730,561
Microsoft Corp.		66,380		11,895,960
salesforce.com, Inc.(1)		33,516		5,427,916
			$	25,926,723

Security	Shares		Value
Specialty Retail — 2.3%
Home Depot, Inc. (The)		9,189	$	2,020,018
TJX Cos., Inc. (The)		38,432		1,885,090
			$	3,905,108
Technology Hardware, Storage & Peripherals — 5.0%
Apple, Inc.		29,101	$	8,549,874
			$	8,549,874
Textiles, Apparel & Luxury Goods — 2.8%
Lululemon Athletica, Inc.(1)		13,830	$	3,090,728
NIKE, Inc., Class B		19,321		1,684,405
			$	4,775,133
Trading Companies & Distributors — 1.2%
United Rentals, Inc.(1)		15,867	$	2,038,910
			$	2,038,910
Total Common Stocks (identified cost $72,682,166)			$	166,446,805
Short-Term Investments — 1.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(2)		3,007,168	$	3,007,168
Total Short-Term Investments (identified cost $3,006,381)			$	3,007,168
Total Investments — 100.1% (identified cost $75,688,547)			$	169,453,973
Other Assets, Less Liabilities — (0.1)%			$	(120,327	)
Net Assets — 100.0%			$	169,333,646

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

14 See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $72,682,166)	$	166,446,805
Affiliated investment, at value (identified cost, $3,006,381)		3,007,168
Dividends receivable		25,004
Dividends receivable from affiliated investment		800
Securities lending income receivable		1,166
Tax reclaims receivable		4,339
Total assets	$	169,485,282
Liabilities
Payable to affiliates:
Investment adviser fee	$	82,805
Trustees’ fees		789
Accrued expenses		68,042
Total liabilities	$	151,636
Net Assets applicable to investors’ interest in Portfolio	$	169,333,646

15 See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends (net of foreign taxes, $5,913)	$	555,654
Dividends from affiliated investment		10,383
Securities lending income, net		1,272
Total investment income	$	567,309
Expenses
Investment adviser fee	$	552,500
Trustees’ fees and expenses		4,686
Custodian fee		23,660
Legal and accounting services		20,424
Miscellaneous		440
Total expenses	$	601,710
Net investment loss	$	(34,401	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,487,649	(1)
Investment transactions — affiliated investment		(346	)
Foreign currency transactions		(600	)
Net realized gain	$	1,486,703
Change in unrealized appreciation (depreciation) —
Investments	$	5,021,414
Investments — affiliated investment		475
Foreign currency		227
Net change in unrealized appreciation (depreciation)	$	5,022,116
Net realized and unrealized gain	$	6,508,819
Net increase in net assets from operations	$	6,474,418

⁽¹⁾   Includes $2,809,567 of net realized gains from redemptions in-kind.

16 See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment loss	$	(34,401	)	$	(14,309	)
Net realized gain		1,486,703	(1)		7,149,767	(2)
Net change in unrealized appreciation (depreciation)		5,022,116			13,351,474
Net increase in net assets from operations	$	6,474,418		$	20,486,932
Capital transactions —
Contributions	$	4,716,228		$	4,163,053
Withdrawals		(9,419,087	)		(10,454,116	)
Net decrease in net assets from capital transactions	$	(4,702,859	)	$	(6,291,063	)
Net increase in net assets	$	1,771,559		$	14,195,869
Net Assets
At beginning of period	$	167,562,087		$	153,366,218
At end of period	$	169,333,646		$	167,562,087

⁽¹⁾   Includes $2,809,567 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $2,957,208 of net realized gains from redemptions in-kind.

17 See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.71	%(2)		0.72	%		0.72	%		0.73	%		0.73	%		0.73	%
Net investment income (loss)		(0.04	)%(2)		(0.01	)%		(0.04	)%		0.09	%		0.28	%		0.06	%
Portfolio Turnover		16	%(3)		18	%		18	%		34	%		33	%		26	%
Total Return		4.38	%(3)		13.76	%		13.18	%		23.40	%		0.77	%		8.77	%
Net assets, end of period (000’s omitted)	$	169,334		$	167,562		$	153,366		$	139,541		$	119,188		$	126,104

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

18 See Notes to Financial Statements.

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Tax-Managed Multi-Cap Growth Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance
Tax-Managed Multi-Cap Growth Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 57.9% and 42.1%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are we valued at the net asset value per share on the valuation day.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

19

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $552,500 or 0.65% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $27,013,910 and $29,729,251, respectively, for the six months ended April 30, 2020. In-kind sales for the six months ended April 30, 2020 aggregated $3,187,433.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	75,689,940
Gross unrealized appreciation	$	93,764,033
Gross unrealized depreciation		—
Net unrealized appreciation	$	93,764,033

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is

20

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

6  Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral. At April 30, 2020, the Portfolio had no securities on loan.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $3,007,168, which represents 1.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	1,812,415	$	9,350,778	$	(8,156,154	)	$	(346	)	$	475	$	3,007,168	$	10,383		3,007,168

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

21

Tax-Managed Multi-Cap Growth Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	25,203,144	$	—		$	—	$	25,203,144
Consumer Discretionary		27,616,894		—			—		27,616,894
Consumer Staples		8,037,268		—			—		8,037,268
Financials		3,735,166		—			—		3,735,166
Health Care		21,121,107		842,205			—		21,963,312
Industrials		15,446,439		—			—		15,446,439
Information Technology		60,953,220		—			—		60,953,220
Materials		3,491,362		—			—		3,491,362
Total Common Stocks	$	165,604,600	$	842,205	*	$	—	$	166,446,805
Short-Term Investments	$	—	$	3,007,168		$	—	$	3,007,168
Total Investments	$	165,604,600	$	3,849,373		$	—	$	169,453,973

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

9  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

22

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process – Eaton Vance Funds

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

23

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Tax-Managed Multi-Cap Growth Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Tax-Managed Multi-Cap Growth Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research capabilities and also draws upon independent research available from third-party sources. The Board considered the Adviser’s

24

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

experience managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its secondary benchmark index and lower than its primary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

25

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Tax-Managed Multi-Cap Growth Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Tax-Managed Multi-Cap Growth Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Tax-Managed Multi-Cap Growth Fund and Tax-Managed Multi-Cap Growth Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

26

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

27

This Page Intentionally Left Blank

Investment Adviser of Tax-Managed Multi-Cap Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Multi-Cap Growth Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7717     4.30.20

Eaton Vance

Tax-Managed Small-Cap Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Tax-Managed Small-Cap Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	24
Officers and Trustees	28
Important Notices	29

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Performance^1,2

Portfolio Managers J. Griffith Noble, CFA and Michael D. McLean, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		09/25/1997		09/25/1997		-13.41	%		-11.87	%		5.11	%		8.20	%
Class A with 5.75% Maximum Sales Charge		—		—		-18.37			-16.95			3.87			7.57
Class C at NAV		09/29/1997		09/29/1997		-13.78			-12.55			4.32			7.39
Class C with 1% Maximum Sales Charge		—		—		-14.57			-13.36			4.32			7.39
Class I at NAV		10/01/2009		09/25/1997		-13.30			-11.68			5.37			8.48
Russell 2000® Index		—		—		-15.47	%		-16.39	%		2.88	%		7.69	%
% After-Tax Returns with Maximum Sales Charge			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				09/25/1997		09/25/1997			-17.97	%		2.21	%		6.65	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			-8.64			2.92			6.23
Class C After Taxes on Distributions				09/29/1997		09/29/1997			-14.71			2.32			6.30
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			-6.06			3.28			6.07
Class I After Taxes on Distributions				10/01/2009		09/25/1997			-12.73			3.79			7.61
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			-5.48			4.23			7.09
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.20	%		1.95	%		0.95	%

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

ACI Worldwide, Inc.	3.0	%
RealPage, Inc.	2.9
ICU Medical, Inc.	2.8
Haemonetics Corp.	2.7
Valvoline, Inc.	2.4
NIC, Inc.	2.3
Mercury Systems, Inc.	2.3
Mueller Water Products, Inc., Class A	2.2
ONE Gas, Inc.	2.2
Nomad Foods, Ltd.	2.1
Total	24.9	%

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

Tax-Managed Small-Cap Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	865.90	$	5.57		1.20	%
Class C	$	1,000.00	$	862.20	$	9.03		1.95	%
Class I	$	1,000.00	$	867.00	$	4.41		0.95	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	6.02		1.20	%
Class C	$	1,000.00	$	1,015.20	$	9.77		1.95	%
Class I	$	1,000.00	$	1,020.10	$	4.77		0.95	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

4

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Tax-Managed Small-Cap Portfolio, at value (identified cost, $89,382,368)	$	96,924,001
Receivable for Fund shares sold		5,455
Total assets	$	96,929,456
Liabilities
Payable for Fund shares redeemed	$	116,133
Payable to affiliates:
Distribution and service fees		17,143
Trustees’ fees		42
Accrued expenses		68,433
Total liabilities	$	201,751
Net Assets	$	96,727,705
Sources of Net Assets
Paid-in capital	$	87,898,956
Distributable earnings		8,828,749
Total	$	96,727,705
Class A Shares
Net Assets	$	73,673,395
Shares Outstanding		3,363,333
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	21.90
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	23.24
Class C Shares
Net Assets	$	3,789,512
Shares Outstanding		222,508
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	17.03
Class I Shares
Net Assets	$	19,264,798
Shares Outstanding		851,141
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	22.63

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

5 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends allocated from Portfolio	$	769,373
Expenses allocated from Portfolio		(389,148	)
Total investment income from Portfolio	$	380,225
Expenses
Distribution and service fees
Class A	$	104,836
Class C		25,375
Trustees’ fees and expenses		250
Custodian fee		8,417
Transfer and dividend disbursing agent fees		60,831
Legal and accounting services		14,057
Printing and postage		11,268
Registration fees		30,708
ReFlow liquidity program fees		13,063
Miscellaneous		5,074
Total expenses	$	273,879
Net investment income	$	106,346
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	283,471	(1)
Net realized gain	$	283,471
Change in unrealized appreciation (depreciation) —
Investments	$	(16,125,267	)
Net change in unrealized appreciation (depreciation)	$	(16,125,267	)
Net realized and unrealized loss	$	(15,841,796	)
Net decrease in net assets from operations	$	(15,735,450	)

⁽¹⁾  Includes $2,113,810 of net realized gains from redemptions in-kind.

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	106,346		$	15,143
Net realized gain		283,471	(1)		10,908,442	(2)
Net change in unrealized appreciation (depreciation)		(16,125,267	)		2,428,794
Net increase (decrease) in net assets from operations	$	(15,735,450	)	$	13,352,379
Distributions to shareholders —
Class A	$	(5,656,659	)	$	(4,933,122	)
Class C		(445,828	)		(1,447,870	)
Class I		(1,533,412	)		(1,619,722	)
Total distributions to shareholders	$	(7,635,899	)	$	(8,000,714	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,007,118		$	2,229,832
Class C		264,087			735,916
Class I		9,285,090			15,757,588
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,259,032			4,546,014
Class C		398,402			1,383,949
Class I		1,494,977			1,580,873
Cost of shares redeemed
Class A		(5,338,048	)		(9,959,332	)
Class C		(500,306	)		(1,787,838	)
Class I		(11,561,132	)		(18,356,868	)
Net asset value of shares converted
Class A		894,842			12,109,833
Class C		(894,842	)		(12,109,833	)
Net increase (decrease) in net assets from Fund share transactions	$	309,220		$	(3,869,866	)
Net increase (decrease) in net assets	$	(23,062,129	)	$	1,481,799
Net Assets
At beginning of period	$	119,789,834		$	118,308,035
At end of period	$	96,727,705		$	119,789,834

⁽¹⁾   Includes $ 2,113,810 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $ 2,988,418 of net realized gains from redemptions in-kind.

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	26.960		$	25.910		$	27.390		$	23.420		$	24.000		$	24.010
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.021		$	(0.001	)	$	(0.059	)	$	(0.050	)	$	(0.055	)	$	(0.051	)
Net realized and unrealized gain (loss)		(3.364	)		2.765			1.583			5.494			0.680			0.497
Total income (loss) from operations	$	(3.343	)	$	2.764		$	1.524		$	5.444		$	0.625		$	0.446
Less Distributions
From net investment income	$	—		$	(0.032	)	$	—		$	—		$	—		$	—
From net realized gain		(1.717	)		(1.682	)		(3.004	)		(1.474	)		(1.205	)		(0.456	)
Total distributions	$	(1.717	)	$	(1.714	)	$	(3.004	)	$	(1.474	)	$	(1.205	)	$	(0.456	)
Net asset value — End of period	$	21.900		$	26.960		$	25.910		$	27.390		$	23.420		$	24.000
Total Return(2)		(13.41	)%(3)		12.26	%		5.79	%		23.96	%		2.90	%		1.86	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	73,673		$	89,352		$	75,199		$	76,407		$	66,058		$	70,678
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.20	%(6)		1.20	%		1.17	%		1.19	%		1.22	%		1.19	%
Net investment income (loss)		0.17	%(6)		(0.01	)%		(0.22	)%		(0.19	)%		(0.24	)%		(0.21	)%
Portfolio Turnover of the Portfolio		26	%(3)		51	%		51	%		70	%		66	%		73	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	21.410		$	21.070		$	22.970		$	19.990		$	20.820		$	21.040
Income (Loss) From Operations
Net investment loss(1)	$	(0.054	)	$	(0.111	)	$	(0.212	)	$	(0.202	)	$	(0.192	)	$	(0.205	)
Net realized and unrealized gain (loss)		(2.609	)		2.133			1.316			4.656			0.567			0.441
Total income (loss) from operations	$	(2.663	)	$	2.022		$	1.104		$	4.454		$	0.375		$	0.236
Less Distributions
From net realized gain	$	(1.717	)	$	(1.682	)	$	(3.004	)	$	(1.474	)	$	(1.205	)	$	(0.456	)
Total distributions	$	(1.717	)	$	(1.682	)	$	(3.004	)	$	(1.474	)	$	(1.205	)	$	(0.456	)
Net asset value — End of period	$	17.030		$	21.410		$	21.070		$	22.970		$	19.990		$	20.820
Total Return(2)		(13.78	)%(3)		11.45	%		4.99	%		23.07	%		2.09	%		1.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,790		$	5,675		$	18,482		$	21,002		$	20,326		$	23,228
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.95	%(6)		1.95	%		1.92	%		1.94	%		1.97	%		1.94	%
Net investment loss		(0.56	)%(6)		(0.55	)%		(0.96	)%		(0.94	)%		(0.99	)%		(0.96	)%
Portfolio Turnover of the Portfolio		26	%(3)		51	%		51	%		70	%		66	%		73	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	27.770		$	26.650		$	28.020		$	23.870		$	24.380		$	24.330
Income (Loss) From Operations
Net investment income(1)	$	0.054		$	0.071		$	0.007		$	0.007		$	0.001		$	0.005
Net realized and unrealized gain (loss)		(3.477	)		2.833			1.627			5.617			0.694			0.501
Total income (loss) from operations	$	(3.423	)	$	2.904		$	1.634		$	5.624		$	0.695		$	0.506
Less Distributions
From net investment income	$	—		$	(0.102	)	$	—		$	—		$	—		$	—
From net realized gain		(1.717	)		(1.682	)		(3.004	)		(1.474	)		(1.205	)		(0.456	)
Total distributions	$	(1.717	)	$	(1.784	)	$	(3.004	)	$	(1.474	)	$	(1.205	)	$	(0.456	)
Net asset value — End of period	$	22.630		$	27.770		$	26.650		$	28.020		$	23.870		$	24.380
Total Return(2)		(13.30	)%(3)		12.52	%		6.07	%		24.28	%		3.14	%		2.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,265		$	24,763		$	24,628		$	20,565		$	13,210		$	22,741
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.95	%(6)		0.95	%		0.92	%		0.94	%		0.97	%		0.94	%
Net investment income		0.43	%(6)		0.27	%		0.02	%		0.03	%		0.00	%(7)		0.02	%
Portfolio Turnover of the Portfolio		26	%(3)		51	%		51	%		70	%		66	%		73	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Amount is less than 0.005%.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Tax-Managed Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed Small-Cap Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (66.4% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the

11

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2019, the Fund had a late year ordinary loss of $215,139 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

3  Transactions with Affiliates

Eaton Vance Management (EVM) serves as the administrator to the Fund, but receives no compensation. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $17,635 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $1,078 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $104,836 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $19,032 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 six months ended April 30, 2020 amounted to $6,343 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received approximately $600 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $564,219 and $8,211,303, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind of $6,136,056.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class I shares include shares

12

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		41,362			89,012
Issued to shareholders electing to receive payments of distributions in Fund shares		200,573			209,108
Redemptions		(230,360	)		(395,045	)
Converted from Class C shares		37,583			508,727
Net increase		49,158			411,802
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		13,129			35,920
Issued to shareholders electing to receive payments of distributions in Fund shares		19,482			79,675
Redemptions		(26,938	)		(90,395	)
Converted to Class A shares		(48,247	)		(637,276	)
Net decrease		(42,574	)		(612,076	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		392,104			611,924
Issued to shareholders electing to receive payments of distributions in Fund shares		55,226			70,732
Redemptions		(487,816	)		(715,188	)
Net decrease		(40,486	)		(32,532	)

13

Tax-Managed Small-Cap Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 98.9%
Security	Shares		Value
Aerospace & Defense — 4.2%
Hexcel Corp.		76,921	$	2,660,697
Mercury Systems, Inc.(1)		38,078		3,395,035
			$	6,055,732
Auto Components — 2.2%
Dana, Inc.		89,202	$	1,025,823
Dorman Products, Inc.(1)		18,288		1,153,607
Visteon Corp.(1)		17,553		1,058,446
			$	3,237,876
Banks — 7.6%
City Holding Co.		17,909	$	1,210,469
Columbia Banking System, Inc.		32,214		869,456
Commerce Bancshares, Inc.		19,328		1,182,680
Community Bank System, Inc.		36,397		2,274,448
First Citizens BancShares, Inc., Class A		5,625		2,148,750
Glacier Bancorp, Inc.		11,483		437,273
Independent Bank Corp.		17,077		1,244,743
Stock Yards Bancorp, Inc.		54,325		1,794,898
			$	11,162,717
Biotechnology — 3.0%
Emergent BioSolutions, Inc.(1)		34,898	$	2,580,707
Ligand Pharmaceuticals, Inc.(1)		18,131		1,787,173
			$	4,367,880
Building Products — 1.7%
CSW Industrials, Inc.		16,719	$	1,107,467
Trex Co., Inc.(1)		13,969		1,330,128
			$	2,437,595
Capital Markets — 0.5%
Cohen & Steers, Inc.		11,753	$	678,618
			$	678,618
Chemicals — 6.0%
Balchem Corp.		27,866	$	2,486,762
NewMarket Corp.		6,690		2,752,534
Valvoline, Inc.		207,549		3,567,767
			$	8,807,063

Security	Shares		Value
Commercial Services & Supplies — 0.4%
Kimball International, Inc., Class B		19,220	$	235,829
UniFirst Corp.		2,271		381,869
			$	617,698
Diversified Consumer Services — 2.6%
K12, Inc.(1)		41,516	$	942,828
ServiceMaster Global Holdings, Inc.(1)		85,715		2,918,596
			$	3,861,424
Electric Utilities — 1.3%
ALLETE, Inc.		33,667	$	1,937,873
			$	1,937,873
Equity Real Estate Investment Trusts (REITs) — 7.7%
CubeSmart		98,685	$	2,486,862
EastGroup Properties, Inc.		21,711		2,301,366
Essential Properties Realty Trust, Inc.		30,921		454,229
Healthcare Realty Trust, Inc.		86,456		2,540,942
Rexford Industrial Realty, Inc.		60,169		2,450,082
STORE Capital Corp.		53,444		1,072,621
			$	11,306,102
Food & Staples Retailing — 0.6%
Performance Food Group Co.(1)		30,268	$	888,366
			$	888,366
Food Products — 3.6%
Flowers Foods, Inc.		64,945	$	1,446,974
Lancaster Colony Corp.		5,433		731,445
Nomad Foods, Ltd.(1)		145,998		3,009,019
			$	5,187,438
Gas Utilities — 2.2%
ONE Gas, Inc.		39,392	$	3,139,936
			$	3,139,936
Health Care Equipment & Supplies — 8.2%
Envista Holdings Corp.(1)		52,545	$	1,023,051
Haemonetics Corp.(1)		34,448		3,919,493
ICU Medical, Inc.(1)		18,390		4,033,111
Integra LifeSciences Holdings Corp.(1)		46,649		2,381,431
Tandem Diabetes Care, Inc.(1)		8,152		650,367
			$	12,007,453

14 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Health Care Providers & Services — 7.5%
Addus HomeCare Corp.(1)		31,629	$	2,562,582
Amedisys, Inc.(1)		8,231		1,515,821
Chemed Corp.		7,182		2,991,806
LHC Group, Inc.(1)		18,588		2,416,254
R1 RCM, Inc.(1)		142,576		1,471,384
			$	10,957,847
Health Care Technology — 0.3%
Phreesia, Inc.(1)		14,434	$	366,479
			$	366,479
Hotels, Restaurants & Leisure — 0.3%
Choice Hotels International, Inc.		6,640	$	498,332
			$	498,332
Insurance — 5.7%
AMERISAFE, Inc.		26,163	$	1,665,798
First American Financial Corp.		24,339		1,122,515
Horace Mann Educators Corp.		64,745		2,276,434
RLI Corp.		19,589		1,426,667
Selective Insurance Group, Inc.		37,669		1,888,347
			$	8,379,761
IT Services — 3.3%
Euronet Worldwide, Inc.(1)		15,836	$	1,453,112
NIC, Inc.		140,945		3,415,097
			$	4,868,209
Machinery — 5.0%
Middleby Corp.(1)		11,091	$	616,993
Mueller Water Products, Inc., Class A		332,119		3,151,809
RBC Bearings, Inc.(1)		8,909		1,128,592
Welbilt, Inc.(1)		81,453		401,563
Woodward, Inc.		32,328		1,957,784
			$	7,256,741
Marine — 1.3%
Kirby Corp.(1)		36,013	$	1,923,814
			$	1,923,814
Oil, Gas & Consumable Fuels — 0.7%
Diamondback Energy, Inc.		13,577	$	591,143
PDC Energy, Inc.(1)		32,244		418,849
			$	1,009,992

Security	Shares		Value
Pharmaceuticals — 1.8%
Catalent, Inc.(1)		38,503	$	2,662,482
			$	2,662,482
Professional Services — 1.8%
CBIZ, Inc.(1)		112,006	$	2,660,143
			$	2,660,143
Road & Rail — 1.7%
Landstar System, Inc.		23,324	$	2,409,602
			$	2,409,602
Semiconductors & Semiconductor Equipment — 1.1%
Diodes, Inc.(1)		10,390	$	528,747
Silicon Laboratories, Inc.(1)		10,776		1,047,643
			$	1,576,390
Software — 11.2%
ACI Worldwide, Inc.(1)		161,276	$	4,418,962
Altair Engineering, Inc., Class A(1)		91,082		3,004,795
CDK Global, Inc.		55,261		2,170,652
Envestnet, Inc.(1)		38,455		2,404,207
RealPage, Inc.(1)		66,409		4,282,717
			$	16,281,333
Specialty Retail — 1.5%
Five Below, Inc.(1)		6,320	$	569,811
Lithia Motors, Inc., Class A		4,730		522,950
National Vision Holdings, Inc.(1)		39,733		1,052,925
			$	2,145,686
Textiles, Apparel & Luxury Goods — 0.6%
Columbia Sportswear Co.		7,925	$	577,653
Deckers Outdoor Corp.(1)		2,366		351,966
			$	929,619
Thrifts & Mortgage Finance — 0.7%
Washington Federal, Inc.		37,518	$	1,003,231
			$	1,003,231
Trading Companies & Distributors — 1.5%
Applied Industrial Technologies, Inc.		40,839	$	2,139,555
			$	2,139,555

15 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Water Utilities — 1.1%
Middlesex Water Co.		25,733	$	1,551,700
			$	1,551,700
Total Common Stocks (identified cost $127,931,512)			$	144,314,687
Short-Term Investments — 1.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(2)		1,990,214	$	1,990,214
Total Short-Term Investments (identified cost $1,989,894)			$	1,990,214
Total Investments — 100.2% (identified cost $129,921,406)			$	146,304,901
Other Assets, Less Liabilities — (0.2)%			$	(335,858	)
Net Assets — 100.0%			$	145,969,043

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

16 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $127,931,512)	$	144,314,687
Affiliated investment, at value (identified cost, $1,989,894)		1,990,214
Dividends receivable		2,258
Dividends receivable from affiliated investment		783
Receivable for investments sold		1,222,118
Tax reclaims receivable		2,071
Total assets	$	147,532,131
Liabilities
Payable for investments purchased	$	1,415,820
Payable to affiliates:
Investment adviser fee		70,014
Trustees’ fees		798
Accrued expenses		76,456
Total liabilities	$	1,563,088
Net Assets applicable to investors’ interest in Portfolio	$	145,969,043

17 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends	$	1,140,587
Dividends from affiliated investment		8,362
Total investment income	$	1,148,949
Expenses
Investment adviser fee	$	524,208
Trustees’ fees and expenses		4,791
Custodian fee		27,428
Legal and accounting services		21,712
Miscellaneous		3,666
Total expenses	$	581,805
Net investment income	$	567,144
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	407,432	(1)
Investment transactions — affiliated investment		490
Net realized gain	$	407,922
Change in unrealized appreciation (depreciation) —
Investments	$	(24,327,284	)
Investments — affiliated investment		206
Net change in unrealized appreciation (depreciation)	$	(24,327,078	)
Net realized and unrealized loss	$	(23,919,156	)
Net decrease in net assets from operations	$	(23,352,012	)

⁽¹⁾  Includes $3,168,607 of net realized gains from redemptions in-kind.

18 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	567,144		$	894,902
Net realized gain		407,922	(1)		15,999,352	(2)
Net change in unrealized appreciation (depreciation)		(24,327,078	)		3,626,131
Net increase (decrease) in net assets from operations	$	(23,352,012	)	$	20,520,385
Capital transactions —
Contributions	$	1,996,710		$	3,984,197
Withdrawals		(11,175,551	)		(18,328,553	)
Net decrease in net assets from capital transactions	$	(9,178,841	)	$	(14,344,356	)
Net increase (decrease) in net assets	$	(32,530,853	)	$	6,176,029
Net Assets
At beginning of period	$	178,499,896		$	172,323,867
At end of period	$	145,969,043		$	178,499,896

⁽¹⁾   Includes $3,168,607 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $4,396,805 of net realized gains from redemptions in-kind.

19 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.69	%(2)		0.69	%		0.69	%		0.70	%		0.70	%		0.70	%
Net investment income		0.68	%(2)		0.51	%		0.26	%		0.30	%		0.27	%		0.28	%
Portfolio Turnover		26	%(3)		51	%		51	%		70	%		66	%		73	%
Total Return		(13.17	)%(3)		12.82	%		6.30	%		24.56	%		3.43	%		2.35	%
Net assets, end of period (000’s omitted)	$	145,969		$	178,500		$	172,324		$	170,770		$	146,746		$	165,211

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

20 See Notes to Financial Statements.

Tax-Managed Small-Cap Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Tax-Managed Small-Cap Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing in a diversified portfolio of publicly-traded equity securities of small-cap companies. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Tax-Managed Small-Cap Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 66.4% and 33.6%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

21

Tax-Managed Small-Cap Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

G  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.625% of the Portfolio’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $524,208 or 0.625% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $42,987,382 and $44,588,722, respectively, for the six months ended April 30, 2020. In-kind sales for the six months ended April 30, 2020 aggregated $6,136,056.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	130,820,299
Gross unrealized appreciation	$	25,432,238
Gross unrealized depreciation		(9,947,636	)
Net unrealized appreciation	$	15,484,602

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

6  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $1,990,214, which represents 1.3% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	2,264,271	$	13,886,306	$	(14,161,059	)	$	490	$	206	$	1,990,214	$	8,362		1,990,214

22

Tax-Managed Small-Cap Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  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 April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	144,314,687	*	$	—	$	—	$	144,314,687
Short-Term Investments		—			1,990,214		—		1,990,214
Total Investments	$	144,314,687		$	1,990,214	$	—	$	146,304,901

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

8  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

23

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

24

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Tax-Managed Small-Cap Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Tax-Managed Small-Cap Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws

25

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

upon independent research available from third-party sources. The Board considered the Adviser’s experience managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

26

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

27

Eaton Vance

Tax-Managed Small-Cap Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Tax-Managed Small-Cap Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Tax-Managed Small-Cap Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Tax-Managed Small-Cap Fund and Tax-Managed Small-Cap Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

28

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

29

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Investment Adviser of Tax-Managed Small-Cap Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Small-Cap Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7690    4.30.20

Eaton Vance

Tax-Managed Value Fund

Semiannual Report

April 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2020

Eaton Vance

Tax-Managed Value Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	25
Officers and Trustees	28
Important Notices	29

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Performance^1,2

Portfolio Managers Edward J. Perkin, CFA, Aaron S. Dunn, CFA and Bradley T. Galko, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/27/1999		12/27/1999		–12.54	%		–8.57	%		4.74	%		7.72	%
Class A with 5.75% Maximum Sales Charge		—		—		–17.57			–13.81			3.51			7.09
Class C at NAV		01/24/2000		01/24/2000		–12.87			–9.26			3.96			6.92
Class C with 1% Maximum Sales Charge		—		—		–13.74			–10.16			3.96			6.92
Class I at NAV		11/30/2007		12/27/1999		–12.42			–8.33			5.00			7.99
Russell 1000® Value Index		—		—		–13.66	%		–11.01	%		3.90	%		8.53	%
% After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date					One Year			Five Years			Ten Years
Class A After Taxes on Distributions		12/27/1999		12/27/1999					–14.01	%		2.91	%		6.38	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—					–7.91			2.71			5.77
Class C After Taxes on Distributions		01/24/2000		01/24/2000					–10.18			3.52			6.35
Class C After Taxes on Distributions and Sale of Fund Shares		—		—					–6.00			3.10			5.66
Class I After Taxes on Distributions		11/30/2007		12/27/1999					–8.58			4.33			7.21
Class I After Taxes on Distributions and Sale of Fund Shares		—		—					–4.59			3.92			6.54
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.18	%		1.93	%		0.93	%

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

JPMorgan Chase & Co.	4.9	%
NextEra Energy, Inc.	4.0
Verizon Communications, Inc.	4.0
Johnson & Johnson	3.4
Chevron Corp.	3.4
Sempra Energy	3.0
Home Depot, Inc. (The)	2.7
Bank of America Corp.	2.6
Eli Lilly & Co.	2.6
Estee Lauder Cos., Inc. (The), Class A	2.5
Total	33.1	%

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

Tax-Managed Value Fund

April 30, 2020

Endnotes and Additional Disclosures

¹  Russell 1000^® Value Index is an unmanaged index of U.S. large-cap value stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 – April 30, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	874.60	$	5.50		1.18	%
Class C	$	1,000.00	$	871.30	$	8.98		1.93	%
Class I	$	1,000.00	$	875.80	$	4.34		0.93	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.00	$	5.92		1.18	%
Class C	$	1,000.00	$	1,015.30	$	9.67		1.93	%
Class I	$	1,000.00	$	1,020.20	$	4.67		0.93	%

* 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

4

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Tax-Managed Value Portfolio, at value (identified cost, $273,667,631)	$	543,390,010
Receivable for Fund shares sold		669,317
Total assets	$	544,059,327
Liabilities
Payable for Fund shares redeemed	$	1,034,005
Payable to affiliates:
Administration fee		63,264
Distribution and service fees		84,724
Trustees’ fees		42
Accrued expenses		139,492
Total liabilities	$	1,321,527
Net Assets	$	542,737,800
Sources of Net Assets
Paid-in capital	$	298,281,087
Distributable earnings		244,456,713
Total	$	542,737,800
Class A Shares
Net Assets	$	347,532,202
Shares Outstanding		13,449,674
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	25.84
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	27.42
Class C Shares
Net Assets	$	22,007,641
Shares Outstanding		884,643
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	24.88
Class I Shares
Net Assets	$	173,197,957
Shares Outstanding		6,732,117
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	25.73

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

5 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends allocated from Portfolio (net of foreign taxes, $76,580)	$	7,526,009
Securities lending income allocated from Portfolio, net		2,927
Expenses allocated from Portfolio		(2,106,062	)
Total investment income from Portfolio	$	5,422,874
Expenses
Administration fee	$	461,817
Distribution and service fees
Class A		495,694
Class C		127,511
Trustees’ fees and expenses		250
Custodian fee		23,317
Transfer and dividend disbursing agent fees		150,831
Legal and accounting services		18,316
Printing and postage		17,991
Registration fees		29,694
ReFlow liquidity program fees		38,700
Miscellaneous		5,865
Total expenses	$	1,369,986
Net investment income	$	4,052,888
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	3,698,227	(1)
Foreign currency transactions		(612	)
Net realized gain	$	3,697,615
Change in unrealized appreciation (depreciation) —
Investments	$	(88,418,493	)
Foreign currency		6,837
Net change in unrealized appreciation (depreciation)	$	(88,411,656	)
Net realized and unrealized loss	$	(84,714,041	)
Net decrease in net assets from operations	$	(80,661,153	)

⁽¹⁾  Includes $9,546,763 of net realized gains from redemptions in-kind.

6 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	4,052,888		$	7,630,618
Net realized gain		3,697,615	(1)		14,759,482	(2)
Net change in unrealized appreciation (depreciation)		(88,411,656	)		49,192,031
Net increase (decrease) in net assets from operations	$	(80,661,153	)	$	71,582,131
Distributions to shareholders —
Class A	$	(4,921,110	)	$	(4,421,163	)
Class C		(22,206	)		(759,182	)
Class I		(2,819,279	)		(2,869,613	)
Total distributions to shareholders	$	(7,762,595	)	$	(8,049,958	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,090,565		$	10,259,271
Class C		2,628,238			6,630,935
Class I		38,749,012			53,204,293
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,288,228			3,754,725
Class C		18,656			726,934
Class I		2,484,851			2,505,203
Cost of shares redeemed
Class A		(24,486,551	)		(38,557,802	)
Class C		(2,487,907	)		(7,877,713	)
Class I		(35,249,171	)		(48,085,858	)
Net asset value of shares converted
Class A		1,293,609			84,835,557
Class C		(1,293,609	)		(84,835,557	)
Net decrease in net assets from Fund share transactions	$	(8,964,079	)	$	(17,440,012	)
Net increase (decrease) in net assets	$	(97,387,827	)	$	46,092,161
Net Assets
At beginning of period	$	640,125,627		$	594,033,466
At end of period	$	542,737,800		$	640,125,627

⁽¹⁾   Includes $9,546,763 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $14,667,147 of net realized gains from redemptions in-kind.

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Financial Highlights

	Class A
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	29.890		$	27.000		$	25.240		$	21.200		$	23.090		$	24.960
Income (Loss) From Operations
Net investment income(1)	$	0.182		$	0.344		$	0.268		$	0.292		$	0.297		$	0.290
Net realized and unrealized gain (loss)		(3.878	)		2.931			1.744			3.997			(0.354	)		(0.072	)
Total income (loss) from operations	$	(3.696	)	$	3.275		$	2.012		$	4.289		$	(0.057	)	$	0.218
Less Distributions
From net investment income	$	(0.339	)	$	(0.278	)	$	(0.252	)	$	(0.249	)	$	(0.286	)	$	(0.268	)
From net realized gain		(0.015	)		(0.107	)		—			—			(1.547	)		(1.820	)
Total distributions	$	(0.354	)	$	(0.385	)	$	(0.252	)	$	(0.249	)	$	(1.833	)	$	(2.088	)
Net asset value — End of period	$	25.840		$	29.890		$	27.000		$	25.240		$	21.200		$	23.090
Total Return(2)		(12.54	)%(3)		12.35	%		8.02	%		20.37	%		(0.17	)%		0.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	347,532		$	417,533		$	312,065		$	308,854		$	290,402		$	337,567
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.18	%(6)		1.18	%		1.17	%		1.19	%		1.21	%		1.19	%
Net investment income		1.27	%(6)		1.24	%		1.00	%		1.25	%		1.40	%		1.24	%
Portfolio Turnover of the Portfolio		18	%(3)		18	%		10	%		30	%		45	%		61	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	28.580		$	25.810		$	24.140		$	20.290		$	22.160		$	24.030
Income (Loss) From Operations
Net investment income(1)	$	0.072		$	0.150		$	0.066		$	0.114		$	0.133		$	0.111
Net realized and unrealized gain (loss)		(3.748	)		2.794			1.664			3.828			(0.338	)		(0.065	)
Total income (loss) from operations	$	(3.676	)	$	2.944		$	1.730		$	3.942		$	(0.205	)	$	0.046
Less Distributions
From net investment income	$	(0.009	)	$	(0.067	)	$	(0.060	)	$	(0.092	)	$	(0.118	)	$	(0.096	)
From net realized gain		(0.015	)		(0.107	)		—			—			(1.547	)		(1.820	)
Total distributions	$	(0.024	)	$	(0.174	)	$	(0.060	)	$	(0.092	)	$	(1.665	)	$	(1.916	)
Net asset value — End of period	$	24.880		$	28.580		$	25.810		$	24.140		$	20.290		$	22.160
Total Return(2)		(12.87	)%(3)		11.50	%		7.17	%		19.48	%		(0.91	)%		0.19	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,008		$	26,672		$	112,571		$	125,813		$	132,286		$	150,726
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.93	%(6)		1.93	%		1.92	%		1.94	%		1.96	%		1.94	%
Net investment income		0.52	%(6)		0.58	%		0.26	%		0.51	%		0.65	%		0.49	%
Portfolio Turnover of the Portfolio		18	%(3)		18	%		10	%		30	%		45	%		61	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	29.790		$	26.920		$	25.170		$	21.140		$	23.030		$	24.920
Income (Loss) From Operations
Net investment income(1)	$	0.217		$	0.411		$	0.331		$	0.346		$	0.348		$	0.345
Net realized and unrealized gain (loss)		(3.853	)		2.914			1.732			3.989			(0.345	)		(0.084	)
Total income (loss) from operations	$	(3.636	)	$	3.325		$	2.063		$	4.335		$	0.003		$	0.261
Less Distributions
From net investment income	$	(0.409	)	$	(0.348	)	$	(0.313	)	$	(0.305	)	$	(0.346	)	$	(0.331	)
From net realized gain		(0.015	)		(0.107	)		—			—			(1.547	)		(1.820	)
Total distributions	$	(0.424	)	$	(0.455	)	$	(0.313	)	$	(0.305	)	$	(1.893	)	$	(2.151	)
Net asset value — End of period	$	25.730		$	29.790		$	26.920		$	25.170		$	21.140		$	23.030
Total Return(2)		(12.42	)%(3)		12.61	%		8.25	%		20.68	%		0.07	%		1.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	173,198		$	195,921		$	169,397		$	146,032		$	107,621		$	101,125
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.93	%(6)		0.93	%		0.92	%		0.94	%		0.96	%		0.94	%
Net investment income		1.52	%(6)		1.49	%		1.24	%		1.48	%		1.65	%		1.48	%
Portfolio Turnover of the Portfolio		18	%(3)		18	%		10	%		30	%		45	%		61	%

⁽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⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Tax-Managed Value Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Tax-Managed Value Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (81.3% at April 30, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal 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 April 30, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the

11

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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.

3  Transactions with Affiliates

The administration fee is earned by Eaton Vance Management (EVM) as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended April 30, 2020, the administration fee amounted to $461,817. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2020, EVM earned $29,960 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 $7,431 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2020 amounted to $495,694 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2020, the Fund paid or accrued to EVD $95,633 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 six months ended April 30, 2020 amounted to $31,878 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2020, the Fund was informed that EVD received less than $100 and approximately $1,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $4,576,910 and $22,306,118, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind of $15,687,573.

12

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

7 Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		177,458			377,985
Issued to shareholders electing to receive payments of distributions in Fund shares		140,690			144,691
Redemptions		(880,706	)		(1,391,204	)
Converted from Class C shares		42,981			3,278,106
Net increase (decrease)		(519,577	)		2,409,578
Class C	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		94,156			254,129
Issued to shareholders electing to receive payments of distributions in Fund shares		634			29,101
Redemptions		(98,877	)		(303,600	)
Converted to Class A shares		(44,634	)		(3,408,525	)
Net decrease		(48,721	)		(3,428,895	)
Class I	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Sales		1,432,531			1,947,470
Issued to shareholders electing to receive payments of distributions in Fund shares		81,954			97,063
Redemptions		(1,358,457	)		(1,762,098	)
Net increase		156,028			282,435

13

Tax-Managed Value Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 99.7%
Security	Shares		Value
Aerospace & Defense — 1.1%
Raytheon Technologies Corp.		113,000	$	7,323,530
			$	7,323,530
Banks — 15.7%
Bank of America Corp.		729,421	$	17,542,575
Citigroup, Inc.		81,079		3,937,196
JPMorgan Chase & Co.		345,410		33,076,462
KeyCorp		669,553		7,800,292
PNC Financial Services Group, Inc. (The)		142,029		15,150,233
Truist Financial Corp.		257,513		9,610,385
U.S. Bancorp		187,164		6,831,486
Wells Fargo & Co.		383,010		11,126,441
			$	105,075,070
Building Products — 0.3%
Carrier Global Corp.(1)		113,000	$	2,001,230
			$	2,001,230
Capital Markets — 3.6%
Ameriprise Financial, Inc.		32,971	$	3,789,687
Goldman Sachs Group, Inc. (The)		62,358		11,437,704
Raymond James Financial, Inc.		130,222		8,584,234
			$	23,811,625
Consumer Finance — 0.8%
American Express Co.		59,190	$	5,401,087
			$	5,401,087
Containers & Packaging — 3.1%
Ball Corp.		203,965	$	13,378,064
Packaging Corp. of America		74,555		7,205,741
			$	20,583,805
Diversified Telecommunication Services — 4.0%
Verizon Communications, Inc.		462,890	$	26,593,030
			$	26,593,030
Electric Utilities — 4.0%
NextEra Energy, Inc.		116,889	$	27,015,386
			$	27,015,386

Security	Shares		Value
Electrical Equipment — 1.0%
Rockwell Automation, Inc.		33,916	$	6,426,404
			$	6,426,404
Entertainment — 0.8%
Walt Disney Co. (The)		49,648	$	5,369,431
			$	5,369,431
Equity Real Estate Investment Trusts (REITs) — 4.1%
AvalonBay Communities, Inc.		47,915	$	7,807,749
Boston Properties, Inc.		59,105		5,743,824
Cousins Properties, Inc.		134,131		4,046,732
CubeSmart		210,750		5,310,900
Mid-America Apartment Communities, Inc.		42,931		4,804,838
			$	27,714,043
Food Products — 5.9%
General Mills, Inc.		53,745	$	3,218,788
McCormick & Co., Inc.		45,110		7,075,052
Mondelez International, Inc., Class A		277,606		14,280,053
Nestle SA		138,900		14,710,902
			$	39,284,795
Health Care Equipment & Supplies — 3.1%
Baxter International, Inc.		61,563	$	5,465,563
Medtronic PLC		47,517		4,639,085
Stryker Corp.		58,093		10,830,278
			$	20,934,926
Health Care Providers & Services — 2.3%
UnitedHealth Group, Inc.		52,261	$	15,284,775
			$	15,284,775
Household Durables — 0.7%
D.R. Horton, Inc.		99,360	$	4,691,779
			$	4,691,779
Household Products — 0.8%
Procter & Gamble Co. (The)		46,913	$	5,529,635
			$	5,529,635
Industrial Conglomerates — 1.8%
Honeywell International, Inc.		83,731	$	11,881,429
			$	11,881,429

14 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Insurance — 1.6%
Allstate Corp. (The)		38,383	$	3,904,319
Travelers Cos., Inc. (The)		64,030		6,480,476
			$	10,384,795
Interactive Media & Services — 3.3%
Alphabet, Inc., Class A(1)		7,924	$	10,671,251
Alphabet, Inc., Class C(1)		8,199		11,057,663
			$	21,728,914
IT Services — 1.2%
Visa, Inc., Class A		44,697	$	7,988,248
			$	7,988,248
Life Sciences Tools & Services — 2.0%
Thermo Fisher Scientific, Inc.		40,907	$	13,690,755
			$	13,690,755
Machinery — 3.3%
Ingersoll Rand, Inc.(1)		273,547	$	7,954,747
Otis Worldwide Corp.		56,500		2,876,415
Parker-Hannifin Corp.		32,913		5,204,204
Woodward, Inc.		97,599		5,910,595
			$	21,945,961
Multi-Utilities — 3.6%
CMS Energy Corp.		68,853	$	3,930,818
Sempra Energy		162,537		20,130,207
			$	24,061,025
Oil, Gas & Consumable Fuels — 6.4%
Chevron Corp.		247,793	$	22,796,956
EOG Resources, Inc.		85,021		4,039,348
Phillips 66		217,699		15,929,036
			$	42,765,340
Personal Products — 2.5%
Estee Lauder Cos., Inc. (The), Class A		94,712	$	16,707,197
			$	16,707,197
Pharmaceuticals — 10.2%
Elanco Animal Health, Inc.(1)		78,772	$	1,946,456
Eli Lilly & Co.		110,938		17,155,452

Security	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		152,761	$	22,920,260
Merck & Co., Inc.		167,049		13,253,668
Zoetis, Inc.		101,295		13,098,457
			$	68,374,293
Road & Rail — 1.2%
Union Pacific Corp.		50,876	$	8,129,476
			$	8,129,476
Semiconductors & Semiconductor Equipment — 3.1%
Intel Corp.		258,430	$	15,500,631
QUALCOMM, Inc.		69,710		5,484,086
			$	20,984,717
Software — 1.1%
Microsoft Corp.		25,630	$	4,593,152
Oracle Corp.		52,884		2,801,266
			$	7,394,418
Specialty Retail — 4.2%
Best Buy Co., Inc.		94,147	$	7,223,899
Home Depot, Inc. (The)		81,060		17,819,420
TJX Cos., Inc. (The)		68,155		3,343,003
			$	28,386,322
Technology Hardware, Storage & Peripherals — 1.5%
Apple, Inc.		34,180	$	10,042,084
			$	10,042,084
Textiles, Apparel & Luxury Goods — 1.4%
Lululemon Athletica, Inc.(1)		41,147	$	9,195,532
			$	9,195,532
Total Common Stocks (identified cost $358,867,880)			$	666,701,057

15 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 0.4%
Description	Units	Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(2)	2,622,024	$	2,622,024
Total Short-Term Investments (identified cost $2,621,595)		$	2,622,024
Total Investments — 100.1% (identified cost $361,489,475)		$	669,323,081
Other Assets, Less Liabilities — (0.1)%		$	(537,713	)
Net Assets — 100.0%		$	668,785,368

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

16 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $358,867,880)	$	666,701,057
Affiliated investment, at value (identified cost, $2,621,595)		2,622,024
Dividends receivable		557,150
Dividends receivable from affiliated investment		947
Receivable for investments sold		1,321,404
Tax reclaims receivable		332,918
Total assets	$	671,535,500
Liabilities
Payable for investments purchased	$	2,176,066
Payable to affiliates:
Investment adviser fee		334,614
Trustees’ fees		3,456
Accrued expenses		235,996
Total liabilities	$	2,750,132
Net Assets applicable to investors’ interest in Portfolio	$	668,785,368

17 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Dividends (net of foreign taxes, $94,216)	$	9,251,969
Dividends from affiliated investment		9,701
Securities lending income, net		3,598
Total investment income	$	9,265,268
Expenses
Investment adviser fee	$	2,432,558
Trustees’ fees and expenses		21,009
Custodian fee		99,221
Legal and accounting services		32,603
Miscellaneous		6,407
Total expenses	$	2,591,798
Net investment income	$	6,673,470
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	4,543,157	(1)
Investment transactions — affiliated investment		692
Foreign currency transactions		(753	)
Net realized gain	$	4,543,096
Change in unrealized appreciation (depreciation) —
Investments	$	(109,159,966	)
Investments — affiliated investment		417
Foreign currency		8,400
Net change in unrealized appreciation (depreciation)	$	(109,151,149	)
Net realized and unrealized loss	$	(104,608,053	)
Net decrease in net assets from operations	$	(97,934,583	)

⁽¹⁾  Includes $11,744,150 of net realized gains from redemptions in-kind.

18 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	6,673,470		$	12,925,330
Net realized gain		4,543,096	(1)		18,115,110	(2)
Net change in unrealized appreciation (depreciation)		(109,151,149	)		60,307,614
Net increase (decrease) in net assets from operations	$	(97,934,583	)	$	91,348,054
Capital transactions —
Contributions	$	8,129,488		$	10,475,538
Withdrawals		(29,657,450	)		(44,054,463	)
Net decrease in net assets from capital transactions	$	(21,527,962	)	$	(33,578,925	)
Net increase (decrease) in net assets	$	(119,462,545	)	$	57,769,129
Net Assets
At beginning of period	$	788,247,913		$	730,478,784
At end of period	$	668,785,368		$	788,247,913

⁽¹⁾   Includes $11,744,150 of net realized gains from redemptions in-kind.

⁽²⁾  Includes $18,003,051 of net realized gains from redemptions in-kind.

19 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.68	%(2)		0.68	%		0.68	%		0.69	%		0.69	%		0.68	%
Net investment income		1.76	%(2)		1.74	%		1.49	%		1.74	%		1.91	%		1.75	%
Portfolio Turnover		18	%(3)		18	%		10	%		30	%		45	%		61	%
Total Return		(12.32	)%(3)		12.90	%		8.55	%		20.97	%		0.35	%		1.45	%
Net assets, end of period (000’s omitted)	$	668,785		$	788,248		$	730,479		$	712,901		$	646,452		$	714,571

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

20 See Notes to Financial Statements.

Tax-Managed Value Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Tax-Managed Value Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing primarily in value stocks. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, Eaton Vance Tax-Managed Value Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 81.3% and 18.7%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

21

Tax-Managed Value Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, 0.625% on net assets of $500 million but less than $1 billion, 0.60% on net assets of $1 billion but less than $2 billion, 0.575% on net assets of $2 billion but less than $5 billion and 0.555% on net assets of $5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $2,432,558 or 0.64% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $132,176,661 and $131,528,303, respectively, for the six months ended April 30, 2020. In-kind sales for the six months ended April 30, 2020 aggregated $15,687,573.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	362,553,485
Gross unrealized appreciation	$	310,418,356
Gross unrealized depreciation		(3,648,760	)
Net unrealized appreciation	$	306,769,596

22

Tax-Managed Value Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

6  Securities Lending Agreement

The Portfolio has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Portfolio on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Portfolio earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Portfolio earns a negotiated lending fee from the borrower. A portion of the income earned by the Portfolio from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Portfolio is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Portfolio and cannot be sold or re-pledged by the Portfolio; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Portfolio is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Portfolio in the event of default by a borrower with respect to a loan. The Portfolio bears the risk of loss with respect to the investment of cash collateral. At April 30, 2020, the Portfolio had no securities on loan.

7  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $2,622,024, which represents 0.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	1,365,228	$	21,240,432	$	(19,984,745	)	$	692	$	417	$	2,622,024	$	9,701		2,622,024

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

23

Tax-Managed Value Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	53,691,375	$	—		$	—	$	53,691,375
Consumer Discretionary		42,273,633		—			—		42,273,633
Consumer Staples		46,810,725		14,710,902			—		61,521,627
Energy		42,765,340		—			—		42,765,340
Financials		144,672,577		—			—		144,672,577
Health Care		118,284,749		—			—		118,284,749
Industrials		57,708,030		—			—		57,708,030
Information Technology		46,409,467		—			—		46,409,467
Materials		20,583,805		—			—		20,583,805
Real Estate		27,714,043		—			—		27,714,043
Utilities		51,076,411		—			—		51,076,411
Total Common Stocks	$	651,990,155	$	14,710,902	*	$	—	$	666,701,057
Short-Term Investments	$	—	$	2,622,024		$	—	$	2,622,024
Total Investments	$	651,990,155	$	17,332,926		$	—	$	669,323,081

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

9  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. 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 near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

24

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

25

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Tax-Managed Value Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Tax-Managed Value Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research capabilities and also draws upon independent research available from third-party sources. The Board considered the Adviser’s experience managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance

26

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Board of Trustees’ Contract Approval — continued

Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

27

Eaton Vance

Tax-Managed Value Fund

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Tax-Managed Value Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Tax-Managed Value Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Tax-Managed Value Fund and Tax-Managed Value Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

28

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

29

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Investment Adviser of Tax-Managed Value Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Value Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7715    4.30.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Mutual Funds Trust
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 24, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 24, 2020

EX-99.CERT

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.

Date: June 24, 2020	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, 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.

Date: June 24, 2020	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

EX-99.906CERT

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 Semi-Annual Report of the Trust on Form N-CSR for the period ended April 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Mutual Funds Trust

Date: June 24, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: June 24, 2020

/s/ Payson F. Swaffield

Payson F. Swaffield

President